Procedure

Phase One

Phase Two

Phase Three

In the discovery process, we perform a diagnostic review of your QuickBooks file(s) and related bookkeeping and accounting processes. We will be reviewing the file(s) for accuracy, aiming to understand existing business processes like how income is recorded, bill payments, tax filings, expense categorization, payroll, etc.

During discovery, we will also be looking for ways to improve and streamline financial processes and implement bookkeeping best practices.

After discovery is complete, any catch-up/clean-up work needed will be presented to you for approval and will be completed on an hourly basis. Work like entering historic transactions, performing reconciliations, editing or re-aligning the chart of accounts for better reporting, correcting balance sheet issues, etc. is considered catch-up/clean-up.

Accounting Support

Daily, weekly, and monthly financial activity support as employees of your team.

Bookkeeping & Accounting

  • Accounts receivable

  • Accounts payable

  • Fixed assets depreciation and data maintenance

  • Home office uses for your business

  • Auto uses for your business

  • Royalty and AD fund transactions

  • Gift card and voucher transactions

  • HST filing

  • Work Safety Insurance Board (WSIB)

  • Bank/debit/credit reconciliation

  • Monthly and year-end closing and analysis

  • Quarterly review of internal bookkeeper’s work

Business Consulting

  • Identification of improvement opportunities to increase profitability

  • Internal controls evaluation

  • Design and redesign of internal controls

  • General business consulting customized to suit any of your issues, needs, or wants

Financial Analysis

  • Annual planning, budgeting and forecasting

  • Variance analysis of actual to budget

  • Revenue stream analysis by product line and by customer, sales trend analysis

  • Assessing expenditure drivers and savings to support operating and financial decisions.

  • Profitability analysis, performance assessment

  • Financial modelling, business case justification, multi scenario analysis

  • Evaluating new projects ROI, payback period; developing financial models from initial concept through market launch, scenario planning for various pricing and economic models; setting up key financial indicators and measures for success

  • Interpreting and analyzing financial issues

Business Start-Up

  • Tax implication analysis for optimum type of entity selection

  • Government and tax registration (article and certificate of  incorporation, NUANS corporate name search, and initial return filing with the Ministry)

  • WSIB/HST/payroll/income tax account opening

CRA Solutions & Resolutions

  • Competently represent your business to the CRA in all sales tax and income tax issues

  • Thoroughly analyze and resolve any and all of your tax related issues, concerns, and problems

  • Negotiate a practical and fair payment plan for any taxes owed

Estate & Succession Planning

  • Solution for trapped surplus in a corporation

  • Minimize tax on transfer of business

  • Reduce taxes upon death

  • Income splitting with family members

Tax

  • Personal tax filing

  • Corporation tax filing

  • Canadian real estate tax

  • Tax audits

  • Proactive year-end tax planning to avoid last minute rush and support best tax strategy

Payroll

  • Payroll cheque processing

  • Payroll source deductions and remittance

  • Record of Employment (ROE)

  • Year-end payroll processing (T4 and T4 summary filing)

  • Payroll consulting

Financial Statements

  • Monthly/quarterly internal financial statements

  • Monthly review of financial statements and recommendations for improvement

  • Compiled financial statements or projections for third parties

System Setup

  • Quickbooks setup

  • System training

  • System review

  • Problem solving