Based on your free consultation, we will generally assemble one of the three packages below for you with a convenient fixed monthly fee. Please click on any of the component to learn more.
Financial & Tax Plans
Planning your personal finances becomes more complex when you own a business. A solid financial plan will give you certainty on what amounts of money should be withdrawn from your business and what taxes should be paid. It determines the tax efficient mixture of salary and dividends to cover those withdrawals. It allows allows you to choose the right mixture of RRSP, TFSA, and corporate investments. By planning in advance you are able to capitalize on the full array of strategies that are available to you.
It's been said, that either you plan to succeed or by default, you plan to fail. Running a business can be hectic. It's easy to get bogged down in low priority activities. Business plans help keep the entrepreneur focused on the goals that drive profits and act as a baseline to evaluate your progress. They are also a vital component of obtaining financing.
Incorporation & Corporate Reorganization
Your incorporation documents and the corporate minute book dictate what tax strategies are available to you. Not having a tax professional involved in the process, can mean more taxes later on. We can also assist you with reorganizing your corporate structure to achieve additional tax savings, protect your assets from legal claims, and facilitate succession planning or a business sale in a tax efficient manner. We work with you and/or your corporate lawyer to achieve the desired results.
Obtaining financing is difficult for private businesses. Our involvement can increase your chance of success in obtaining conventional loans or Canada Small Business Financing loans. Our network allows us to evaluate if the lending terms are competitive and can even help you access private financing arrangements.
Annual Financial Statements
We provide you with year end "Notice To Reader" financial statements signed by a Chartered Professional Accountant. These statements are a valuable tool in completing tax filings, evaluating your business, and obtaining financing. Our firm focuses on organizing the financial statements to clearly identify meaningful revenues and cost items to evaluate the progression of your business. We also separate salary paid owners and investment activities so that your core business can be analyzed effectively. This put you in a better position to make business decisions or obtain financing.
Having your corporate tax return completed by a Chartered Professional Accountant who specialize in private corporation reduces the risks of being audited by the tax authorities. It also maximizes the likelihood that all deductions available to you are claimed.
Having your GST return completed by a Chartered Professional Accountant who specialize in private corporation reduces the risks of being audited by the tax authorities. It also maximizes the likelihood that all deductions available to you are claimed. Often clients are unnecessarily burdened with GST fillings. In most circumstances, the GST accounts can be set up to only require filling once per year. This can be done efficiently in conjunction with the year end by the accountant. This also allows the GST to be consistent with your corporate tax return, thus reducing the audit risks further.
T4s / T5s / T5018s & Other T-Slips
One of the most common mistakes made by business owners, is assuming that a payroll software or service is tax efficient. Although they maybe a convenient solution to run payroll for arms-length employees, they often trigger unnecessary taxes for the owners. We normally separate the payroll accounts for owners and arms-length employees, so the owners tax payments can be planned efficiently.
We gather the tax documents from the clients. Then we import the records directly from the CRA database and compare them against the records provided by the clients, to minimize the risks of missing information and address any anomalies. We also gather a summary of personal assets and liabilities to analyze any potential tax planning or financial planning initiatives available. We then meet with the clients to discuss the draft tax returns and their options before fillings.
Correspondence With Tax Authorities
Addressing the correspondence from the tax authorities is more complex then the tax filling itself. We can simplify this process by handling all of the correspondence with the taxation authorities on behalf of your business and your personal tax accounts throughout the year.
Even with an effective plan in place, clients may run into unexpected circumstances or face new decisions throughout the year. We are happy to address these queries and the client has peace of mind knowing that the time is covered under our flat monthly fees. Often given our experience, we are in a unique position to give unbiased advice on a variety of financial issues that would otherwise be guided by an individual paid to sell you a product or service.
Cloud Accounting & Record Systems
We maintain a digital database of all your records, that can be accessed conveniently from your computer or smartphones. We also maintain a web-based accounting date file for our clients. This allows efficient coordination with our clients and their staffs.
Our web-based software provides for a direct connection with the clients banking institution, to automate much of the bookkeeping process. Our staffs then ensure the data posted correctly and complete the reconciliations. This allows for an up to date financial reporting system, regardless of the organization size. This is normally done annually or bi-weekly depending on a client's needs.
Payroll & Payables
Our web-based software allows web-based timesheets to be automatically posted to the accounting system. This reduces the time required to process payroll. We work alone or coordinate with your team to enter the payables due into the accounting system, sometimes using text recognition software. All payments to staff and suppliers are then approved by the business owners electronically dispersed on a bi-weekly basis, without having to write a cheque. We can even have a physical cheque approved electronically and automatically mailed to the recipients without ever touching pen to paper.
Monthly Reporting & Analysis
Although annual planning is integral to a businesses success, more frequent analysis can accelerate the growth of an entity. The clients who utilize our firm as an outsourced accounting department, meet monthly with a CPA and associates assigned to the file to review monthly numbers, identify issues, and discuss growth opportunities.
Outsource Corporate Services
SCHEDULE A FREE IN PERSON OR ONLINE CONSULT: 780-665-4949
10207 111 Street Edmonton