* Assistance with new businesses
* Design and installation of bookkeeping services and reporting systems.
* Support and training of staff
* Monthly bookkeeping on a fee basis
* Reconciliations of accounts
* Preparation of payroll Remittances and HST returns
* Compilation of financial statements
* Financial statement reviews
* Taxation consulting
* Preparation of corporate tax returns and schedules
* Preparation of R & D claims
* Budgets and financial plans
Financial Statements
* Depending on the complexity of your business, you will require one of the following financial statements:
* A compilation is the least expensive. An accountant will generally use the numbers you have generated and arrange them in financial statement
format.
* A financial statement review is more expensive. The accountant will verify that financial statements are accurate and reported
according to Canadian generally accepted accounting principles.
* Audit: the preparation of an audited financial statement requires extensive testing of balances and transactions. Is generally not
required for small businesses.
Corporate Tax Consulting
New businesses
* When starting a new business, decisions must be made concerning the business framework. Should it take the form of a proprietorship, corporation
or partnership?
* How should it be financed? Who should be involved? What is the best way to structure a business for tax reasons?
* A business plan is a sensible tool to ensure that a business idea is sound and the financing is reasonable. It should be prepared, even though it may
not be required by a financial institution.
* A new business will have to file information returns for government and calculate and pay payroll deductions, HST and income tax.
* It will require an accounting system that will efficiently calculate these liabilities and is designed for the specific business.
Existing businesses
* Existing business may benefit from the help of a professional accountant when undergoing periods of growth or change. Is your existing accounting
system satisfactory?
* Is it providing the information that you need? Do you know how much money you have made this year? Do you know what your tax liabilities are?
* Are your receivables current and have your customers been re-billed if necessary? Are you recording your payable so that you may benefit from
claiming HST tax credits?
* Professional accountants can advise you about the taxation of your business. This means legally minimizing your tax bill without incurring the risk
of interest and penalties.
* An accountant can also assist you with estate and succession planning and budgeting.
Personal Income Tax Consulting
* Everyone, whether working for a corporation, business, institution or at the corner store, can benefit from the kind of advice a CPA, CGA will provide.
* Preparing your income tax return. Everyone who must file an income tax return can use the services of a professional.
* A CPA, CGA can help you legally minimize your tax bill and ensure that you claim the credits to which you are entitled.
* Special situations which occur from time to time may require assistance by a person with years of training and experience in taxation.
* Self- employed and unincorporated businesses require financial statements.
* Business income of an individual is reported on a special schedule. Different rules apply.
* The sale of Canadian real estate by non-residents of Canada requires that capital gain tax be paid at the time of sale and a Canadian tax return
filed at the time.
* The transfer of a Canadian property by a non-resident to a family member may also trigger capital gains tax. Hugh Smilestone, CPA, CGA will assist
with tax planning and filing.
* Non-residents who rent their Canadian property are subject to tax withholding's on their rental income and may benefit from filing a Canadian tax
return.
* Final returns of tax payers. In the year of death special returns will have to be filed.
Bookkeeping
* Keeping financial records is probably not what you do best. Most likely, you'd rather spend your time selling your product or service. If you are
going to run a successful business, accurate and timely financial information is a must.
* Here are some of the reasons why you need a good financial record keeping system:
* Monitoring the success or failure of your business. It's hard to know how your business is doing without a clear financial picture.
* Are expenditures increasing faster than sales? Which expenses are too high based on my level of sales?
* Do some expenditures appear to be "out of control"?
* Providing the information you need to make decisions. Evaluating the financial consequences should be a part of every business decision you make.
* Without accurate records and financial information, it may be hard for you to know the financial impact of a given course of action.
* Obtaining bank financing. A banker will usually want to see financial statements: a balance sheet, income statement, and cash flow budget for
current and prior years, as well as your projected statements showing the impact of the requested loan.
* A banker may want to see some of your bookkeeping procedures and documents to verify whether you run your business in a sound,
professional manner.
* Obtaining other sources of capital. If your business has reached the point where you need to take in a partner, any prospective partner
will want to become intimately familiar with your financial picture.
* If you need capital and are thinking of taking in an outside investor, you will need to produce accurate financial information.
* Even your suppliers and other creditors may ask to see certain financial records.
* Budgeting. All businesses should use a budget for planning purposes.
* A budget will help keep your business on track by forecasting your cash needs and helping you control expenditures.
Hugh Smilestone, CPA, CGA and his staff can assist by: designing and installing your accounting system, training and supporting staff,
reconciling your accounts on a monthly basis, preparing payroll and GST/HST remittances. |
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