From set-up to year-end, Your Accountant is here

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Accounting

 

What we offer

 We provide both Accounting & Bookkeeping services. We work out of our offices, and occasionally visit our neighbouring clients to deliver and pickup documents as needed.  A lot of our communication is done online that involves putting programs and documents on a server or website to be accesses by you and us.

Our accounting rates are generally $50/hr. Hourly rates can be difficult to interpret, as the real question is, how much do things cost in total or a weekly, monthly, or yearly basis.  If you have a professional firm, efficiency is often better. The bottom line varies from several hundred a year for bookkeeping and taxes, to many hundred dollars a week. By setting up a well thought out system, you can save a lot.

What to expect from your Accountant

Public Accounting begins where Bookkeeping finishes.  Bookkeepers record transactions such as, payroll expenses & withholdings, trade payables & expenses, receivables & revenues and more.  Traditional bookkeeping goes up to Trial Balance (Banks Reconciled).

Now the Accountant gets involved. The Accountant takes the bookkeeper’s Trial Balance, and makes a number of adjusting  general journals.  For example, he/she may make entries for asset write offs and depreciation.  Year-end cut-offs for inventory, loan split between balance owing and interest. Maybe he/she does T4’s and Summaries.  The Accountant  is doing this to have a final financial set of statements, such as a Profit & Loss Statement and a Balance Sheet. From these statements the Accountant can prepare tax filings.  The Accountant does an analysis of all Balance Sheet accounts and a lot of the expense accounts.

 

When do you need an Accountant

You need an Accountant to set up your bookkeeping system and to periodically see that you or your bookkeeper are recording properly.  He may advise you on how to register your business and get a business account number.  Maybe even train a family member to do the books for you.  Or to take over and supervise the bookkeeping in the accountants own firm.

If you are fairly new to business, your accountant may help you with understanding:

  • How CRA and banks work on collection issues.
  • What expenses to track or how to capture vehicle expenses
  • How to take money out of a corporation (dividends/salaries/loans)
  • Payroll & Subcontractor issues.
  • Dealing with banks in arreas of LOCs (Line of Credit) and keeping costs for paying things down.

You need an accountant, often like you would need a lawyer. When you get a strange piece of paper from some government agency making allegations or to advise you on your rights in regards to subcontractors.  Your accountant is on your side to tell you your rights.

 

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