Business Consulting & Accounting Services
Business accountants at Plett and Associates can do all your bookkeeping and also help with preparing your financial statements, reports and tax filing.
Maintaining proper books and records for your company is vitally important for several reasons. The first that most people think about is that Canada Revenue Agency requires anyone who carries on a business or is engaged in a commercial activity in Canada to keep records containing information to enable the determination of their liabilities and obligations. This in itself can be a very time consuming task. Another reason to keep proper books and records is to assist the business owner with making timely strategic and relevant business decisions. The information that you can obtain from your company’s financial books is priceless allowing you to change direction or pursue avenues so that you can take advantage of opportunities as they arise to keep you ahead of your competitors or to just make your business more successful. To do this you need accurate and timely information.
At Plett and Associates we can help in a variety of ways. Below are just some of the areas we can help :
- Setting up books and records – we can help with setting up the books and records based on your needs. Maybe you need a computerized system, maybe a manual system will work for you. We will take the time to assess your needs and set you up based on your requirements. We will also help with training staff.
- Bookkeeping – bookkeeping entails the recording of the transactions of the operations of the business. What do you need help with? We can do all your bookkeeping or assist with specific areas like paying your bills, bank reconciliations, reviewing your books regularly and reporting to you. We are versed in numerous accounting programs including QuickBooks, Sage, Accountedge, PCLaw and various other programs.
- Reporting – how do you figure out your liabilities for GST and PST? Without proper systems in place you can very easily under report your obligations to the government. We can help with putting systems in place to ensure that your filing obligations are met and we can even file your returns for you so you have one less thing to worry about.
- What is it that you need to run your business? Come speak to us at Plett and Associates and we can help.
Financial Statement Reporting :
There are three main types of financial reporting that a business can require : An audit, a review, or a compilation. All three involve an independent accountant providing an opinion on the fairness of the operations of the business represented in its financial statements.
An audit provides 95% assurance that there are no material misstatements in the statements of the business. (A material misstatement is an error or omission that could cause a reader of the statements to form a different opinion based on those statements. For example an investor wouldn’t invest if he knew of that error or omission). In order to provide this high level of assurance, a lot of testing and sampling is required by the accountant. Of course that takes time and can be quite costly.
A review provides 60% assurance that there is no material misstatement in the statements of the business. To provide this level of assurance, procedures and testing is required. A lot of questions are asked of management regarding their policies, procedures and controls in order to form the accountant's opinion.
A compilation or notice to reader engagement provides no assurance there is no material misstatement. We do still have to ensure the statements are reasonable. This is the most common form of statements produced and can be used for preparing corporate income tax returns and for management purposes.
At Plett and Associates, we can help with preparing your financial statements and providing an opinion on them. We can do an audit, review or notice to reader.
Corporate Tax Returns :
Every corporation is required to file an annual return to report their taxable income and to calculate their taxes owed. The deadline for filing this return is six months after the company’s fiscal year end, however taxes owing are due either two months after the year end or three months after the year end if you are eligible for the one month extension.
Taxable income is different than accounting income. Are you taking advantage of all the deductions you are entitled too? Are you eligible for Scientific Research and Experimental Development (SRED) credits?
At Plett and Associates we can help with your corporate filing obligations ensuring that you receive all the deductions you are entitled to.
There are various types of obligations a taxpayer has for their commodity taxes. It’s important to make sure you meet your deadlines otherwise significant penalties can apply. We can help with your commodity taxation obligations.
GST/HST – are you required to be a registrant for GST/HST purpose? Do you know your obligations? Are you a monthly, quarterly or annual filer? Are you required to make installments? Do you use the best method for reporting your liabilities?
PST – do you know your responsibilities under PST? Are you required to register in other provinces? What are your filing obligations?
At Plett and Associates we can help with your GST, HST and PST reports and filings.
Other Reporting :
Each business whether incorporated or not has various reporting requirements that are not tax related. We can help with your reporting obligations in areas such as :
- Payroll & source deductions
- Statistics Canada
- T5018 – Statement of Contract Payments
- T3 slip reporting
- T4 reporting
- T5 reporting
- & many more.
At Plett and Associates if you need a hand with your various reporting requirements we are here to help.
Need something special done for your business?
- A special job or report
- Policies and procedures designed and put in place but you don’t have time
- An analysis of your business
- An independent look at your business operations
- Budgeting & future forecasting
- Tax planning
- Succession planning
- Buying/selling a business
At Plett and Associates we are here to help you become successful!