Keeping accounting records straight is important to keep a clear picture of the financial health of your business. Complete and accurate financial records help you to keep track of financials of your business namely, income and expenditures; short term receivables and payables; fixed assets and long term liabilities; cash flows; and inventories. You are required by the law to keep complete and organized records as required by various legislations namely Income Tax Act, Excise Act Employment Insurance Act, and Canada Pension Plan. In case of audit by Canada Revenue Agency and any other government authorities, your business may face penalties and interest if you fail to produce proper accounting records that were used for filing information returns and payment of dues. Please contact us on how we can help you do the right things the right way.
We provide a wide range of Accounting and Bookkeeping services including but not limited to: General Ledger maintenance, Accounts Payable maintenance, Accounts Receivable maintenance, All accounting Reconciliations, HST Reconciliation and HST Filing, Journal Entries, Monthly, quarterly and year-end financial statements, Assets accounting and calculation of depreciation/CCA.
A good understanding of GST (Goods and Services Tax) and HST (Harmonized Sales Tax) is very important to collect and remit the tax to Canada Revenue Agency. While underpayment or late payment of GST/HST can lead to unnecessary interest and penalties, overpayment of GST/HST in error can directly affect profitability and cash flow of your business.
We can help you with GST/HST matters that include: Advice on applicability of GST/HST, Reconciliation of GST/HST, Periodic filing of GST/HST Returns and Assistance with GST/HST audits.
We provide complete payroll services for your business and these payroll related services include: Setting up of Payroll for the business, Addition of new employees to the payroll, Streamline the processes for reporting attendance, Calculation of salaries and wages and source deductions i.e. CPP, EI, Taxes, and other payroll deductions, Reconciliation and remittance of payroll taxes, prepare and filing Records of Employment (ROE) when required, Preparing, issuing T- slips and filing T- Slip summaries with CRA.