Financial Reporting and Analysis
This process helps identify areas of success in your operations, and also areas requiring attention. Financial analysis identifies areas of over-spending and weaknesses that if caught early enough, will allow you to redirect your resources to become more profitable. This is taking care of the nickels so that the dollars can take care of themselves.
This process will assist you with planning your anticipated revenues and expenses for the next one to five years. Forecasting will help identify areas where you may want to consider dedicating additional resources and areas where you will want to reduce investment.
Monthly Bank Reconciliations
This may also be done on a daily or weekly basis as well. Bank reconciliations are necessary to ensure your general ledger bank balance equates to the bank statement provided. The reconciliation process helps identify and rectify errors or omissions and may also highlight fraudulent activity.
Semi-annual and/or annual inventory count organization. This includes count data entry and balancing variances to the inventory sub-ledger. The ability to develop an inventory numbering system and storage bin location system is also available.
Journal entries are required to adjust general ledger accounts based on year end findings, when a reporting error is made, or as a result of an audit.
Profit & Loss/Income Statements
This statement is generated monthly and annually. The report indicates your business pre-tax gross and net earnings, after expenses have been deducted.
Budget Compared to Actual
It isn’t enough to simply have budgets today. In order to make effective decisions, it is necessary to compare your actual results to your budget. Is your business accomplishing the goals it set out to achieve! This can be prepared monthly, quarterly and annually.
Know which vendors you are financially indebted to and when the payments are due. This information assists greatly with cash flow. The process includes ensuring that your purchase order quantity and costs are matching what you are being invoiced for. Areas requiring reconciliation are identified. Ensuring the process is accurate will ensure your inventory is not over or understated on the financial statements.
Standard tax returns, small business returns for sole-proprietors and partnerships, moving expenses, sale of principal residence, rental income, medical expenses. Returns are e-filed unless requested otherwise.
Payroll, HST, and income tax installments are required monthly, quarterly or annually. We ensure you file these payments on time and complete the year end reconciliations.
Cash Flow Management
Cash flow is an integral part of your business. Managing cash flow will highlight the trends of when you require money the most to meet your operations.
Weekly, bi-weekly, semi-monthly, and monthly payroll processing. Paystubs are provided for distribution in hard copy or by email directly to employees. Payroll includes the preparation of year end T4, T4A, T5, and T5018 slips. Monthly remittance forms are prepared for source deductions, WSIB, and EHT. ROE preparation and filing is included for terminated employees. We will track vacation earned and utilized as well. Payroll also includes employee bonus calculations, the calculation of sales representative commissions, and sales versus draw payouts.
Identify which customers owe you money and the value of that debt. Knowing which customers are accumulating unpaid balances will assist you in collection efforts and identify those which you may want to restrict doing further business with until such balances are paid. Accounts receivable services also include developing credit control systems whereby you assess a potential customer’s history prior to granting them credit with your organization. This helps remove potential problems before they occur.
Year End Processes
Year end can be very overwhelming for some companies. This process ensures your books are ready for an external audit or review. The service provided includes a binder with full financial disclosure and supporting documentation. The year end binder provides support to all Balance Sheet accounts with materiality. The process completes year end payroll, WSIB, and HST reconciliations, as well as any other special reconciliations that may be required by the government or your banking institution.