Customized Accounting and Bookkeeping Services

Being organized from the start is the key to maximizing profitability and keeping costs down. This is especially true for your accounting and record keeping. For every business, poor record keeping may lead to inefficient cost management, lost revenue opportunities and financial information that may not prepared on a timely basis for decision making purposes.

In-House Accounting

We can be your accounting department. If you are a new business, perhaps a start-up, then why not consider having us look after the details of your accounting information system. When you are ready to hire your own in house accounting team we will seamlessly transfer the system and data to your new team.

We are also available for those catastrophes that can happen once in a while. If your books are a mess, we will straighten them out and put you on the right path to better information management.

Bank Reconciliations

Our staff of accountants will help you reconcile your chequing account and credit card accounts each month. Our bank reconciliation services will enable you to:

  • Identify unauthorized transactions;
  • Protect yourself from fraudulent checks presented to the bank or paid by the bank;
  • Identify and stop excess bank charges to your account. It also ensures that transactions are correctly posted by the bank;
  • Effectively manage cash;
  • Have peace of mind as you know that all your accounts are reconciled and all funds have been properly accounted for.

Income Statement Reviews

Income statements, also referred to as Profit and Loss Statements, itemize operating revenues and expenses and extraordinary items and reveal the net income or net loss of the company for a given period such as a month end or a year end. Income statements enable you to:

  • Keep track of your revenue and expenses for decision making purposes;
  • Identify areas of your business that are over or under budget;
  • Identify areas of unexpected expenditure;
  • Monitor your gross profit margins.

We will review operating revenues and expense recognition, cost of goods sold, and other terms such as bad debts, depreciation/amortization and income taxes.

Balance Sheet Reviews

Balance sheets provide your financial position or net worth of your business at any specific period in time such as a month end or a year end. Balance sheets disclose what you own (assets) and what you owe (liabilities) and can help you:

  • Get an understanding of your business financial strength and capabilities;
  • Determine the amount of credit your business may be granted by your lenders;
  • Determine the financial position of your business in case of expansion;
  • Determine what steps to take to improve your business net worth.

We’ll review and reconcile balance sheet accounts on a periodic basis, ensuring that they are accurate and complete. We’ll also review the balance sheet for reasonableness to confirm there are no unjustified or unusual balances.

General Ledger Reviews

Our business accounting services also include the maintenance of general ledgers. This is the core of any company’s financial records. Records included in the general ledger are central to the financial reporting system of the business. Every accounting transaction is included in the general ledger.

Our staff of accountants will review your general ledger to help detect errors or irregularities. We’ll review the general ledger periodically to ensure that posted transactions are valid and accurate. We’ll also recommend period-ending entries that your staff may not be qualified to make such as capitalizing fixed assets and properly reflecting prepaid expenses.

Reporting and Remitting Taxes to Government Agencies

We provide assistance with government return preparation and remittances for payroll source deductions, HST, WSIB, EHT and corporate income tax.