Why outsource an Accounting firm?
Accounting is an aspect of running a business that cannot be omitted. When books of accounts are balanced and updated often, a business owner can concentrate more on finding customers. When you are searching for accounting services, you should reflect on a number of factors. Do not just look for an accountant who can balance your books. Instead, search for one who can update your books quickly and accurately.
Who needs financial statements?
Complete and accurate accounting records allow for the generation of financial statements that are required by external users such as governments, revenue authorities, shareholders, potential investors, debtors, creditors and the general public. These statements are produced using detailed accounting information. This information has to be prepared in total compliance with various accounting standards and conventions. Since this is a time-consuming and expensive process, numerous businesses are now opting for financial accounting services provided by third parties.
Do you need a bookkeeper or an accountant or both?
Most small business owners are not knowledgeable about keeping accounts. The truth is that most people do not d differentiate between bookkeeping and accounting. Does this characterize you? The best thing that you can do to boost your business growth is to hire a qualified accountant to assist you. This does not mean that you cannot continue using an internal accountant or bookkeeper. It is just wiser to hire an accountant that can become a business partner.
Are you focusing on customers to build your business so we can focus on your daily accounting needs?
At Fred Albi, Chartered Professional Accountant, providing financial information to our clients in a timely and accurate manner is a commitment that we feel cannot be compromised. Meaningful, well-organized financial records ensure that your business operations will run more efficiently on a daily basis.
Our firm provides a full range of cost-effective accounting services including the following:
- Keeping the Books and Reporting: data entered, reconciled, and “closing the books” on a monthly basis is an absolute requirement
- Generating and providing monthly financial reporting. At a minimum, the monthly reporting package should include a balance sheet, profit and loss by month, profit and loss by business line, accounts receivable, accounts payable, and a cashflow report
- Managing the daily, weekly or monthly cashflow (frequency depends on how tight the cash is)
- Knowing who in the company is entitled to receive a payroll payment and when, including the business owners is extremely important
- Understanding the CRA criteria for employee versus independent contractor rules and all the required reporting for each category
- Knowing the worker’s compensation insurance rules regarding payroll
- Managing the payroll in-house or outsourcing. If outsourced, one should be reporting, verifying and entering all payroll data into the accounting system
- Maximizing tax-savings strategies, including group health insurance and HSAs, by working with insurance agents
- Knowing all of the tax reporting deadlines and rules for sales tax, payroll tax, business asset/property tax, income tax (including extensions) is a fundamental accounting role. Should the accountant not file the returns, the accountant has the responsibility of forwarding information well in advance of tax deadlines to the tax preparers
We handle all the accounting details so you can focus on your customers.
Financial Accounting is such a tough task to handle because the minutest of details and expenses have to be tallied on a daily basis. How much amount needs to be credited to a company’s account and how much amount has to be debited from a client’s account as a part of payment are some of the questions that reflects the cycle of financial accounting services. Whenever you deal with your client, there may be times when you might require cash advances from them. Financial accounting services will manage to generate the client invoice for services rendered and receipt of cheques the client would send as respective payment. This is just official accounting when dealing with your client.
Tax Accounting Services are all the more important for any type of business, be it a big business or a small business venture. These accounting services require absolute consideration. If not, then you might end up with incorrect returns or in pursuit of small bills that are not able to be located. For efficient accounting services you require a qualified and experienced accountant, so that not even a slightest mistake is avoided.
Outsourcing gets things done quickly, accurately and you save money.
We can do everything from computing accounts receivables and payables to tax compliance reports. It is more cost effective and efficient to outsource your accounting needs rather than employ a number of accountants in your company.
Contact us for a complimentary consultation to learn more about our financial accounting services.