CPA firm for both bookkeeping and tax filings
We help incorporated contractors (such as IT professionals) who don’t do their own bookkeeping
Bookkeeping and corporate tax
Unlike other Vancouver CPA firms (who work with external contract bookkeepers or clients who do their own bookkeping), we perform corporate bookkeeping in-house so that we control quality and educate our clients during regular working meetings throughout their tax year so they can make informed timely choices about their tax and business matters
-
Bookkeeping
Bookkeeping is required reflect corporation’s transactions such as:
• Invoices as revenue / accounts receivable
• Applying the deposits against the accounts receivable (to show payment of invoices) and recording withdrawals as being for expenses or Due to shareholder
• Working from loose original source receipts, compiling business expenses for items which did not go through the corporate bank (such as telephone, travel, meals / entertainment, internet, computer) and record these against your shareholder loan
• Reconciliation of corporation’s bank account so that the amount shown in QuickBooks software matches what is shown on the monthly bank statements -
Form T2 and GST Returns
Unlike operating as a sole proprietorship [where only income statement information (i.e., sales / expenses) is reported to CRA each year)], a corporation must report its balance sheet as well as its income statement to CRA each year which means that a corporation is required to have double entry bookkeeping and reconcile its bank balance(s) monthly
-
Annual financial statements
Using reports from accounting software we prepare clients' year-end financial statements