Small business? Work with licensed accountants who provide bookkeeping
Unlike other Vancouver CPA firms (who provide a broad array of services and work with external contract bookkeepers), Staffords team performs corporate bookkeeping so that we control quality and educate our clients during regular working meetings throughout their tax year. Our process trains our clients, empowering them make informed timely choices about their tax and business matters.
Bookkeeping and corporate tax
If you are a corporate small business and don’t currently work with an external bookkeeper we can help you with your accounting and tax filings.
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
Provided you accurately reconcile your bank monthly, we can work with reports from your accounting software to prepare your year-end financial and tax filings. However, where transactions have been incorrectly recorded / accounts need to be reconciled, our fees will increase for the time required to re-do your bookkeeping. In this case, it may have been better for you to have had us perform the bookkeeping rather than try to do this yourself.
Bookkeeping is required reflect your corporation’s transactions such as:
• All of your corporation’s invoices as revenue / accounts receivable
• Using your corporate bank statements, applying the deposits against the accounts receivable (to show payment of corporate invoices) and recording all your withdrawals as being for expenses or Due to shareholder
• Working from loose original source receipts, compiling all of the corporation’s 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 your corporation’s bank account so that the amount shown in QuickBooks software matches what is shown on the monthly bank statements
If you don’t currently work with an outside payroll agency we can help with your monthly payroll.
It has been a revelation to work with Staffords since 2006 when we moved from our prior accounting firm. I would not hesitate to recommend Staffords to anyone who is looking for the full spectrum of professional business and personal financial services in a customized boutique partnership.
If you are looking for a personalized, individualized, community approach to the tax season, Staffords is the place.