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FAQs – Accounting, Bookkeeping and Tax

Q:We want to enhance our business profits. Do you analyze businesses to determine the areas for improvement? Can you provide some practical audit-thwarting tips?

Ans: Top Secrets of Business Success
Profits of some of our customers are always increasing and so is their standard of living. They drive excellent cars and live in grand houses….Read more

Q: We want to get our business bookkeeping done.
To save our costs we want to partly sort the papers ourselves. Can you provide some practical sorting tips?

Ans: Best way to sort bills: Some of our customers keep sorting bills by month. This is unnecessary unless we are doing your accounts payable (AP). …Read more

Q: We want to get our business bookkeeping done. What papers do we need to bring you?

Ans: Must do’s before delivering us your papers
Which papers to bring? We classify business papers by extent of importance. Most important (MI) papers include: bank …Read more

Q: Our work is done partly by subcontractors. Because they are not our employees we do not pay their WSIB premiums. Are we right? Can this cause some problems?

Ans:Some dangerous tax & cost saving myths
Even one mistake resulting from payroll and Workplace Safety Insurance (WSI) myths can cost a small business hundreds of thousands of dollars….Read more

Q: We may not be saving enough taxes. What major tax savings are available to small businesses?

Ans: Big tax savings for small business owners
As a business owner, you must do your part of tax planning, …Read more

Q: What are tax saving plans (TSP). How are these identified? What can we do to help you identify some TSPs for us?

Ans: Saving taxes now! To save big taxes, we first identify the pertinent tax saving plans (TSPs) for you. Then we implement these plans….Read more

Q: Our business operation has not been audited for many years. Does that mean our tax preparer (TP) is doing good work?

Ans: Will you be able to stand a tax audit?
We focus on net income from businesses. Canada Revenue Agency (CRA) audits to collect additional taxes besides ones you pay based on your disclosures…Read more

Q: Can you provide bookkeepers to work at our office—a few hours monthly? What are advantages and disadvantages of getting books done at our, versus your, site?

Ans: Better bookkeeping – on versus off site
Bookkeeping of a business mainly involves preparing journals, government returns, and checks for vendors, invoices for customers…Read more

Q: When audited, some businesses have to pay much to government. How much is it typically? Can you provide some practical audit-thwarting measures

Ans: Some lessons from recent audits
You can learn lessons from our experience of the recent audits of our customers by the Canada Revenue Agency. Only a few lessons are discussed here….Read more

Q: We know mostly what papers we need to bring you to prepare our business books. But we want to be more careful; what papers do small businesses often forget to bring?

Ans: Papers you often forget to deliver to us
In doing your bookkeeping, we find the papers often missed are; deposit slips, bills — especially those in small amounts — and government …Read more

Q: When audited, some businesses have to pay much to government. We suspect we are prone to an audit. How are files selected for audit?

Ans: How files are selected for audit
A presentation on this subject was given at a seminar organized by the Canada Revenue Agency (CRA) for the Greater Toronto West tax practitioners. …Read more

Q: Our business fiscal year ends soon. What papers and information we need provide you to make our financial statements?

Ans: Fiscal yearend Rituals
This constitutes putting together your documents to take to your accountant for making yearend adjustments, which are necessary to prepare financial statements
Read more

Q: Our Accounts Payable (AP) paperwork may be inadequate for audits and proper accounting. Can you provide some tips to improve our paperwork?

Ans: Good Habits for Small Business Paperwork
Good paperwork habits allow good bookkeeping. This permits the generation of accurate reports, which are necessary to prepare …Read more

Q: What is special about your services e.g. Tax Returns, Bookkeeping and Financial Statements

Ans: Our services are highly audit thwarting and tax efficient. Our professionals keep this in mind in doing every step of your work. To believe this you need to see samples of our work. …Read more

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