Day2Day Bookkeeping
Day-to-day bookkeeping for incorporated businesses in Canada involves a range of services essential for maintaining accurate financial records and ensuring compliance with legal requirements.
Day2Day Bookkeeping & Reconciliations
Day-to-day bookkeeping for incorporated businesses in Canada involves a range of services essential for maintaining accurate financial records and ensuring compliance with legal requirements.
Recording Financial Transactions: Documenting all business transactions, including sales, purchases, receipts, and payments in the general ledger.
- Managing Accounts Receivable: Tracking money owed to the business by customers, issuing invoices, and recording payments when they are received.
- Managing Accounts Payable: Keeping track of amounts owed to suppliers, processing vendor invoices, and scheduling payments.
- Bank Reconciliation: Comparing the company’s records with bank statements to ensure accuracy and identify discrepancies.
- Payroll Processing: Calculating employee wages, deductions, and benefits and ensuring accurate and timely payroll disbursement.
- Preparing Financial Statements: Generating income statements, balance sheets, and cash flow statements to provide a clear picture of the business’s financial health.
- Managing Cash Flow: Monitoring and managing the cash inflows and outflows to maintain the company's liquidity.
- Tracking Expenses: Recording and categorizing business expenses is crucial for budgeting and tax purposes.
- Inventory Management: Keeping an accurate inventory record for businesses dealing with physical products.
- Fixed Assets Management: Record and track the company’s fixed assets and calculate depreciation.
- Budgeting and Forecasting: Assisting in creating budgets and financial forecasts to plan for future business needs.
- Tax Preparation and Filing: Preparing necessary documentation for tax filings and ensuring compliance with tax laws.
- Financial Analysis: Providing insights into financial performance and identifying areas for improvement.
- Regulatory Compliance: Ensuring that the bookkeeping practices comply with relevant laws and accounting standards.
- Document Management and Storage: Organizing and securely storing financial documents and records.
Filling Annual Incorporation Tax
Handling Tax Preparation and Filing: Calculating, preparing, and filing tax returns accurately and on time. This includes sales tax, payroll tax, and other business-related taxes.
Understanding Corporate Tax Obligations: Familiarizing oneself with the corporate tax obligations in Canada, including deadlines and required documentation.
- Preparing Financial Statements: Compiling financial statements, including the balance sheet, income statement, and statement of retained earnings.
- Completing the T2 Corporate Tax Return: Filling out the T2 form, which is the corporate income tax return required for all incorporated businesses in Canada.
- Calculating Taxable Income: Determining the corporation's taxable income involves adjusting the net income from the financial statements according to specific tax rules.
- It is identifying Deductible Expenses: Understanding and applying rules for expenses that can be deducted from the corporation's income to reduce taxable income.
- Calculating and Paying Installments: If required, calculate and pay corporate tax in installments throughout the year.
- Filing and Remitting GST/HST: If registered for the GST/HST, regularly filing and remitting this tax according to the business's reporting period.
- Reporting and Paying Payroll Deductions: Regularly reporting and remitting payroll deductions for businesses with employees.
- Maintaining Compliance with Provincial Requirements: Complying with any additional tax requirements specific to the province in which the business operates.
- Keeping Records: Maintaining detailed and organized records of all financial transactions, invoices, receipts, and tax documents for at least six years.
- Dealing with Corporate Changes: Reporting any significant changes in the corporation, like a change in address or the directors, to the CRA.
Other Services
Consultation on Bookkeeping or Tax Planning
$249/hour
Optimize finances with personalized advice on bookkeeping or tax planning. Maximize efficiency, minimize liabilities.
Personalized Guidance: Tailored consultations for effective bookkeeping or tax planning based on specific business needs.
Expert Advice: Access seasoned professionals offering expert insights into financial management and tax optimization.
Efficiency Boost: Streamlined processes to enhance bookkeeping efficiency and minimize tax liabilities.
Customized Strategies: Crafting personalized plans aligning with business goals for optimal financial outcomes.
Confidential Support: Ensuring confidentiality in handling financial information and ongoing support for informed decision-making.
QuickBooks Setup
$699
Effortless QuickBooks setup for seamless financial management. Optimize your business with precision and ease.
Installation and Configuration: Seamless setup of QuickBooks tailored to the business, covering chart of accounts, company profile, and financial year settings.
Data Migration and Integration: Efficient transfer of existing financial data, linking bank accounts, and credit cards for automated reconciliation.
Customer and Vendor Management: In-depth entry of customer and vendor details for streamlined invoicing and accounts payable processes.
Comprehensive Training and Support: Hands-on training for effective QuickBooks usage, along with ongoing support and maintenance services.
Customization and Advanced Features: Tailoring invoices, reports, and forms, while implementing advanced features like job costing or multi-currency transactions, as needed.
And Much More…
Payroll Services
$50/month*
essential for businesses to manage employee compensation, adhere to legal requirements
Payroll Calculation and Deductions: Accurate computation of employee wages, including deductions for income tax, CPP, EI, and other withholdings.
Distribution and Reporting: Managing direct deposit or physical paychecks, and filing payroll reports, including year-end T4 slips.
Compliance and Tax Filing: Ensuring adherence to employment and tax laws, filing payroll taxes, and remitting withholdings to government agencies.
Employee Benefits and Inquiries: Administering benefits and providing support for employee inquiries on pay stubs, taxes, and benefits.
New Hire Setup and Record Maintenance: Adding new employees to the payroll system, handling terminations, and maintaining accurate records for legal compliance.
And Much More..
*$5 dollar/employee/month
