Our firm offers a wide range of services to our individual and business clients. Our clients benefit from personalized, quality service that is beyond comparison. We have listed the services that we offer to our clients, together with a brief description.
As the list below is by no means comprehensive, please feel free to inquire about a service if you do not see it listed.
We can assist you in the preparation of your year end financial statements. We can prepare either compiled or reviewed financial statements depending on your needs. In some circumstances a review may be required if a company has a large loan outstanding with the bank or certain professional governing bodies require that their members provide annual statements that are reviewed.
Accurate financial records are important to better manage the daily operations of your business which in turn can increase your profitability. Many businesses also require assistance with the bookkeeping that is an important part of maintaining a healthy business, and can provide keen insights into how a business is doing. Regular bookkeeping can help in minimizing cash flow problems and help clients be better prepared for the financial year end and meet the deadlines of tax filing.
With accurate financial information a business can prepare financial reports either monthly or quarterly which will allow you to compare the sales, gross profit and various expenses to a budget or with the prior year. This analysis will give you a good idea as to how the current year is going which will help in future business decisions and can identify tax planning opportunities.
Another common analysis tool is through various financial ratios that you can monitor on a monthly, quarterly or yearly basis with either your own business over various time periods or with the industry as a whole.
- Current Ratio: current assets divided by current liabilities which assists in measuring the ability to pay your current debts;
- Accounts Receivable Ratio: comparing receivables to average daily sales will give you an idea as to how long it takes to collect your receivables;
- Debt to Equity Ratio: total liabilities divided by net worth will provide you with the amount of ownership in the company;
- Profit Margins: gross or net profit dividend by sales allows you to monitor your operations profitability over time.
The preparation of accurate and detailed monthly or quarterly Financial Statements is one of the tools that an enterprising entrepreneur needs to allow the business to grow. Controlling the day to day aspects of your business without financial information is like driving your car blindfolded. One of the most cost effective tools you can utilize to prepare Financial Statements is the expertise of a specialist. If you would like to learn more about using financial statements to improve your business decisions, we would be happy to assist you.
Reviews & Compilations
We view our role in the financial reporting process as an opportunity to provide constructive solutions for maximizing your company's profitability and efficiency. We provide financial reporting on two levels of assurance:
*Review - some analytical procedures conducted with limited assurance
*Compilation - based upon client information provided and used primarily for internal use.
Meaningful, well-organized financial records ensure that your business operations will run more efficiently on a daily basis and are the foundation of a successful business. Our qualified staff can assist you with the day-to-day tasks associated with bookkeeping.
Our significant investment in computerized tax preparation and research software enables us to prepare returns accurately and efficiently for individuals, corporations, partnerships, trusts, estates, and not-for-profit organizations.
As the saying goes, “It is not what you make, but what you keep that counts!!!”
Our tax work broadly covers three main areas:
It is our job to create a plan that will successfully and legally reduce your tax liability. We go beyond tax compliance and proactively recommend tax saving strategies to maximize your after-tax income. We monitor the changes in the tax law that could affect your situation.
There are a few basic tax planning strategies used to minimize your tax liability. In summary, the strategies are:
Splitting income among several family members in order to take advantage of lower tax brackets;
Shifting income from one year to another in order to access lower tax rates;
Shifting tax deductions from one year to another to where the tax savings will be greatest;
Deferring your tax liability through certain investments, RRSP contributions and possible incorporation of your business;
Investing your money to produce income such as dividends and capital gains which are taxed at lower rates than interest.
By making tax planning part of your overall business strategy, you can use our experience and access to the most current tax developments to minimize your tax liabilities.
Due to our diverse client base, we encounter a wide array of financial and tax issues. As a result, we have gained valuable experience over the years in numerous specialized areas, many of which are listed below. We feel our ability to provide such a variety of services reflects our versatility and competency, as well as our dedication to quality client service.
*Lease buy decisions
*Business start-up or expansion
*Cash flow forecasting
Business Start Up
There are many questions and considerations before starting your new business. Careful planning is essential. For questions of this nature, please consult Colin Mackel.