Services - Business

We offer full business services to the following:

• Sole Proprietorships

• Partnerships

• Corporations

• Farms

Find Out Information On:

COMMON BUSINESS SERVICES

ISSUES PERTAINING TO SOLE PROPRIETORS

ISSUES PERTAINING TO PARTNERSHIPS

ISSUES PERTAINING TO CORPORATIONS

ISSUES PERTAINING TO FARMING

COMMON BUSINESS SERVICES

Whether you are operating as a sole proprietor, partnership, or corporation our office provides extensive business services to assist you.  We call these COMMON BUSINESS SERVICES since they apply to anyone operating in today's business environment.  It does not matter your size or industry.  Any business can, and does, benefit from superior areas of service including:

• Accounting & Bookkeeping Services

• Budgeting and Cash Management

• Tax Preparation and Planning

• Systems Implementation and Improvement

• Operations Consulting and Profit & Cost Recovery

• Business Setup & Incorporation

• Valuations

• Government Communications & Filing

• Compliance Assurance and Internal Controls & Audit

Accounting & Bookkeeping Services

The starting point in managing any business is to maintain proper records and accounting systems, policies, procedures, and controls.  Without these critical systems in place you do not have the information you need to make the decisions necessary to be successful.  Having timely, accurate, and relevant financial information at your disposal will put you ahead of your competitors both now and in the future.

In addition to the benefits of properly managing your enterprise having these systems and records in place will keep you in full compliance of both Provincial and Federal legislation.  You are required to maintain your records adequately and failure to do so can come back to haunt you.  Problems you may run into can include fines and major audit exposure.

To help you our office provides comprehensive accounting solutions at any level which best accommodate your needs.  Our services can go beyond simple bookkeeping for you and at reasonable costs.  Our services are from the basic to the comprehensive and everywhere in between.  Here's a quick overview:

Basic Bookkeeping Services:

• Your books will be professionally maintained on computerized accounting systems.  We can usually accommodate any system you may prefer.  The service can be performed on any time basis from weekly, monthly, or quarterly.  This will keep you up to date on the success of your enterprise.
• We will review your operations at your convenience to discuss any  aspects which may require addressing.  We will ensure you fully understand the financial aspects of your business and will provide guidance on any profitability or cost issues.
• If you wish, we can facilitate any applicable government reporting schedules including PST remittance, GST remittance, Current Source Deductions remittance (payroll), and others.
• At your year end our office will prepare the necessary tax return filings. 

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• Comprehensive review of current tax status and possible avenues of tax reduction, deferral, or transfer.  All planning is kept in compliance with applicable legislation.  The degree of aggressiveness in the tax planning is the final decision of the individual(s) or business.  All planning recommendations are put forth in writing.  Any challenge to tax planning initiatives by CRA or other regulatory bodies will be managed by us.  We stand by our recommendations and advice.
  

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Systems Implementation and Improvement:

We can assist you in installation, implementation, and improvement of a computerized accounting systems.  Regardless of the size of your operation we can help you decide on a system that best fits your needs and requirements.

Accounting systems are often complicated and overwhelming.  We will assist in training and understanding what your system can and can't do.  We can help automate processes making your use of the systems more efficient which helps keep your costs down and aggravation at a minimum.

Many such information systems do not provide the level of reporting which is always what your organization needs or wants.  We can assist in the customization of online reporting functions to meet your needs.

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Operations Consulting, Advisory Services, Cost & Profit Recovery:

Our office provides many businesses with invaluable services in reviewing the operational efficiencies of ongoing operations.  This includes assisting businesses in strategic decision making and the assessment of operations.

• We can identify areas of operational improvement to maximize efficiency and profitability.
• We can assist you in competitive decision making and effective management processes.
• We can advise you on matters of effective management practices to help you better manage your resources, personnel, and competitive edge.
• We can assist you in the development of a business plan.  Whether you are continuing an ongoing operation or thinking of starting one, a business plan is always a wise move.  Contrary to popular belief, the business plan is more useful to the owner or operator than it is to anyone else.  And a proper plan can mean the difference between a successful venture and a catastrophe. 

We provide services to help you identify areas of cost and profit recovery.  This could include areas of taxation, legal obligation reviews, and many other targeted issues.  Many businesses often incur costs they are not required to absorb or are not recovering maximum profits due to insufficient management in these areas.  We can assist in identifying and returning these costs or profits to you.  Charges for these services are often on a recovery basis which means you do not incur costs unless savings are identified.

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Business Setup & Incorporation:

If you are just starting out or think it may be time to change your organization's structure we can help.  Included in these services are the following:

• Assessment of the current and best available legal structure of your business in terms of operation and taxation
• Setup and filing for all structures including sole proprietorships, partnerships, and corporations including all required provincial or federal filings and registrations
• Applications for Federal Business Numbers including business accounts for Taxation, Payroll, GST, Duties, and more
• Applications for Provincial accounts including Taxation, Employer Health Tax, WSIB, Business Names, and more
• We can assist you in the development of a business plan.  Whether you are continuing an ongoing operation or thinking of starting one, a business plan is always a wise move.  Contrary to popular belief, the business plan is more useful to the owner or operator than it is to anyone else.  And a proper plan can mean the difference between a successful venture and a catastrophe. 

It is critically important to have your business established correctly from the start.  The improper establishment of your enterprise could cost you money and problems with compliance down the road.  We make certain that ALL of your business setup issues are resolved.  Many firms only look after the legal registration of your business leaving other aspects unresolved and this can cause you many problems if not addressed.

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Valuations:

A critical area of business management is knowing what your enterprise, or others, are worth.  This service is invaluable.  Whether you want to evaluate your business' value or are thinking of an acquisition this is a step which can not be ignored.

Our valuation services can be as in depth as you wish.  Although the more comprehensive a valuation is the more accurate the result will be you can receive cursory valuations which give you a starting point in your assessments.

We follow standard and accepted methods of valuation.  Upon completion of the valuation process you will receive a full and comprehensive report identifying how we came to our conclusions.  The report and valuation will be fully explained to you and all concerns or questions will be addressed.

Government Communications and Filings:

Depending on your business' needs and requirements under statute we can assist you in meeting your government filings.  Should there be a problem with a government authority or agency we can assist you by acting and communicating on your behalf.  Communicating effectively and properly with respective government bodies is critical and can be frustrating.  We can assist in this process and relieve you of the frustration.

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Compliance Assurance and Internal Controls & Audit:

Keeping your organization in compliance with regulatory and legislative requirements is extremely important.  Equally important is maintaining systems of internal controls and audit to ensure that your finances and assets are secure.

We can assist you in these areas.  We can...

• Assist you in identifying areas of compliance failure and initiate systems of maintenance
• Identify areas of policy failure and provide guidance in review and implementation
• Identify areas of control failure and provide guidance on correction
• Identify areas of internal audit failure and assess your risk to help you correct matters which could cause you and your operation loss

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ISSUES PERTAINING TO SOLE PROPRIETORS

So your operating or thinking of operating a small or medium sized business as a sole proprietor.  What exactly does that mean?  Well it means that one individual is the owner of the business legally.  However, this legal registration does not limit liabilities to only that individual!  Nor does such registration limit the possible taxation of the enterprise.

Even though a business may be registered as a sole proprietorship it does not stop with that person.  The individuals spouse may still share certain legal requirements and may share tax liability and benefits.

In the event of a sole proprietorship the profits from the operation flow directly to the owner and are taxed in his or her hands based on a calendar year operation.  This can cause significant problems for an individual running such an operation.  These problems include:

• There are fewer tax planning avenues for such operations including income splitting and averaging
• Individuals can easily move from low tax brackets to high brackets in years of very successful operations causing excess taxation
• Possible excess legal liability exposure and loss of shielding
• Loss of possible avenues of financing and investment
• Excess taxation in cases where the individual has other sources of income such as employment, pensions, or other taxable benefits
• Excess taxation upon termination or sale of enterprise

Of course it's not all bad news to be a Sole Proprietor.  Among some of the benefits are:

• Significantly decreased cost of setup
• If profits from operation of the business is minimal then excess taxation may not occur
• If individual has other sources of taxable income then overall taxes can be reduced when losses occur from operation of business
• Loss carryforward and carryback are similar to other entities
• Some instances of income splitting is still available with certain conditions
• There are generally less reporting requirements with respect to taxation

If you are thinking of starting a business, or are currently operating one, and would like to assess your opportunities or risks under a sole proprietorship we encourage you to call our office to arrange a convenient appointment.  Each situation is unique and must be evaluated as such.  There are short, medium, and long term issues at stake which must be evaluated and assessed.  We are here to help advise you on such matters.

For most sole proprietors the tax filing deadline is June 15.  It is critical to have all of your revenues and business related expenditures itemized and ready for the preparation of the tax return.  Also, make certain you use the proper schedule when completing the summary of your business activities.  Certain expenditures pertaining to usage of your home or apartment may also be available and all such expenditures should be carefully itemized.

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ISSUES PERTAINING TO PARTNERSHIPS

Partnerships are two or more individuals/entities engaged in the operation or taxation of the enterprise.  Although there are different kinds of partnerships (which will not be discussed here) they generally hold similar aspects although taxation and liability may change significantly.  Generally, the benefits of partnership include:

• Availability of investment resources through increased ownership.  Having three people with $10,000 each may be easier to get an enterprise established and financed than to have one person have to come up with $30,000.  Although each partner may invest not all partners have to be actively involved.
• Partnerships also can draw on different sources of expertise.  One partner may know the operational aspect of the business while another has marketing skills, and another has finance skills
• Partnerships can allocate profits between more than one person allowing for income splitting and possibly averaging.  This facilitates better tax management and planning.  Such allocations do not have to be in accordance with the equity stake.  However, it is important to consult with expert advice on this matter before hand since regulations may restrict such actions
• Partnerships, like sole proprietorships, can reduce some filing and reporting requirements both internally and externally.

In many ways partnerships provide some of the benefits of the Corporate legal structure while maintaining some benefits of the proprietorship.  Of course partnerships are not without their trouble.  Things to keep in mind with a partnership include:

• Perform careful review of tax implications of partnership structure on all partners or possible future partners
• There MUST be a strong partnership agreement between all parties.  Such a thorough agreement should detail equity exposure, additional financing implications from all partners, tax and income allocation, buyout provisions and restrictions including options and rights for existing partners, debt exposure possibilities, management and operations responsibilities.  In a partnership this can be the most important document prepared and maintained.  Many partners never think they will have a problem or issue requiring such an agreement but that is never the case in reality.
• Legal liability exposure can still be significant under such a strucuture.

If you are thinking of starting a business, or are currently operating one, and would like to assess your opportunities or risks under a partnership we encourage you to call our office to arrange a convenient appointment.  Each situation is unique and must be evaluated as such.  There are short, medium, and long term issues at stake which must be evaluated and assessed.  We are here to help advise you on such matters.  We can help you as an individual partner or provide assistance to all partners as a group.

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ISSUES PERTAINING TO CORPORATIONS

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ISSUES PERTAINING TO FARMERS

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