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We offer a wide range of services that will benefit both the individual and business client. The personalized quality service that we offer is second to none. This is a list of the services that we offer. To learn more about each option, please 'click' on the titles below.
If you have a specific project in mind, please call (604)809-8689 or send me an e-mail message . | |
"More than just the numbers" is more than just a slogan with us. We take an entrepreneurial approach when working with a business, because we recognize that most client issues go beyond just numbers. Our goal is not to produce paperwork, but to encourage and foster business success through the application of sound financial measures and knowledgeable business experience.
The ability to make timely, accurate and pertinent business decisions becomes more important every day. Financial tools such as budgets, cash flow forecasts and business plans may be as important to your success as a well interpreted income statement, balance sheet or source and application of funds statement. That is why we feel that our commitment to provide reliable, current and relevant financial reports is non negotiable.
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Bookkeeping is the foundation for all accounting functions. It is true that good bookkeeping leads to good accounting. While a good accountant should catch bad bookkeeping and correct it, this means added unnecessary expense for you. So it is vitally important that the bookkeeping functions are performed in a competent efficient manner.
What is the difference between bookkeeping and accounting? Generally all functions leading up to but not including an Adjusted Trial Balance are bookkeeping tasks. These include invoicing, bank deposits, accounts receivable maintenance, collections, bank reconciliations, entering purchase transactions, posting vendor payments, sales tax returns (federal and provincial), payroll timekeeping, paycheque preparation, withholdings reports and year end T4 reports. These functions are basic to the successful operation of your business.
Prairie Accounting can complete these tasks for you on an as needed basis and we have been supplying a pickup and delivery service for some of our clients over the years. As your business grows and you need a more full time alternative, we can help hire and train a bookkeeper that will be an asset to your business.
Incorporation or Proprietorship or Partnership? These are three options available to you in BC as a structure to house your business. There are advantages and disadvantages in liability, succession, regulations, start-up costs, maintenance and taxation associated with each of the three options.
This is one area where you should discuss the options with your accountant to determine which is best for you and your business. Income earned by a corporation is taxed first at the corporate level and when the corporation pays out dividends or wages to the owners the income is again taxed at the personal level. The theory is that the total tax paid by the corporation plus the tax paid by the taxpayer should equal the tax payable by an individual at the top marginal rate. It is generally not wise to incorporate if you are going to be paying all of your corporate profits out to the shareholders in the form of wages.
Unprofitable businesses should not normally incorporate since corporate losses are only applicable against corporate income. However, a proprietor can use business losses to reduce other personal income. Therefore if you can leave some cash in the business (re-invest), and operate at a profit you can benefit from the following advantages to incorporation:
- Small business deduction on first $400,000 of business income
- Limited liability separates personal and business assets
- Income splitting with family members as employees or shareholders
- Income shifting from one tax year to another
- Capital gains exemption ($500,000 max) on sale of company shares
- Personal assets can be transferred to (rollover) the company on a tax deferred basis
There are additional costs and time requirements involved with incorporation such as:
- The costs associated with the incorporation of the business
- The costs associated with yearly accounting and legal fees
- More administration time required to document business (increased paperwork)
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A company in distress present special challenges. In such situations, a firm may be experiencing severe cash flow problems, reduced sales,
or high employee turnover. Often turnaround consultants are brought into the company to devise and execute a plan of corporate renewal,
assuming that the firm has enough potential to make it worth saving. Now here is where you hear a lot of terms such as divestment of
assets, strategic acquisitions, reducing staff and abandonment/harvest strategies. These are all concepts applicable to other than small
business (greater than $5 million in revenue).
The small business that finds itself in trouble usually needs a quick answer, not a fancy report. Prairie Accounting is equipped to come in
and look at the root causes of the predicament. We will look at systems, revenues, operating costs, fixed costs, inventory levels, financial
controls, management structure and workforce effectiveness. A small business needs to consider some very basic premises.
Basically a business supplies products, services or a combination (goods) to a targeted market (customers) using your company
infrastructure (operations). A successful business offers goods that meet a customer's needs in an efficient manner.
Another problem is differentiating your company from your competitors. You should be able to identify what exactly sets you apart from your
competitors. If you cannot identify the unique capabilities that sets you apart, it is time to reinvent your company.
This is a time when new ideas and structures should be considered, because the current policies and methods are not working.
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