Accounting and Tax Services
Small Business Accounting
Scan Accounting takes care of your books for you so you can focus on running your business and generating profits. We offer the following services to small business owners:
- Provide unlimited consultations
- Generate an income statement
- Clean up your general ledger
- Reconcile your bank account
- Generate a balance sheet
You can customize your package by including payroll, tax planning and preparation or any of our other services.
GST / HST & PST Tax
Scan Accounting also provides compilation of and preparation of sales tax returns. Other services incude:
- Preparation and filing of GST or PST returns and other government remittances.
- Plan for your GST/HST liability/refund
- Preparation of Business Activity Statements
Individual T1 Tax Preparation Tax
Scan Accounting will assist you with the preparation of your Personal (T1) returns. The following are some of the many services we offer related to your tax filing:
- Electronic filing of returns
- Preparation of your family’s returns (including spouse and children)
- Optimizing family income splitting
- Preparation of Foreign Income Verification Statement if applicable
- Preparation of adjustments to previous years’ filings as required
- Preparation of your HST return if you are self employed
Corporate tax returns
Small business owners spend an average 12 days a year in payroll services. Those days could be spent generating sales, improving products or services, or evaluating and improving business. Outsourcing payroll services have the following advantages:
- Cost Effectiveness
- Time Saving
- Worry-free Payroll Tax Filing
- Focus On Your Core Competencies
- Comprehensive Reports
Startup Capital Assistance
Small- to medium-sized companies can not often afford to have a full time CFO. A effective solution is to outsource CFO services and responsibilities.
We offer such solutions so you have adequate time to grow your business and improve business decisions. It can also free up a lot of your time so you can focus on demanding challenges that fulfill your business needs.
Cash Flow Management
One primary service is creating an accurate cash flow projection. We also prepare historical cash flow statements so you can monitor the flow of money. Our services include:
- Obtaining maximum rate of return on your idle cash
- Implementing effective collection policies
- Techniques for accelerated cash collection
- Executing effective payment policies
- Helping you obtain an appropriate line of credit.
Financial Statement (NTR)
There are three different engagements associated with the financial statements of a business:
The objective of a review engagement is to prepare and review financial statements to ascertain whether they are plausible.
The objective of a compilation engagement is to compile unaudited financial information into financial statements, schedules or reports based on information supplied by the client.
The objective on an audit engagement is to enable independent professional public accountants to render an opinion on the fairness of the client’s financial statements.
Financial Planning Services
- Regular savings plan
- Personal investment
- Rollovers and redundancies
- Accumulation strategies
- Employer sponsored superannuation funds
- Self managed superannuation funds
- Effective asset structuring
- Access government entitlements
- Establish tax-effective income streams
A Strategic Plan allows you to:
- Develop management plans
- Identify and describe the target customer profile
- Develop projected financial plans
- Develop staffing plans
- Develop financial plans including projected startup costs, operating costs, revenue, profits, and break-even analysis.
Opening a Business
If you’re opening a business then we can help you to:
- Organize and set up billing and collection procedures to maximize your cash flow
- Prepare and file all required provincial and local licenses and permits
- Prepare and file your application for your CRA Business Number
- Provide payroll and payroll tax filing for your employees.
- Identify your business insurance needs
- Develop a solid Partnership Agreement.
Strategic Business Planning
A strategic business plan is an effective way of describing your company and its products, the business risks involved and the overall financial health. Such a plan is integral in:
- Revamping a declining business
- Buying a new business, product or service
- Expanding an organization, product or service
- Starting a new venture, product or service
Our diverse clientele has opted for many of the following services:
- Mergers & Acquisitions
- Asset protection
- Debt Management
- Cash flow forecasting
- Employee benefit plans
Business Loan Assistance
We specialize in making tailored business proposals according to your needs. The proposals include:
- An Executive summary highlighting the required amount of the loan and an explanation of what the loan will be used for and why it’s needed.
- Pro-forma cash budgets and financial statements that your banker can easily understand.
- Your personal financial statements including the last 3 years of personal tax returns for the bank.
- We offer representation to help substantiate your financial needs to your banker in person.