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Six Canadian offices Niche marketing - IT consultants 16 years experience In house IT expertise Over 3,000 clients One of the largest sole practitioners in Canada Agenda Cost overview Added value services Corporate year end process

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Presentation Transcript
slide1

Six Canadian offices

  • Niche marketing - IT consultants
  • 16 years experience
  • In house IT expertise
  • Over 3,000 clients
  • One of the largest
  • sole practitioners in
  • Canada
agenda
Agenda
  • Cost overview
  • Added value services
  • Corporate year end process
  • Corporate information required for year end checklist
  • Three ways for submitting year end information
      • Other accounting software programs
      • Excel Cred File
      • www.EZ-as-ABC.biz
  • Revenue accounts
  • GST Quick method
  • GST Long method
  • Expense accounts
  • Capital Assets
  • Question Period
cost overview
Cost Overview
  • Final fee is based on time - every staff member has a billing rate dependent on his/her skill set
  • Costs are subject to upwards pressure
  • What causes cost overruns?
      • Incomplete information
      • Inaccurate information
      • Unclear information
added value services
Added Value Services
  • Reasonably priced Audit Insurance
  • Strategic planning and forecasting to minimize future taxes
  • Act as a coordinator for our Client’s team of financial advisors
  • Client evaluations to encourage ISO 9001 continual improvement of our services
corporate year end process
Corporate Year End Process
  • 1. File Preview 2 days
  • 2. Preliminary Data Entry 5 days
  • 3. Review Meeting Prep 4 days
  • 4. Review Meeting 4 days
  • 5. Secondary Data Entry 3 days
  • 6. Finalizing 4 days
  • 7. Package Preparation 2 days
  • 8. Year End Package Release 2 days
  • TOTAL 26 days
corporate information required for year end checklist
Corporate Information Required for Year End Checklist
  • Is not an optional form
  • Acts as a verification document
  • Needs to be filled out in its entirety
  • Sections should be marked N/A, not left blank
corporate information required for year end checklist7
Corporate Information Required for Year End Checklist
  • Invoices
  • Supplier invoices (receipts)
  • Bank Statements and Cancelled Cheques
  • Source Deductions Statements (CCRA)
  • GST Returns & Assessments (CCRA)
  • Notices of Assessment for Previous Year

12 Crucial Items

corporate information required for year end checklist8
Corporate Information Required for Year End Checklist

12 Crucial Items continued…

  • Statements of GST & Corp. Tax Installment Payments
  • Brokerage Statements
  • Term Deposit Certificates
  • Family Trust Account Statements
  • Initial Minutes & Articles of Incorporation
  • Any Other Useful Information
three ways for submitting year end information
Three Ways For Submitting Year End Information
  • Other Accounting Software Programs

Amount of time required

  • Excel CRED file
  • www.Ez-as-ABC.biz (scan it & forget it)

0

Amount of knowledge required

other accounting software programs
Other Accounting Software Programs
  • Requires the most amount of bookkeeping knowledge
  • Requires the purchase of a software e.g QuickBooks, Quicken, Simply Accounting etc.
  • Must provide us with a General Ledger Listing and Transaction Detail Listing (journals)
  • Must use our standard Chart of Accounts for revenue and expenses
excel cred file
Excel CRED File

Capturing Revenue and Expense Data (CRED)

  • Must have Microsoft excel
  • Some bookkeeping knowledge required
  • Excel template provided by CA4IT
  • Must Print out Bank Transactions register
  • Must Print out Directors Expense Register
  • Must Print out Payable and Receivable Registers
  • Must provide Other printouts for auto and home

office

  • Must provide copy of completed spreadsheet

(on diskette or emailed)

www ez as abc biz
www.EZ-as-ABC.biz

A unique paperless web-based solution for your bookkeeping and document management

Requires no accounting or record management knowledge

Requires no special software - use your browser

Easy to use - from anywhere in the world, any time of the day - it works when you work!

End of year cd rom with links from financial information to original documents

Secure 128 bit encryption

Scan It & Forget It

slide13

How It Works

  • Organize Your Documents
  • Simply file your receipts in the Envelopes that have been provided and we will take care of the rest

Step One

Scan & Forget

slide14

How It Works

  • Submit Your Documents
  • Send us the documents and we’ll do the scanning for you or
  • You or family members scan the documents at your convenience using your personal scanner and upload to your private, secure, personal website using your browser (reduced cost)

Step Two

Scan & Forget

slide15

How It Works

  • We Process The Digital Documents
  • The digital documents are catalogued
    • Important data from document is keyed in such as date, amount, names, reference number, GST, accounting codes, payment method etc.
  • Bookkeeping journals are generated from your digital library and exported into Caseware© , your accountant’s software - after running a unique Integrity Checker

Step Three

Scan & Forget

slide16

How It Works

(continued)

  • We Process The Digital Documents
  • Your office library of digital documents are cross-indexed providing for quick search, retrievals and printing - anywhere - anytime.
  • Your accountant publishes financial statements, journals, ledgers and industry benchmarking to your web site - drill down from these reports to the image of the related source document for quick review and verification

Step Three

Scan & Forget

revenue accounts
Revenue Accounts

Revenue

  • 600 Contract Income earned in Canada
  • 601 Contract Income earned in the US
  • 610 GST Sundry Income
  • 620 Interest Income
  • 630 Other Income
gst quick method
GST Quick Method
  • Total revenue includingGST is $107,000

= ($100,000 + 7% GST)

  • 4% GST payable on the first $30,000 of the above

= $1,200

  • 5% GST payable on the balance of $77,000 = $3,850
  • Total GST payable on $107,000 gross revenue

= ($1,200 + $3,850) = $5,050

gst long method
GST Long Method
  • Total revenue including GST is $107,000

= ($100,000 + 7% GST)

  • Total GST collected

= $7,000

  • Total GST paid on expenses

= $ 1,100

  • Total GST payable on $107,000 gross revenue

= ($7,000 - $1,100) = $ 5,900

expense accounts
Expense Accounts

Expenses

  • 700 Accounting Fees Expense
  • 710 Advertising Expense
  • 720 Automobile Expense
    • Method 1 - Actual Expense
    • Method 2 - Mileage Allowance Expense
  • 730 Bank Charges Expense
  • 740 Books & Periodicals Expense
  • 750 Business Promotion Expense
  • 755 Computer Lease Expense
expense accounts21
Expense Accounts

Expenses Continued…

  • 760 Computer Supplies Expense
  • 770 Consulting Fees Expense
  • 780 Amortization Expense
  • 790 Directors Fees Expense
  • 800 Education & Seminars Expense
  • 810 Employee Benefits Expense
  • 820 General Expense
  • 830 Insurance Expense
  • 840 Interest & Penalties Expense
expense accounts22
Expense Accounts

Expenses Continued…

  • 850 Office Supplies Expense
  • 870 Rent Expense
  • 880 Repairs & Maintenance Expense
  • 890 Telephone Expense
  • 860 Professional Fees Expense
  • 900 Travel Expense
  • 950 Wages & Salaries Expense
  • 960 Non- Deductible Lifestyle Expense
capital assets
Capital Assets

Capital Assets

  • 190 Automobile
  • 200 Computer Equipment
  • 220 Computer Software
  • 230 Office Equipment
  • 240 Office Furniture
capital assets24
Capital Assets

Assets First Year Subsequent Years

  • Automobiles 15% 30%
  • Computer Hardware 15% 30%
  • Computer Software 50% 100%
  • Office Equipment 10% 20%
  • Office Furniture 10% 20%

In first year, prepare a list of business assets you wish to transfer to your business i.e. library, computers, software

Value at fair market value (not replacement value)

We will prepare journal entry to give you credit for this contribution to the corporation!

where to get more information
Where to get more information

Other training sessions

Maximizing After Tax IT Consulting Income

Contracting in the U.S.

Government Web Sites

http://www.ccra-adrc.gc.ca http://www.rev.gov.on.ca

Electronic Resources

http://www.ca4it.com

http://www.EZ-as-ABC.biz