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. KAL can assist you with the day-to-day tasks associated with bookkeeping.
Computerized bookkeeping performed on a regular basis is designed to ensure accuracy for remittances and Financial Statements which need to be prepared for Year End Income Tax reporting. KAL strives to work with your unique business needs, specializing in record management and reporting for small businesses of all types.
As a result, don’t be fooled in thinking that its alright for you to operate a business without adequate records which are a vital and integral part of any business. Many have made this fatal mistake, only to find out that they should have instituted measures to initiate a planned program to create a workable record management system. CRA’s regulations and rulings are on the increase every day and they have made it very clear as to how they want us to maintain records and receipts for assessment and/or auditing purposes.
Unfortunately, many business owners have taken this regulation and ruling for granted. As a result, they have found themselves buried in a costly unworkable swamp of paper during a re-assessment and/or audit.
During the past few years, we have found that CRA has forced businesses, through the regulations and rulings, to retain more and more records just to stay within the letter of the law. Business owners who have chosen to operate outside the parameters, have found that CRA spares no mercy nor do they have a sense of humor when reviewing an unmanageable swamp of paper. Most cases have resulted in a Large Re-assessment Tax Bill!
The reason for this is simple. If, Revenue Canada can not verify, determine or cross reference the origin and nature of a transaction, they simply disallow it!
Therefore, in our professional opinion, we highly recommend that you consider initiating a workable record management system to satisfy the requirements of the Canadian Income Tax Act section 230(1), (4a), (4b).
The alternative is to run the risk of record manipulation during a possible re-assessment and/or audit by Revenue Canada, which usually results in additional taxes payable.
There are a variety of ways of becoming an entrepreneur. Some will find their manner of entry dictated by circumstances, others find they have a choice. The usual motivation is the desire to do business plus an idea that arouses enthusiasm. Enthusiasm is an essential motive, however, it must be guided and checked by careful analysis.
As experienced independent professionals, we recognize the importance that professional help plays in the complex business world today. KAL is familiar with most problems peculiar to your business, allowing us to advise and guide you wisely and professionally.
Software Installation and Training
New accounting software package? We can install and train your staff on how to maximize your computerized accounting system and generate clear and concise reports that are easy to understand and take action on. We are proficient with QuickBooks, Simply Accounting, and Excel spreadsheets.