Accounting Canada

Accounting Canada: What are various standards?

Accounting Canada standards are the authoritative standards for financial reporting. They are the principal source of generally accepted accounting standards (GAAP).

What are Accounting Canada Standards?

Accounting standards define how events and transactions are to be accounted for in a manner that is measured, presented, and presented on financial statements. They are designed to give financial information to lenders, investors as well as contributors, creditors, and others who are able to use it to make decisions on the allocation of funds to the business.

In Canada, the accounting standards for all organizations are set by the Accounting Standards Board (AcSB). This is especially for the organizations other than the public sector. The AcSB has adopted IFRS Standards as the accounting standard. These standards are used by public-sector enterprises. Private companies and non-profit organizations may choose to utilize separately created standards for these entities and IFRS Standards. There are separate accounting standards for government pension schemes.

Accounting standards are adopted from AcSB. AcSB (including IFRS Standards) are available within the CPA Canada Handbook – Accounting. This is literally very helpful for tax accountant Vancouver.

The Canada Business Corporations Act and provincial securities laws and corporations generally require that companies create financial statements for shareholders according to GAAP as outlined in the CPA Canada Handbook. Other legislation is applicable to financial institutions and different types of reporting entities.

Bookkeeping services

How Bookkeeping Services Seems Valuable For Start-ups

Professional bookkeeping services provides a business with an accurate measure on its efficiency. Bookkeepers also provide data to help make general strategic decisions as well as provide an indicator of the business’s income and revenue goals. Once the business is established investing extra time and money in maintaining accurate records is essential.

One of the greatest problems for new companies is the planning of poor finance and marketing. With the estimated 150 million start-ups around the world today, and up to 50 million being launched each year monitoring the numbers could be the difference between the life or death of new businesses.

If you speak to any support group for financial businesses one of the primary suggestions for those who are just starting out is to set up a reliable bookkeeping system. This crucial point is crucial for small-scale businesses, and should not be ignored when developing a business strategy. Insufficient time and money into costs for business can prevent your business from fully achieving its potential.

Five ways the bookkeeper can assist your company

If you have a small company, you may be the bookkeeper, at least until you are able pay an individual to take care of the job for you. After your company has reached the size of a certain amount and you are able to afford it, it may seem sensible to have someone else manage the bookkeeping on your behalf. There are 5 ways the bookkeeper can assist:

Lets you focus on business strategy

Bookkeeping is the process of keeping track of fine details and recording this in accounting software. The process of tracking these numbers can be difficult to grasp the larger picture. Therefore, it’s generally better to let someone else handle this task.

Reduce the accounting costs

Are you using an accountant to oversee daily transactions and manage monthly payroll? If yes, you can save some cash using a bookkeeper to take care of the job.

You should have an additional eye on your cash flow

If you’re looking to prevent being unable to pay your bills in a flash it is essential to constantly keep track of your cashflow. We’ve covered this in our article on managing cash flow. It is helpful that you have someone look over the numbers and making sure that cash flows are not interrupted, and a bookkeeper could help with that.

Quickly access important figures

A professional accountant handling your monthly business reconciliations and report is essential. But what happens if you need financial data at the end of the month? Bookkeepers can provide the information you require quickly and without needing to wait for your accountant’s response.

Control your financial information

Smaller businesses aren’t able to employ an accountant on their own, which is why the majority of accountants perform part-time with their clientele. If they are using a quality accounting software online to manage financials, it will make collaboration much easier. A good bookkeeper softwarewill allow them to to work with the same set of information as accountants do.Both can work as a team to come up with most innovative results and will lead in the business growth.

What do you do from now? The most efficient method to start is to take off each step one at a time. Our system is modular, which is perfect for just this. Begin with outsourcing bookkeeping services, and see how you feel about it. Then, think about adding payroll or bill pay support. In essence, you can add more services as you like and as you grow confident. The last thing we want to say is this: you could keep your own books, however, you could be missing the forest for trees. Give your bookkeeping tasks over to us, and watch your time spent on accounting is not just more manageable, but also strategic.

Accounting vs. Bookkeeping for Startups

Contrary to what many people believe that bookkeeping and accounting aren’t the exact equivalent. They are, however, crucial to the business’s financial health. Let’s clarify these two concepts in order to aid in understanding the differences between bookkeeping and accounting:

Bookkeeping: Monitoring day-to-day financial records of your business and books. The duties of a bookkeeper could include recording and collecting invoices from customers, paying suppliers as well as reconciling bank accounts and many more.

Examples: When you receive an invoice for a service from one of the suppliers your bookkeeper will verify that the invoice is paid, and will record the transaction.

Accounting: Financial records can be utilized in evaluating the company performance and give best recommendations.In their role accounting, your accountant is accountable for reviewing financial reports for accuracy, aiding in the preparation of the company’s budget and making sure financial reporting is in line with.

Examples: Once the financial statements have been prepared, your accountant will scrutinize them for errors and use the statements to provide you with advice on budgeting as well as other financial concerns.

As you will see, bookkeeping and accounting are inextricably linked however, these two roles are typically divided in two different roles: the bookkeeper as well as the accountant. While the bookkeeper is responsible for tracking every transaction and keeps your financial records current and up to date, the accountant is able to look over your financial records in order to spot any issues and provide ways to improve the financial health and expansion of your company.

CPA Surrey

Successful Reasons For hiring a Professional CPA

CPA SurreyCPA Surrey is needed for deciding the structure of business for saving money on taxes or moving further on business. It is difficult in finding right time to out posting responsibilities on your own or there is a need for certified public accountants (CPA). Especially, being a small business owner.

 

Reason For Hiring CPA

Managing Financial Issues

A professional CPA is licensed by the government. This will ensures that he/she up to date regarding the financial issues and rules or regulations.

Professionally Accounting System

There is a need for a highly professional accounting system for setting up business tasks. For that skills and deep knowledge of CPA are required for coping up with the innovative latest technology of accounting.

Insights Into Business Finances

Skilled CPA is familiar and has calibre in monitoring business assets, ledger balancing, and detailed information of business profit and  losses. CPA advice best for you after analysing all these aspects.

Getting Understand Financial Statements

CPA review all the financial reports and also, act as an advisor to us . This is what on which most of the vital business decisions rely.

Tax Audit

Also, CPA represents clients’ business professional credentials that involves audits, appeals, and issues. Moreover, they give professional advice in some situations and do all paperwork correctly and timely.

Planning and Growing Business

Professional CPA Surrey help in organically increase their business with help of their huge networking. Relevant customers of the CPA can be utilized as their own clients and added to your business network.

Make real-time decisions

When I speak with business owners, they usually mention that they would like to easily assess the potential effects. And, consequences of the purchase of a huge office space or hiring additional employees.  Further, the use of an accountant can assist your budget and monitor cash flow daily. Moreover, he or she can help you deal with any challenges that may arise in real-time.

To sum up, N.S Kehal delivers services regarding taxation, bookkeeping and payroll in different areas of Vancouver lower-mainland, BC with past few experience in accounting field.

digital-signature

T183 / T183CORP Electronic Signatures

On January 19 2021, the CRA has announced that it will be extending its temporary administrative measures which are currently in place and will allow electronic signatures on the T183 and T183CORP for the 2021 tax filing season to make it function better.

However, we will keep posting after seeking clarity from the CRA regarding the exact dates of the extension. We would recommend that it should be extended until June 30, 2021 at least. For more information on tax updates, refer the CRA’s news release.

Business people working at office desk, they are checking tax forms and calculating costs, finance and management concept

Our Tax Accountant Vancouver & Surrey Tax Accountants

Tax Accountant VancouverOur tax accountant Vancouver  understand and appreciate your efforts, time you have invested in setting up your empire and every single penny you have invested worth saving.
Our Vancouver Tax Accountants and Surrey BC Accountants will be here to assist you and give you the tax saving advice. They are very much experienced and our portfolio consist of clients from various industries ranging from small to medium enterprises.

 

We are available to answer your all queries whether it is simple or complex. Our accountants will try to make the process as simple as we can. We believe that our success lies in your success. That is why, our accountants are being trained to cater the needs of firms from small to medium. This also includes handling their financial challenges. Our tax accountant Vancouver will assess your financial situation and your requirements with the best advice meeting your requirements.
We take pride in our team who are pretty expert in handling clients from various industries. Also, deal with all the accounting aspects of their organization and getting them the expert advice.

Our Tax Accountant Vancouver are HAPPY to help you!!!

We are here to help with your questions whether they are simple or complicated. Moreover, we will try to simplify the process possible. Our success is in your success. That’s why our accountants are educated to meet the requirements of any kind of business and tackle their financial problems. The Tax accountant Vancouver is able to evaluate your financial situation. As well as your needs to come up with the most suitable advice to meet your needs.

N.S Kehal is known for managing their clients issues related to various tax, payroll or bookkeeping with great care. We wil let you address the best option to you.

Accounting Services

Accounting Services: More about Vancouver & Surrey Accounting Firms

Are you afraid on getting lost in the crowd if you opt for a large accounting firms services to get solutions of your accounting needs?

Consider N.S Kehal team to deliver you the more personalized accounting firms services as our Surrey B.C accountants and Vancouver accountants work very closely with you to assess your financial circumstances and get you the suitable deal or solution considering all the factors.

Our service portfolio includes:

We assist with year-end financial reports and provide tax planning advice. Moreover, in order to know you, we keep in touch with your firm on regular basis. Our accountant Vancouver consider your business financial performance, grabbing potential opportunities, cash flows, and advisory regarding tax planning service.

Our firm’s main motive is to provide expert tax planning services that will add the value needed from a large firm and offer expertise with the personality of small firms.

Vancouver accountant

Looking for a CPA for Vancouver and Surrey Accounting, Tax, Bookkeeping, and Payroll Services ?

N.S Kehal Inc, is a firm consists of well experienced Vancouver accountant and Surrey Accountants providing accounting services, book keeping services and tax preparation services for your business needs in Vancouver and Surrey BC.

We are here to answer your all queries and get you the solutions regarding all sort of accounting aspects like the CPA Vancouver and accountant Surrey BC Accounting, Taxation, Bookkeeping services, and Payroll Services.

With our virtual presence at lower mainland BC i.e., Vancouver and Surrey BC, our team of professional tax accountant ensure to provide quality work. Also, we aim to provide you best of our services at very competitive prices, tailored accounting services according to your business and personal financial needs. Moreover, our customized services ensures that we deliver the solutions those are practical and addresses your business challenges at its best.

home-office

Home office expenses/T2200

CRA has come up with the additional details regarding T2200 and home office expenses. These are expected to simplify the taxation rules for employees and the employers. It consists of information regarding the helpful tools like a comprehensive calculator that covers most of the aspects of taxation, a detailed guide on forms and a redesigned T777S form.

In this release, it has been seen that it mentions a bit about the CPA Canada’s recommendation which is regarding the employees who were claiming home office expenses due to pandemic are generally not required to fill T2200 forms.

The key highlights of this release are:

  • Employees who have been working from home due to pandemic in 2020 and those who have been working from home for more than 50% of time and for at least four consecutive weeks in year 2020, would be able to claim deduction of expenses of home office.
  • The employees have the options to runs a detailed calculation or they also have option to use a temporary flat rate method, in case they qualify.
  • In case, if they use the flat rate method, then T2200 will not be required. If an employee opt for a detailed calculation, an employer would need to provide T2200 form or another form which is the shortened pandemic version of the form (Form T2200S).
  • It come under the capping $2 per day that can be claimed by an individual for each day worked at home with a limit of maximum of $400 (i.e. 200 days).
  • It has also been announced by the CRA that claiming for internet access costs will be possible giving the condition that detailed calculation approach is used for that. However, it seems that the CRA is expecting this cost to be calculated on prorate basis, the similar methods that are used in case of other utilities like heat and electricity.

The recent version of T2200S is comparatively shorter than the simplified version that has been previously circulated by CRA. The only thing an employer is supposed to do is to confirm like if the employees have worked from home due to the pandemic, whether they have been reimbursed for home office costs and the same has been reported on the employee’s T4 form.

Tax Accountant Vancouver

The deadline to file your return and pay your taxes is April 30, 2021

Pay your taxes and file the returns by 30th April 2021. Those who are self-employed or if their spouse or common law partner is self-employed (in case of availing spousal credits), the deadline to file the tax returns is 15 June 2021.

Filing the taxes is far easier now as compared to it was before. This tax season, we have come up with many services that will make it way easier for you. Well, plan ahead and avoid the delays.

This COVID-19 pandemic might delay the entire process of filing, may slow down the assessment or might affect in receiving the refunds, benefits or credit payment. To avoid the last minute havoc, we recommend you to start well in advance. Get your documents assembled like income slips (such as your T4s forms), the receipts, assessment notice of previous tax year and income tax return’s last year copy to use it as a model.