Services
Tax Services
Financial Statement Preparation
At financialbridge Accounting we make it our priority to compile and disseminate accurate, reliable and timely financial statements in accordance with Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS). We offer yearly, quarterly and monthly financial statements to allow our clients to distribute them among interested parties such as; shareholders, government agents, banks and lenders, suppliers, customers, unions and other vested interests.
Timely Financial Statement preparation is an integral part of a company’s operations as it allows stakeholders to gage the company’s performance and make informed decisions while guiding the organization in the right direction.
Through well prepared statements an organization’s strengths and weaknesses can be summarized.
Consequently good results can be maintained and poor ones may be corrected.
Financial Statements include;
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Income Statements
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Balance Sheets
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Statement of Changes in Owner’s Equity
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Cash-flow Statements
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Notes to Financial Statements
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Other Financial Supplements
Bookkeeping
Accounting and Bookkeeping
We specialize in Accounting and Bookkeeping services to small and midsized businesses. We maintain accurate data of all relevant transactions within your organization, than prepare all monthly and quarterly GST/HST, EHT, WSIB, source deductions and all other applicable government fillings.
We provide timely relevant data through Financial Statements in order for you to assess your business strengths and weaknesses then plan accordingly.
financialbridge also provide payroll services with direct deposit options for its clients. Our payroll services also include monthly source deductions, T4 and T4A preparation, and year end submissions to Revenue Canada.
At financialbridge we maintain your record through modern accounting software which maintains continuous regulation updates in each respective tax jurisdiction. Also data is continuously backed up to ensure against data loss or data corruption. Through our Bookkeeping service we provide Bank reconciliation, Sales Invoices, balance of accounts receivable and accounts payable, subsidiary ledgers of vendors and customers, detailed account break down and Inventory particulars.
Also industry specific services are provided depending on each client’s needs.
Payroll Services
Use These Tools to Manage Your Own Finances
- Time& Rate Tracking
- Payroll Deductions with up-to-date CPP, EI and Tax Rates
- Paystub Issuance
- Direct Deposits
- Monthly, Quarterly, and Yearly Summaries
- T4 Issuance and Revenue Canada Submissions
- Source Deduction Submissions
- Subcontractor and Commission Wages
- Management Salaries & Wages
- Bonuses
Financial Planning
Personal Tax Return Preparation & Planning
A major priority of financialbridge and its associates is to educate individual clients and familiarize them with the taxation regulations for their respective demographic. Canada Revenue Agency (CRA) has an established framework in which individuals can minimize their taxes owed through programs such as RRSP contributions, Tax Free Savings Account (TFSA), Home renovation Tax Credit, Donations to non-for-profit charities and more. At financialbridge we lay out all relevant options and allow clients to make informed decisions in all their financial undertakings.
We file eligible client’s tax return through an E-file system for free. This system allows expedient and accurate processing of each tax return with optimal data security. Furthermore we use the most up-to-date software approved by Revenue Canada in order to ensure your tax return is filed with the latest budget regulations implemented.
Filing Due Dates
Generally all personal taxes are due by April 30th of each year;
If you file your return after April 30th your GST/HST credit (including any related provincial credit), Canada Child Tax Benefit payments (including those from certain related provincial or territorial programs), and Old Age Security benefit payments may be delayed.
Also penalties will apply to individuals who owe taxes and fail to file their return by the April 30th deadline.
Self-employed persons
If you or your spouse or common-law partner carried on a business (other than a business whose expenditures are primarily in connection with a tax shelter), your return has to be filed on or before June 15th. However, if you owe taxes you have to pay it on or before April 30th
Business Plan
Business Plan
A business plan is essential for any Entrepreneur in their venture of starting, and expanding their business. A well formulated business plan can make the difference between success and failure in any endeavor.
Small business, business plans are essential for obtaining financing through business loans, government loans and free grants. The small business loans main criteria is a submission of a well-rounded business plan with corresponding forecasted financial statements.
Financiers and underwriters look closely to how a prepared business plan corresponds with the numerical forecasts presented in the projected financial statements.
Having you business plan professionally prepared will give you a leading edge to being approved and having your vision come to life.
A good business plan will feature subjects such as
• Business Summary & History
• Industry Overview
• Marketing Plan
• Operations
• Finance
• Risks and conclusions
• Forecasted (Projected) financial statements