The purpose of accounting and bookkeeping is to help the owner-manager manage their business; provide a clear picture of financial performance, and to enable correct tax reporting to the Canada Revenue Agency.
Whether you are operating a medical practice, an independent consultancy, or a successful dental practice, KCPA's accounting and bookkeeping services achieves those objectives to keep clients moving in the right direction.
Bookkeeping — For Corporations
This service suite is ideal for professional corporations and incorporated businesses, as it allows for the proper recording of transactions during the fiscal year. This ensures that the year-end corporate tax return preparation is efficient, timely, and cost effective.
For medical professionals, such as physicians operating through a professional corporation, KCPA completes the bookkeeping as part of the year-end corporate tax return preparation. The corporation service suite includes:
- Guidance and checklists to help you stay organized, so you can keep your paperwork to a minimum
- Recording of revenues, expenses, deposits, cheques, and credit cards in a proper general ledger
- Preparation of bank reconciliations
- Preparation of Financial Performance Reports, including: Cash Flow Statement, Income Statement, and Balance Sheet
Accounting — Compiled Financial Statements
Professionally compiled financial statements, also known as Notice To Reader Financial Statements, are prepared for clients to whom we provide corporate tax return preparation services and/or bookkeeping services to. These financial statements are mostly used as follows:
- Preparing the client’s corporate tax return(s)
- Inclusion in a corporation’s minute book for record-keeping purposes
- Provided to third parties, such as a bank, for a client applying for a mortgage or loan.
Articles that might be helpful:
If you’re interested in getting a more detailed understanding of accounting and bookkeeping, read the following articles — authored by Hussein Kanani, CPA, CA.
Benefits of Accounting & Bookkeeping
Cash Flow is King