Frequently asked questions.

FAQs Kelowna Accountant

We have found that typically there are two types of businesses that need help,

One smaller businesses don’t have any internal accounting help.  Either the owner is doing the bookkeeping, or they have a separate bookkeeper and accountant that they use. 

The second type has a manager, or someone in an administrative role that helps run the business but struggles with the bookkeeping.  They can do data entry and basic bookkeeping but really need some expert guidance to get the job done.

We like to work closely with businesses which means being there for you on an on going basis.  Preparing the tax return can only give a high level snapshot of your business and are filed after a corporate year end. That is simply too much time to be able to take corrective action. Being involved with you on an ongoing basis keeps us in the loop and together we can work on your business and make changes.

We don’t work by the hour.  Working by the hour stops you from asking for help.  We think that by offering you an all inclusive plan is the best strategy for both of us.  For you it’s all about asking for help when you need it – without limits.  You know your costs upfront and you can plan and budget for them.  We can ditch the time sheets and time spent on billing and focus on providing you with what you really need – information to run your business.

Payroll is a very complex area and in most cases it makes sense to use a payroll provider for both your payroll and HR needs.    
We want to make sure that we are providing you with top notch service and that means focusing on where we excel.  Payroll and HR is a very complex area and there are many excellent payroll service providers.  If you don’t already have payroll service we can discuss which one is best for you.

While we can do the bookkeeping for you, we can do so much more.  We are CPAs and we have extensive knowledge in running a business.  Things like cash flow management and setting up budgets to managing your expenses are all areas we can help with.   As CPAs we might be a good option for you if you have a review or audit engagement and require a higher level of accounting.

We can help you move to the cloud and take advantage of all it offers.  We don't work with desktop software anymore so if you want to stay on the desktop (QuickBooks, Sage 50 etc) we aren't able to help you.

Xero and Sage online are great options if you want to work online.  We focus our expertise on QuickBooks online.  So much that we are an Elite - ProAdvisor the highest level you can achieve.  We will be happy to convert your file to QuickBooks Online if you decide you want to work with us.

Financial statements are provided at year end at the same time as the tax return.

Benefits of the financial statements are:

  • A more formal set of financials statements grouped by standard account categories signed by a CPA
  • A one year look back of the past performance of the company
  • Comparative numbers to the previous year for the purpose of monitoring past performance
  • Annual Financial Statements are a requirement of the BC corporations act (subsection 198(2))
  • Annual Financial Statements are a requirement of the Alberta business Corporations Act Section 155(1)(a)(i).
  • Finally, some clients like to have CPA signed financial statements to provide as support for financing but that is not the intended use of these types of statements.

We are finding that many small business clients are only getting the financial statements because of the requirement of the BC corporations act or the Alberta business corporations act. This requirement can be waived by the completion of an annual waiver (BC) or one-time waiver (Alberta) which must be signed by all the shareholders. You should contact your lawyer who can prepare this for you. The waiver does not need to be submitted but should be retained along with other corporate records.  We also work with a number of corporate lawyers for small businesses, contact us if you would like some names.

NOTE: Because we work with small businesses only – we only prepare Compilation or Notice to Reader statements.

Yikes! No one likes to get calls or letters from CRA.  Please contact us as soon as possible so we can make a plan to get you on track and more importantly get you back on CRAs good side.  If CRA is giving you nasty phone calls, please make sure that it is actually the CRA calling you.  Please see our blog here on CRA calls for more information

Yes we can.  I work out of my home office in Kelowna BC and am happy to meet you either in my office or at your place of business.  I am often in Calgary Alberta so could arrange to meet you there as well.

We do not outsource our accounting overseas.  We know that is a trend and many of the large accounting firms are doing that.

We do most of the work ourselves but on occasion  do hire contract bookkeepers.  There are only a few which are carefully vetted and they are based in either British Columbia or Alberta.

Invoicing, billing and tracking payments take up a lot of time.  Time we feel is better spend working with you and your business.  Pre Authorised Payments (PAD) automates that process saving both of us time.

We love our credit card points too.  However, they do come at a cost.  When you pay with a credit card it increases our costs so we aren’t able to offer you the low prices we can when you sign up for a P.A.D.  If it is really important for you to use your credit card, please contact us and we will design a plan for you that accommodates paying by credit card.

We are confident that you will love our services. If at any time you are unhappy with our services we will refund you one months fee.

Do you have a question not answered here?  Please connect with me — first session is complimentary.