Chartered Professional Accountants Providing Corporate Accounting Services in Burlington
Meticulous corporate accounting helps a business to meet its annual tax and reporting obligations with respect to government requirements while maintaining accurate financial records for the business itself. Improperly balanced accounting records can lead to significant fines and penalties. As a result, ensuring highly knowledgeable professionals are managing your company’s annual accounting needs is crucial.
Edelkoort Smethurst Schein CPAs LLP is fully registered in Public Practice with the Chartered Professional Accountants (CPA) of Ontario to provide corporate and personal taxation and financial statement compilation services. Obtaining full registration is a process that requires completion of a variety of courses of study, as well as ongoing practice inspections by CPA Ontario. In other words, registration requires that we continually meet a set of rigorous professional standards. We’re committed to the highest standard of service and we invest in our staff to ensure they are current with accounting and tax reporting frameworks.
What Do Corporate Accounting Services Include?
Corporate accounting is an umbrella term used to describe a variety of services regularly required by businesses, including bookkeeping, financial reports, and tax filings.
Bookkeeping is the recording of the financial transactions of a business, which include accounts payable and receivable, payroll, and tax withholdings of an organization over the course of a fiscal year. Bookkeepers also compile this data into reports used by a business’s stakeholders to assess the financial stability of the organization, forecast future earnings and make important decisions regarding the business. In addition, the data compiled by a bookkeeper is used by accounting professionals to prepare a business’s yearly tax filings, calculate allowable deductions and ensure that the business is in full compliance with federal and provincial tax regulations. As a result, it is imperative that these records are accurate and trustworthy.
By allowing Edelkoort Smethurst Schein CPAs LLP to manage your company’s day-to-day bookkeeping including payroll, provincial tax management, and financial reporting you will free up time to focus on growing the business. You will also save the expense of having a dedicated bookkeeper on staff, secure in the knowledge that your business’s finances are being overseen by trusted and accredited accounting professionals.
Financial reports are regularly and heavily relied upon to assess the financial status of a business, to determine tax obligations, and to identify tax-saving opportunities. Therefore, it is imperative that reports are accurate and up-to-date. Imprecise reports could result in financial penalties such as late fines or interest payments for filing late returns, and/or lost tax-saving opportunities.
Edelkoort Smethurst Schein CPAs LLP utilizes state of the art accounting software that assists with accurate recording of transactions and provides support for financial statement compilations and statutory filings. Our professionals are meticulous and take great care to ensure financial records are inputted accurately and expeditiously to meet all deadlines.
While many accounting firms are married to a single, firm preferred, accounting software, our accountants and staff are trained to support a variety of popular software solutions to accommodate our clients’ varying needs. We adjust our workflow to suit our clients’ needs, not vice-versa. Corporate clients can confidently rely upon our financial reports to evaluate business performance and make sound financial decisions, in a format that’s convenient and familiar.
Edelkoort Smethurst Schein CPAs LLP prepared financial reports are always secure and confidential.
Compilation Services vs. Assurance Services
Corporate accounting services are provided at different levels, depending on the client’s needs, and the required level of assistance. At its most basic, compilations services “compile” and organize data, whereas assurance services analyze data to make assessments and “assurances”.
What are Compilation Services?
Compilation services involve organizing client provided financial data to generate detailed financial reports and tax filing required to meet annual tax obligations. Our reports also serve to keep clients informed with respect to business performance and financial status. Compilation services may be most appropriate where financial statements are prepared for the exclusive use of the company’s management or for income tax purposes.
It is important to note that compilation services do not enable CPAs to provide any assurance on the reliability of the compiled information. As a precaution, we advise readers of this lack of assurance by including a “Notice to Reader” report that states an audit was not performed on the information within the report, potentially rendering the information insufficient depending on its use.
What are Assurance Services?
Assurance services are more in-depth and detailed than compilation services. Assurance services involve not only organizing, but also analyzing, client-provided financial data to issue an opinion of the financial records, provide a professional assessment of financial health, and recommend proactive, strategic guidance. When providing assurance-based services, our accountants conduct a thorough investigation of the financial documents and perform a comprehensive business audit. Assurance services are commonly used by growing businesses who need to provide assurances to third party investors or lenders, or by a business preparing for sale.
Small Accounting Firm Providing High-End, Bespoke Accounting Services to Businesses in Burlington & Throughout Ontario
The boutique nature of Edelkoort Smethurst Schein CPAs LLP allows us to provide custom-tailored accounting solutions to meet the specific needs of our clients. Our corporate clients have often similarly sized businesses, so we understand, first-hand, how they operate, the challenges they face, and the concerns they have with respect to their financial and tax obligations. We provide high-quality service with the professionalism and experience of a large accounting firm while maintaining a familiar and responsive approach with each of our clients.
Contact Edelkoort Smethurst Schein CPAs LLP for Comprehensive Corporate Accounting Services
Edelkoort Smethurst Schein CPAs LLP in Burlington can assist your business with all of its financial compilation and tax filings. Our CPAs are highly skilled and serve the local Burlington and Oakville business community with professionalism and a dedication to excellent service. To speak with one of our knowledgeable Chartered Professional Accountants, please contact us online or by telephone at 905-517-2297.
Corporate Accounting Services
We offer a full range of corporate accounting services including ongoing bookkeeping & accounting, production of financial reports as well as compilation services.
Assurance Services: Audits And Reviews
Offering peace of mind to organizations through a full audit and review of your company’s reporting environment, financial statements and internal controls.
Cross-Border Tax Services
From real estate to income tax, we guide clients on both sides of the border through their U.S. and Canadian tax filing requirements and help to minimize their obligations.
Canadian Tax Planning And Compliance
Providing experienced and proactive management of personal and corporate tax compliance in Canada, while advising clients on effective tax minimization strategies.