Year-End Accounting Services for Small Businesses
At CREIT, we understand that the year-end accounting process can be overwhelming for small businesses. Our specialized year-end accounting services ensure your financial records are accurate, organized, and compliant under international financial reporting standards & generally accepted accounting principles GAAP standards, helping you close the year with confidence and prepare for the new financial year.
Our comprehensive year-end services include:
1. Financial Statement Preparation
- Balance Sheet: We compile a complete snapshot of your business’s financial position, detailing assets, liabilities, and equity.
- Income Statement: A detailed report of your revenue, expenses, and net profit for the year.
- Cash Flow Statement: An analysis of how cash moved through your business during the year, including operating, investing, and financing activities.
2. Tax Planning & Filing
- We ensure your tax filings comply with federal and provincial regulations, maximizing deductions and minimizing tax liabilities.
- Preparation and filing of T2 corporate tax returns for incorporated businesses or T1 returns for sole proprietors.
- Assistance with claiming all eligible tax credits and benefits for small businesses.
3. Year-End Reconciliation
- Bank Reconciliation: We verify that your business’s cash balances align with bank statements, correcting any discrepancies.
- Accounts Payable & Receivable: Reconcile outstanding invoices and payments to ensure all transactions are accounted for.
- Inventory Reconciliation: We help verify and reconcile your year-end inventory counts to reflect accurate inventory values.
4. Review of General Ledger
- A detailed review of your general ledger accounts to ensure all transactions are correctly recorded and categorized.
- Identification and correction of any misclassified expenses or errors that could affect your financial statements.
5. Payroll Reconciliation & Reporting
- Year-end reconciliation of payroll records, ensuring that employee earnings, tax withholdings, and benefit deductions are accurate.
- Preparation and distribution of T4 slips for employees, as well as filing with the CRA.
- Issuing T4A slips for contractors and other payees, ensuring compliance with tax reporting requirements.
6. Budgeting & Financial Planning
- Budget Review: Compare your actual financial performance to your budget, providing insights into areas for improvement.
- Financial Forecasting: We work with you to project revenue and expenses for the coming year, helping you set realistic financial goals.
- Tax Planning for Next Year: Strategic planning to reduce tax liability for the next fiscal year by identifying opportunities for savings.
7. Compliance & Audit Support
- Ensuring compliance with federal, provincial, and industry-specific regulations.
- Audit preparation, including organizing records and responding to CRA inquiries if needed.
8. Closing Your Books
- We take care of all necessary journal entries to close out the year, including depreciation, amortization, and adjusting entries for accrued expenses.
- Ensure that all financial records are ready for tax season and audit, if necessary.
