If you need an accounting or tax preparation service in Sherwood Park, Alberta, then you’ve come to the right place. Bomcas Canada Personal, Corporate and small business Tax and Accounting Services. The Sherwood Park team of Accountants of many years of experience in accounting, tax preparation, and bookkeeping, and is a team of expert to work with you in helping your business maximize its profits and efficiency. We works with a variety of industries, including small businesses and trades. We serves clients in Fort Saskatchewan, Ardrossan, Edmonton, St Albert and Sherwood Park.

How to Prepare Your Canadian Taxes

Before filing your Canadian taxes, it’s a good idea to organize your documents. Keep all receipts, invoices, and other documents to prove your deductions. You’ll also need original copies of paper documents to submit to the Canadian Revenue Agency (CRA). Using a checklist is a good way to stay organized and track deductions. Our Accountants in Sherwood Park provides assist in this process.

There are new tax credits for certain financial situations. For example, if you’re self-employed and earn a significant amount of income in foreign currency, you can claim foreign tax credits to reduce your taxable income. Also, the small business tax rate for self-employed expatriates in Canada was reduced from 10.5% to 9% at the start of 2019.

In addition to filing your return by mail, the Canadian Government also offers tax software to assist with the process. Also, Bomcas Sherwood Park Accounting and Tax Preparation services team are able to EFILE your taxes. There are many free and inexpensive programs available online, however, these are not reliable in providing the best possible outcome for your taxes and refund. With these programs, you can avoid paying an expensive accountant and avoid the risk of losing valuable tax deductions and credits. Moreover, more than 90% of Canadians file their taxes electronically with the aid or a professional tax accountant like us.

If you’re self-employed, you can opt for a tax software that will automatically file your tax returns for you. The CRA has a secure service called Auto-fill that lets you fill out certain parts of your return without writing a single word. You can also use a certified tax preparation software but these are very costly and is much cheaper to get one of our professional tax accountants in Sherwood Park to prepare and file your taxes.

Different Types of Accounting Services

There are different types of accounting services available to our clients in Sherwood Park, Alberta. Some of these are Forensic accounting, Cost accounting, Project accounting, and Public accounting. Each type has its own benefits and drawbacks. For example, each type of accounting service will handle a different type of financial document. It will also manage financial transactions and provide auditing services to ensure that financial statements are accurate.

Cost accounting

There are several different types of cost accounting services available. One type involves activity-based cost accounting, which helps business owners and managers identify the factors that cause costs to increase or decrease. Another type involves lean accounting, which is aimed at eliminating waste in a business. This method helps businesses improve their overall efficiency by uncovering ways to reduce waste and increase quality.

A company that performs cost accounting must first determine the break-even point of a product. The break-even point is the point at which all of the expenses incurred by a business equal the amount of sales. Anything above that point is profit. For example, a bicycle manufacturer calculates that the break-even point is reached when he has sold seven thousand new mountain bikes at a price of $600 each. The next step in the process is to determine how much profit the company has made.

Forensic accounting

Forensic accounting is the study of disputed assets and properties. It may involve a business deal, intellectual property, or defamation of another individual. In addition, it can be used to help companies enter foreign markets or expand their existing operations. Due diligence also focuses on identifying and evaluating business partners.

These services are different from other types of accounting services. The work involved varies according to the client and the type of trial. Forensic accountants often analyze company valuations and determine tax bills, as well as conduct fraud investigations. These professionals typically have several years of experience in auditing and accounting. They may also have various professional accreditations.

Public accounting

Public accounting services are important for the proper management of companies. They help businesses to ensure compliance with legislation and prepare accurate financial statements. These firms also provide technical memos to support complex business transactions. These firms are generally staffed by individuals with CPA credentials. They specialize in a particular branch of business or service. In addition, they can help companies identify business development opportunities and differentiating themselves from competitors.

A public accounting firm offers various services, including taxation and valuation. The services that CPAs provide are often categorized into three main types: accounting, auditing, and assurance. In addition to these, they also offer forensic accounting, management consulting, taxation, and transactional accounting.

Project accounting

Project accounting is critical to the success of any business. This type of accounting allows you to track the expenses and income of a specific project in order to create a financial report that will reflect your business’ progress. There are many benefits of using this type of accounting, including streamlined project management and reduced risk of failure. Learn about the different types of accounting services available and how they can help you make the most of your project.

When it comes to project accounting, best practices focus on establishing the best control measures for the project. These include controlling costs, documenting processes, and identifying key stakeholders. Project accounting best practices also focus on what to do when issues arise. These activities include regular progress reports and meetings to identify deviations from the original agreement and to ensure costs are appropriately supported. Additionally, companies use RFIs when gaps or omissions arise in project documents or other documentation.

Management accounting

The purpose of management accounting is to help managers analyze and improve their company’s financial performance. Unlike traditional financial accounting, management accounting emphasizes the importance of identifying and analyzing a company’s costs and cash flow. It is also an important part of a business’s long-term planning.

There are many different types of accounting services. Some accounting services are specifically designed to meet the needs of a small business. For example, an online accounting service like FreshBooks can help small businesses produce cost accounting reports. Other services, such as Accounting Information Systems, deal with the implementation, maintenance, and operation of accounting software. Tax accounting is a more specific type of accounting service that involves planning and preparing tax returns. This type of accounting helps companies comply with CRA regulations.

What Is Bookkeeping Services?

In Sherwood Park, Alberta a bookkeeping service can help you keep track of your financial records. Our professionals can also handle payroll services. They can make sure that your employees get paid on time. Having these services can save you time and money. But how do you decide which service to hire? Here are a few things to keep in mind.

Accounting

Accounting bookkeeping services help you keep track of financial transactions. These services include detaining transactional data, creating financial reports, and monitoring the depreciation of assets. A business’s financial stability is one of the main concerns of creditors and investors. A business’s financial statements include a balance sheet, income statement, and cash flow statement. The balance sheet reveals the business’s total assets, total liabilities, and stockholders’ equity.

Payroll

Payroll bookkeeping is a necessary part of running a business. It involves the calculation and deduction of employees’ pay, and then disbursing the money to the appropriate people. This process is crucial to keeping employees and the government happy. Failing to comply with payroll regulations can result in fines. The first step in payroll bookkeeping is calculating employee pay and making all the necessary deductions in the proper order.

Management

When you have a growing small business, managing the bookkeeping processes on your own can become overwhelming. A bookkeeping company can handle these tasks in a seamless manner, working within your business instead of separating them. This allows you to focus on your core business operations.

Accounts Payable

Accounts payable are the bills that a company pays to its suppliers at the end of each month or billing period. These bills are sent to customers with the requirement that they make payment by a specific date. The bill becomes an Accounts Payable when a customer fails to make the payment. Accounts payable are important because they can significantly affect a company’s cash position if not processed properly. For example, a university will have vendors who supply the university with goods and services, which are recorded as an account payable.

Sales Ledger

A sales ledger is a vital tool to verify the amount of money a business has made from its customers. However, it requires a considerable amount of effort and knowledge to maintain properly. It is a record of all business transactions, both before and after a customer makes the payment. It includes cumulative information about the transactions and can be updated daily or monthly.

Accounting software

If you run a bookkeeping service, you’ll need to use a program that can handle multiple accounts. Many bookkeeping programs offer a range of features, from inventory tracking and purchase orders to financial statement generation. Accounting software also has tools to simplify the user interface and maximize its functions.

Internal bookkeeping

An internal bookkeeper is a company employee who is responsible for the maintenance of the company’s books. Typically, they are an extension of the company’s accounting department, and report directly to the company’s CFO. The role involves maintaining Quickbooks accounts for all partnership subsidiaries, assisting with month-end reconciliations, and establishing bookkeeping policies and procedures.

Summary

Our Sherwood Park Accounting and Tax Preparation Services can provide a complete range of accounting and tax services. These services include tax preparation for personal, business and rental properties, farms and capital asset dispositions, foreign income verification, RRSP over contributions and immigration, retirement planning and T1 adjustments. Our experienced tax professionals are well versed in all aspects of tax planning, preparation, and filing. We also provide information and training to our clients. We will help them understand their obligations, so that they can make the right decisions for their personal and business needs.

When you need income tax preparation services, you should look for a company that have experience professional in the area you need. The team at Bomcas Sherwood Park Accounting and Tax Preparation Services will prepare your personal and corporate tax returns and electronically file your returns where possible.

We provide a wide range of services to help you get the most out of your tax return. Whether you have a complex tax return or a simple one, we will ensure that you’re getting the best results. We work with businesses of all sizes, including sole proprietors and large corporations. Contact us today.