Accounting and Tax Preparation Services in St Albert, Alberta

When you’re looking for a reputable Accounting and Tax Preparation Service in St Albert, AB, look no further than BOMCAS Canada. This firm has been in the business for a long time and has a reputation for exceptional service and client care. They utilize a comprehensive, personalized approach to meet their clients’ needs. This means they spend time learning about their clients’ financial situation and life circumstances. This ensures they are fully aware of any changes, so they can minimize the tax effects.

Professional Tax Preparation Services

If you are seeking professional tax preparation services, our firm offers full-service income tax preparation, accounting and assurance services, as well as representation in payroll tax disputes. Its goal is to help clients maximize their fiscal security and enjoy peace of mind. The company offers the best rate for students, professionals, small business for residents of St Albert.

What is Tax Preparation Services in St Albert

Tax preparation is the process of preparing a taxpayer’s tax return. This work is usually performed for another party, such as a CPA, but may also be done by the taxpayer themselves, using tax preparation software or online services. In some cases, a tax preparation service will charge a fee.

There are two main ways to pay for tax preparation services: hourly rates and fixed fees. While an hourly rate may seem intuitive and less shady at first, it might not be the most efficient way to charge for your work. An hourly fee may not reflect your efficiency and expertise, particularly if you’re preparing a personal or corporate tax T2 form. A fixed fee, on the other hand, is more based on expertise and efficiency.

Tax preparation services may include time spent interviewing the client, organizing data, and entering it onto tax forms. These services may also involve reviewing the tax returns. The fees for these services may also include the cost of typing and lodging, as well as any travel expenses related to providing the service. If you’re looking for someone to prepare your taxes, it’s best to seek a professional.

While most individuals can prepare their own tax returns, some may need professional help with more complex returns. Using a tax preparation service can provide a consumer with peace of mind, especially if they’re not sure of what to do. Tax preparation services may also charge extra for services such as electronic filing or direct deposit of refunds even before the CRA issue a refund. However, these options are optional.

Different Types of Accounting Services

There are various types of accounting services available to our clients in St Albert. Some of these include Bookkeeping, Internal auditing, Government accounting (government reporting), and Management accounting. These services are vital in keeping accurate financial records. However, it is important to choose a service that is right for your business. If you want to improve your business, you may consider hiring an accounting firm to help you. Please call or email us today.

Bookkeeping

Bookkeeping is a very important aspect of business and is a necessity if you want to run a successful business. Recording all financial transactions is important because it helps you monitor your bottom line and prepare for an audit. There are different methods of bookkeeping and each one has its own benefits and drawbacks.

Using or bookkeeper for St Albert will ensure that all of your accounts are in order. They will also help you with paying bills and keeping track of past due payments. This is a time-consuming task, especially if you have many transactions. Our bookkeepers can also ensure that your bank account is up to date.

Internal auditing

Internal auditing is a type of accounting and auditing service. This service provides an independent and unbiased source of information. It reports to senior management and is primarily directed by the board of directors or CEO. The function of internal audit is primarily directed toward providing objective information, working with management to evaluate controls and processes.

The role of an internal auditor is to identify risks and potential problems in an organization’s operation and provide recommendations on how to prevent them. When an internal auditor identifies risks, management can take preemptive action to prevent these problems before they start.

Government accounting

Government accounting services keep accurate records of the government’s financial transactions and expenditures. This helps in preventing unnecessary spending and helps in the preparation of financial reports and statements. This also helps in the estimation of the annual budget. Governments have various kinds of financial data, and it is crucial to have reliable and accurate information to make decisions.

Generally, governments use GAAP, or generally accepted accounting principles, to compile and report financial information. These standards have been set by the Governmental Accounting Standards Board (GASB) for public sector entities. These standards are arranged in a hierarchy of authoritative literature. The hierarchy was established in the Statement of Auditing Standards (SAS) 69, which became effective on March 15, 1992.

Management accounting

The most basic type of management accounting is the budget report, which helps business owners better understand their costs and determine where they can cut. Another important type of management accounting report is the accounts receivable aging report, which provides a summary of all of your credit balances by age. This report typically includes separate categories for accounts receivable that are 30, 60, and 90 days past due. These reports help you better align your credit policies to your consumers’ payment capabilities.

If you have a background in accounting and enjoy working with numbers, a career in management accounting may be perfect for you. Besides being good with numbers, management accountants also need to have excellent communication skills. Most people working in this field begin as staff accountants and work their way up. Some choose to become management accountants after obtaining a CPA or other accounting credentials.

Advisory services

Advisory services provide business owners with advice that will help them make better financial decisions and achieve long-term goals. This type of service is often provided on a one-time or as-needed basis, and typically comes with a consulting fee. Many clients assume that when they hire an accountant, they are also getting emergency assistance, but this is not always the case. Advisory services also help business owners navigate complex business decisions that may have a lasting impact on their business.

Advisory services often require large data sets that need to be analyzed and interpreted. To provide such services, an accounting firm should have a robust technology stack that is capable of facilitating these processes. These include accounting software, apps, and dashboards. A cloud-based accounting system can allow this level of service and help firms develop a more consultative relationship with their clients.

Summary

If you are looking for the best accounting and tax preparation service in St Albert, AB, you can trust the professionals at Bomcas Canada Accounting and Tax Service. They offer comprehensive accounting and tax preparation services, which includes income tax preparation and electronic filing. They are available round the clock, and are ready to answer your questions, process your CRA correspondence, and ensure you get the best possible tax refund. They also provide double-checks and tax consultations.

The professionals at Bomcas accounting for St Albert have many years of experience in tax preparation and bookkeeping. Their comprehensive personalized approach to tax preparation has earned them a solid reputation for delivering unparalleled service. They work with their clients to understand their personal financial situation and future business goals, so they can minimize their tax liabilities. They offer the best consultations, and offer competitive rates for accounting and tax preparation services for St Albert.