Frequently Asked Questions on Accounting and Tax Services in Edmonton

BOMCAS specializes in tax preparation services for both individuals and businesses in Edmonton. Our tax experts ensure accurate and timely filing of your tax returns, maximizing your deductions and credits while ensuring compliance with all tax regulations in Alberta and Canada.

Choosing BOMCAS for your bookkeeping needs in Edmonton ensures you receive reliable, accurate, and timely financial records. Our professional bookkeepers handle all aspects of bookkeeping, allowing you to focus on growing your business while we manage your financial transactions and reports.

Yes, BOMCAS provides comprehensive payroll services in Edmonton. We manage all aspects of payroll processing, including calculating employee wages, handling deductions, and ensuring compliance with Alberta employment laws. Our services ensure that your payroll is accurate and on time.

BOMCAS stands out among accounting firms in Edmonton due to our personalized service, experienced team, and commitment to client satisfaction. We tailor our services to meet the unique needs of each client, ensuring you receive the best possible financial advice and support.

Absolutely! BOMCAS specializes in small business accounting in Edmonton. We offer a range of services tailored to small businesses, including bookkeeping, tax planning, financial reporting, and advisory services. Our goal is to help your small business thrive financially.

BOMCAS provides expert corporate tax planning services in Edmonton. Our team of tax professionals works closely with your business to develop tax strategies that minimize liabilities and optimize your tax position, ensuring you meet your financial goals and comply with all tax laws.

Yes, BOMCAS offers a variety of accounting services to individuals in Edmonton. Whether you need help with personal tax preparation, financial planning, or managing investments, our experienced accountants are here to assist you in achieving your financial objectives.

Yes, BOMCAS offers virtual accounting services to clients in Edmonton. Our online platform allows you to access our accounting services from the comfort of your home or office, ensuring convenience and efficiency while maintaining the highest standards of security and confidentiality.

You can contact BOMCAS for accounting services in Edmonton by calling us at 780-667-5250 or emailing us at info@bomcas.ca. Our office is located at 6063 – 88 St NW, Edmonton AB T6E 5T4. We look forward to assisting you with all your accounting and tax needs.

Hiring an accounting firm like BOMCAS for your small business in Edmonton provides several benefits, including expert financial advice, accurate bookkeeping, tax planning, and compliance with local and national regulations. This allows you to focus on growing your business while ensuring your finances are in order.

Choosing the right accountant in Edmonton involves considering factors such as the accountant’s qualifications, experience, services offered, and client reviews. It's important to select an accountant who understands your specific needs and can provide personalized financial solutions.

Small businesses in Edmonton can take advantage of various tax deductions, including expenses related to business operations, employee salaries, office supplies, travel expenses, and more. Consulting with BOMCAS can help you identify and maximize all available deductions.

It’s recommended to update your bookkeeping records regularly, ideally on a daily or weekly basis. Keeping accurate and up-to-date records ensures that you have a clear picture of your financial health and can make informed business decisions.

Bookkeeping involves recording daily financial transactions, such as sales, expenses, and payroll. Accounting, on the other hand, involves analyzing, interpreting, and summarizing financial data to create financial statements and provide insights for decision-making.

Preparing for a business audit involves ensuring that all your financial records are accurate and up-to-date. This includes maintaining organized receipts, invoices, and financial statements. BOMCAS can assist you with audit preparation and representation.

A CRA (Canada Revenue Agency) tax audit is a review of your financial records to ensure that your tax filings are accurate and comply with tax laws. To avoid a CRA audit, ensure that you file accurate and honest tax returns, keep detailed records, and respond promptly to any CRA inquiries.

Hiring employees in Edmonton comes with various tax implications, including payroll taxes, CPP (Canada Pension Plan) contributions, and EI (Employment Insurance) premiums. BOMCAS can help you navigate these requirements and ensure compliance with all tax laws.

Improving cash flow management involves monitoring your income and expenses closely, creating a budget, and planning for future financial needs. BOMCAS can provide expert advice and strategies to help you optimize your cash flow and maintain financial stability.

The key financial statements you should be aware of include the balance sheet, income statement, and cash flow statement. These documents provide a comprehensive overview of your financial health, showing your assets, liabilities, revenues, expenses, and cash flow.