Purpose-built Outsource Accounting Services for Public Accounting Firms in Canada
Are you a chartered professional accountant, a certified bookkeeper, or a certified general accounting service in Canada looking for ways to reduce operational costs and increase efficiency?
Then we have the perfect solution for you. Aone Outsourcing Solutions is helping Canadian CPA firms and independent accountants increase their profitability through enhanced efficiency and improved productivity.
Chartered professional accountants and bookkeepers can face multiple challenges in an effort to provide exceptional services to their clients. You may be short of staff. You may require specific talent. You may need to augment your staff but you're unsure whether this must be a long-term investment or short-term. You may be spending lots of time handling and processing data rather than growing your business.
The Covid-19 pandemic has also added to the woes of many independent accounting firms in terms of losing clients, businesses shut down and lots of staff unable to attend the office.
Hiring full-time employees in a democratic country like Canada, although beneficial for the workforce, can be taxing for small businesses. You need to provide medical insurance. You need to provide all the workplace facilities your employees are entitled to. Accommodation and accessibility can add to the cost. Retirement fund is another cost you need to pay for individual employees. Outsourcing or offshoring your accounting and bookkeeping needs can solve many problems with a single stroke.
- You can benefit from the time-zone difference: When you outsource your accounting and bookkeeping services to an off-shoring partner like Aone Outsourcing Solutions, which are based in India, your data is processed and entered into your systems while you are asleep. By the time you resume your work in the morning, all the information you need is already there in your system.
- Cost saving: Nobody understands the importance of reducing costs better than an accounting firm. When you outsource your accounting and bookkeeping services, you save costs from multiple perspectives including HR, infrastructure as well as IT.
- ROI: Your return on investment is quite straightforward – you pay for the service you are getting. There are no hidden costs. There are no operational costs. On one side, you are reducing your costs, and on the other side, you’re increasing your efficiency.
- Talent acquisition: When you work with an outsourcing service, your talent acquisition is multifaceted and flexible. Unlike your employees, you’re not stuck with selected individuals. If you’re not satisfied with the work, you can either switch to another agency or request an evaluation or appraisal.
- Business growth: You can accept new clients. You can open new branches. You can diversify. All of these without adding new staff or buying new infrastructure. You simply focus on growing your business by offering your core services while all your repeat tasks and back-office operations are taken care of offshore.
Below we quickly explain these individual services
Bookkeeping entails recording all financial transactions made by a business. These transactions can be of different types. When saving them or when recording them, they need to be categorised or classified under various accounts and headings.
In daily transactions, there are other expenses or incomes. Expenses can be of different types – you need to know where you are spending money – and so can be incomes – you need to know where your money is coming from.
Sometimes, along with the entries, supporting documents such as receipts, invoices and purchase orders are also saved. These days, digital documents can be attached to individual entries.
Bookkeeping Services includes the followings
- Setup a Chart of Accounts
- Recording of bank transactions and feed updates
- Publishing receipts from Dext
- Accepting feeds and proper allocation of accounts
- Checking for the appropriate tax codes and accurate tax allocations
- Posting Bill and Invoices for AP and AR
- Tracking E-commerce business activities sales information
- Reconciling the Sales with the sales report and matching the deposits towards bank
- Review of AP and AR on Quarterly basis to confirm any uncollected and unpaid amounts
- Review of Financial reports for the reallocations if required
- Review of Balance sheet items
- Extraction of Financial reports for the client review
The Previous “Notice to Reader” report is replaced by the Compilation Engagement Report. The new Canadian Standard on Related Services (CSRS) 4200, Compilation Engagements, updates and strengthens the requirements and guidance for accepting, conducting and reporting on compilation engagements. These Financial Statements are ideally prepared by an experienced chartered accountant. They can also be prepared by an untrained chartered accountant or bookkeeper but there is a marked difference in quality and applicability.
Compilation Engagement previous known as Notice to Reader Financial Statements are prepared for external bodies such as investors and shareholders. The main characteristic of such statements that stands out is that they are simple statements without review and auditing. No assurance is provided. Then what's the benefit of preparing them? Only a licensed accountant or a CPA can prepare Notice to Reader all standard formats and rules are followed when preparing the statement
At your end you can finalise the accounts and make entries for accrued liabilities, depreciation as well as pre-paid or unpaid expenses and incomes. Our team can do that if you can forward to us raw data or you can send us the finalised digital reports. We will go through all the journal entries and then prepare the Compilation Engagement using your preferred software, preferably Jazz.
Compilation Engagement include the followings
- Extraction of reports from any accounting software
- Review of General Ledger
- Preparation of Retained Earnings Reconciliation
- Preparation of Working Papers for the Year-End Support
- Investment Accounting Processing
- Preparing T Slips Reconciliation
- Scrutinizing the Accounts Receivable Subledger Accounts
- Asset’s Capitalization and Calculation of Amortization
- Scrutinizing the Accounts Payable Subledger Accounts
- Processing Payroll Reconciliation
- Preparation of GST/HST Reconciliation based on provinces
- Preparation of Long-Term Debt Schedules
- Preparing Shareholder Loan Schedules
- Preparing Dividend Schedules for the client
- Posting Adjustment Entries on compilation work
- Preparing Financial Information with Jazz it
- Preparation of Corporate Tax Returns with completion of relevant schedules
- Assessing the Corporate Taxes Payable to the client
- Preparation of Income Tax Schedule
Many public accounting firms take care of the investments of their individual and corporate clients. As a multitalented accounting firm, we are equally adept at monitoring and managing portfolios of public accounting firms in Canada. We can keep track of any third-party activity. We can closely watch investments and analyse dynamics. We can capture and analyse market data with great speed. Through our partnership, you will always be one step ahead of your competitors.
- Preparation of Investment schedules for Cash and ACB
- Tracking individual shares purchase and sale information
- Tracking the income from the investment for the respective shares
- Capturing realized gain or loss from the shares sold
- Preparation of T slip reconciliation for the year end T slips received from CRA
- Capturing ROC on the shares and adjusting
- Exposure towards handling share transfers and mergers on investment accounting
- Preparation of investments tracking in Caseview schedules of Caseware
- Using Spreadsheet to prepared the investment schedules and also if any software maintained at client level like TJPS- Writeup
GST (goods and services tax) reconciliation involves matching purchase and sales data both from recipients and suppliers. It also involves recording all the transactions that have taken place during the period in consideration. It is to ensure that no sales or purchase information is omitted or wrongly represented when filing your GST returns.
HST in Canada stands for “harmonized sales tax”, and it is applied in certain provinces. It is basically a combination or “harmonisation” of the GST and the provincial sales tax. You can also call it a consumption tax that is paid by local consumers and businesses. It is paid by purchasers at the point of sale. The vendor can add the tax by adding the HST rate to the cost of the goods and services and then remit the collection to the Canadian Revenue Agency. HST reconciliation involves matching all the figures from buyers and sellers and making sure that the data is accurate when the returns are filed.
This services include the followings
- Review of bookkeeping data and checking allocation of tax amount
- Review of the capital assets and expenses to confirm the ITCs were reported correctly
- Preparing Monthly, Quarterly and Annual GST filer
- Verifying the CRA reports to confirm the interest and penalties were reported as appropriate
- Review of already filed GST/HST returns and identifying the discrepancies
Payroll means a list of company’s employees and the amount of money those employees are paid for their work. It is the total amount of wages and salaries paid to the employees by the company. Payroll processing involves calculating total wage earnings, adjusting deductions, filing payroll taxes and on many occasions, even delivering payments.
At Aone Outsourcing Solutions we can help calculate payroll amounts, payment tracking, tax adjustments and payment processing. Most of the activities involving payroll processing don’t require your employees to be present in your office – they can be easily performed remotely. And if they can be performed remotely, they can also be performed by a competent offshore partner like us.
Our payroll processing services include the following
- Handling the direct payroll and third-party payroll
- Preparing Bi-Weekly, Semi-Monthly and Monthly payroll
- Accessing the tax liability based on PD7A report
Many CPAs in Canada are opting to outsource tax processing services as well as tax preparation services to maximize their profits, raise their efficiency to a new level, and minimize operational costs. For many firms, tax preparation may be a seasonal undertaking and it may be a waste of resources to hire full-time personnel for that. Also, all it takes is, a simple forwarding of the required information to an offshore partner as and when the need arises. Your tax records will be impeccable. They will be validated and verified at multiple levels. You can rest assured that when you file returns for your clients, you will have completely dependable tax records with you.
This service includes the followings
- T1- For Individuals
- T2- For Businesses
- T3- For Trust Income and Information Return
- T4- For Payroll Taxes
- T5 -For statement of Investment Income
- T5013- Statement of Partnership Income
The benefits of outsourcing your bookkeeping and accounting services to Aone Outsourcing Solutions Services
Public Accounting firms and independent bookkeepers in Canada can benefit from our outsourcing services in multiple ways. Below we are listing the primary advantages of partnering with us.
- Qualified accounting professionals: We have a team of experienced and qualified accounting professionals working for our clients in Canada. We don't just employ data entry operators. All our professionals have accounting backgrounds, and they are familiar with Canadian accounting, bookkeeping, and taxation systems. • Swift turnaround time: We are known to deliver our services extremely fast. Depending on the scale of work, you will have data in your system within 24 hours to one week.
- Full confidentiality: All your information will remain confidential. We have impenetrable checks and balances to make sure that the financial records of your clients don't fall into unauthorized hands. We will sign a concrete NDA before beginning the work.
- Access to experience and expertise: When you partner with us you immediately get access to our extremely experienced staff that has been providing accounting, bookkeeping, and tax preparation services for years to our international clients. On the other hand, if you hire in-house staff, you can never be sure how experienced they are.
- Cost reduction: With outsourcing, you only pay for the services you need, without spending money on the resources and infrastructure needed to maintain an in-house staff. You're simply worried about the quality of the service, rather than worrying about how your employees are spending time at your workplace.
We aim to create real value for you. We understand that outsourcing can be a big decision and you need to be able to see overwhelming benefits before you take the leap. We have a long-standing reputation among certified accounting firms in multiple countries, including Canada. We closely work with our international clients to deliver outsourcing solutions that are rewarding and growth-oriented. We can work in isolation, and we can also closely coordinate with your staff through online communication tools. We are constantly striving to help our clients achieve operational efficiency and cost-effectiveness. We follow industry best practices to minimize discrepancies and deliver greater control over quality and cost-effectiveness.
With our services, you will be able to achieve faster invoicing, timely payments, and a smoother cash flow, for your clients. All our team members are extremely comfortable working in all mainstream accounting and bookkeeping software applications including QuickBooks, Sage, Xero, and MYOB Accounting.