Bookkeeping Outsourcing for Business People
Deciding on who and where to outsource your bookkeeping, is a difficult decision to make. It is quite normal that you become fearful and wait. As a business owner, making the decision to outsource bookkeeping is a difficult one. There are many "outsourcing gone wrong" stories going around. Also there are many "significant benefits of outsourcing" stories from business magazines, news papers and networking meetings.

With all these information floating around, it is a difficult decision to make. You want the benefits of outsourcing, but you don't want to get mislead into a wrong situation. How do you make the right choice? It is a difficult process. Outsourcing your bookkeeping will be a resounding success if you plan it right. We are confident of our abilities and we have so many success stories to share. You have an option to choose us and become one of these success stories.

Just tell us about your outsourcing requirement. We will analyze your needs and set-up everything for you. In some cases, you may even be ready in just a few hours. We have an excellent support team to guide you through the process.

Our bookkeeping outsourcing is tailored for small and medium sized business. It is also customizable based on your exact requirement.

5 Great Reasons to Hire a Bookkeeper:
You will save money!!! It's less expensive to hire an outside bookkeeper, than another employee. The reason is that you only pay for the actual time the bookkeeper is working on your books. Plus, you no longer need to buy expensive software and continuous upgrades. Best of all, bookkeeper services are fully tax deductible.

Focus on what you do best! Hiring a bookkeeper sounds expensive, but it's more cost effective than doing the books yourself. Why? Because you will make more money focusing on what you do best. Free up your billable hours and increase your sales. Don't let the books drag you down. Stay ahead of government remittances and keep on top of all those receipts. Save time and hire a professional bookkeeper like Trust Accounting to help.

Bookkeeping is the Key to Lasting Success! Many new entrepreneurs are following their dreams by launching their ideas in the business world. However, just having an innovative business idea is not enough to survive in this highly competitive market. A business has to execute their plan with smart decisions to obtain the desired success. The Bookkeeping element is the most important part of every organization and works as a backbone to provide a business with firm support. This includes a variety of complex tasks such as record keeping, preparation of financial statements, payroll and tax assessments. These various activities can be daunting, but must be done in order to have a strong, successful business.

Make Your Financial Dreams A Reality! At times, it's tempting to bury our heads in the sand. No, I don't want to look. I don't want to know what money is coming in or going out. But, of course, we're better off knowing the truth. Manage your cash flow and get a clear view of your financial picture. With an accurate idea of where you're at, you'll be closer to achieving your financial dreams.

Less Stress! Many entrepreneurs don't enjoy bookkeeping. Partly because even if you understand the basics, you can't know everything. An experienced bookkeeper knows what to do and how to do it. A bookkeeper is up-to-date on the latest information, software and tax info. Instead of worrying about whether you're doing everything right, get an expert to help. If you enjoy taking care of part of the bookkeeping process, an outside bookkeeper can help with other tasks.

Bookkeeping Outsourcing for Accounting Firms
You want to grow your accounting practice. But there are various factors that hold you back from growing. Now is the correct time for you to grow your business using the help of outsourcing. By outsourcing your bookkeeping you can leave the day to day tasks with us while you focus on your growth and expansion. Also by outsourcing your bookkeeping tasks to us, you don't take any risk.

You no longer need to worry about finding good quality bookkeepers and increasing your expense and overheads. You can just channel all your energy towards adding new clients with the knowledge of having a reliable partner who will back you on your growth.

At Tradelink, we provide audit and appeals support when your file is selected for a review. We know exactly how to deal with income tax, GST audits and appeal process. Associates of Trust have years of experience working for Canada Revenue Agency. At Trust, our associates are familiar with all the forms, returns and publications. This brings a unique ability to provide knowledgeable, efficient and trusted service for all your accounting and financial needs.

What Does Audit Mean?

  1. An unbiased examination and evaluation of the financial statements of an organization. It can be done externally by an outside firm.
  2. or
  3. Canada Revenue Agency can examine the taxpayer's return or other transactions. The CRA performs this examination to verify the accuracy of these filings.
How Does CRA Select Files to Audit?
Your tax return is recorded in a computer system that enables the CRA to select returns to be audited. The system also allows them to sort returns into various groups to help with the selection.

In some cases, the CRA compare selected financial information for current and previous years of taxpayers engaged in similar businesses or occupations. From computer-generated lists of returns for potential audit, then they choose specific returns.

Most returns are selected in this way. But there are four common ways of selecting files:
  1. Computer-generated lists
    Most returns are selected for audit review from computer-generated lists. For example, the computer system can compare selected financial information of clients engaged in similar business or occupations and generate lists of returns with audit potential. From these lists CRA choose specific returns to be audited.
  2. Audit projects
    In some cases, CRA test the compliance of a particular group of clients. If the test results indicate that there is significant non compliance within the group, they may audit its members on a local, regional, or national basis.
  3. Leads
    Leads include information from other audits or investigations, as well as information from outside sources.
  4. Secondary files
    Sometimes CRA select files for audit because of their association with other previously selected files. For example, if you are in partnership with another client, and that person's file has been selected for audit, it is usually more convenient to examine all the records at the same time.
Audit risk is a term that is commonly used in relation to the audit of the financial statements of an entity. Primary objective of such an audit is to provide an action to the opinion as to whether or not the financial statements under audit present fairly the financial position, profit/loss and cash flows of the entity. Audit risk is the risk of the auditor providing an inappropriate opinion on the financial statements, particularly when those financial statements contain a material misstatement. Of less concern is the situation where the auditor states that the financial statements do not meet the standard of fair presentation, when in fact they do.

You have the right to every benefit the law allows. During or after the audit, if you believe you have not received your full entitlements under the law, and you have been unable to reach an agreement with CRA on a tax or penalty matter, you have the right to a formal review of your file. In these situations, appeals representatives who were not involved in the original decision are available to conduct a formal and impartial review.

The CRA's Appeals Branch deals with disputes that develop about assessments of income tax, excise tax, goods and services tax, and harmonized sales tax, as well as Canada Pension Plan and Employment Insurance rulings and assessments. The Appeals Branch operates independently in relation to other CRA branches.

Appeals Branch staff have a mandate to resolve disputes between taxpayers and the CRA by impartially reviewing previous CRA decisions. Appeals staff is trained to review the taxpayer's and the CRA's facts and reasons.



Latest News & Articles

July 1, 2010

The provinces of Ontario and British Columbia joined the harmonized sales tax (HST) framework. The HST combines the federal goods and services tax (GST) with the provincial sales tax (PST) in those provinces and is administered by the Canada Revenue Agency. The HST is now in effect in Ontario.

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Email us your tax and accounting related questions.

Corporate Info
Our associates are a group of former Canada Revenue Agency tax auditors and accountants who have years of accounting and tax experience. We understand the importance of bookkeeping.
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