We solve serious CRA tax problems

Controllership And Bookkeeping Services

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Whether you’re starting out and need proper controls and bookkeeping records, or you have fixed problems with the CRA and need to keep financial controls and bookkeeping practices up to par. We can help your business with these day-to-day operational needs.

Our Controllership and Bookkeeping services include:

  • Training and Support: We set-up and install QuickBooks or other accounting software, provide training and ongoing support to you and your staff.
  • Bookkeeping: Send us your receipts, sales invoices, bank statements and other paperwork and we’ll reconcile and record your transactions in QuickBooks or other accounting software.
  • Bookkeeping+: In addition to regular bookkeeping, we can handle your invoicing, payroll, bill payments, cash reconciliation and return filings.
  • Controllership: We do everything included in Bookkeeping+ with the addition of providing you with monthly reports, benchmarking information and other tools to help you monitor your business.
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Chartered Professional Accountant in Canada, U.S. and U.K.

FAQS

Is there a difference between a controller and an accounting manager?

An accounting manager is in charge of overseeing the accounting department and the other accountants in the company. They also analyze the financial records of the firm. On the other hand, controllers manage the financial decisions that get made within departments, which gives them a greater level of responsibility within the company.

Can controllers be held liable for financial losses?

A controller has to manage the financial affairs and also assess the risk of a business. They’re also responsible for overseeing the company’s tax and permit requirements. As they have access to this sensitive information, they could be held liable for financial losses. Determining whether they’re liable would require proof that they acted irresponsibly and without due care in their role.

How can a controller help prevent fraud?

There are a few strategies a controller can implement to reduce the chances of fraud. Firstly, you can create a check/balance system, so there isn’t only one person dealing with finances. You also need to have proper internal controls and processes to monitor and keep track of all the financial information. Don’t give everyone access to company credit cards, and if someone has made use of one, they need to provide slips for all the transactions.

What questions should you ask a bookkeeper before hiring them?

Some of the questions that you should ask your bookkeeper include the scope of their work, their registration and qualifications, their level of expertise, their communication skills, their delivery and response times, among others.

What does bookkeeping services include?

Bookkeeping services include the development and maintenance of your company’s overall financial processes and management, the creation of your accounting data file so that it’s tailored to the specific needs of your business, and the tracking of your company’s payables and receivables.

What are the different types of bookkeeping?

There are two types of bookkeeping. A single-entry bookkeeping system is a basic system that a company might use to record daily receipts or generate a daily or weekly cash flow report. The double entry system provides checks and balances by recording a corresponding credit entry for each debit entry.

Testimonial

“Sam Faris & his team provided a highly professional accounting & tax service that was both comprehensive & detailed. Additionally, Sam was excellent at collaborating with other professional advisors that I use. As an entrepreneur, I’d highly recommend Faris CPA.”

Mark Barnicutt
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Pro Tip

ACCESSING THE SMALL BUSINESS DEDUCTION IN YOUR BUSINESS

The Small Business Deduction gives businesses a tax deduction on the first $500,000 of income. This saves an eligible corporation around up to $50,000 in income taxes. There are a number of conditions that have to be met to be eligible for this deduction.