Accounting & Bookkeeping
Unless your business is accounting or bookkeeping, keeping financial records is probably not what you do best. Most likely, you'd rather spend your time selling and promoting your product or service. However, if you are going to run a successful business, accurate and timely financial information is a must. Meaningful, well-organized financial records ensure that your business operations will run more efficiently on a daily basis.
1. Bookkeeping
Bookkeeping services form the cornerstone of a solid financial position for any business. Without a proper set of books, companies are not able to manage their cash flow and finances. With our bookkeeping service, your vital transactions such as: sales, receipts, purchases and payments are proficiently documented in revenue and expense journals, monthly, quarterly or semi-annually depending on your needs. As a result, you will be able to effortlessly appraise your financial history and devise strategies accordingly to ensure your bottom line projections are realized.
2. Financial Statements
Professionally compiled financial statements are provided to clients who have their in-house bookkeeper, but require financial statements summarizing their operations for presentation to stakeholders and/or financial institutions. We also prepare financial statements for clients to whom we provide corporate tax return preparation services, unincorporated business and self-employed professionals.
Using the information from your financial transactions, records and ledger accounts, Noxvier Professional Services will prepare financial statements, which include the Income Statement, Statement of Retained Earnings or Statement of Owner's Equity, Balance Sheet, Trial Balance, and Statement of Cash Flow.
3. Payroll Preparation
In the diverse and complex world of business, a lot of companies find it difficult to manage all of the many functions necessary to run their business. Processing payroll does not have to be a headache. The advances in information technology and outsourcing allow payroll to be executed through a clean and seamless process, with organized documentation to substantiate all transactions. Noxvier Professional Services advises clients on an appropriate payroll solution based on the size of the business and the number of employees.
No matter what your business is, or how many employees you may have, we can provide a complete selection of services tailored to match your unique business requirements to help you keep focus on your business. We will process your payroll on a weekly, bi-weekly, semi-monthly or monthly basis.
4. Source Deduction
Payroll processing, unfortunately, is not simply a matter of printing out cheques. Have you thought about records of employment, government remittances, taxable benefits, vacation allowances, tips, retirement allowances and support payments? All salaries and wages paid are subject to payroll withholdings (CPP, EI and Income Tax as applicable). We will take care of filing all requisite payroll forms on your behalf so you will not have to worry about anything but your business.
5. T4 and T4A
At the end of every year, employers are required to file their T4 and T4A returns and issue such documents to their employees. These slips are prepared and distributed by an employer to tell both the employee and the CRA how much employment income was paid during the year, and the amount of income tax or payroll withholdings was deducted.
6. Record of Employment
In accordance with employment regulations, a record of employment needs to be submitted within five days of an employee's dismissal or leave of absence to accurately determine their unemployment benefits. At Noxvier Professional Services, we can effortlessly undertake this responsibility. The document will clearly and comprehensively outline your former subordinates' insurable earnings and hours accrued.
7. Business Plan
Every business needs a business plan. Unfortunately, many entrepreneurs overlook this part or are intimidated by the idea of writing a business plan. The idea of writing such a detailed document may make you feel that you can better utilize your time elsewhere. However, the business plan is a strong business tool – it provides you with every detail about your business and allows you to review the hard, clear facts that are needed to make strong and successful strategic decisions. It also serves as a foundation, or springboard, towards the establishment and growth of a business, especially in the later stages of growth.
Noxvier Professional Services can assist with every aspect of business planning, including creating the actual text of the plan, and preparing financial forecasts. We work with our clients in order to achieve their business goals.
8. Incorporation
With our aid, incorporating a new business is now a stress-free, straightforward and most importantly inexpensive process. All our personnel require from you to is to fill out a simple form to detail vital aspects of your business such as: the nature of the corporation and contact information for the directors. They subsequently handle all other requirements, including submitting the application.
9. Business Registration
When starting a new business, decisions must be made concerning its framework. Should it take the form of a proprietorship, corporation or partnership? We offer complete registration services for sole proprietorships and partnerships. In addition, we can apply on your behalf to obtain the following government account(s):
- Business Number Account
- HST Number
- Payroll Account
- WSIB
10. Name Search
Prior to operating a new business, a name search is obligatory under Canadian law. A corporate name is an important part of corporate communication and advertising today and can be a very valuable asset. It tells people who you are and will often represent the goodwill that you have built up with your customers and supplies.
Within as little as twenty-four hours, we can employ the Newly Updated Automated Name Search system to verify if your proposed name or trade mark is identical or similar to another establishment's ideology.