Jargon Resources
Bookkeeping and tax services can be full of jargon. This makes it hard to really understand what you really need. Here you will find breakdowns of all our packages' services.
Accounting
Breakdown
01
FS prep
FS Prep stands for Financial Statement preparation. Simply put we go over transactions, journal entries, account balances, income/earnings, and equity.
03
Dep/Amort
This stands for Depreciation and Amortization. We calculate the value of your assets and how best to spread the cost and use of them throughout their lifetime.
05
Adjusting Entries
An adjustment to your year end books to better align your financial statements with your income and expenses
07
Financial statement Review
Simply a review of the financial statement preparation
09
Receipt processing
Processing and matching receipts to your bank transactions-
02
FS Review
FS review stands for Financial Statement Review. This of course is associated with FS Prep and is where we analyze and review the statements before reporting on them.
04
CRA REP
CRA Rep is for Canadian clients only. Simply put we would be your CRA representative for questions to/from the CRA and review of balances.
06
Financial statement preparation
This refers to preparation of your balance sheets and income statements
08
Account reconciliation
Reconciling your account transactions to reduce the risk of incorrect balances
10
T slip prep
The process of preparing your year end tax slips
Advisory breakdown
01
Risk Management
This process identifies and evaluates your appetite for risk. Are you conservative or more of a risk taker? Once the appetite has been identified, then risks are identified and a decision made as to what action you will take – avoidance, acceptance, transfer or reduction.
03
external audits
External auditors are independent of the organization and validate financial accounts for the stakeholders.
05
CRA Audits
The CRA is reviewing your backup information to ensure it matches what was reported on the tax return.
02
Audit
There are many types of audits -
04
Internal Audits
The auditors can be both internal or external and are independent of management within the organization. Similar to external auditors, they validate information for the stakeholders – for internal audits, the audits may include compliance audits for regulatory purposes, IT, operational audits to increase operational efficiency and specialty audits such as vendor audits, joint-venture audits and controls audits.
06
Designations
There are many, tap the button below to view a table to use as a reference guide