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

FS prep

FS Prep stands for Financial Statement preparation. Simply put we go over transactions, journal entries, account balances, income/earnings, and equity.

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.

Adjusting Entries

An adjustment to your year end books to better align your financial statements with your income and expenses

Financial statement Review

Simply a review of the financial statement preparation

Receipt processing

Processing and matching receipts to your bank transactions-

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.

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.

Financial statement preparation

This refers to preparation of your balance sheets and income statements

Account reconciliation

Reconciling your account transactions to reduce the risk of incorrect balances

T slip prep

The process of preparing your year end tax slips

Advisory breakdown

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.

external audits

External auditors are independent of the organization and validate financial accounts for the stakeholders.

CRA Audits

The CRA is reviewing your backup information to ensure it matches what was reported on the tax return.

Audit

There are many types of audits -

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.

Designations

Country	Designation	Description
Canada	CPB	Certified Professional Bookkeepers designation allows the bookkeeper to show they have a strong understanding in bookkeeping and reporting.
Canada	PBA	Public Business Accountant were previously known as Registered Professional Accountants’ Association of Canada (RPAC), accountants who specialize in privately held businesses.
Global	PRM	Professional Risk Manager Designation.  This is a global certification for risk management (general) professionals.
Global	CMA	This type of accountant tends to look towards the future – they help management manage their goals and objectives as well as understand trends and analyze costs.  This designation has been merged with the CPAs in Canada (but only if your CMA was obtained in Canada).  Most CMAs work in industry or have practices set up to help small businesses build for the future.
USA	CPA	This is an external audit / accounting designation. Many CPA’s will work in public practice as external auditors.
Canada	CPA	This is the newly merged designation in Canada, which has merged all three previous accounting designations in Canada (CMA, CGA, CA).  This is an external audit / accounting designation.
Global	CRM	Certified Internal Auditor.  This is a global audit designation for auditors.  Typically, an auditor will work on behalf of key stakeholders, such as shareholders with the cooperation of management. Internal Auditors typically will work for public auditor firms, publicly traded companies, and the government.
Canadian	CISSP	Canadian Risk Management Designation.  This is a Canadian certification for risk management (general) professionals.
Global	CRISC	Certified Information Systems Security Professional.  This is a global certification for IT professionals who specialize in IT security.
Global	CGEIT	Certified in Risk and Information Systems Control.  This is a global certification for IT professionals involved with IT and Enterprise Risk Management.
Global	CISM	Certified in the Governance of Enterprise IT. This is a global certification for IT governance practitioners and auditors.
Global	CISA	Certified Information Security Manager.  This is a global certification for information security managers and auditors.  This specialty is typically obtained by information security managers and security auditors.
Global	CISA	Certified Information Systems Auditor.  This is the global certification for an information systems auditor.  This specialty auditor reviews controls over and around information systems.
All	Undesignated	A general accountant or auditor has a university degree in a relevant field (business/accounting/IT) and years of experience, typically working in industry for businesses.

I'm a testimonial. Click to edit me and add text that says something nice about you and your services. Let your customers review you and tell their friends how great you are.

Robb Walters