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

A formal examination of an organization's or individual's accounts or financial situation

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
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.