ACCOUNTING

Global Tax Services (GTS) knows that accounting is not an easy process. But proper accounting and bookkeeping is vital for every business. We at GTS can alleviate your accounting burden by offering a host of accounting and bookkeeping services geared towards your small or medium business.

Some of the accounting services GTS provides are:

• Payroll
• Sales Tax
• Bookkeeping
• Managerial Accounting
• Financial Statements & Audit
• Computerized Accounting System

Payroll

Employees are instrumental for the success of any business. Therefore it is important that your employees are paid on a timely and accurate manner. GTS can help. We offer a complete package to help your small or medium size business manage the intricacies of Canadian payroll by:

• Filing and maintaining confidential payroll records
• Deducting, remitting and reporting to Canada Custom Revenue Agency (CCRA) , CPP, EI, and income tax
• Calculating and reporting insurable earnings to Worker Safety and Insurance Board (WSIB)
• Issue Record of Employment (ROE) for each employee
• Sending out annually T4 and T4A forms
• Arranging wire transfers of salaries from your bank to your employee bank accounts

Sales Tax

Under Canadian law, every business is required to calculate and send GST/HST and PST payments to the government. This value can be a sizable dollar figure. Subsequently, a business needs to accurately track the proper amount. We at GTS can assist your company manage the entire process required for tracking sales tax by:

• Calculating GST/HST and PST
• Remitting and reporting to the government

Bookkeeping

Often companies only perform bookkeeping to calculate the necessary tax payment. But proper bookkeeping can be more than that. We at GTS can make your bookkeeping work for you. Our trained accounting professionals can give a clearer picture of your company by:

• Updating your financial data such as sales, expenses and cost of goods sold
• Maintaining and updating your chart of account
• Reconciling your bank and business accounts on a monthly basis
• Reviewing and analyzing your financial reports
• Preparing your year end financial statement

Our accounting professionals are willing to work on-site with you on a permanent basis that best matches your needs.

Managerial Accounting

Managerial accounting is fundamental to understand your company. By identifying and reducing costs, managerial accounting can help you to increase your profit margins and your market share. At the same time it will help you to optimize your organization's performance, improve decision-making and develop stakeholder relations.

Some of the services we at GTS offer to realize your managerial accounting requirements are:

• Determining and analyzing cost and work-in process
• Creating and evaluating monthly ad-hoc financial report Performing and reviewing monthly variance analysis
• Consulting with your managers on a regular basis

Financial Statements & Audit

Financial statements are instrumental for analysing your company's liquidity, solvency, financial flexibility, business risk and are necessary for calculating Canadian corporate tax. The balance sheet, income statement, statement of cash flows, and statement of owners’ or shareholders’ equity are all crucial for measuring and reporting different aspects of your company or organization. They also assist in predicting the amount, timing, and uncertainty of future cash flows. GTS will prepare for your financial statements in professional manner and audit them as well to ensure that your financial statements are verified to be accurate, complete, and without error. In addition, we will offer you recommendations to improve your business along with a summary of key financial results, audit findings, and business risks.

Computerized Accounting System

In a rapidly changing and competitive business world, timely and accurate financial information is a necessary must. GTS computerized accounting system will help you to understand your business operating performance as easy as possible.

GTS is a member of Intuit Advisor, affiliated with Intuit Canada, developer of world class accounting software. As part of Intuit Advisor, we at GTS can recommend the best accounting software that matches the need of your business. Our services not only include helping you to setup your new accounting software but we also provide basic training on using our suggested software. For those who are not used to computer system, GTS will access to your computer and update all the financial data into your system by using remote-access program.

As for GTS computerized accounting system service, we can:

• Recommend and implement computer accounting software package that fit your business’ needs
• Train your staffs on operating your accounting system properly
• Dispatch GTS staffs to your business premises upon request in order to ensure that the accounting system work properly
• Connect your computer directly and process financial data by using remote-access program for those who are not used to computer accounting software
• Analyse your financial report and recommend improvement
• Prepare for year-end entries and open a new year in the system
• Prepare for tax return based on your financial data