Joseph Business Consultancy

By: Joseph Business Consultancy  09-12-2011
Keywords: Accounting, Tax

Small business owners who wish to outsource their accounting functions can avail of the following services:

• General Bookkeeping
• Accounts Payable - data entry, cheque preparation and ageing reports 
• Accounts Receivable - invoicing, collection, deposit entry and ageing reports
• Payroll accounting
• Bank reconciliation statements

• Preparation of financial statements

• Sales Tax returns

Everyone has a unique tax situation. Whether its raising a family, paying for your kids education, planning and saving for your retirement, getting married, buying a new car or going through the painful experience of a divorce, there are distinct set of tax rules and regulations that will apply to each situation. We can assist you with what is an otherwise very complex tax code and ensure that your returns are prepared and filed on a timely basis with a minimal tax obligation as is legally possible. The focus and effort we provide in this area will help free up your time to attend to the more important aspect of running your business than worrying about your tax bill.

Whether you are a small business owner, free lancer, investor or rental property owner your tax situation can get pretty complex. There are numerous rules that govern these activities such as Passive income rules, home office expenses, CCA classes and rates and so on. Moreover tax provisions change year after year and are difficult to keep track of unless you are in the tax business as a tax accoutant or a tax services provider. This is where we can step in with our professional knowledge and experience and help you save both time and money.

We can assist and help you decide what is the right type of insurance that you need and provide you with a wide range of reputed insurance products to choose from. We will help you insure all personal risks such as :

  1. Risk of untimely death (Life insurance),

  2. Risk of Disability of Illness (Disability Insurance) and

  3. Risk of inadequate retirement income.

  4. Critical Illness

  5. Mortgage and Travel

Every proprietor or entreprenuer will realize that setting up and running their business requires proper planning, accounting and management of their business's cash and financial resources. As consultants we can help you setup, plan, manage and properly account for your business finances.

Our services as a business consultant are listed below:

A. Business setup:

But if you do need help then we can offer our assistance to you. For a better understanding of the business setup process, we have detailed a few facts below:

What does it take to setup your own business? The first step is to decide whether you want to be known as a sole proprietor, a partner in a partnership or Director of a corporation. 

In BC the most common business structures are:

1.    Sole Proprietorship

2.    Corporation

3.    Partnership

4.    Society

5.    Co-operative

Each structure has its own complexities and implications for liability, taxation, and succession planning.

To enhance the understanding of its valued clients, JBC provides a brief explanation of each business structure as follows:

1.    Sole proprietorship: This is ideal if you plan to operate the business under your own name with minimal fuss and few employees. While it affords great flexibility in terms of making quick decisions and riding high on your entrepreneurial flair, the one major down side is your personal liability to the debts of the business. Creditors of your business can come after you personally to recover their dues in the event your business is unable to pay its debts.

2.    Partnership: This is ideal where you may want to pool different resources to start a business - your business acumen and knowledge combined with the finances or assets of someone else. Whilst this might be the one big strength of a partnership, the down side is most often than not finding the middle ground in your disagreements with the other partners. This could be detrimental in the long run and could lead to the breakdown of the partnership.

3.    Corporation: This structure affords greater opportunities for funding and growth and affords the protection of the corporate veil. The business is operated as a separate legal entity, separate from yourself and your personal assets. The one down side is probably maintaining a lot of accurate records, audit requirements and legalities.

4.    Society: This is ideal for not-for-profit purposes and funds will be used only for the society's purposes.

5.    Co-operative: The ownership in this type of structure is generally controlled by the people who use and benefit from your services.

So what does it entail to set up a sole proprietor ship?

There are a few things that we would like to know at the outset:

i.       Have you developed a business plan? If not, we can assist you with the drawing up of a business plan.

ii.      Have you considered the market conditions (present and future) for your products or services?

iii.     Have you considered your financing needs? We can help you with your funding requirements usingour local network of banks and credit unions.

iv.     Have you decided the name and  type of structure for your business?

Once we have obtained answers to these questions, we are ready to go ahead with the registration of your business. A few minor details such as number of employees, payroll requirements, tax application (GST/HST) and the like needs to be worked out in consultation with you before the actual registration process can commence.

B. Business Accounting Needs:

  • Choosing the right type of accounting software suited to your business needs,

  • Design and set up your Chart of Accounts

C. Operational Efficiencies:

  • Identify process bottlenecks,

  • Undertake root cause analysis and

  • Trouble shoot and improve inventory accuracies

  • to name a few.

D. Business Funding and Reporting:

  • Draw up a business plan,
  • Analyze and plan your cashflow needs, and
  • Assist with obtaining business loans.

If you are an already established business with an existing ERP or Accounting Software then we can provide you with business intelligence reports. We can build Sales, Supply chain and Financial Reports including Dashboards with KPIs using the following BI software:

  • SQL Reporting Services
  • Crystal Reports
  • Jet Reports
  • Advanced Excel queries and pivot tables

We are just a phone call away.give us a call today and fix up an appointment!

Keywords: Accounting, Tax

Contact Joseph Business Consultancy

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