Services
Accounting & Bookkeeping Service
LS Sran CPA Inc. mission is to provide reliable accounting and bookkeeping services so you can spend more time concentrating on your business. We take the time to set up financial systems correctly from the start, leaving your bookkeeping and accounting better than ever. Our goal is to improve your financial systems so profoundly, that you cannot imagine ever going back to your old ways.
Without proper bookkeeping and accounting services from a Chartered Accountant, you run the risk of hitting cash flow crunches as well as, wasting time and money, and missing opportunities.
LS Sran CPA Inc.’s bookkeeping and accounting services can help you manage your business, avoid tax preparation headaches, uncover hidden streams of revenue, and generally make operating a business a lot less stressful. You can relax knowing you are well-prepared for the future.
LS Sran CPA Inc. provides professional accounting and bookkeeping services to small and medium-size companies and not-for-profit organizations. Our accounting and bookkeeping services feature the following tasks:
• Certified Bookkeepers
• Accounts Receivable
• Accounts Payable
• Bank Reconciliation
• Bookkeeping Clean-up
• Payroll Reconciliation
• General Journal, General Ledger
• Business and Personal Accounts
• Not-for-Profit Bookkeeping
• Balance Sheet, Custom Reports
• Cloud Computing
• E-Commerce
• Profit & Loss, Trial Balance
Our team of professionals provide accounting and bookkeeping services to help setup a new business or clean-up an existing company. We can setup adequate reporting and systems to better understand your business.
Your bookkeeper from LS Sran CPA Inc. can create budgets and projections so that you can plan strategically.
LS Sran CPA Inc. can help with GST/HST, payroll setups and integration of existing systems. We will help streamline your bookkeeping systems with the correct checks and balances for best practices.
Our accounting and bookkeeping service is just the thing you are looking for if you are:
- A small to medium-size company or non-profit organization in the Greater Toronto Area.
- An individual who wants assistance with personal financial record-keeping.
- Starting a new company and want to make sure that everything is handled correctly from the beginning
- Spending too much time on your company’s bookkeeping and not enough time bringing in new business
- Losing time and money because of mismanaged financial records
- Spending too much money for a full-time bookkeeper
- Not prepared for your quarterly and annual tax filings
- Wishing you or your staff had a better understanding of QuickBooks
It is important to hire experienced bookkeeping and accounting service with a strong track record of client satisfaction and a high client retention rate. LS Sran CPA Inc. boasts high levels of all three of these characteristics when it comes to bookkeeping and accounting services. We intimately know the ins and outs of our entire client roster so that we can provide high level personalized bookkeeping and accounting services.
Past Accounts Clean Up
We are experts in Past Account Cleanup. Messy Books are dangerous for businesses regardless of size and industry, despite the huge risk some business owners choose to ignore or delay cleaning up their financials. Most of the time when they see these big messes, they ask, How do I find the right company? How much do they charge? Can I afford it?
It is not necessarily correct that the in-house employee handling the books has enough knowledge and background to work professionally to handle and clean the messes. Hiring an external small business accountant in Surrey would be a smart decision and it will save a lot of time, reduce losses, and save fines and penalties.
LS Sran CPA Inc. will fix your broken accounting processes and clean up financial records and entries to smooth books of accounts, so companies take better decision-making and preparedness.
We Follow the Following Steps to Make Intact Your Books of Account
- Reconcile cash, bank, and credit card accounts
- Capitalize fixed assets
- Reconcile Accounts receivable and accounts payable
- Check and validate inventory
- Reconcile intercompany transactions
What you get
Each month, you’ll get a clear, accurate Income Statement and Balance Sheet.
Corporate Tax Accountant
LS SRAN CPA INC. is a full service accounting firm that can provide a variety of tax services including corporate tax services; LS Sran CPA Inc. can act as your corporate tax accountant and provide corporate tax services. We also work with many of our clients through remote capabilities.
According to Canada Revenue Agency, all resident corporations (except crown corporations and resident charities) have to file a corporate income tax (T2) return every tax year even if there is no tax payable.
This includes but is not limited to the following:
- Non-profit organizations
- Tax-exempt corporations; and
- Inactive corporations
As your corporate tax accountant, we will ensure that you file your return no later than six months after the end of each tax year. The tax year of a corporation is its fiscal period. When the corporation’s tax year ends on the last day of the month, returns should be filed by the last day of the sixth month after the end of the tax year. When the last day of the tax year is not the last day of the month, file the return by the same day of the sixth month after the end of the tax year. Please keep in mind that even though the filing date of the return is six month after the end of the tax year, if any amount of money is owed in the form of corporate income tax then tax payments must be made no later than three months (90 days) after the end of the tax year.
For example, if your fiscal year end is December 31, XXXX. The corporate return would have to be filed by June 30, XXX but any taxes owed must be paid by March 31, XXXX. Any payments that are received late will be subject to interest and penalties by the CRA.
We also provides corporate tax services to many of our business clients. One of our main services include translating accounting financial statements to what is known as tax financial statements or General Index of Financial Information (GIFI) financial statements. GIFI financial statements are used to file the T2 return and reconciles income for accounting purposes to income for tax purposes. All corporate tax returns should prepare their financial statement information using GIFI codes and file it with their T2 returns. Once you have your corporate tax return ready for filing, please contact LS Sran CPA Inc. as your corporate tax accountant.
• Certified Bookkeepers
• Accounts Receivable
• Accounts Payable
• Bank Reconciliation
• Bookkeeping Clean-up
• Payroll Reconciliation
• General Journal, General Ledger
• Business and Personal Accounts
• Not-for-Profit Bookkeeping
• Balance Sheet, Custom Reports
• Cloud Computing
• E-Commerce
• Profit & Loss, Trial Balance
Trust Accounting for Lawyer
Law attorneys have a fiduciary duty to their clients, and that extends to funds clients give to the attorneys, such as retainers and other financial assets. When managing client funds, attorneys must adhere to certain accounting practices and principles in order to handle them responsibly and effectively. LS Sran CPA Inc. is highly familiar with trust accounting for lawyers , and can help law firms better manage their clients’ funds.
The first step to attorney trust account management is determining whether a trust account is necessary in the first place.
If an attorney receives funds to hold for their clients, or for legal services that have not yet been billed then a trust account is necessary.
There are a number of regulations and professional standards with which an attorney must comply when holding those funds, and proper bookkeeping can ensure that the attorney does not inadvertently fail to comply with those regulations.
An attorney must not mingle personal funds with client funds in the trust account. Trust account funds must be limited only to client funds, not money provided for services that have already been billed or for other funds belonging to the attorney. Proper bookkeeping helps ensure that funds have been billed already and are removed from the trust account as quickly as possible, avoiding any potential issues with co-mingled funds. When doing trust accounting for law firms, LS Sran CPA Inc. make sure that attorneys can focus more on serving their clients and less on managing their trust accounts.
Trust Bookkeeping for trustees
Being a trustee is a highly important and often overwhelming job. As a trustee, an individual, or institution is responsible for managing funds on behalf of one or more beneficiaries. This position creates a number of fiduciary duties that can be difficult to navigate for individuals unfamiliar with the applicable regulations. In addition, for larger and more complex trusts, getting assistance from both the legal and accounting team can be highly beneficial.
That is why LS Sran CPA Inc. provide comprehensive bookkeeping services and trust accounting for law firms. Proper bookkeeping can make the trust administration process easier and less overwhelming, and can help trustees manage distributions to beneficiaries.
Aside from these ongoing benefits, good trust bookkeeping practices can be of great help when it comes time to filing tax returns for trusts, and can help with providing accurate accounting. In some instances, regular accounting is needed in order to demonstrate to beneficiaries that proper fund management is taking place and that the trustee is fulfilling all necessary duties. Bookkeeping helps ensure that accountings are well-documented, and can make the accounting and disclosure process much less daunting.
Once it is time to wind the trust down following a terminating event, proper bookkeeping helps provide final statements to all beneficiaries reflecting that the trustee properly managed the funds that were in the trustee’s care throughout the life of the trust. Many attorneys and individual trustees turn to LS Sran CPA Inc. for help with their trust matters.
Estate Planning
Estate planning is the process of transferring the assets for an individual. The primary goal is to devise a plan to ensure that the estate reduces administrative fees, taxes and other expenses when assets are passed on. Anybody or any organization can be the beneficiary of the estate but naturally the beneficiaries are the children of the person’s estate. Our estate planning services include:
- Advice from experienced estate planning consultants
- Retirement planning
- Will planning & drafting
We provide estate planning services to guide you and your family through the process. We will devise a plan that suits your needs and ensure that we maximize the value of the estate. Estate planning can be quite complex but our goal is to simplify what would otherwise be a difficult task. Our estate planning services will gather a team of specialists and guide your family through the process to ensure your loved ones are protected and your wealth is transferred in a smooth and orderly fashion. When you work with us we want to achieve the following:
- Ensuring you and your family have control over who oversees the estate.
- Explaining what you can expect to pay in estate fees and keeping these fees to a minimum.
- Establish a method by which your family will receive money and property from the estate in the least stressful and costly matter.
- Reviewing your Will with you and help you update or change the document according to your wishes.
- Anticipating and avoiding any family conflict that may arise after death.
- Implementing a tax planning strategy that will minimize the taxes of the estate.
Our estate planning services review in detail all of the potential tax consequences to the estate. Upon death, the Canadian tax rules discusses “deemed disposition,” which is essentially an estate tax that assumes all of your investments are sold at death and your estate is liable for the taxes. If you own a significant amount of investments your estate could be liable for those taxes owing, which can be substantial. Our estate planning specialists will review your unique circumstances and anticipate your potential tax liabilities and devise a plan for the estate to minimize taxes and other expenses.
- There is no immediate tax liability on the estate freeze and the future taxes owing from the disposition of the asset at death is established.
- You still maintain control of the corporation and its assets even though future growth is passed on to family members.
- Income splitting tax strategies can be used to pass income to family members in lower tax brackets.
- The estate freeze could allow for the use of the lifetime capital gains exemption.
• Certified Bookkeepers
• Accounts Receivable
• Accounts Payable
• Bank Reconciliation
• Bookkeeping Clean-up
• Payroll Reconciliation
• General Journal, General Ledger
• Business and Personal Accounts
• Not-for-Profit Bookkeeping
• Balance Sheet, Custom Reports
• Cloud Computing
• E-Commerce
• Profit & Loss, Trial Balance
Cash Flow & Budget Analysis
Good cash management can improve a company’s liquidity, reduce costs, and increase profitability
The best way to avoid financial instability is to have a strong understanding of your company’s cash flow and create a realistic budget. Doing so is critical to your business’ long-term success and can improve liquidity, reduce costs, and increase profitability.
To any business, cash flow and budget analysis can be a make or break moment in a business’ ability to survive.
Cash Flow Analysis: Your Cash Flow Statement is one of the most important financial statements a project or business uses. It is not only concerned with the amount of the cash flows but also the timing of the flows, helping you to better understand your cash-flow inputs and outputs, as well as how your operations are running.
It may be as simple as a one-page analysis or it may involve several schedules that feed information into a central statement.
To help you maintain optimal cash flow levels we can track sources and uses, forecast your financial positions, evaluate financial requirements and help you to budget accordingly.
Budget Analysis: Capital budgeting is a tool that financial analysts can use to support decision-making.
Capital budgeting is complex, which means it can be easy to get lost in the details of the financial calculations, causing you to lose track of the bigger picture.
The best capital budgeting analyses paint a simple picture of the benefits, costs, and risks associated with potential investments and expenditures, so management can make informed decisions about capital investment.
Using data identified in our cash flow and budget analysis, along with information from other sources, we can help you analyze your spending, rebalance your budget and/or debts for an optimal cash flow that will support your business’ success.
This balanced plan should be revisited if and when there are any major changes in your business structure to ensure that you are operating at an optimal level. With our help and guidance, you will always be on top of your finances and ready for the future.
Accounting and Assurance
A Clear And Accurate Picture Of Your Company’s Financial Position
At LS Sran CPA Inc., our goal is to present a clear and accurate picture of your company’s financial position, allowing you to make sound financial decisions.
Financial statements — These statements provide an overview of what took place during the year, and include a balance sheet, an income statement, a statement of retained earnings and a cash-flow statement.
We can have various levels of involvement with your financial statements. These statements can be Audited, Reviewed or Compilation.
In the case of non-profit organizations, showing that your financial statements have been audited by an independent auditor can also help satisfy the requirement of donors and government agencies.
As your trusted advisors, we strive to give you personalized service that is tailored to your specific needs. Whether it is helping you or your company maximize wealth and minimize taxes or helping your not-for-profit organization meet its statutory requirements and reach its own goals, we are always there for you.
Our free consultation for corporations, estate issues, and self employed individuals is a perfect way to explore our services and find out how we can help.