What I’m looking for in terms of accounting

Posted by & filed under Plans.

I’m looking for someone who can answer accounting questions and review my books.

I have a small federal corporation. My income primarily derives from consulting and illustration, although I have some occasional income from other sources (including USD through Paypal). My fiscal year end is September 30, and this is my second fiscal year. Last year, I prepared my return using Quickbooks and TurboTax, which was fine although I think it would be even better if I could ask someone accounting questions.

I use Quickbooks for general bookkeeping. I have low transaction volume (22 transactions last month, which is typical) and am happy to enter this into Quickbooks myself.

I use a business credit card for practically all business-related expenses. I scan my business receipts and file them in folders by fiscal year, and rename the files to start with the transaction date for easier lookup.

I don’t claim automobile expenses or transportation (I usually bike), and I don’t have a dedicated space for the business-use-of-home claim.

I remit HST and corporate income taxes on a quarterly basis. I currently use the regular method of calculating HST, and would like to move to the quick method next fiscal year. I am comfortable reading tax references, but would appreciate being able to ask questions and have someone doublecheck my setup.

Here’s what I’d like help with:

  • Review my Quickbooks file to make sure that GIFI codes are properly set.
  • Doublecheck my calculations for the salary/dividends question for low income (~$8,000-10,000 annually?) and the CPP deduction/remittance process (including preparing slips) so that I can do this going forward.
  • Doublecheck that my quarterly remittances are correct.
  • Tell me how to categorize uncategorized expenses (once in a blue moon, or we can batch this up near the end of the tax year).
  • Help me correctly account for corporate tax liabilities and payments in Quickbooks.
  • Show me how to account for personal benefit so that I’m correctly deducting things like delegation or cellphone use. Help me
    recalculate and adjust my previous return if necessary.
  • Give me more information on PHSPs and help me correctly set one up if it’s a good fit. (Brock Health’s administration fee is 5%; can you refer me, and is it worthwhile given my low tax bracket?)
  • Review my capital cost adjustments and help me with succeeding years’ depreciation.

I expect that working with an accountant will primarily increase my peace of mind. It may also result in tax savings, which would be nice. I’m not interested in one-size-fits-all advice or having someone completely take care of accounting for me. I want to know what’s going on and where I might be misunderstanding something or where I can improve the way I work.

I am comfortable talking to people over Skype, Google Hangout, or e-mail, and don’t expect immediate responses to questions. (A week is fine.)

Are you a Canada-based accountant who might be able to help me? E-mail me at [email protected] with how this might work out.

Leave a Reply