Maintaining accurate records of your income and expenditures is the first step to understanding the financial situation of your business. Your financial responsibilities with Revenue Canada in the form of HST payables and income tax returns are all a result of what have been entered in your books.
At Blossom CPA, we help you manage this task efficiently so you can focus on the financial success of your business.
Many of us have a clear idea of how much money we bring in but keeping track of your business’ expenses can be a cumbersome and even daunting task. Not having an accurate idea of your expenses is not only a bad business practice but may also it may result in an inflated net income and higher payable taxes.
Our goal at Blossom CPA is to help you save time and money.
Financial Statements provide various financial information for external and internal parties. They are commonly used tools we use to communicate the financial situation of your business.
External parties such as creditors and investors rely on the financial conditions of your business, for the safety and profitability of their investments. The balance sheet provides such information as it lists how the business invested in assets such as machinery and equipment. It also shows the types of debt the business carries as well as its equity component.
Internal parties such as managers, partners and owners use other financial reports to assess operating results. The profit and loss statement helps assess operating results of the business. Year over year reporting will give the reader a good picture of patterns and trends so that planning and budgeting can take place.
At Blossom CPA we produce financial statements for your business so that you can better understand and communicate with various external and internal parties.
All resident corporations must file a corporation income tax (T2) return every year even when there are no taxes payable. You are required to file the corporation income tax return no later than six months after each end of tax year ( or fiscal period).
Count on us to file your T2 return on time and accurately.