Our Services
BOOKKEEPING SERVICES
49PAA is your full-cycle bookkeeping experts. We leverage the power of Quickbooks Online (QBO) to streamline all your bookkeeping requirements. This software allows 49PAA to auto-sync your bank feeds, provide real-time reports, make document requests, deliver attachments, and securely store your accounting information. QBO’s user friendly mobile app gives you the convenience of snapping pictures of receipts, creating estimates/invoices, receiving payments, tracking kilometers, and more. At 49PAA, we know new software can be intimidating, so we help you every step of the way until you are comfortable.
Our bookkeepers process all your regular day-to-day data transactions, and so much more. This includes monitoring your bank reconciliations, accounts receivable, accounts payable, assets, loans, leases, excise taxes, payroll taxes, and income & expenses. We also offer GST/HST filing and can assist you with calculating your monthly, quarterly, or annual remittances. If you have a corporate year-end, we prepare your records the way your accountant wants to receive it, and offer to be the first point of contact for year-end questions.
The bookkeeping services we offer are designed to keep you current - giving you a better understanding of your business’s needs, financial health, and cash flow.
And if you’re behind on your books, that’s ok! Take the first step to giving yourself true peace of mind and take advantage of our records clean-up services. It has to be dealt with – so eliminate what’s burdening you and let us help!
PAYROLL SERVICES
49PAA offers in-house payroll solutions for up to five employees. For more complex payroll needs (such as >5 employees, commission sales and select taxable benefits), we will introduce you to one of our trusted partners.
Let us help you streamline payday deadlines, monthly remittances, and CRA reporting. We take care of it all. Our payroll services include, year-end payroll reports, T4 filings, source deductions remittances, creating records of employment, and tracking vacation pay & sick pay.
We provide end-to-end payroll solutions so you can be as excited about payday as your employees.
Personal Tax Services
49PAA is licensed by CPA Canada to provide T1 General tax preparation. We work hard to maximize your return while keeping you compliant with the Canada Revenue Agency.
We are pleased to offer tax filing services for returns with the following characteristics:
General Characteristics
Employment or other income:
T4, T4E, T4A
Pension, retirement, and disability
T4A(OAS)(P)(RCA), T4RSP, T4RIF
Pension income splitting
Post secondary tax credits
Commission income
Employee expenses
Employer has signed form T2200
Medical expenses
Donations
RRSP deductions; Home Buyer’s Plan & Lifelong Learning Plan repayments
Alimony and support payments
Childcare expenses
Rental properties – Form T776
Perhaps you’re one of many Canadians that own a dedicated rental property or have an in-home suite. Did you know: even if you Air BnB/VRBO your home for one night, you are still required to claim rental income? You could also be missing out on valuable tax deductions.
At 49PAA, we’ll set you up with a simple rental property tracking system that keeps you current and will allow for easy tax preparation.
Sole proprietorships – Form T2125
If you sell goods or services to the public under your personal name, you are considered a sole proprietor and are required to file form T2125, Statement of Business Activities. T2125’s are the CRA’s version of profit and loss statement for tax purposes. They are also used in conjunction with other income supporting documents by your financial institution to adjudicate lending suitability, so it’s important to have this completed!
Investments (T3, T5, T5008, T1135)
Do you own a portfolio of institutional investments? This might include guaranteed investment certificates, mutual funds, stocks (capital gains), bonds or other forms of income. If you invest in foreign markets there may also be special filing requirements. During our comprehensive client meeting we will help you uncover what types of income you need to report and what to file.
If you have a more complex tax situation that is not listed here, please let us know and we will work together to make sure you are serviced correctly!
Corporations
We offer comprehensive T2 tax services and compilation engagement services tailored to your specific needs.
Our expert team stays up-to-date with the latest tax regulations, ensuring accurate filing and maximizing your deductions. We handle everything from preparing and filing your T2 return to navigating complex tax laws, minimizing your tax burden and freeing up your valuable time.
Beyond tax preparation, our compilation engagement services provide you with professionally prepared financial statements. These statements, while not audited, offer a clear picture of your business's financial health, essential for informed decision-making, securing financing, and attracting investors. We compile your financial data into a format that's easy to understand and use.
Whether you're a small startup or a growing enterprise, we offer personalized service and competitive rates. We understand that every business is unique, and we work closely with you to develop a customized plan that meets your individual requirements. Focus on what you do best – running your business – and leave the complexities of taxes and financial reporting to us.
FRACTIONAL CONTROLLERSHIP
A full time controller is usually a senior member of management that oversees the entire accounting operation. They will report directly to the CFO (or owner) and will have tasks such as:
Monitoring the accounting cycle
Preparing and reviewing financial statements
Liaising with/Preparing for auditors
Strengthening internal controls and creating new procedures
Creating and monitoring key performance indicators
Transforming financial data into action plans
Create excel-based working papers that ease operating pressure
Monitoring financial ratios for bank covenant compliance (or performance)
Provide accounting treatment insights
Budgeting and forecasting
Stakeholder reports
Project progress monitoring
Training and supervising the accounting team
A fractional controller provides pick-and-choose access to any of the areas listed above. It gives you a trusted partner to help give your business that next level of sophistication. A full time controller is a costly expenditure - but getting one part time, or as needed, can make that next step more manageable.
Who needs a fractional controller?
There are many businesses who would benefit from a fractional controller, but the benefit they can provide must justify the means it takes to hire them. A business needs to be at the right stage of their maturity before they should hire a fractional controller. In our experience, most businesses begin hiring a fractional CFO at revenue levels of $500,000-1,000,000.