Client Services
Our firm offers a wide range of services to our individual and business clients. Our clients benefit from personalized and quality service. We have listed the services that we offer to our clients, together with a brief description.
As the list below is by no means comprehensive, please feel free to inquire about a service if you do not see it listed.
Accounting Services
Audits, Reviews and Compilations
We view our role in the financial reporting process as an opportunity to provide constructive solutions for maximizing your company's profitability and efficiency. We provide financial reporting on all three levels of assurance:
- Audit - an intensive examination with the highest level of assurance
- Review - some analytical procedures conducted with limited assurance
- Compilation (Notice to Reader) - based upon client information provided and used primarily for internal use.
Accounting Services
Providing financial information to our clients in a timely and accurate manner is a commitment that we feel cannot be compromised. Meaningful, well-organized financial records ensure that your business operations will run more efficiently on a daily basis. Our firm provides a full range of cost effective accounting services including the following:
- General ledger & financial statement preparation
- Accounting system setup for new businesses
- Compilation of financial statements
- Audits and reviews
Financial Forecasts & Projections
Forecasting is a necessity when trying to effectively manage and lead a business to profitability. From simple projections to complex financial modeling, our experienced staff can assist you in achieving your company's financial goals.
Comprehesive package
Accounting for Small Business and Medical Practitioners
dmd, has proven technology and experienced staff in place to offer a flexible and easy to administer business service program to small businesses. The program includes monthly bookkeeping and periodic reporting tailored to your needs. Payroll and other services can be easily incorporated into the program.
Objectives
dmd has developed a Professionals Accounting Service to provide a convenient, timely and accurate information package for small business that allows them to focus on their work and not on financial reporting and compliance. Our package is comprehensive and scalable to meet your specific needs.
Client Benefits
The benefits to the service include:
- Easy on line access for transfer of financial information
- Less time spent on accounting
- Professional, trained accounting staff preparing financial records
- Personalized service
- No additional software or training costs
The Service
Our basic service will include monthly bookkeeping, quarterly or annual reporting, annual Notice to Reader financial statements, corporate income tax return and personal tax return(s). This service can be expanded to include payroll preparation and accounting for investment portfolios.
How the service works
dmd will set up a custom chart of accounts to meet your needs.
Clients will arrange to have monthly information sent to our office via scanning and uploading to our client portal located on our web site: www.dmdcpa.ca, and/or email. We will take the related information and complete the monthly accounting duties which includes;
- Journal entries
- Bank reconciliations
- Adjusting entries
- Accruals
- Regulatory reporting for WCB, payroll, PST and GST (if applicable).
Quarterly we will provide the following financial reporting:
- Financial Statements
- Bank reconciliations
Annually dmd will complete Notice to Reader financial statements and corporate income tax returns within 90 days of your fiscal year end. T4’s, T5’s by the end of February and personal T1’s by April 30th
Payroll Services
Option1
dmd will provide bi-monthly payroll services in house; this would include:
- Prepare payroll information, (Payroll information will be sent to your office for preparation of pay cheques and delivery to employees).
- Track employee pay records
- Prepare forms for remittance to CRA, (forms will be electronically sent to your office for you to remit payment).
- Annual T4 preparation and Record of Employment when required
The client must provide employee information including:
- Hours worked (Bi-monthly)
- Rate of pay
- Address and contact information
- Social insurance number
- TD1 and TD1BC
Option 2
dmd will prepare bi-monthly payroll services through an external payroll service provider such as Ceridian or ADP. dmd staff would process payroll only. All records would be tracked by the service provider. The client would be obligated to contract with a third party payroll provider. The following is a list of services typically included by third party providers:
- prepare employee payroll
- Electronically transfer pay to employees
- track employee records
- Provide payroll records for posting
- prepare forms and remit payment to CRA
- Prepare T4
At year end dmd would review the annual payroll records prior to T4’s being processed by the provider.
The client must provide employee information including:
- Hours worked (Bi-monthly)
- Rate of pay
- Address and contact information
- Social insurance number
- Employee bank account information
- TD1 and TD1BC
Option 3
The client will prepare bi-monthly payroll through an external payroll service provider such as Ceridian or ADP. Client staff would process payroll. All records would be tracked by the service provider. The client would be obligated to contract with a third party payroll provider. dmd would require payroll reports for monthly bookkeeping.
Investments bookkeeping
dmd can provide the following investment bookkeeping for clients:
- Record investment activity
- Electronically file investment transactions
- Electronically file investment statements/records
- Record appropriate investment information on tax return
- Annually reconcile investments to broker statements and t-slips
Client financial Information
You will require a scanner and internet access as dmd will require the following information uploaded to our portal:
- Bank statements
- Credit card statements
- Expense invoices
- Vehicle mileage registers
- Payroll information
- Revenue information
- Other information necessary to complete monthly accounting transactions.
Other options to provide us with necessary information include having dmd as your mailing address for bank and investment statements, or providing dmd with view-only electronic bank access.
Accounting information must be electronically submitted monthly to dmd by the 15th of the following month.
Payroll information must be submitted 5 business days prior to employee pay date.
Consulting Services
Consulting Services
We gauge our worth by the personal and business successes of our clients. We can help your business identify areas negatively affecting profitability and growth and develop solutions that are practical and technically sound. In addition to acting as a sounding board for management, we provide comprehensive, flexible strategies that address the issues affecting your business. The following are just a few of the areas in which we provide consulting services:
- Accounting software selection and implementation
- Buying/selling a business
- Business process improvement
- Financial & retirement planning
- Estate planning
Management Advisory Services
Even the most qualified managers can benefit from competent, objective feedback. We can help your company's management team develop long-term objectives and specific strategies to facilitate your business' future growth and success.
Estate Planning
Effective estate planning facilitates the orderly transfer of assets to your beneficiaries, provides security for your surviving spouse, and can reduce or eliminate the tax due on the transfer of your business and other assets. For business owners, providing for business continuity and succession of ownership is essential. We can guide you through the complex process of getting your financial affairs in order.
Business Succession Planning
Effective transition of your business to your successors is critical to its continued prosperity. With a solid background in tax, succession and estate planning, and other financial matters, we are fully qualified to address the complex issues of business continuation.
Purchase and Sale of a Business
Preparation and planning are key to the successful purchase or sale of a business. Our team can assist you with all aspects your transaction, including cash flow analysis, tax minimization and transition planning.
Retirement Planning
Successful implementation and periodic review of your financial plan will ensure financial independence during your working years and through your retirement years.
Other Services
Other Services
Due to our diverse client base, we encounter a wide array of financial and tax issues. As a result, we have gained valuable experience over the years in numerous specialized areas, many of which are listed below. We feel our ability to provide such a variety of services reflects our versatility and competency, as well as our dedication to quality client service.
- Mergers & acquisitions
- Business start-up or expansion
- Cash flow forecasting
- Employee benefit plans
Tax Services
Tax Services
We prefer to take a proactive vs. reactive approach to tax services. By keeping current on new tax laws and legislation, we are in a position to identify key tax planning opportunities that minimize both your current and future tax liabilities. We provide our individual and business clients with the taxation expertise and knowledge that they deserve throughout the year. Tax services offered include, but are not limited to:
- Tax planning for individuals and corporations
- Return preparation for - Individuals - Corporations - Estates and trusts - Not-for-profit organizations
- Provincial and federal commodity tax planning and compliance
- Tax considerations in matrimonial settlements
- Tax effects of buying/selling a business
- Tax effective retirement and estate planning
Estate & Trust Tax Preparation
Effective estate planning facilitates the orderly transfer of assets to your beneficiaries, provides security for your surviving spouse, and can reduce or eliminate the tax due on the transfer of your business and other assets. For business owners, providing for business continuity and succession of ownership is essential. We can guide you through the complex process of getting your financial affairs in order.
Tax Planning & Preparation
Tax planning and preparation form a winning combination for our successful individual and business clients. Our experienced staff can develop tax-minimization strategies to optimize your after-tax position.
Immigration and Emigration
Canadian tax law includes a number of special rules that apply to immigrants and emigrants. Our teams of experts are able to advise both individuals and corporations planning to establish or relinquish Canadian residency.
Federal and Provincial Sales Tax (GST, HST, and PST)
Many of our clients are responsible for collecting and submitting sales taxes in many different jurisdictions. We can assist your company in the compilation of information and preparation of sales tax returns, and in controlling your sales-tax-related costs.