Services

Our bookkeeping services keep your financial records organized and up-to-date. From monthly account reconciliation to year-end financial statements, we ensure your business stays on track, making it easier to manage your finances and prepare for tax season. 

Key aspects of a bookkeeping service include:

• Recording Transactions: Bookkeepers record all financial transactions, such as sales, purchases, receipts, and payments, in a systematic manner. This involves categorizing transactions and maintaining a clear audit trail.

• Double-Entry System: Bookkeeping typically follows the double-entry system, where each transaction has equal and opposite effects on at least two accounts. This system helps ensure accuracy and maintains the fundamental accounting equation (Assets = Liabilities + Equity).

• Chart of Accounts: A chart of accounts is a structured list that categorizes a company's financial activities into different accounts. It provides a standardized way to organize and track transactions, making financial reporting more manageable.

• Bank Reconciliation: Bookkeepers reconcile the company's financial records with bank statements to identify and resolve discrepancies. This process ensures that the recorded transactions match the actual financial activities.

• Financial Statements: Bookkeepers prepare financial statements, including the income statement, balance sheet, and cash flow statement. These statements provide a comprehensive overview of a company's financial performance and position.

• Compliance: Bookkeeping services help ensure that a business complies with tax regulations and reporting requirements. Accurate and organized financial records are crucial for filing taxes and meeting legal obligations.

• Financial Analysis: Bookkeepers may assist in basic financial analysis by providing insights into trends, variances, and key performance indicators. This information can be valuable for business decision-making.

• Confidentiality and Security: Bookkeepers handle sensitive financial information, so confidentiality and data security are paramount. They should implement measures to protect the privacy and integrity of the financial data they manage.

We offer expert tax preparation for individuals and businesses, ensuring accurate filings and maximizing deductions. Whether you’re self-employed, a salaried employee, or a small business, our team simplifies the process to ensure compliance, accurately prepare your tax return, use all tax deductions available, and minimize tax liabilities.

Key aspects of Personal tax:

• Taxable Income: Taxable income is the total income an individual earns that is subject to taxation. This includes wages, salaries, bonuses, rental income, investment income, and other forms of earnings. Certain deductions and exemptions may be applied to arrive at the taxable income.

• Tax Rates: Tax rates are the percentages at which different levels of income are taxed. Progressive tax systems impose higher tax rates on higher levels of income. The tax rates are set by the government and can vary based on income brackets.

• Tax Deductions and Credits: Tax deductions reduce the taxable income, thereby lowering the overall tax liability. Common deductions may include expenses related to education, homeownership, medical expenses, and contributions to retirement accounts. Tax credits directly reduce the amount of tax owed and can be based on factors such as income level, education expenses, and childcare costs.

• Tax Forms: Individuals use specific tax forms to report their income and calculate their tax liability. In the United States, for example, the common form for individual income tax is the Form 1040. Other jurisdictions have their own equivalent forms.

• Tax Deadlines: There are specific deadlines for filing personal tax returns and paying any taxes owed. Missing these deadlines may result in penalties and interest. The deadlines can vary by jurisdiction and may be influenced by factors such as the source of income and the filing status.

• Tax Planning: Tax planning involves strategic decisions to minimize tax liability within the bounds of the law. This may include optimizing deductions, taking advantage of tax credits, and making informed decisions about investments and other financial activities.

• Self-Employment Tax: Individuals who are self-employed are responsible for paying both the employee and employer portions of certain taxes, such as Social Security and Medicare. This is often referred to as self-employment tax.

Managing payroll accurately and efficiently is essential to maintaining a productive and satisfied workforce. At Affordable Tax & Accounting Corp., we handle every aspect of payroll processing so you can focus on running your business. From calculating wages and benefits to ensuring compliance with Canadian payroll laws, our services save you time, reduce errors, and ensure your employees are paid on time—every time.

Our Payroll Services Include:

• 7A Remittances: Preparation and filing of monthly or quarterly remittances to meet CRA requirements.

• T4 Slips and T4 Summaries: Accurate preparation and timely submission of employee tax documents for year-end compliance.

• WCB Returns: Efficient reporting to WorkSafeBC to ensure your business meets its obligations.

• Record of Employment (ROE): Preparation and submission of ROEs for departing employees, ensuring compliance with employment regulations and supporting EI claims.

Why Choose Us for Payroll Services?

• Comprehensive Employee Management: We maintain precise records of employee details, tax information, and payroll data for error-free processing.

• Accurate Salary and Wage Calculations: Whether hourly, salaried, or commission-based, we ensure that employee pay is calculated correctly, including overtime and bonuses.

• Tax Withholding and Compliance: Stay compliant with federal, provincial, and local payroll laws. We manage tax deductions and filings seamlessly.

• Benefits and Deductions: From retirement plans to health insurance, we process and reflect all deductions accurately while adhering to legal requirements.

• On-Time Payments: We facilitate direct deposits or physical paychecks based on employee preferences, ensuring timely and accurate distribution of wages.

• Detailed Payroll Reporting: Gain valuable insights into labor costs, tax liabilities, and deductions with our detailed payroll reports.

• Reliable Record-Keeping: All payroll transactions are securely documented for audits, compliance, and historical reference.

The Affordable Advantage:

Our technology-driven payroll solutions are designed to eliminate errors and delays, ensuring your employees are always satisfied with their pay. Let us handle the complexities of payroll so you can focus on growing your business.

Contact us today to learn how we can streamline your payroll process and support your success.

• Tax Planning: Plan for your taxes before your business is off the ground.

• Bookkeeping: We'll teach your company how to accurately keep records.

• Company Structure: We'll help you decide what the best organization is for you.

• Business Registration: We'll help you with business registration, business number, GST/HST registration, Payroll registration 

• Federal and Provincial Forms: We'll help you apply for all the tax IDs and forms you need. 

Unlock the full potential of your business with our cost-effective CFO advisory services. Our experienced team provides strategic financial guidance, helping you navigate complex financial decisions, optimize cash flow, and enhance profitability. From budgeting and forecasting to financial reporting and risk management, we offer expert insights tailored to your business’s unique needs. Let us be your trusted financial partner, ensuring sustainable growth and long-term success while keeping costs manageable.

We offer a range of additional services including business incorporation, GST/HST filing, and audit support. Our goal is to provide you with comprehensive accounting solutions that cover all aspects of your financial needs.