Bookkeeping & Payroll
Monthly, Quarterly, Annual Bookkeeping
Our staff can compile the information provided in an orderly and efficient manner using our internal accounting software program that is also used to prepare financial statements and summarize tax information. This can streamline the process and eliminate the need for our clients to purchase external software that is used to compile the information. Synergy CPA’s will work with you to understand each of our clients’ specific needs and ask questions along the way to have an accurate and reliable representation of your business.
Payroll Calculations & Processing
As a businesses grow, more employees can be required, which can result in increased payroll administration. Synergy CPA’s can assist you in processing your payroll based on information provided and work with you to ensure compliance with the current labour standards and specific filing requirements. It is important to note that source remittances to CRA are typically due by the 15th of the month subsequent to the month of earnings, however in some cases only quarterly remittances are required. Our clients range from bi-weekly, monthly, to annually depending on what is best for your business. We are also happy to assist our clients with any other payroll related questions.
Record of Employment (ROE) Preparation & Filing
When employees are no longer employed with your business or there is an interruption of earnings, a record of employment is required within five days after the employee’s last day of work. This information is used to provide Service Canada with the required data for processing EI claims if the employee is eligible. The timeliest way to file these is online, which will require a consent form to be signed to authorize Synergy CPA’s, however paper forms are also able to be prepared or provided to clients if needed.
T4, T5, & T5018 Preparation & Filing
Leave the filings to us when it comes to issuing T4’s, T5’s, and T5018’s. Most corporations that are prepared will automatically have their employment and corporate dividend income slips done by us during the time of the compilation engagement, however some self-employed clients will have employees or contract workers needing these slips as well. It is important to note that the deadline for filing these with the CRA is the last day of February each year so in order to ensure they are filed on time, information must be provided to us ahead of time.
WCB Annual Return Filing
Some companies are enrolled in the WCB program and are therefore required to submit an annual return which estimates the premiums paid for the upcoming year. At Synergy CPA’s we can assist you with this process or do the filing on your behalf. These returns are due the last day of February each year so is important to have them done prior to that date.
Accounting Software Assistance & Training
Our team at Synergy has experience in multiple different accounting software programs such as Quickbooks, Sage, and AgExpert. If you are needing support with either preparing your own accounting records or having this set-up, we can give you guidance throughout the process. Several clients who request our assistance on these programs ask for their year end financial statement adjusting entries to be posted but do the day-to-day information inputting themselves. This process helps to ensure that your accounting books are up to date with ours and you have a more accurate representation of the balances in each account.