Filing the tax return is the key to the success of the business you are running. If you are submitting the tax return timely, then it shows that you are legitimately running the company and you are earning the profit as required. This process helps to increase the reputation of the company along with the brand building. Wasaga tax and accounting which is the part of RC Financial Group helps the clients to manage the tax returns and other accounting problems of the business and the proper result. If people are not able to handle the accounts department of the company, then it would have an adverse effect in the future. If there is no separate department for the finance and the people are not able to handle the accounting issue, then Wasaga Beach tax and accounting will quickly solve the situation.
What does Wasaga Beach Accountants do for the customers?
The accountant near Wasaga Beach works according to the principle of the RC financial groups, and they try to deliver the best and planned financial management for the company. Along with filing the tax return on time Wasaga tax accountants help in many other accounting functions. The accounting process help in the smooth running of the business.
- Order management
It is an administrative process of the company which is related to the finance department, so the financial groups handle both. Order management relates to the orders for goods and services. The accountants have to keep the track record of the products bought and sold along with the amount they spend on the same. If they maintain the record properly for an entire year, then the year-end will complete smoothly.
- Customer billing
If a company is running in a legal manner, then all the transaction of the organization needs a valid record so that the management can track all the documents quickly as and when they require. The most important thing is to prepare the bill for the customer regarding the sale and purchase of the products. It is an act of working in transparency, and we help our clients to prepare customer billing.
- Customer aging
Customer aging is an essential feature of the accounting department in the running of the business. Payment and cash flow is not the regular action in the company and the business runs of the process of credit. The customer agrees to pay the required amount after a specific time, and the accountants maintain the records for the same. The primary period to pay the amount for the customers is 30 days. In case the customers fail to pay, Wasaga Beach accountant divides such customers into different criteria and creates a report for the idea of the management.
- Collections management
Under account receivable, collections management plays a vital role. In case of credit sale, the accountants have to create a report which would help the head of the company to know from where the amount is pending, and it will improve the collection process. Sometimes the professionals also help in the product collection management.
- Cash forecasting & reporting
Credit and debit of the cash from the account in the business is the regular process, and it is base for running the company. It is not easy to run a trade with the current cash flow, so the accountants have various strategies for cash forecasting and preparing the report with the help of the same forecast. They make the details from the where the company can expect cash in future or where they will use the existing money. A proper report helps in business planning in the present and future.
Accounting techniques used by Wasaga Beach Tax Accountant
RC financial group working under the guidance of the professionals accounting experts of the company somewhat has a different way of working and thus follow different techniques. The process and the report that we prepare and present to our clients is straightforward to understand and decipher the meaning in the simple words. We follow a simple credit and debit process of accounting to prepare and manage the accounts of the company.
- Income statement
There are three primary financial statements prepared in every organization, and they are Income statement, balance sheet, and cash flow. The income statement is also known as a profit and loss statement which shows the status of the company. The primary focus of the income statement is on the revenue and expense of the company in a particular period. It is overall a report card of the organization.
- Cash flow statement
Regular cash flow is must for the smooth running of the organization, but the accountants have to maintain a proper track record of the cash flow in the organization which they manage by preparing the cash flow statements. Cash flow statement is the aggregate data of the cash inflow which the company would receive from ongoing operations as well as a cash outflow which the business has to pay for the activities.
- Bank reconciliation report
The statements that the accountants prepare belongs to the official level according to the activities undergoing in the organizations, and it does depend upon the working module of the bank which has the company’s account. This preparation might bring a difference in the amount, so they prepare a bank reconciliation statement to come to parallel with the banking details.
- Detail general ledger report
Sale, purchase, and other transactions are the daily activity of the company, and it is essential to keep the record of all the actions. In case any deal is left to mention in the report, the result of the entire finance department will be void. People will not be able to come to the right conclusion. To maintain the daily records, the professional accountants prepare detail general ledger report. A glance at this report can give the entire status of the company.
Wasaga Beach tax and accounting comprehend the significance of budget summaries and how their figures sway your day by day activities. We take a stab at flawlessness and work with the consistency of Canada Revenue Agency, Service Ontario and the Government of Canada Services. RC Financial Group puts a solid accentuation on guaranteeing that our staff sticks to for the most part acknowledged monetary detailing measures put by the administering body of that locale, for example, Accounting Standards for Private Enterprise (ASPE), International Financial Reporting Standards (IFRS).