What Can a Corporate Bookkeeper Bring to Your Business?

bookkeeping Mississauga

Solid financial management is the foundation for success in any industry. Regardless of the size or nature of your business, you need to document and monitor your income and expenses on an ongoing basis. This is the main focus of bookkeeping. A well-maintained bookkeeping system can help you track profitability, maximize operational efficiency, and protect your organization from penalties and fines resulting from tax non-compliance. This last factor is particularly critical when you consider the fact that the CRA dedicates well over 50% of its funding towards auditing small and medium-sized business.

Of course, standing up to this sort of intense scrutiny is no easy task. As your organization grows, your bookkeeping requirements will become increasingly complex, to the point where you may have to enlist specialist support to ensure the accuracy and relevancy of your financial records and statements. At Gary R. Landa, CA Professional Corporation, our corporate bookkeepers provide a range of services that are designed to meet your specific accounting challenges.

We Track Transactions

Our corporate professionals in bookkeeping in Mississauga will document incoming and outgoing transactions through your bank feed. Each payment will be matched to relevant payments in your accounting records. This will provide you with an updated record of your daily cash flow. At the end of each month, we will reconcile outstanding cheques which have not cleared your bank account. We always aim to keep your financial records up to date.

We Manage Your Receivables

We can help you stay on top of all receivables that are due to your business. Our corporate bookkeepers may generate and issue invoices for clients if requested, and record all payments in the accounts receivables ledger and bank account.

We Manage Your Payroll

Payroll is a highly specialized function that brings together aspects of HR, accounting, taxation, and law. Whether your employees are paid at an hourly rate or on a monthly basis, you need to ensure that all wages are sent out in an accurate and timely fashion with all appropriate tax deductions. Our specialist payroll staff can help you achieve this objective through a variety of services that include:

  • Calculation of net pay and withholding taxes.
  • Tracking of accrued vacation benefits.
  • Calculating commissions, bonuses, and other incentives.
  • Filing and preparation of T4 and T4 summary, and prepare the Record of Employment for terminated employees.
  • Advising biweekly, monthly or quarterly installments required

We Prepare Periodic Financial Reports

Based on your specific requirements we can prepare monthly, quarterly or annual income statements, balance sheets, income statement and cash flow statements that provide you with up-to-date records of your company’s current financial position. These reports can prove invaluable for communicating future opportunities and risks to your key stakeholders; they will also assist the owner run his business, allow for cash flow management and tax planning opportunities that can be done in advance. It is better to do your tax planning proactively rather than reactively.

Planning on Selling Your Business? Make Sure Your Financial Reporting Is Up To Scratch

financial reporting

While many entrepreneurs relish the challenge of working long hours and triumphing over new market challenges, the truth is that all that effort can be undone by unfavorable, unforeseen circumstances. Whether it’s poor health, a recession or mounting debt obligations, there are a number of factors that can threaten your business’s ability to operate as a going concern. If you don’t have a good exit strategy in place, then you might end up walking away from years of hard work with nothing to show for it.

For most business owners, the ideal path to realizing their investment is through a sale on the open market. But if you think that a recognizable brand name is enough to ensure a quick sale then think again. Any investor worth their salt will assess your operations in minute detail before agreeing to a purchase. If you want to be able to stand up to this sort of scrutiny then you need solid financial reporting processes in place.

How Financial Reporting Can Help Show the Actual Value of Your Business

In order to determine an accurate valuation for sale purposes, you need to have a firm understanding of the assets and liabilities of your business. This includes everything from machinery and vehicles to brand trademarks and other intellectual property, while your liabilities will cover bank overdrafts and long-term leases.

While tallying up this list of items might sound simple in theory, in practice the task of assigning accurate values can be quite complex especially when different methods of depreciation are applied. This task is made even more difficult for sole proprietorships because assets are often used for both personal and professional purposes by the business owner. A final issue to consider when it comes to valuation is goodwill. Although you might believe that the reputation and contacts you’ve developed over the years entitle you to a certain sum, you must be able to show this value in light of your current operating performance.

With the preparation of financial statements, you can work to assist in answering many of these concerns. Goodwill is calculated on normalized earnings which may or may not be identical to the net income reported in the financial statements. A notice-to-reader prepared financial statements do not provide assurance to the potential purchaser that the income is reported properly. Three years of financial statements which have either a review engagement or audit report will provide much more comfort to the potential purchaser than a notice to reader financial statement.

Prove Your Professionalism

As a business owner, it’s easy to forego the regular preparation of financial statements in favor of less formal bookkeeping procedures. But while sloppy invoicing and inconsistently updated payables/receivables ledgers might seem adequate from a management perspective, for a prospective buyer, these issues serve as a clear deterrent.

Before taking over your business, a new investor will likely ask to check your revenues, expenses, and overheads over the last several fiscal years. This is just a part and parcel of basic due diligence. So if all you have to show are miscategorized entries, non-reconciled bank statements, and inaccurate ledgers then this will reflect your lack of control over your business.

Ideally, you should be able to produce consistent, clear and accurate financial statement for at least the past three years.

Tax Implications

There are also a number of tax considerations that go along with a business sale. First, your business structure will define how your profit is taxed. The sale of assets may result in recaptured depreciation which is taxed at a higher rate than capital gains. The sale of shares of a company will be subject to capital gains tax. The sale of shares of a Canadian Control Private Corporation (“CCPC”) may be eligible for capital gains exemption. This exemption is currently indexed to inflation and the current exemption limit is $842,252 for 2018. Again, if you want to minimize taxes and achieve the best outcomes in these scenarios then you should seek professional help prior to listing your company for sale. The accountant can review the financial reporting that you have in place.

As a full-service accounting firm operating across Canada, Gary R Landa, CA Professional Corporation can guide you through the business sale process. From preparing notice-to-reader financial statements, review engagements or even audits to organizing your books and accounting systems in preparation of a purchase or sale of your business, we offer a range of services to business owners at all scales.

Why Every New Business Needs Professional Accounting Expertise

chartered accountants Mississauga

While small businesses account for over 97% of the Canadian economy, only 35% of these ventures make it past the 5-year mark. According to recent surveys, poor cash flow management is often the biggest barrier to business success.

While every entrepreneur knows that profitability is the key to their long-term growth, most lack the financial expertise to make good on this objective. But accounting firms do.

If you’re a Canadian business owner struggling to manage the responsibilities of bookkeeping, tax compliance, payroll then our chartered accountant in Mississauga can help.

Accurate Data and Reporting

Unfortunately, passion isn’t enough to keep your business afloat. You also need the right information to drive your decision-making. Before investing in new assets or premises, you need to know that your income can support the minimum payments on your lease. Before negotiating a lengthy credit period with a new client, you need to know that your working capital can carry you until the invoices are paid. A qualified CPA can answer these questions and many more.

Chartered Accountants will perform ongoing analyses of your cash flows, overheads, inventory, and liabilities to provide an accurate assessment of where your business stands today. This will help to ensure that your business remains financially stable as it grows.

Access to Financing

If you’re looking to expand your operations then you’ll need more funding. The obvious way to do this is through a small business loan. But getting a loan application over the line is easier said than done. You will need to present a comprehensive business plan that presents your business as a viable investment for the bank. You may also need to restructure your ownership and existing debts in order to meet the minimum criteria for eligibility.

A CPA can provide invaluable insights during this time. Not only will they help you organize and prepare necessary documentation and coordinate any necessary restructuring, but they can also advise you on the best loan products available based on your current profile.

Tax Compliance

Tax season is normally a time for widespread panic amongst small business owners. Not only do you have to deal with the task of reporting expenses, write-offs, salaries, and profits, you also have to deal with a complex, constantly-evolving tax code while doing so.

For many entrepreneurs these challenges result in late or incomplete filings that open them up to penalties, fines, or in worse case scenarios CRA audits. Accounting firms can help you stay on top of regulatory and compliance issues, and ensure timely, accurate tax filings at all times.

Apart from these advantages, your accountant can also help you minimize your tax burden by identifying investment and savings opportunities that can save more of your profits for reinvestment in the business.

Focus on Your Core Competencies

As an entrepreneur, your main focus should be on growing your customer base and improving products and services. But if you’re spending a large portion of time managing books and calculating payroll, then you won’t be able to focus on these strategic initiatives.

Alongside reporting and tax assistance, accounting firms provide bookkeeping services that take these routine tasks off of your shoulders. With professionals recording your sales and purchases, updating the general ledgers, recording transactions in your inventory management system, performing monthly bank reconciliations, posting your monthly invoices and recording or calculating your payroll; you have the confidence that your underlying business financials are always in good order. Now, you can work to take your business to the next level.



Many taxpayers think that they have a simple tax return and it is easy for them to fill it out themselves. At Gary R. Landa, CA Professional Corporation, we had a client who was doing his elderly mother’s tax return for years. He thought that it was very easy to complete. However, he was not aware of all the deductions that could be claimed. The first year that we did the return, she received over $10,000 in refunds. If you are not aware of all the deductions that you may claim, you will never know if you maximized your tax refund. It is why our clients choose us, for services based on 38 years’ industry experience.


1. Deductions

An experienced corporate accountant will have a deep understanding of the Income Tax Act and can potentially find deductions, which otherwise may have been overlooked.

2. Detailed Filings

When tax returns are incorrectly filed, this can lead to potential audits, which often are overwhelming and expensive. By using an accountant, your chances of being audited are considerably lower.

3. Negotiating with the CRA

Your accountant can negotiate with the CRA on your behalf. Gary R. Landa, CA Professional Corporation has 38 years of experience dealing with CRA audits. We will deal with the auditor during the audit process.

4. Complete understanding.

Finally, there is the peace of mind that comes from working with an accountant who explains every step of the process, in as much detail as you need, to truly understand your financial and tax situations. Gary R. Landa, CA Professional Corporation in Mississauga, Ontario can provide you with practical solutions and tax strategies.


Gary R. Landa, CA Professional Corporation, is dedicated to your personal and business tax needs. Contact us today for a consultation!


four benefits of hiring experienced corporate bookkeeping experts

Corporate bookkeeping is an area where you should not rely on inexperienced bookkeepers. Inexperienced bookkeepers may be less expensive, but they can overlook important items that would be caught by an experienced bookkeeper. For example, a junior bookkeeper might post your accounting entries, but not look at financial statements to see if they look reasonable.

You need an experienced bookkeeper with decades of experience, like Gary R. Landa, CA Professional Corporation to get the most from your bookkeeping services investment.


1. Fewer mistakes

Even in the best of situations, audits by the CRA are time-consuming and costly. The right bookkeeper can greatly reduce the chances of filing errors which lead to CRA investigations.

2. Deeper financial analysis

Your books may balance, but that only tells part of your financial story. Experienced corporate bookkeepers can dig into your financial statements, looking for areas where the company may be able to make improvements including saving money and tax planning.

3. Superior forecasting.

Bookkeeping is not merely for balancing your accounts and ensuring proper tax returns. In the right hands, it can be a powerful forecasting tool, giving you accurate information to support your on-going business decision making process.

4. Saves you time.

Your job should be running your business, not worrying about your financial details. Bookkeeping is a job for specialists, specifically so that you can be free to focus on your specialties. Further, you get the simple peace of mind from knowing that your financial situation is accurate and fully-documented.


This all adds up to one simple conclusion: In most cases, experienced bookkeeping will more than pay for themselves in extra savings, superior planning, and accurate tax filings.

To learn more about how your corporate bookkeeping can be streamlined, please contact Gary R. Landa, CA Professional Corporation today.