Terms and conditions

Unlimited Support/Consultation

What’s included:

• Answering questions by email, phone or zoom to discuss whatever business matters are of interest

What’s not included unless otherwise specified:

• Additional work or research leading up to and/or following the meeting not already explicitly included in your engagement
• Multiple meetings scheduled at once
• Meetings scheduled past 30 days in advance
• Meetings that last more than 1 hour
• Meetings to discuss anything non-business related

Bookkeeping Services (Accrual)

What’s included:

• Enter all expenses into the accounting system based on their invoice date.
• Match business bank & credit card transactions to the respective sales & purchase invoices.
• Reconcile the agreed number of transactions by the agreed timeframe.

What’s not included unless otherwise specified:

• Pay suppliers.
• Enter sales invoices and/or collecting receivables.
• Prepare employee expense reports.
• Project/class tracking.
• Reclassifying transactions from previously closed periods.

Bookkeeping Services (Cash)

What’s included:

• Code business transactions directly from your business bank and/or credit card statements.
• Reconcile the agreed number of transactions by the agreed timeframe.

What’s not included unless otherwise specified:

• Using source documentation to code transactions.
• Pay suppliers.
• Enter sales invoices and/or collecting receivables.
• Prepare employee expense reports.
• Project/class tracking.
• Reclassifying transactions from previously closed periods.

Conversion to Xero/QBO

What’s included:

• Take the closing balances from your previous accounting system and enter them as opening balances in Xero/QBO as at the conversion date.
• Enter all individual invoices that make up your accounts receivable as at the conversion date.
• Enter all individual invoices that make up your accounts payable as at the conversion date.

What’s not included unless otherwise specified:

• Entering all historical transactions from the previous accounting system into Xero/QBO.
• Correcting any accounting errors found during the conversion process.

Payroll Services

What’s included:

• Coordinating and processing payroll using data provided by management using the specified payment software for the specified number of employees
• Completing the following year-end forms: {insert form names}
• Adding employees to the payroll system using our template
• Processing Records of Employment
• On-going Q&A for questions that employees might have regarding their pay
• Q&A for questions that employees might have regarding their {insert form names}

What’s not included unless otherwise specified:

• Calculating employee bonuses
• Managing expense reports
• Tracking employee hours
• Tracking employee sick days & vacation/PTO
• Coordinate any issues relating to payroll with the appropriate authorities for periods in which we have not processed payroll ourselves or for which we have not been mandated for

Bill Pay Services

What’s included:

• Paying the specified number of bills per period using our recommended bill pay software
• Setting up new suppliers in the system when required
• Monitoring payable due dates to ensure payments are not made late

What’s not included unless otherwise specified:

• Approving bills for payment (to be done by management)
• Communicating directly with suppliers

Year-End Financial Statements

What’s included:

• Reconcile chart of accounts once a year at year-end.
• If bookkeeping is not included, minor adjustments for any errors spotted during the year-end preparation process.
• Compile the accounting records into financial statement format.

What’s not included unless otherwise specified:

• Audited/Reviewed financial statements
• Major corrections that need to be made due to errors in bookkeeping.
• Review/audit support should an external firm be reviewing/auditing the financial statements.

Sales Tax Filings

What’s included:

• Reconcile the sales tax account in your accounting system to determine the payable/refund.
• File the return form with the appropriate government authority for the period in question.

What’s not included unless otherwise specified:

• Government audit support.
• Correct errors pertaining to bookkeeping if bookkeeping is not included.

Government Support

What’s included:

• Speak to the tax authorities about matters relating to sales tax and corporate tax for periods that we have been mandated for.

What’s not included unless otherwise specified:

• Deal with government authorities for matters outside of sales tax, corporate tax and for periods outside of our mandate.
• Coordinate audits with government authorities.
• Dealing with the tax authorities regarding late filings that were filed late through no fault of our firm.

Corporate Tax Return

What’s included:

• Prepare the {insert tax form name} using data from your accounting software and file it with the appropriate tax authorities.

What’s not included unless otherwise specified:

• Completion of any specialized forms that are not part of a routine income tax return (example: {list form names})
• Any kind of tax planning
• Dealing with the tax authorities regarding late filings that were filed late through no fault of our firm.

Implementation of a Financial Model

What we will do:

• Schedule a meeting to discuss the budget for the upcoming period and advise you on the expectations and monthly goals for each item in the income statement.
• Develop a budget scenario for the fiscal year for which we are mandated.
• Present the completed budget and make 1 revision based on feedback

What is not included:

• Development of a fully automated budget.
• Modifying the budget to turn it into a ‘cashflow’.
• Creation of a business plan over one or more years.

Quarterly Budget Updates

What we’ll do:

• Analyse the budget variance versus actuals, provide useful insight and analysis on actions to be taken in the upcoming periods.
• Schedule a meeting to discuss the results.
• Discuss updates to be made to the budget.
• One revision of the updated budget.

What’s not included:

• Build multiple budget scenarios (unless otherwise stated).

Quarterly Health Check-Up Report

What we’ll do:

• Analyze the results from your accounting system for the period in question and issue a report which annotates the financial statements stating key concerns, observations, recommendations & advice in line to achieve your objectives.
• Present the report in a Zoom meeting.

What’s not included:

• Perform any bookkeeping services or support (if not included in the plan).
• Any work following the health check-up report that is not included in the agreed upon services.

Annual Health Check-Up Video

What we’ll do:

• Analyze the results from your accounting system for the period in question and deliver a Loom video which comments on the financial statements stating key concerns, observations, recommendations & advice in line to achieve your objectives.

What’s not included:

• Perform any bookkeeping services or support (if not included in the plan)
• Any support (calls/emails) over and above what’s included in the plan
• Any work following the health check-up video that is not included in the agreed upon services

Individual Tax Return Preparation

What’s included:

• Prepare the {insert tax form name} using data provided by you and file it with the appropriate tax authorities.

What’s not included unless otherwise specified:

• Completion of any specialized forms that are not part of a routine income tax return (example: {list form names})
• Any kind of tax planning
• Dealing with the tax authorities regarding late filings that were filed late through no fault of our firm.
• Any support over and above the support included in your selected package.

Tax Optimization Checklist

What’s included:

• Verifying that most popular tax optimization strategies have been considered and that there are no surprise overdue filings or tax amounts owing

What’s not included unless otherwise specified:

• Implementation of any tax optimizations identified

Tax Strategy Calls

What’s included:

• A call to assess whether any strategies exist to optimize, improve and/or protect your tax situation

What’s not included unless otherwise specified:

• Any work that follows the call
• Implementation of any strategies identified

Custom Tax Plan

What’s included:

• A report that summarizes available tax strategies that are applicable to you, how these strategies may apply to you and the steps required to implement them.

What’s not included unless otherwise specified:

• Implementation of any strategies identified