Accounting & Bookkeeping Overview
At Stratos, our accountants focus on providing reliable bookkeeping and accounting services to our clients which enables them to focus on running their core operation and to make sound business decisions. Accounting and bookkeeping can be a very tedious, time-consuming process and if not done correctly, can lead to significant burden to business owners, including tax compliance issues and fees.
Our dedicated team of accountants are trained, experienced professionals who will act as your partner to manage your accounting function and improve your overall business operations. At Stratos, we assist our clients in achieving their financial goals – our objective is to provide you with the benefits of expert financial accountants without the cost of paying the salary of an accounting department. Leave the accounting work to the professionals at Stratos and see how we can help you save time and money.
Our Services
We offer a turn-key accounting solution to wholly outsource your accounting function. Our services include:
Modern Cloud-Based Accounting and Bookkeeping
Today’s business landscape operates in a digital world – your accounting, books and records should too. At Stratos, we provide bookkeeping services which are hosted on industry leading cloud-based accounting platforms that make accounting far more efficient from the dark ages of hard copy, physical form bookkeeping. We take an innovative approach to ensuring our clients books are real-time accurate, at all times, making your fiscal year end, and tax season a seamless process.
Monthly Reconciliations of Your Books and Records
Stratos accountants will perform monthly reconciliations of all accounts to ensure:
- Appropriate account categorization, considering management and stakeholder preferences e.g. minimize taxes, maximize shareholder value, comply with specific debt covenants etc.
- Accurate and complete reporting for all transactions
- Identify and recommend any potential areas of weakness or operational deficiencies which can be corrected
- Correct errors or duplicate charges/entries from vendors etc.
You will have full confidence that your business is in good hands knowing Stratos Accountants are closely watching over your businesses financial records.
Fully Digitized Document Retention
The fear of audit, compliance or stakeholder requests is no longer prevalent through our digitized solution to host all your relevant documents on the cloud. Be able to access your expense receipts, invoices, tax documentation and more from the tip of your fingers, any time, anywhere. Stratos Accountants will help build your accounting framework on our digitized solution to easily access relevant supporting documentation. Have peace of mind knowing that your documentation is accessible from any device.
Accounts Receivable / Accounts Payable Management
End of month invoicing and expense management just got significantly easier. Through use of tools and modules set up through Stratos, we’ll support your Accounts Receivable and Payable function that enables real-time tracking of payables and receivables. We’ll assist in building an automated process to permit accurate reporting for payables/receivables that will ensure every penny is accounted for. You’ll ensure to always get paid on-time and never miss a payment again with the Stratos team supporting your accounting function.
Payroll
Payroll is an administrative burden that can be complex when considering tax implications of EI, CPP and Withholding taxes. At Stratos, we’re accountants that have a strong grasp of tax laws and requirements to ensure your Payroll function is set up correctly and to automate the remittance process to keep you off CRA’s radar. Reducing the amount of time you spend on Payroll will allow you to focus on your business – seek our services to begin saving time and money!
Reconciliation of Tax Accounts for Payroll, HST, Corporate Taxes etc.
Without robust tracking, categorizing and reconciliations of your business transactions, it’s very difficult to accurately calculate your taxes payable or receivable. At Stratos, we guarantee to accurately compute the tax consequences to ensure you don’t pay a dollar more than what’s required. The primary goal of our accounting services is to ensure accurate and complete calculation of your taxes, so you are paid what you are owed from CRA and vice versa.
All Tax Filings (T2 Corporate Taxes, HST, & Payroll)
The Stratos team are experienced accountants that bring over 25 years of tax filing experience. We ensure that all components of your complex corporate return are considered and that we take advantage of all tax benefits for your business. Our team partners with leading tax software platforms to bring you the best quality service and to minimize your tax consequences.
CRA Profile Management
Business owner’s already have a full plate – why burden yourself with managing CRA correspondences. With Stratos as your accounting firm, we will fully manage any communication to/from CRA as your representative whom is authorized to discuss your account on your behalf. Any notices of assessment or requests from CRA will be communicated through us to ensure you only have 1 point of contact for anything regarding accounting or taxes.
Financial Statement Preparation
For your business to thrive, you need to make decisions on growth. Your financial statements are the primary driver for your decision making. At Stratos, we take pride in preparing our client’s financial statements for their purposes. Whether it be to obtain financing, value your business, or minimize tax consequences, our experienced professional accountants are here to assist you in meeting your financial goals.
CFO Service and Financial Consulting
As your accounting function, you can rely on Stratos accountants as your dedicated consultant for advice related to financial affairs. We will leverage our knowledge and expertise to streamline your operations and add value. We’re more than your accountants, we’re your partner, invested in your growth and success.
Benefits of Hiring Stratos as your Accountant and Bookkeeper
Peace of Mind
As professional accountants, you can rely on us to ensure your financial records are accurate, complete, and up to date. Never worry about your financials falling behind or growing concerns or errors again!
Time Savings
As a small business owner, every hour spent on non-revenue generating activities comes at a cost. Let us manage your financials and you focus on the growth of your core business activities.
Cost Savings
We know what we’re doing – at Stratos, we identify opportunities to streamline your business expenditures to reduce costs to increase your bottom line. As your accountant, we take a cutting-edge approach to ensuring our clients are profitable.
Tax Savings
Many business owners fall behind on reconciling their tax accounts, or don’t do them at all! We ensure that all adjustments and tax credits available to you are leveraged to minimize your tax bill.
Avoid Late Filings, Penalties and Interest
As business owners, consulting a financial expert and/or accountant is key to help you make correct decisions for your business. At Stratos, we are more than just your accountant, we’re your partner. We make ourselves available, beyond the scope of routine accounting, to provide financial advisory to our clients, allowing them to make financially sound decisions to reach their objectives.
We Pay Our Own Bill
When you consider the financial benefits, value-add and savings of having Stratos as your accountant and financial advisor, it always exceeds the costs. Contact us now to see how we can support your business and assist you in achieving your goals.
Accounting Lifecycle
Beginning of Fiscal Year: Creation of your Chart of Accounts and General Ledger
All your transactions are grouped together in a class of accounts that make up your general ledger. It’s critical that your books include specific accounts which are utilized to remain compliant with tax requirements, accurately report and accrue entries for adherence to accounting principles and streamline your financials by leveraging best practices. As your accountant, we are experts in setting your business up for success at the beginning of your fiscal period.
Throughout the Fiscal Period: Identifying and Recording your Financial Transactions
As accountants, we’re trained to treat financial transactions within the guidelines of the generally accepted accounting principles, which varies based on the structure of your business. Therefore, we appropriately categorize your transactions and structure your business in favour of management’s objectives e.g. tax minimization or maximizing shareholder value.
Year End Activities: Adjusting the Trial Balance and Closing the Books
Your books need to be balanced at year end. As accountants, we’re the best equipped to manage this cumbersome task at on your behalf. We’ll incorporate all best practices to ensuring your books are closed on time for tax season whilst incorporating every tax planning strategy available to you both corporately and personally.
Tax Season: Preparing and Filing your Taxes
Financial reporting and tax reporting are not the same. The Canadian Income Tax Act defines specific requirements for reporting your financials to the CRA, which differ from the accounting principles used to create your financial statements. Therefore, performing your bookkeeping is not enough to remain compliant with tax laws. As accountants and experienced tax professionals, we’re trained to accurately prepare your financials in a format that not only complies with the tax law, but also minimizes your tax consequences. See our Tax Services page for more information.