Our clients have included businesses in a wide range of service and construction industries including:
- Automotive repair
- Architects and engineers
Often our clients come to us with financial situations they don’t themselves understand. They simply know that there is a problem with how their finances are being reflected in their current accounting practices. The two examples below are from actual client files, illustrating our approach to solving their specific difficulty.
Delivering a Clear Financial Picture
This client’s statements were showing wild swings between months. They reflected a loss one month and a large profit the next. By the end of the year the financial statements and the internal monthly statements were completely out of sync. At this point the owner came to me and asked for my involvement. After some discussion we determined that important accounting procedures were not being followed.
- The property taxes, insurance, and supplies inventory were not being properly expensed.
- In the cost of sales, wages were not being matched.
- Purchases were not expensed in the right period.
I devised and implemented an internal income statement and balance sheet with the help of the bookkeeping staff. The gross margins are now consistent, the overhead expenses are clear and the owner can predict monthly results based on sales. With this new system in place, problems can be quickly determined and corrected before large losses are incurred.
Managing The Business Structure
A prospective client was a sole proprietor and came to me because he was upset regarding a large personal tax bill he had recently received. When I investigated further I discovered he actually had two family businesses, both run by his family. After some discussion the decision was made to incorporate the company, with the family members as shareholders. With proper planning now in place, we were able to lower their overall tax bill, including accounting fees and legal fees.
Now with one GST number and one payroll remittance that includes the family on the payroll, the monthly cash flow is smoother. In addition, they no longer have a huge surprise when their personal returns are filed. By working with them to identify the tax situation and find a solution, I made their life simpler.
To whom it may concern,
Raymond Friesen continues to impress with the highest level of professionalism and knowledge. He has served me well, both corporately and as an individual for several years. During a recent audit, Raymond was well prepared, polite and firm. The CRA Auditor was quick to point out how “well prepared” he was and the matter was quickly resolved without any further cost or stress. I’m pleased to recommend Raymond for your accounting needs. He’s great!