Monthly bookkeeping and accounting plan with a flat fixed fee.
In the proposed work below, the term Gyroscope refers to Gyroscope Accounting; The term client refers to you and your company.
Client will provide the following within 10 days of month end:
- All receipts via the app Hubdoc
- All bank and credit card statements upload to the app Hubdoc
- All payment platform (ie Paypal) transactions via email
- All sent and received deposit, e-transfer or any other payment remittances via the app Hubdoc
Client will respond within 48 hours to outstanding bookkeeping items with additional support if required. Any late items will result in extra billings at 20% of the monthly recurring fee, payable immediately.
Client will prepare and deliver all customer quotes, invoices. Any AR collection follow up will be conducted by the Client, unless stated otherwise.
Gyroscope will complete the following:
- All bookkeeping up to 200 transactions within 25 days of month end. Additional unexpected transactions will be billed at $4.00/transaction.
- Bank account reconciliations within 30 days of month end.
- Reconcile all accounts receivable accounts and payable accounts as they are included in the 200 transactions per month.
Monthly Management Reports
- Gyroscope will provide a monthly management report within 35 days of month end.
- Management will include comparison with the prior period, year to date totals compared to prior year period.
- Ratios will be calculated and presented for a quick snapshot of liquidity, leverage and debt servicing ratio.
- Any signification deviation within an account will trigger a comment to the corporation’s management.
Semi-Annual Financial Assessment
- Gyroscope will facilitate two 1.5 hour financial review discussion with the client to review the mid-year and complete year as well as review potential cost-saving strategies and over financial strategy with the client.
Annual T2 Corporate tax return
- Gyroscope will prepare the taxes payable amount within 60 days of the fiscal year-end, to allow for the client to make payment within three months of year-end.
- Gyroscope will prepare and Efile the T2 return within 150 days of the fiscal year end after receiving approval from the client.
- Gyroscope will prepare all T5s required for shareholders of the corporation.
Annual Notice to Reader
- Gyroscope will prepare and present the Notice to Reader to the client at the time the T2 corporate tax return is filed.
- A compilation engagement will be conducted. Please note that there are no audit or audit procedures performed during a compilation engagement.
Quarterly GST/HST and PST filings
- Gyroscope will prepare GST/HST and applicable provincial sales tax returns on a quarterly basis. If the GST/HST or PST is required to be filed more frequently than quarterly, an additional monthly charge will be added.
T5 (Dividend) Slips
- Gyroscope will complete and file the T5 slips for all shareholders of the corporation (if applicable) before the filing date of Feb 28 of the following calendar year.
Unlimited accounting support
- Gyroscope will provide unlimited accounting support via email. Gyroscope, when requested, will meet via Skype or the phone to discuss more complicated accounting or bookkeeping issues, and to provide training.
Payroll Support for up to 10 employees
- Gyroscope will perform the complete payroll function using the service Payment Evolution, which includes semi-monthly or bi-weekly payroll runs, 1 extra non-recurring item per employee per pay period, and preparation of T4s after the calendar year.
- Client will ensure that all employees will utilize an email account to receive payroll pay stubs as well as T4s at year end.
Annual Budget and Forecasts
- Gyroscope will prepare annual budgets and 12-month forecasts with the input from the corporation’s management.
- The monthly management report will include a comparison to budget and adjustments to the forecasts.
Foreign currency support
- Gyroscope will provide full foreign currency support for the corporation using the reporting currency of Canadian Dollars (CAD).