FAQ
Answers to the most frequently asked questions related to accounting and taxation.
Accounting, Taxation, etc.
What is the Difference between Bookkeeping and Accounting?
Bookkeeping records daily transactions. Accounting validates, adjusts (depreciation, provisions), produces financial statements, and analyzes them to guide decisions.
How Often should I Produce Financial Statements?
Monthly if you manage tight margins/cash flow; quarterly at a minimum. The important thing: a fixed schedule and quickly delivered figures.
Which Financial Statements are Essential?
Balance sheet, income statement, and cash flow statement. Together, they show what you own, what you owe, what you earn, and how money flows.
ASPE, IFRS… which one should I Choose?
Most SMEs opt for ASPE (Canadian standards for private enterprises): simpler and more suitable. IFRS is mainly for public companies or those with specific needs.
GST/QST: Monthly, Quarterly, or Annually?
It depends on the sales volume. The higher the volume, the shorter the frequency. We check your threshold and choose the best option for your cash flow.
Salary or Dividends for the Owner-Manager?
Often a mix: salary to contribute to RRSPs/QPP and receive benefits; dividends to optimize taxes. We model based on your income, family expenses, and liquidity needs.
Which Expenses are Deductible?
Cell phone, vehicle (business portion), home office (depending on use), insurance, bank fees, interest, subcontracting, software, etc. Key: supporting documents and documented calculation method.
Which Tools Do You Recommend (QuickBooks, Acomba, Sage…)?
It depends on your industry, multi-currency needs, payroll, inventory, projects. We assess your needs and configure the tool that serves your operations (not the other way around).
What to Do if Revenu Québec/CRA Contacts Me?
Don’t panic. We read the notice, gather the documents, and respond on time with a clean file. The sooner we start, the better.
How Long should I Keep My Supporting Documents?
Generally 6 years after the last tax year concerned. Digital is accepted if legible and accessible.
Vehicle: how to Calculate Business Use?
Keep a logbook (business km/total). We apply the percentage to eligible expenses and document it.
The Company and its Services
What Services Do You Offer?
Accounting (statements, closings, analyses), Taxation (GST/QST, T2/T1 in collaboration with tax specialists), Consulting/Fractional CFO, Certification (compilation engagement, preparation for external audit), Bookkeeping, Software Implementation.
How Does it Actually Start?
A short call → secure access → diagnosis of your flows (bank, sales, payroll) → action plan + deliverables schedule. We start with priorities (compliance and cash flow).
Do You Work Remotely or On-Site?
Both. Most engagements are hybrid: cloud tools + periodic meetings (video conference or in person).
How Do You Charge?
Your choice: packages (Essential / Growth / Fractional Financial Management) or hourly rate depending on the engagement. Total transparency, no surprises.
In which Sectors Do You Have Expertise?
Services, construction/projects, trade, light manufacturing, professionals, NPOs. If it’s outside our area, we’ll tell you and provide a referral.
Can You Take on a 'Backlogged' File?
Yes. We perform a catch-up (cleanup, reconciliations, corrections), then we implement simple routines to prevent further delays.
Which Software Do You Work with?
QuickBooks, Acomba, Sage, Zoho Books, and complementary tools (Dext, Plooto, Wagepoint, etc.). We also adapt to your existing stack.
Security and Confidentiality, how Do You Manage Them?
Encrypted access, secure sharing, least privilege rules, backups. We document who has access to what — and remove access when it is no longer required.
Do You Perform Audits?
In which Languages Do You Offer your Services?
French and English
How to Terminate or Adjust an Engagement?
Everything is stipulated in the contract: notice period, orderly transfer of access and files, updated documentation for a smooth transition.