Bookkeeping

Systematically recording and organizing financial transactions of a business. The advantages of bookkeeping include ensuring precise financial information for decision-making, facilitating adherence to tax regulations, and aiding in the control of cash flow and overall financial well-being of the business.

Overseeing and organizing a company's outstanding bills and payments owed to suppliers and vendors. Effective management of accounts payable can help businesses maintain positive relationships with their vendors, avoid late fees and penalties, and improve cash flow management.

Tracking and collecting payment from customers who owe money for goods or services provided by a business. Efficient management of accounts receivable can help improve cash flow, reduce bad debt and delinquencies, and maintain strong relationships with customers.

Calculating and distributing employee salaries and wages in accordance with the company's payroll policies and applicable laws and regulations. Effective payroll processing involves accurately tracking hours worked, calculating deductions and taxes, and ensuring timely and compliant payments to employees. Proper payroll management helps maintain employee satisfaction, reduce the risk of penalties and legal disputes, and ensure accurate financial reporting.

Comparing a company's financial records with those of its bank and credit card statements to ensure that all transactions are accurately recorded and accounted for. This process helps businesses identify discrepancies and errors, prevent fraud and financial mismanagement, and maintain accurate financial records for reporting and decision-making purposes.

Assist in the creation of a company's financial reports, such as balance sheets, income statements, and cash flow statements. Accurate financial statement preparation is essential for a company's stakeholders, including investors, creditors, and regulators, to assess the financial health and performance of the business. Proper financial statement preparation involves complying with accounting principles and standards, accurately recording transactions and financial data, and providing clear and meaningful financial information for decision-making purposes.

Planning and estimating a company's future financial performance, typically for a period of one year or more. RightPath will assist in setting financial goals and targets, estimating revenues and expenses, and developing a financial plan to achieve those objectives. Effective budgeting and forecasting helps businesses anticipate and prepare for future challenges and opportunities, make informed financial decisions, and allocate resources in a strategic and cost-effective manner.

Calculating and reporting the amount of sales tax owed to provincial and federal taxing authorities for taxable sales made by the business. Proper sales tax reporting involves accurately tracking sales, determining the applicable tax rates, and ensuring timely and compliant remittance of sales tax payments. Effective sales tax reporting helps businesses avoid penalties and legal disputes, maintain accurate financial records, and ensure compliance with provincial and federal tax laws and regulations.

Managing and distributing the assets and debts of a deceased person. Including identifying assets, paying off debts, and distributing the remaining assets to beneficiaries according to the terms of the will or the laws of the province.

Provide businesses with strategic financial guidance and analysis needed to make informed decisions and achieve their financial goals. A fractional CFO allows for businesses to access the financial expertise they need on a part-time or project basis, without incurring the cost of a full-time CFO.

CSRS 4200 standards will be applied in an engagement where the aim is to aid management in the compilation of financial information using a selected basis of accounting. The engagement will follow the prescribed principles to provide support to management in presenting the financial information in a reliable manner.