cheaper without sacrificing quality
Simply a Better Way
You don’t need to go to a CPA firm to do your corporate income tax return. TaxWise Accounting have filed over 100 corporate tax returns and never had any complaints from our clients. In fact, many clients switched from a CPA firm and feel we did a better job than their former accountants.
That’s because we specializes in small businesses taxation and our streamlined process reduces the associated time and cost. We will electronically file your Canadian corporate income tax return (T2), so you don’t have to worry about losing your tax return in the mail.
Our fee ranges from $800 to $1,000. Our bookkeeping clients enjoy a $100 discount. Fees don’t include bookkeeping services.
Streamlined Process Explained
What is the Streamlined Process for corporate income tax return preparation?
Our rate is lower than most CPA firms because we use a streamlined process. So what is a streamlined process?
Basically we cut the unnecessary steps of transporting data from your accounting software to accounting firm’s accounting software. This not only saves time but also reduce the chance of incurring human errors. Let’s compare it against the traditional process used by most CPA firms:
| Steps | Traditional Process | Streamlined Process |
|---|---|---|
| Data Replication | Copy your financial information into CPA firm’s accounting platform. Most CPA firms use CaseWare. | <skipped> |
| Examination | Examine your financial information – in CPA firm’s platform. | Examine your financial information – directly in your cloud-based accounting platform. |
| Adjustment | Create year-end adjusting entries – in CPA firm’s platform | Create year-end adjusting entries – directly in your cloud-based accounting platform. |
| Compilation | Export the adjusted financial statements to tax software and fill out other tax schedules. | Export the adjusted financial statements to tax software and fill out other tax schedules. |
| Finalization | Explain the completed tax return to you and obtain your signature. | Explain the completed tax return to you and obtain your signature. |
| (Hidden Step) | You or your bookkeeper imports the adjusting entries back into your cloud-based accounting platform. | <skipped> |
Traditional Process vs. Streamlined Process
Corporate Income Tax Return – Done Faster and Cheaper
As you can see, the traditional process has 6 steps while the streamlined process has only 4. The 2 steps eliminated from our process are the first step (data replication) and the last step (hidden step – importing adjusting entries back to your accounting platform).
Does skipping the first step, data replication, hurt the quality of the work? Actually, just the opposite. Scrapping data replication improves both efficiency & accuracy. Let us explain it to you:
- First of all, many accounting firms still import the data manually into CaseWare. This is not only time-consuming but also error prone. If an error occurred during the first step, all the remaining steps are “contaminated” with the error.
- Many accountants aren’t familiar with your accounting system so they keep asking you for tons of documents: your vendor receipts, AR & AP summary, bank statements, bank reconciliation reports, payroll records, etc. They are not aware that many documents are already in your cloud-based platform and they can simply request access to your accounting platform and find the information themselves.
- Accountants create a 2nd set of financial statements and send their copy to CRA. Your own set of financial statements in QuickBooks Online (or Xero) becomes obsolete without your knowledge.
The Often Forgotten Step
The streamlined process also eliminates the last step, the hidden step. In this last step, your books are adjusted to match CRA’s version. We call it the “hidden step” because, unfortunately, most accountants fail to bring this requirement to their clients’ attention. As a result, the discrepancy between the two sets of financial statements grows larger and larger over time. Our clients won’t have to worry about it because all adjusting entries were already in your cloud-based platform.
We Are a Better Match
We specialize in serving small businesses like you. Our team delivers better results because we know you better. Our fees are lower because our process is more efficient.
Most small businesses already embraced the cloud-based accounting solutions because it’s cheaper and better. Now you can take a step further by choosing a tax firm who knows how to fully utilize your accounting platform.
To taste the cost benefit of our innovative process, please schedule an appointment with us.
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