Cloud-based Accounting, Tax & Payroll Services

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ON THE CLOUD SERVICES FOR YOUR MODERN BUSINESS

Black and White Accounting Services Ltd. offers a fully online and cloud-based services using the most contemporary cloud-based accounting and documents management apps. Hosting documents and accounting file on the cloud apps allows to access accounting data in real-time, anywhere and anytime.   

Our Cloud-based Services

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1. Accounting and Bookkeeping Services

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Black and White Accounting Ltd. provides your business with a full spectrum of cloud-based accounting and bookkeeping services and stay on top of the deadlines for you, taking the hassle out of your accounting and bookkeeping obligations. Cloud-based accounting and bookkeeping services give you the flexibility to work whenever and wherever you want. Our services include:


1.1. Bookkeeping Services

1.2. Preparation of Financial Statements

1.3. Bank Reconciliation, Accounts Payable and Accounts Receivable Services

1.4. Set-up and Maintenance of Accounting Systems


 Let us handle your monthly accounting and bookkeeping so that you can focus on what you do best 

2. Tax Services

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Taxation activities are the most complex and challenging aspects of accounting. Our cloud-based tax services are designed to help you and your business in completing and filing timely and accurate tax returns and GST/HST remittance. For small businesses and individuals, we proactively review your corporate and personal tax position to ensure that you get no surprises at tax time by utilizing all opportunities to reduce taxes. The requirement for your tax preparation depending on your business type and how we prepare your income tax return based in your records and other relating information. We offer the following tax services to meet your needs:

2.1. Corporate Income Tax Services

2.2. Personal Income Tax Services

2.3. GST/HST Sales Tax Services


 Let us handle your tax returns so that you can focus on what you do best 

3. Payroll Services

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Payroll plays a major role in the business who is responsible for calculating payroll checks, deducting Canada Pension Plan (CPP) contributions, Employment Insurance (EI) premiums and income tax from remuneration or other types of income you pay by remitting them to the Canada Revenue Agency.  Cloud-based payroll services give you the flexibility to work whenever and wherever you want   


 Let us handle your payroll so that you can focus on what you do best 

4. Other Business Services

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In addition to accounting, bookkeeping, GST/HST, tax and payroll services, Black and White Accounting Ltd. provides various business services including:


4.1. New Business Start-up

4.2. Managerial Accounting and Budgeting

4.3. Financial Analysis Services


 Let us handle your managerial accounting so that you can focus on what you do best 

1. Accounting and Bookkeeping Services

1.1. Bookkeeping Services

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Bookkeeping services is an important process of any small business that are available on cloud-base and on site/in house base. Cloud-based bookkeeping services give you the flexibility to work whenever and wherever you want. We offer an all-encompassing suite of bookkeeping services using all strategies that reduce your tax payable and tailor our services to meet the specific needs and requirements of each client. This includes:  

  • keeping of complete sets of chart of accounts, ledger and financial records
  • maintaining the procedures used for recording of financial transactions
  • establish, maintain and balance various accounts
  • post journal entries, maintain general ledgers, reconcile accounts, and prepare trial balance
  • prepare financial statements and other management reports
  • prepare payroll, GST/HST reports and other government filings

1.2. Preparation of Financial Statements

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We will help you prepare financial statements in accordance with International Financial Reporting Standards (IFRS), and present them professionally in easily readable formats, and give you the specific information you need to make smart and fast business decisions. This service includes:  

  • statement of financial position (balance sheet): reports on a company’s assets, liabilities, and ownership equity at a given point in time
  • statement of comprehensive income: reports on a company’s income, expenses, and profits over a period of time
  • statement of changes in equity: (retained earnings statement)
  • statement of cash flows: reports on a company’s cash flow activities, particularly its operating, investing and financing activities
  • fixed assets and depreciation schedules, and
  • other disclosures

1.3. Bank Reconciliation, Accounts Payable and Accounts Receivable Services

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We will reconcile your bank accounts and credit card transactions with bank statements and drafts the required adjusting entries. We offer service to keep track on your sales, accounts receivable, purchase and accounts payable. These services include:  

  • prepare the bank reconciliation statement and related journal entries
  • tracking sale and purchase paper invoices, customer payments and suppliers’ transactions
  • collections, payments, and aging reports
  • confirming and reconcile transactions with suppliers and customers
  • calculating and posting of cash discounts and finance charges

1.4. Set-up and Maintenance of Accounting Systems

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We provide support of Intuit products and other accounting systems that you might currently have set up and in use.  We specialize in online bookkeeping with certified online QuickBooks advisory services, and we provide you with full training.  This service includes:  

  • system support training and maintenance
  • system customization and integration
  • system upgrades
  • point of sale services




2. Tax Services

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2.1. Corporate Income Tax Services

Maximizing tax efficiency and simplicity is no easy task, but we can help you develop the right approach for your business by identifying your potential tax opportunities and arranging your affairs in the most tax efficient manner, we can help you meet all of your tax compliance and reporting requirements, including:    

  • preparation of the T2 and CT23 corporate tax returns, tax estimates and installments
  • Utilization of innovative tax strategies to minimize your tax liabilities
  • completion  of GIFI (General Index of Financial Information) schedules for corporation income tax returns
  • filing online returns using the latest software and informing you of payments to be made

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2.2. Personal Income Tax Services

Our team understand the significance of providing accurate personal tax returns and minimizing any payments while maximizing your potential return. There are numerous exemptions and credits you may be eligible for that may apply to you personally or to your business. We excel at providing accurate, convenient, and reasonably priced preparation of personal tax services. We can handle more complex returns. We provide services on a range of personal tax matters including the following:    

  • personal income tax returns
  • personal income tax planning
  • comprehensive review to minimize your tax liability and ensure the maximum refund possible
  • identification of areas where you may wish to seek tax advice to mitigate your liabilities
  • negotiation and settlement of tax disputes
  • filing online returns using the latest software and informing you of payments to be made
  • Previous year's tax return 'catch up'

If you own an unincorporated business or are a member of a partnership, you may also be entitled to additional deductions that you may not be aware of. We can assist you with gathering the information you need to get the deductions you deserve. We can also review your GST and RST filing requirements to make sure you are meeting your compliance and remittance obligations.
We can help you determine when and if you should incorporate your business.   

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2.3. GST/HST Sales Tax Services

The goods and services tax and harmonized sales tax (GST/HST) are the taxes that apply to most supplies of goods and services made in Canada, and also to supplies of real property (such as land and buildings) and intangible assets (such as trademarks, rights to use a patent). Sales tax returns (GST/HST) are due frequently (monthly, quarterly ...etc.) depending on your business sales.  We are able to prepare these returns to ensure that you are compliant with filing requirements. As a registrant, you recover the GST/HST paid or payable on your purchases and expenses related to your commercial activities by claiming an input tax credit (ITC) on your GST/HST return. Our services include:    

  • apply for a business GST/HST number to CRA
  • register if your annual sales are over $30,000
  • preparation, processing and remittance of GST/HST



3. Payroll Services

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Payroll plays a major role in the business who is responsible for calculating payroll checks, deducting Canada Pension Plan (CPP) contributions, Employment Insurance (EI) premiums and income tax from remuneration or other types of income you pay by remitting them to the Canada Revenue Agency. Black and White Accounting Ltd. provides affordable online payroll services to our small businesses. Just send us the hours and we are able to send you the pay stubs to create the payroll checks or even prepare direct deposit for your employees. There are various filing requirements for your payroll deductions and we can help keep you straight. Payroll services include:    

  • calculation of earnings, commissions, allowances and benefits
  • calculation of deductions: CPP, EI, income tax
  • remitting payroll deductions
  • electronic payroll processing and payments to employees 
  • direct deposits for all employees 
  • integration with QuickBooks accounting software
  • CRA payroll remittances of payroll deductions (income tax, CPP and EI …etc.)
  • preparation and filing T4, T4A, T5018 and summary year ended
  • managing and processing of Records of Employment (ROE)
  • WSIB premium calculation and remittance



4. Other Business Services

4.1. New Business Start-up

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  • registration and complete incorporation of your business
  • business start-up planning 
  • building by-law
  • building payroll system and employee training
  • advisory services and support for organizing business growth
  • building accounting system
  • building point of sale system
  • building internal control system and documents flow.





4.2. Managerial Accounting & Budgeting

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We provide financial forecasting and budgeting service that allow our clients to quickly react to the rapidly changing competitive business circumstances. These services include:    

  • preparation of master budgets (operational and financial budgets) 
  • preparation of capital budgets
  • cost behavior analysis
  • analyze cost-volume profit (CVP) including contribution margin, break-even point, target profit and sales mix
  • support the short term decisions and the incremental analysis
  • cost calculation using job order and process costing systems
  • implementing activity based-costing (ABC) system
  • implementing normal and standard costing system
  • cash flow forecasting
  • sensitivity analyses
  • development of financial estimates models

4.3. Financial Analysis Services

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Our financial analysis services ensure better quality and lower cost that would maximize our clients' return on investment and their potential growth. Is your business looking for financial analysis services? Outsource to Black and White Accounting Ltd. and get access to the best in financial analysis services.


With Black and White Accounting Ltd., outsourcing financial analysis services can provide your business with a host of benefits which include:    

  • cost savings: you can get access to financial analysis services at a much lower cost, without compromising on quality
  • access to qualified accountants with work experience in accounting and financial analysis
  • access to faster and more accurate interpretation of financial statements

Black and White Accounting Ltd. provides a host services in the area of financial analysis such as:  

  1. Common-size financial statements and vertical analysis.
  2. Horizontal and trend analysis
  3. Working capital
  4. Break-even analysis
  5. Cash flow analysis
  6. Cost-volume-profit (CVP) analysis
  7. Financial ratios analysis: 

  • Liquidity
  • Profitability
  • Leverage
  • Efficiency