Services

CPA

Integrity
Trust
Satisfaction
Knowledge
Commitment

Professional and Experienced Chartered Accountants

Nandlal Professional Corporation offers a wide range of services to both individual and business clients. The following is a list of services we offer together with a brief description. The list below is by no means comprehensive so please contact us about a service if you do not see it listed here.

Assurance Services

Audits
Accountants Reviews
Compilations / Notice to Readers

Accounting Services

Accounting Systems Set-up
Bookkeeping
Preparation of Financial Statements
Preparation of Budgets and Forecasts
Payroll Services

Business Advisory Services

1. Business Registration and Incorporation
2. Business Financing for:
– Start-ups
– Existing Business
3. Business Plans Preparation
4. Management Advisory Services
5. Purchase and Sale of a Business

Tax Services

Preparation of Income Tax Returns for:
1. Corporations
2. Individuals
3. Trusts
– Sales Tax Returns Preparation
– Tax Advisory and Tax Planning

Audits:
The purpose of an audit is to enhance the degree of confidence of intended users in the financial statements. This is achieved by the expression of an opinion by the auditor on whether the financial statements are prepared, in all material respects, in accordance with an applicable financial reporting framework (e.g Canadian Accounting Standards for Private Enterprises or International Financial Reporting Standards). In the case of most general purpose frameworks, that opinion is on whether the financial statements are presented fairly, in all material respects, or give a true and fair view in accordance with the framework. An audit conducted in accordance with Canadian Auditing Standard and relevant ethical requirements enables the auditor to form that opinion.

Our firm offers audit services to clients that have a need for such service.

Reviews:
Reviews are distinguishable from audits in that the scope of a review is less than that of an audit and therefore the level of assurance provided is lower. A review consists primarily of inquiry, analytical procedures and discussion related to information supplied to the public accountant by the enterprise with the limited objective of assessing whether the information being reported on is plausible within the framework of appropriate criteria. The word “plausible” is used in the sense of appearing to be worthy of belief based on the information obtained by the public accountant in connection with the review.

We provide review services for our clients.

Compilation / Notice to Reader:
Compilation engagement services provided by public accountants are for clients who require assistance in compiling financial statements from information they have, but who do not require that the public accountant provide any assurance (e.g an audit or review) regarding such statements. In a compilation engagement the public accountant compiles financial statements which present or could be considered to present the financial position, results of operations and cash flows of an enterprise or a part thereof (for example, a division of a company) or part of a complete set of financial statements. This includes circumstances in which, for example, a complete set of financial statements prepared for general purpose use is incorporated by reference in a tax return.

The public accountant report which accompanies the financial statements is titled a “Notice to Reader”.

Many companies in Canada require compilation engagement services. Our firm is very efficient in providing this service.

We provide a wide range of accounting and bookkeeping services for our clients as follows:

Accounting systems set-up:
We analyze a business bookkeeping and accounting needs and recommend appropriate software solutions. We also perform system installation and design accounting procedures and policies.

Bookkeeping:
We provide bookkeeping services for companies with both manual and automated accounting systems. Additionally we provide the service of “writing up the books” from basic cash and receipts records, including bank statements.

Preparation of Financial Statements:
In addition to basic bookkeeping services we are adept at preparing financial statements, from basic income statements and balance sheets to sophisticated financial statements with cashlow statements and detailed notes which complies with Canadian Accounting Standards for Private Enterprises (ASPE) or International Financial Reporting Standards (IFRS).

Preparation of Budgets and Forecasts:
We prepare budgets and forecast for businesses for either management reporting or control of to satisfy the requirements of the businesses’ financial institutions, lenders or shareholders. We also prepare useful spreadsheet models for businesses so that they can quickly see the effects of changing various assumptions.

We provide full payroll services for businesses, including the following:

  • Registering a payroll account with Canada Revenue Agency
  • Assist with the completion of the Federal Form TD1 for employees
  • Assist with the completion of the Ontario Form TD1ON for employees
  • Calculating employee deductions for CPP, EI and income tax
  • Calculating employer deductions for CPP and EI
  • Advise on the amounts required to be remitted for payroll deductions
  • Completing and filing information returns
  • Preparation of T4 slips

We provide a wide range of taxation services to individuals and businesses. We strive to take a pro active approach in providing our tax services.

Preparation of Income Tax Returns:
We prepare income tax returns for corporations (T2), individual and family (T1) and for Trusts (T3). In preparing the returns we strive to ensure the clients are aware of the various options (if any) facing them and we advise, where possible, on tax minimization strategies.

Sales Tax Returns Preparation:
We advise clients on registering for their HST / GST account and in setting up systems / procedures in place for capturing the information required to prepare the returns. We also prepare the sales tax returns if required to do so by our clients.

Tax Advisory & Tax Planning:
We provide tax advisory and tax planning services to our clients. In many cases this is done as a value added service. By keeping current on new tax laws and legislation we are in a position to identify key tax planning opportunities that minimize both current and future tax liabilities.

We provide a wide range of business advisory services as follows:

Business Registration and Incorporation:
Through Service Ontario we perform business names search for clients and register Master Business License. In addition we register, on behalf of clients, new businesses with CRA.

For clients that want to incorporate their business we perform both Ontario and Federal incorporation.In addition we perform NUANS name search for clients that want to incorporate named companies.

Business Financing:
We assist clients with obtaining financing for their businesses, irrespective of whether it’s a start-up or an existing business. We advise on the form of financing and we also introduce clients to the appropriate financial institutions, depending on the form of financing required. We are available to manage the entire financing process, from preparation of the business plans and financial statements to dealing with the financial institutions on behalf of the clients. The following are some of the form of financing we can assist with:

  1. Term Loans
  2. Factoring
  3. Leasing
  4. Mezzanine Debt
  5. Trade Financing

Also we are knowledgeable of various federal and provincial governments funding programs and as such can advise clients accordingly.

We will even attempt to obtain equity financing.

Business plans preparation:
We prepare business plans for client’s internal and external needs. Preparation of such plans is a team effort that normally required input from the client with respect to marketing, sales and operations. Hence, we co-ordinate the collection of relevant information and put these together along with the necessary financial projections.

Management advisory services:
We leverage our technical knowledge and experience to provide a wide range of business advisory services including services relating to:

  1. Internal Controls
  2. Business Planning
  3. Business Forms/Types
  4. Business Expansion
  5. Financing Option

Purchase and sale of a business:
We advise clients of the sale or purchase of businesses. We can assist clients in the merger or acquisition process by assessing such critical elements as tax considerations; product/service compatibility; competitive tactics and position; financial impact; and cash flow considerations. On the sale of business we can advise on the sales process and pricing and even arrange for formal valuations.