The Most Common and Frequently Asked Questions Asked To Accounting Firms
What Services Do You Provide?
Most CPA’s and accounting firms provide a range of services, from assisting with monthly bookkeeping to payroll processing/payroll taxes, to taxes and audit representation. If the firms have several professionals, they will probably specialize. If you are looking for an all-in-one firm, a CPA is better than an accountant, because CPAs are qualified to do more, including representing you at a CRA audits.
Versatile accounting provides full package services from bookkeeping to filing your corporate taxes, tax planning, payroll services, GST services, and assurance services like reviews and audits engagements. Versatile accounting provides the CFO package for your business so that you can focus on building your business and we can take care of your numbers. To learn more about our services, book a free consultation with our qualified accountant.
Can You Represent Me If I Get Audited by the CRA?
A lot of clients panics when they see the audit letter from CRA. There are always chances that CRA might audit your corporation or personally, Versatile Accounting due to expert knowledge in tax helps to communicate and deals with CRA directly on your behalf. This will create a peace of mind for you as we will take care of all your CRA audits need.
Do You Have Experience With My Kind of Business?
Ask about the experience of this firm with your type of business. Not all business types are handled the same from an accounting and tax standpoint, and having a firm that understands your field is very helpful. For example, if you are a healthcare professional (chiropractor, acupuncturist, physical therapist, psychologist, or other), your CPA should be knowledgeable about valuing equipment and accounting for patient receivables.
Our qualified accountant worked with various types of industries and businesses. Karim Bharwani CPA, CA has 10+ years of experience with public practice dealing with varieties of owner managed businesses. Versatile Accounting has on hand experience with various tax situations and accounting issues the multiple types of owner-managed business faces.
What Are Your Fees?
We don’t like to buy something without first knowing how much it’s going to cost and we don’t think that you would either. This is why we strive for transparency in our billing process. We will agree with you on our fees in advance of the commencement of our work. If issues arise that were not contemplated in our original discussions, we will discuss those issues with you as they arise and agree on any associated fees. The result will be a no surprise final billing for all of your work with us.
Our approach on any services in addition to the accounting and annual tax compliance is to get agreement on scope, timing, and anticipated costs with you before each particular assignment. Any special services would be subject to pre-approval by our clients. We do not have a standard fee agreement for this type of work as the scope of what is required can vary greatly. Please note that we are committed to providing competitive fees and complete transparency as we are committed to what we hope to be a long term professional relationship with our clients.
Can You Represent Me in All the Provinces Where I Do Business?
Do You Communicate By Email or Other Online Means?
Most professional firms use email, and many use Skype, teleconferencing, and other online services. Our qualified accountant is available for you through emails, phone, or one on one meeting for all your accounting needs. We prefer meeting with a client for initial tax planning discussion and during the finalization of the year-end and corporate tax return. Most importantly, in Versatile Accounting, you will have direct access to the qualified accountant to answer any of your questions.
Versatile Accounting is committed to responding to your emails or phone calls within 24-48 hours.
How Often Should We Meet to Discuss My Business Taxes?
One of the primary purposes of having a qualified accountant is for tax consultation. Once we compile the financial statements, we set up a meeting with clients to go over the numbers, business process to improve on, tax planning for corporate and for shareholders. We not only look after the tax matters but provide feedback to improve the financial position of the company.
Our clients like to meet us if any complicated tax services need immediate attention or need special services from our qualified accountant. Our clients are assured that we are available when they need us.
What Are Your Tax Philosophy and Tax Planning Priorities?
Being a qualified accountant, we keep ourselves updated with all the tax rules. We encourage constant learning to all the advanced tax planning. As per CPA rules, we have to undergo 20 hours of professional development to keep update with our knowledge of accounting and tax. We are committed to tax planning and minimizing the taxes for our clients.