Adams Wooley
Certified General Accountants
Our firm offers a wide range of services to our individual and business clients. Our clients benefit from personalized, quality service. We have listed many of the services that we offer to our clients, together with a brief description.
As the list below is by no means comprehensive, please feel free to inquire about a service if you do not see it listed.
Owner / Shareholder Remuneration:
As part of the year-end financial statement preparation for closely held corporations we review the owner / shareholder remuneration in order to ensure that the most expedient amounts are established for both practical and income tax purposes.
Coordination of all Tax Matters:
Whether a business is incorporated or not, it is important that income taxes be considered on a global basis between the owner and the business entity. It is only by the coordination of personal and business taxes that the maximum income tax benefits can be achieved on a sustained basis.
Bookkeeping Preparation:
Our bookkeeping services can include everything from recording daily transactions, to preparing cheques to pay invoices, to preparing books of original entry and posting to the general ledger.
Accounts Receivable Services:
Our accounts receivable services include maintaining accounts receivable ledgers and preparing monthly statements for our clients’ customer accounts.
Payroll:
Utilizing the latest computer technology we provide payroll services that include issuing paycheques, filing payroll remittances and maintaining required records.
A business can be profitable and still run into trouble due to cash flow issues. We can forecast and evaluate your company's financial condition, estimate financing requirements, and track cash-flow sources and uses.
Forecasting is a necessity when trying to effectively manage and lead a business to profitability. From simple projections to complex financial modeling, our experienced staff can assist you in achieving your company's financial goals.
In recent years forensic accounting and auditing have become a greater factor in business life. There are a number of reasons why a forensic examination of records may be necessary. We have the expertise and a grasp of underlying systems that enables us to conduct such audits in an effective manner.
Dispute Resolution:
Within business organizations disputes can arise among participants that may only be resolved with an independent review of the accounting records.
Embezzlement:
From time to time the suspicion of fraud or embezzlement becomes the focus of a forensic examination. We have provided forensic services in circumstances such as these and have experience working with Crown Prosecutors and the RCMP.
Contract Requirements:
Certain contracts contain provisions that provide for a forensic examination of underlying records in order to substantiate claims made by one of the parties. Substantiation of losses under an insurance claim and verification of gross sales revenue for a lease are two examples of these contracts.
We view our role in the financial reporting process as an opportunity to provide constructive solutions for maximizing your company's profitability and efficiency. Audits differ from reviews and compilations, as they are an intensive examination of your company's systems and records providing the highest level of assurance.
We view our role in the financial reporting process as an opportunity to provide constructive solutions for maximizing your company's profitability and efficiency. We provide financial reporting on two levels of assurance:
Goods and Services Tax / Harmonized Sales Tax
We offer advice and technical assistance to clients who prepare their own GST/HST returns. We can also provide complete GST services for clients. We communicate with the appropriate government departments to establish new GST/HST accounts, track tax collected and input tax credits, complete and file GST/HST forms and act as a liaison between our clients and the taxing authorities.
Provincial Sales Tax
We provide a full range of Provincial Sales Tax services. Clients may choose to maintain their own sales records and track their own PST or we can do so. We prepare and file PST returns, offer technical advice on PST matters and register new accounts with the Social Services Tax Branch.
We prefer to take a proactive vs. reactive approach to tax services. By keeping current on new tax laws and legislation, we are in a position to identify key tax planning opportunities that minimize both your current and future tax liabilities. We provide our individual and business clients with the taxation expertise and knowledge that they deserve throughout the year. Tax services offered include, but are not limited to:
Preparation and planning are key to the successful purchase or sale of a business. Our team can assist you with all aspects your transaction, including valuation, cash flow analysis, tax minimization and transition planning.
The valuation of shares of a closely held corporation is the most common business valuation. Where the entity being valued is not our client, we work closely with the shareholders and/or their accountant to ensure all relevant information is considered.
Litigation
We provide valuation services for solicitors acting on behalf of their clients who are involved in litigation. We always approach such tasks with an independent view, so that the objectivity of the valuation is not compromised.
Divorce / Separation
In many cases where a divorce or separation takes place, one of the most difficult assets to value is the shares of a closely held corporation. We can provide independent valuation services that are important to establishing realistic values acceptable to both parties.
Corporate Reorganizations
When a corporation is being reorganized, whether through the transfer of assets to another corporation or the issuing of redeemable preferred shares, a business valuation is necessary to establish the underlying values for income tax purposes.
Buy / Sell Agreements
Where corporations and their shareholders have entered into buy-sell agreements it is often a requirement of that agreement for a valuation to be done at regular intervals, or upon withdrawal of one of the shareholders.
Retirement
When the shareholder of a corporation is planning retirement it is important that share value be established in a fair and independent manner. This may have a bearing on such issues as the timing of retirement and who may be an eligible candidate to acquire the shares.
Succession
Whether succession is being contemplated for estate or retirement purposes the shares of a closely held corporation are often one of the most valuable assets in an individual's portfolio. An independent estimate of value provides a basis for the necessary planning.
The need for financial planning has grown dramatically as many people begin planning for their retirement and as larger segments of the population manage their own investments. We do not sell investments or receive fees or commissions for referrals. We provide independent advice on a fee for service basis.
Personal
By analyzing an individual's assets, debts and obligations we are able to tailor an individual financial plan that recognizes aspirations and goals in a realistic manner.
Coordination of Corporate and Personal Matters
For their convenience, we encourage shareholders of small business corporations to coordinate a review of their financial plans with the preparation of their corporate and personal income tax returns.
Retirement
Increasingly employees are receiving early retirement options from their employers. Such offers require planning to ensure that the expected results will be achieved and the retiring employee fully understands the financial ramifications of the retirement package.
Special Circumstances
Occasionally individuals may receive large sums of money, whether by way of inheritance or windfall, and in these circumstances it is important that planning to safeguard the assets and provide for maximum utilization of the funds, is undertaken.
Financial planning for estates often involves attempting to minimize the impact of income taxes after an individual has passed away. It is far more effective to complete the necessary financial planning while there are options available, so we encourage clients to undertake effective planning for their estates as early as possible.
Effective estate planning facilitates the orderly transfer of assets to your beneficiaries, provides security for your surviving spouse, and can reduce or eliminate the tax due on the transfer of your business and other assets. For business owners, providing for business continuity and succession of ownership is essential. We can guide you through the complex process of getting your financial affairs in order.
Effective transition of your business to your successors is critical to its continued prosperity. With a solid background in tax, succession and estate planning, and other financial matters, we are fully qualified to address the complex issues of business continuation.
We use accounting and auditing skills to provide an analysis of financial records in conjunction with fraud and theft investigation. Our damage measurement methods can determine the extent of financial loss and illegal accounting practices.
Even the most qualified managers can benefit from competent, objective feedback. We can help your company's management team develop long-term objectives and specific strategies to facilitate your business' future growth and success.
Debt management and the evaluation of financing options are issues that an experienced professional deals with every day. Let us use our experience to assist you in securing financing for your personal or business needs or consolidating your current debt to a more manageable level.
Due to the wide range of services that we provide, our assistance is requested in litigation matters on a frequent basis. In providing these services we work closely with the lawyer or mediator.
Expert Witness Service
We provide expert witness services to the Courts on behalf of clients or to assist lawyers with their client's needs.
Business Valuations
In some circumstances business valuations are prepared as part of a current or possible litigation action.
Divorce / Separation
A number of investment and financial planning issues arise on a regular basis in divorce/separation cases. We can provide information and advice for the negotiating process to the client's legal advisor.
Present Value Calculations
We provide present value calculations through a custom designed computer program that allows for flexibility in payments, interest rates and time periods.
Wage or Income Loss
Whether working with a client's solicitor or an insurer we are able to provide calculations that will substantiate wage or income losses that may be in dispute.