Corporate Year-end Process
This post is intended to explain the corporate year‑end process and how I can assist. My goal is to make the process as clear and efficient as possible.
Step 1: Records and Initial Discussion
As year‑end approaches, or shortly after it is completed, it is helpful to touch base to align on timelines, reporting needs, and any significant changes that occurred during the year.
Staying up to date on bookkeeping, including bank and credit card reconciliations, payroll remittances, and GST/HST or PST filings, helps ensure there is a clean and reliable set of records to work from at year‑end.
Not all corporations require a complex bookkeeping system. For corporations with limited and straightforward transactions, bookkeeping may be completed as part of the year‑end process, or you may be asked to summarize information using a template I can provide.
Step 2: Client Acceptance and Engagement
Once you are ready to provide your set of books and initiate the year‑end process, we can schedule a kickoff meeting to discuss scope, timelines, and fees. If you choose to proceed, the client relationship is formalized through an engagement letter that outlines the scope of work and agreed‑upon fees for transparency.
Step 3: Fieldwork
During this stage, records are shared through my secure cloud portal. I will prepare the working papers, supporting schedules, and any necessary adjusting entries to arrive at a final trial balance. This information forms the basis for the corporate tax return and any compiled financial statements.
Compiled financial statements are prepared in accordance with CSRS 4200 and do not provide assurance.
Step 4: Review and Approval
Draft information is then provided for your review and approval. This typically includes the adjusting entries, balance sheet, and the T183 authorization form required to file the corporate tax return electronically.
Step 5: Completion
Once the information has been reviewed and approved, the corporate tax return is filed and the financial statements are finalized and released. If helpful, we can also connect for a year‑end debrief to discuss the results and address any questions or concerns.
Disclaimer
This blog post is provided for general informational purposes only and should not be relied upon as accounting, tax, or legal advice. Information may not reflect recent changes in legislation or administrative practice. No client‑advisor relationship is created by reading this content. Professional advice should be obtained before taking action.