| # | Work Steps | Ref./Forms Used |
|---|---|---|
| 1 | Review meeting with client by phone, by virtual or in person. | |
| 2 | AM and client resolve outstanding issues re: documentation, as well as any issues the client has brought up. | Caseware |
| 3 | AM review the Balance Sheet and Income Statement with the client and ensure that the client understands and are comfortable with the numbers, and what they mean. Answer questions about bookkeeping. | Caseware |
| 4 | Review the benchmarking analysis and advise client if they are too aggressive, or if they can maximize deductions. | Benchmarking Analysis Template Sharefile |
| 5 | Discuss Tax Planning, invoice, WIP Summary and future consideration/ planning points. Ensure to provide SD dues date according to payroll remitter type (Regular, Threshold 1 or 2), provide payment for GST/HST and provide corporate income tax payable | Caseware |
| 6 | AM prepares notes from the Review Meeting and records in Issues | Caseware |
| 7 | Record Directors Fees or Consulting Fees, if applicable | Caseware |
| 8 | AM checks CRA for any additional installments after data entry and updates the file | CRA Caseware |
| 9 | Accounting Fees accrual updated, if necessary | Caseware |
| 10 | Check Issues to ensure that comments from review have been added | Caseware |
| 11 | Additional adjusting entries from review meeting entered | Caseware |
| 12 | Tax Returns and related schedules are updates | Caseware |
| 13 | Tax Provision updates | Caseware |
| 14 | AM notes in CRM/Infusionsoft if CPA4IT Professional Corporation or the client will prepare T4/T5 | CRM/Infusionsoft |
| 15 | AM Completes financial planning spreadsheet. This is saved in Caseware and later attached to Accountant’s Copy in Sharefile | Caseware Sharefile |
| 16 | Update client engagement documents 305 and 310 | Caseware |
| 17 | AM files GST/HST Return and uploads CRA Confirmation in Sharefile | W.I 602-12 (2) Sharefile |
| 18 | AM pass the file and Senior AM for final quality control review before finalization | |
| 19 | Update T2 WIP and CPA | CRM/Infusionsoft Stage 5 CPA |
A great small business tax accountant does more than just measure value, they create it. At CPA4IT our goal is to save you substantially more than it costs you for our services. Over the last 30 years we have developed tax strategies designed to help you keep more of your hard earned money. If you would like to learn how we can help you pay less tax, simply download our FREE Guide to Pay Less Tax.