Services.

Full Cycle Bookkeeping

KBS Consulting has a highly trained bookkeeping team that offers custom bookkeeping solutions. It is a unique personalized service that will simplify your bookkeeping needs and at the same time, empower you to make decisions that will drive your business forward. We determine what your business needs are and we cater our services towards that need.

KBS helps clients and their businesses to meet Canadian regulatory commitments whether the filings are monthly, quarterly or yearly. Our bookkeeping team works on a variety of businesses from many industries.

The benefits of using KBS Consulting:

we are able to remove the hassle from business owners of staying on top of their books and compliance filings, which in turn will allow the business owner to focus on the key components of their business.
our bookkeeping team is professionally trained, and will meet audit requirements if ever audited by the Canada Revenue Agency or other regulatory body
full integration with our professional team for financial statement compilations and tax filings

KBS Consulting offers a variety of bookkeeping services including:

weekly, bi-weekly, monthly, quarterly or yearly bookkeeping
- bank, credit card reconciliations
- accounts receivable
- accounts payable
- government filings and remittances
- preparation of internal monthly statements
- year-end T4's and T5's
Payroll Administration
Catch-up Bookkeeping, no matter how much of a mess your books are in, or how far behind, we will bring you up to date and keep you updated from that point on

All bookkeeping services include support with our knowledgeable staff. Support options: email, phone, Zoom, in Person

Financial Statement/Tax Filings

KBS Consulting has a strong focus on customer service and because of this, KBS puts emphasis on quality financial reporting. As a result, this creates confidence with financial partners and other stakeholders.

Being entrepreneurs ourselves, we acknowledge that your business needs are unique. Well-timed and precise financial information helps you monitor your current business performance and project for the future. Many things can impact your financial statements and accounting processes, and accurate accounting and financial reporting are key to financial transparency, evaluation of tax liabilities, mitigation of errors, and better decision making, planning and forecasting. At KBS Consulting, our team of professionals has the technical knowledge and industry experience to help you assess all variables, help decide what is best for the business and most importantly ensure stakeholders that reporting is done accurately, objectively and transparently.

KBS Consulting offers a variety of Accounting services including:

preparation of financial statements
Notice to Reader or Compilations Engagements
monthly management reports
cash flow statements and analysis of cash flow statements
introducing, setting up budgets, and comparing to company's actual performance
implementing accounting systems
compliance reporting to third parties
dividend/Personal income tax planning
advice and guidance
evaluation of deficiencies in internal controls

CRA Disputes, Tax Audits, Forensic & Litigations Support

Facing a CRA net-worth audit? All tax payers are at risk of income tax audits whether they be personal, business or both at the same time if the taxpayer owns a business. These audits can be very daunting, stressful and costly for taxpayers. KBS Consulting has over a decade of experience in CRA disputes, especially taxpayer/corporation Tax Audits. We have brought down the tax liabilities in some instances for example from $1.5 million corporately as determined by CRA after finalizing their audit, to no additional tax for after KBS completed their full review of the same accounts. KBS can provide client testimonials and reference letters from clients.

Taxpayers that are most susceptible to audits are those who have not properly reported their income or those who fail to keep proper books and records of their financial affairs. Also at risk are taxpayers whose apparent lifestyle doesn’t match their reported income. The most obvious way to not get trapped into a net worth assessment is to make sure that the CRA has no reason or basis to use this method. This means filing all your returns on time, using complete and accurate information, and keeping complete books and records.

Challenging a net worth assessment is no easy task and often takes up a large amount of time. You will need to go through every deposit and withdrawal in your bank accounts, your credit cards, and your investment accounts, as well as the assets you own or have owned, and then reconcile these amounts with your tax filings. The auditor will be doing this and any unexplained deposit or withdrawal will be considered income if it's a deposit and personal expenditure if a withdrawal. Where the audit spans a number of years or goes back a few years, this can be extremely difficult for a taxpayer. How do you remember what each deposit and withdrawal in your account was and what it was for? Even if you remember, there is the difficulty of proving what you remember. This is why the assistance of a diligent and experienced tax accountant at KBS Consulting is a must. This is the best time to get KBS involved is when the auditor contacts you and before any documents are handed over. The earlier you KBS on board, the greater the chances of a favorable outcome are.