Services.

Full Cycle Bookkeeping

At KBS Accounting and Bookkeeping Services (KBS) we provide custom bookkeeping solutions that are quite literally tailored to the client. While other bookkeeping firms are billing their clients subscription plans we instead feel that our client shouldn't pay for services that aren't applicable to their business and we also believe that our clients should only be billed for actual time spent working on their file.

KBS bookkeeping 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. In discussions with you, we will determine what your business needs are and we cater our services towards that need.

KBS 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

The benefits of using KBS:

we are able to remove the hassle from business owners by 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.
we are professionally trained, and will meet audit requirements if ever audited by the Canada Revenue Agency or other regulatory body
We are familiar with many industries, such as retail, construction, commercial leasing, mechanic shops, consulting, real-estate, etc.
Our rates are competitive and we provide high-quality, accurate and reliable bookkeeping that keeps your financials compliant and your business running smoothly.
While we are confident in our abilities, the best proof comes from our clients and we would be more than happy to provide references so our clients can share their positive experience.

Financial Statement/Tax Filings

KBS 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 an entrepreneur herself, Khris, the owner of KBS acknowledges 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, we have 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 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. At KBS, Khris has over a decade of experience in CRA disputes, especially taxpayer/corporation Tax Audits. Working with the clients, Khris has been able to lower their CRA tax assessed liabilities and in many instances significantly.

A few examples of Khris's audit work results:

A subway restaurant was audited for 6 years and the CRA determined that there was an adjustment $289,729 to net income after completion of their audit. With our work on the file, we were able to bring down the additional net income to NIL. AND we were also able through our work on the file, determined other expenses that had been missed and we were able to have those adjusted and thereby created a loss of $212,274 in those 6 years for the client to use in subsequent years.

A Millwork corporation and its shareholder were audited for 2 and 3 years respectively. The CRA had determined at the end of their audit that the corporation had an additional adjustment to net income of $717,557 and the shareholder additional net income of $1,038,953. Our work on the audit, brought the net income adjustment down to $36,000 for the corporation and $126,648 for the shareholder.

A homebuilder corporation and its shareholder were audited for 2 and 3 years respectively. The CRA had determined at the end of their audit that the corporation had an additional adjustment to net income of $631,661 and the shareholder additional income of $532,937. Our work on the audit, brought the net income adjustment down to NIL for both the corporation and the shareholder.

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 such as Khris is a must. The best time to get Khris involved is when the auditor contacts you and before any documents are handed over. The earlier you have Khris on board, the greater the chances of a favorable outcome are.