BOMCAS Canada Accounting & Tax Services, seeking to redefine the financial landscapes of small and medium-sized businesses across Edmonton, Alberta, and beyond, stands as a beacon of professional tax and accounting expertise. Offering a wide spectrum of services, including but not limited to bookkeeping, corporate tax, and payroll, the firm has carved a niche as a comprehensive solution provider for an array of financial needs. As a corporate tax accountant based in Calgary, BOMCAS extends its expertise to cater to corporate tax returns, personal tax planning, and much more, laying the groundwork for robust financial health and compliance for businesses in Canada.
With over 15 years of experience backing its repertoire, BOMCAS not only brings to the table seasoned proficiency in managing corporate income tax and bookkeeping services but also excels in crafting tailored payroll services and shareholder loan strategies for diverse client needs. The firm’s proven track record in delivering exceptional tax preparation, financial statements analysis, and business tax services positions it as the ultimate corporate tax accountant Calgary for small businesses. This introduction to BOMCAS’s expertise and service ambit offers a glimpse into how Calgary-based companies can leverage the firm’s seasoned prowess in navigating the complex landscape of tax returns for small business, ensuring compliance and optimizing financial performance.
Comprehensive Accounting Solutions
BOMCAS, recognized as a leading Calgary small business accounting firm, offers a robust suite of comprehensive accounting solutions tailored to meet the diverse needs of small businesses. Their services span from basic bookkeeping to intricate tax planning and corporate tax returns, ensuring that all financial aspects are professionally managed. By integrating modern technology with traditional accounting practices, BOMCAS not only enhances the accuracy of financial records but also improves the efficiency of financial processes.
Key Services Offered
- Corporate and Personal Tax Returns: Preparation and filing of tax returns are handled with precision, catering to both corporate entities and individual needs.
- Bookkeeping and Financial Reporting: Accurate record-keeping and timely financial reporting enable businesses to maintain clear visibility of their financial health.
- Payroll Services: From calculating paychecks to filing payroll taxes, BOMCAS ensures that employees are paid correctly and on time, which is crucial for maintaining morale and compliance with employment laws.
- Business Advisory: Offering more than just accounting, BOMCAS provides strategic advice to foster business growth and improve operational efficiency.
Specialized Financial Strategies
- Tax Planning and Audit Support: Strategic tax planning and support during audits protect businesses from unexpected liabilities and ensure they take advantage of all available tax-saving opportunities.
- Succession Planning: For businesses looking to secure their future, BOMCAS offers expert guidance on succession planning, ensuring a smooth transition and continuity.
By leveraging their extensive experience and specialized knowledge, BOMCAS delivers solutions that not only address immediate accounting needs but also anticipate future challenges. This proactive approach helps Calgary’s small businesses thrive in a competitive market.
Specialized Tax Services
BOMCAS Canada, as a leading corporate tax accountant in Calgary, specializes in delivering comprehensive tax services tailored specifically for small to medium-sized businesses throughout Alberta. Their expertise encompasses a broad spectrum of tax-related needs, from strategic tax planning and compliance assurance to financial efficiency and meticulous year-end tax compliance. This proactive approach ensures that businesses not only meet their legal obligations but also optimize their financial strategies to support growth and sustainability.
The firm’s services are particularly beneficial for self-employed individuals, freelancers, contractors, and gig workers. BOMCAS offers affordable, reliable tax services, providing essential support throughout the year and assisting with communications with the Canada Revenue Agency (CRA). This support is crucial for independent professionals who require diligent financial tracking and strategic tax planning to maximize their earnings and minimize liabilities.
Additionally, BOMCAS excels in Corporate Tax Preparation, ensuring that small businesses in Alberta can benefit from the Small Business Deduction Limit. The firm meticulously manages tax filings, ensuring that losses are appropriately carried forward or back, which is vital for maintaining financial health and leveraging tax advantages. Their comprehensive service suite extends to managing GST obligations, calculating the correct tax payable or refunds receivable, and handling any CRA queries efficiently. This holistic approach to tax management underscores BOMCAS’s role as a pivotal resource for Calgary’s small business community, ensuring compliance and fostering financial success.
Payroll Services
BOMCAS, a distinguished Calgary small business accounting firm, offers a comprehensive suite of payroll services designed to meet the diverse needs of small businesses. Their services include the calculation of payroll withholding taxes, timely remittance deduction source, hire and termination of an employee (ROE), generation of employee payslips, year-end T4 and T4 Summary, payroll processing, payroll reporting, employee leave and timesheet management, employee benefits administration, and payment of government remittances and employees through direct deposit. This extensive range of services ensures that small businesses can manage their payroll efficiently, maintaining compliance with employment laws and tax regulations.
The firm’s payroll solutions are designed to be both versatile and accessible, catering to the unique requirements of each business. They provide full automation and customizable packages that streamline payroll operations, thereby reducing the likelihood of errors that can lead to IRS fines—commonly incurred by around 30% of small businesses annually due to payroll discrepancies. By integrating advanced payroll software solutions like OnPay, ADP Payroll, QuickBooks Payroll, Paychex, and Gusto, BOMCAS enhances the accuracy and reliability of payroll services.
Moreover, BOMCAS’s approach to payroll services includes innovative features such as Time and Location Tracking, which utilizes GPS-enabled tracking systems suitable for small businesses. This feature supports mobile tracking and online timesheet management, further simplifying the payroll process and ensuring accurate tracking of employee hours. The integration of such sophisticated tools and methods positions BOMCAS as a leader in payroll services within Calgary, providing small businesses with the resources they need to thrive in a competitive market.
Bookkeeping Services
BOMCAS, a distinguished Calgary small business accounting firm, has over 15 years of experience in providing comprehensive bookkeeping solutions tailored to the unique needs of small businesses, including those in specialized sectors like farming. Their services are meticulously designed to handle every aspect of a company’s financial transactions, from day-to-day operations to more complex financial reporting and analysis.
Detailed Financial Transaction Management
BOMCAS offers detailed recording of all financial transactions, ensuring that every financial activity is accurately logged. This includes the management of accounts payable and receivable, as well as thorough bank reconciliations, which are crucial for maintaining accurate financial records. Their bookkeeping services extend to generating detailed financial reports, including payroll and accounts payable/receivable, which are essential for transparent financial oversight.
Advanced Bookkeeping Tools and CRA Support
To streamline the bookkeeping process, BOMCAS utilizes advanced tools such as Xero, QuickBooks, Sage, and FreshBooks, making it easier for businesses to keep track of their financial activities accurately and efficiently. Additionally, they provide robust support for CRA-related inquiries, handling all communications with the Canada Revenue Agency to ensure compliance and assist with any audits or financial reviews.
By integrating traditional bookkeeping practices with modern technological solutions, BOMCAS not only enhances the efficiency of financial processes but also ensures that small businesses in Calgary can focus on growth while trusting their financial management to experienced professionals. This approach helps in maintaining up-to-date and precise financial records, crucial for any thriving business.
Corporate Tax Strategies
BOMCAS Canada, a prominent Calgary small business accounting firm, provides an array of corporate tax strategies tailored to enhance the financial efficiency and compliance of small to medium-sized businesses in Alberta. Their specialized services include strategic tax planning, ensuring businesses not only comply with tax laws but also optimize their tax positions to support growth and sustainability. The firm’s expertise in corporate tax return preparation and filing services is designed to cater to the unique needs of each business, offering both local and virtual support to manage corporate tax responsibilities effectively.
Tailored Tax Solutions
- Customized Corporate Tax Return Services: BOMCAS offers bespoke corporate tax return services that align with the specific requirements of each client, aiding in the meticulous management of tax filings and the optimization of tax benefits.
- Employment Tax Savings: By employing family members such as spouses or children, businesses can leverage lower tax rates, potentially creating significant net tax savings.
- Incorporation Benefits: Incorporating a business can lead to substantial tax deferrals, with the added benefit of qualifying for the lower small business tax rate on active income. This strategic move not only provides liability protection but also positions the business to capitalize on various tax efficiencies.
Advanced Tax Reduction Techniques
- Investment and R&D Credits: Businesses can claim substantial tax breaks by investing in new buildings, machinery, and equipment for qualifying activities, or by claiming research and development expenses, which are eligible for both refundable and non-refundable tax credits.
- Home Office and Apprenticeship Deductions: For those with a home office, a portion of household expenses can be claimed as deductions. Additionally, employing apprentices allows a business to claim a tax credit of 10% of the eligible apprentice’s salary, up to $2,000 per year, per apprentice.
- Strategic Loss Management: Businesses can manage their tax burden by utilizing non-capital losses, which can be carried back three years or forward up to 20 years, to offset income.
By leveraging these strategic tax services, BOMCAS ensures that small businesses in Calgary not only meet their compliance requirements but also optimize their financial strategies to enhance overall business growth and efficiency.
Personal Tax Services
BOMCAS Accounting and Income Tax Return Preparation Services Calgary, renowned for its comprehensive approach to personal tax services, offers a diverse range of solutions to ensure accuracy and maximize savings for individuals. With over 15 years of experience, the firm specializes in handling everything from basic to complex tax returns, ensuring that each client’s financial circumstances are meticulously assessed and optimized.
Detailed Personal Tax Handling
- Tax Return Preparation: BOMCAS’s experts review personal information thoroughly, optimize returns, and handle preparation for both overdue and current filings. They utilize an electronic filing system for all returns, except those overdue by more than five years or under special circumstances, ensuring swift and accurate submissions.
- Support for Overdue Filers: For clients who have fallen behind, BOMCAS provides essential services such as obtaining income slips directly from CRA and helping to eliminate the need for appointment scheduling, thus simplifying the tax filing process.
- Secure and Efficient Communication: Clients receive a PDF copy of their tax return through a secure client portal, with a typical turnaround time of 3-4 days for completing a tax return. This process requires the payment of the final invoice before disclosing the details of the return, maintaining a clear and professional handling of personal tax matters.
BOMCAS’s dedication to personal tax services extends beyond just annual tax return preparation. They offer year-round support and advice, helping clients manage their income, expenses, debts, and investments effectively. This ongoing support is crucial for maintaining financial security and well-being, ensuring that clients can make informed decisions that align with their personal and financial goals.
Business Advisory Services
BOMCAS, a dedicated Calgary small business accounting firm, extends its expert services beyond traditional accounting to include comprehensive business advisory services. These services are designed to support businesses through various stages of growth and operational challenges, offering practical, results-driven advice to ensure sustainable success.
Financial Leadership and Strategic Guidance
BOMCAS provides financial leadership through forecasting, budgeting, and financing preparations, crucial for businesses aiming for long-term viability. This includes covenant monitoring to ensure that businesses adhere to financial agreements and regulations effectively. Additionally, BOMCAS’s business advisors are equipped to assist companies in accessing capital, assessing organizational strengths, and identifying potential opportunities for improvement. Their strategic advisory covers a wide range of areas including HR management, technology selection, and international expansion, tailored to the specific needs of each business.
Specialized Programs and Government Support
The firm takes advantage of programs like the Growth Driver Program, specifically designed for rapidly growing high-impact firms, to provide targeted support that aligns with their clients’ expansion and scaling objectives. BOMCAS also facilitates interactions with government bodies, helping businesses navigate complex regulations and compliance challenges, with the support of programs offered by entities like the Ontario government which provides seasoned business advisors for this purpose.
Through these advisory services, BOMCAS not only aids in the immediate financial management needs of businesses but also prepares them to face future challenges with strategic foresight and robust planning. This comprehensive support system is crucial for businesses looking to thrive in competitive markets and ensures that they are well-equipped to handle both current and future business landscapes.
Technology and Accounting
BOMCAS, a Calgary small business accounting firm, integrates cutting-edge technology to streamline and enhance their accounting services. The adoption of cloud-based solutions and automation technologies ensures that BOMCAS remains at the forefront of the accounting industry, providing efficient, secure, and cost-effective services to its clients.
Automation and Cloud-Based Technologies
- Day-to-Day Efficiency: Automation in accounting processes, such as data entry and transaction recording, significantly reduces the time spent on repetitive tasks, allowing BOMCAS to focus more on client-specific advisory and strategic financial planning.
- Scalability and Accessibility: Cloud-based platforms used by BOMCAS enable scalability and remote access, allowing businesses to expand without the need for significant additional resources. These platforms facilitate collaboration and access to financial data from anywhere, providing flexibility to both the firm and its clients.
- Security and Compliance: Advanced cybersecurity measures are integrated into the technology solutions to protect sensitive financial data against cyber threats. Additionally, these technologies are continually updated to keep pace with changing tax laws and regulations, ensuring compliance and security.
Leveraging Advanced Analytics and Machine Learning
- Data-Driven Insights: Utilizing data analytics and visualization tools, BOMCAS transforms complex data sets into understandable and actionable insights. This capability enables them to offer strategic advice based on real-time data, aiding clients in making informed decisions.
- Predictive Capabilities: Through predictive analytics, BOMCAS can forecast future financial trends and events, helping clients to prepare and strategize accordingly. This proactive approach not only enhances financial planning but also positions clients to take advantage of emerging opportunities.
By embracing innovative technologies such as AI, ML, and cloud computing, BOMCAS not only enhances its operational efficiencies but also provides enriched client services that are based on accuracy, speed, and insightful financial intelligence.
Why Choose BOMCAS
Choosing BOMCAS as your corporate tax accountant in Calgary offers unmatched benefits for small businesses looking for comprehensive financial solutions. Here are some key reasons why BOMCAS stands out:
Comprehensive Handling of Tax Portfolios
BOMCAS Canada’s financial professionals are adept at managing clients’ entire tax portfolios, encompassing both business and personal accounts. Their approach is highly personalized, ensuring that services are tailored to meet each client’s unique needs, which is essential for optimizing financial performance and compliance.
Trust and Expertise
The foundation of BOMCAS’s operations is built on trust, expertise, accuracy, confidentiality, and professionalism. These core values are critical in the accounting industry and are a testament to why BOMCAS has become a trusted advisor for many small businesses in Calgary. Their team’s extensive experience and comprehensive knowledge in accounting ensure that they not only meet but exceed client expectations.
Accessibility and Support
BOMCAS prides itself on being highly accessible to its clients. Serving the local Calgary community and offering online accounting services, BOMCAS ensures that their expertise is available to a broader audience. Whether you are a brick-and-mortar business or operate digitally, BOMCAS’s flexible service model makes professional accounting support accessible to all. Furthermore, their proactive support in tax savings and strategic financial planning helps small businesses maximize their financial efficiency.
By integrating these elements, BOMCAS not only delivers exceptional accounting and tax services but also fosters long-term relationships with its clients, supporting them through various stages of business growth and financial management.