Services we offer

Government Remittances

The Profit Line ensures that all of your government remittances including HST, WSIB, EHT and corporate installments are prepared and filed on time to avoid penalties and interest.

All employers are required to submit payments to the government known as Remittances. These are a certain percentage of tax deducted from your employee’s wages, which include Provincial and Federal payroll deductions among others.

As an employer, it can be difficult to stay on top of the intricate paper work and calculations involved. What forms are needed? Which policies have been updated?

If you don’t have the time to sift through the jargon and the forms, contact us. We can handle all government remittances for you, such as:

  • HST
  • WSIB (Workplace Safety & Insurance Board)
  • DAS (Deductions at source)
  • CPP/QPP
  • EI
  • Tax

We’ll digitally prepare the necessary calculations and all related forms. You’ll get an effective remittance preparation solution at a price you can afford. We’ll make the process easier and submit them on your behalf to Canada Revenue Agency or Revenu Quebec. Don’t wait until a legal issue occurs. Prevent them from the start. Get one of our agents to help you file the correct forms accurately.

Job Costing

Do you know if your projects are profitable? Setting up proper job-costing in Quickbooks allows you to keep track of the costs for each project or client/customer. Knowing where and how you make money can be invaluable.

Analyzing your financial success in situations when each job order is different can be pretty challenging. You can’t rely on standard techniques. Each job is unique and can have specific costs associated with it. Not only that, but those costs can also require different methods for calculating them.

Our experts can help you control the cost of every job from the very beginning. We’ll closely monitor the cost, overhead, material, labour and everything else that needs to be considered. With the help of our powerful accounting system, no detail is overlooked. We’ll leave you confident that your numbers are accurate throughout the entire process.

Avoid loss and increase profitability by having experts analyze and manage your job cost reports.

The Profit Line team is highly skilled at job costing procedures and, aside from years of experience, can offer a wealth of knowledge on all the appropriate accounting job costing standards. Our system is set to keep on-going track of the cost accumulated against your projected budget. Work with us and get accurate estimations for any job required.

Taxes

Keeping the Canada Revenue Agency happy can be a job all of its own. We make sure you stay on top of all the taxes your business might owe – HST, WSIB, Payroll Remittances, EHT, and corporate installments. We make the year-end process a breeze by staying current throughout the year. We work directly with your year-end accountant to ensure they have the working papers required to file your tax return.

It can be difficult to make sense of the taxation process if you’re focused on running your business. Fortunately, we offer some corporate, small business and non-profit tax accounting services at both our Toronto and New York branch offices.

Because different rules and policies apply to different industries, it may be overwhelming to figure out the proper procedure. Just staying on track with tax laws and the taxes your business owes can be a daunting task on its own. This is where we step in.

Toronto Tax Filing The Profit Line can work directly with your year-end accountant. We can help you keep track of any taxes your business may be responsible for. We’ll prepare the working papers for you and make sure your year-end accountant has everything needed to file your tax return. We’ll help you take care of:

  • HST
  • WSIB
  • Payroll Remittances
  • EHT
  • Monthly corporate installments

We will also ensure that corporate installments are in line with current profitability. Our staff is made up of financial professionals who can help ensure your business succeeds while staying up to date on Canadian tax laws.

New York Tax Filing Our New York branch can help get your business ready for tax season, as well. Our New York branch offers assistance to corporate, non-profit and small businesses in the New York City area. We’ll help you fulfill your tax obligations on time and accurately. If you have questions about the taxes your small to medium sized business owes or need help with tax services, contact us today.

Invoicing Services

We consider invoicing to be one of the most important accounting tasks we have. The faster you send out your invoices, the faster you get paid. This can make a huge difference to your cash flow. If your company has monthly disbursements that are charged back to clients or customers, it’s critical that these costs are properly identified.

An invoice is a detailed document issued by a seller to a buyer where all transactions between two parties are listed. A company has to generate an invoice to each of its clients, as a necessary step in getting paid for provided services or goods. A proper invoice has to have all necessary elements and look professional.

Businesses and non-profits deal with invoices regularly, and using an accountant to assist you in managing them can significantly lighten your workload and help you focus on more important things.

We use the latest version of QuickBooks as a tool for generating invoices.

Having worked with the software for years, our accountants are QuickBooks experts. We have years of experience with the software and can work around any and all types of errors and special cases that occur.

Professionalism, effectiveness and expertise is what we guarantee when dealing with your invoices, regardless of whether you are a small non-profit, professional agency or a regular business.

Invoicing services we offer include:

  • Accurate and professional invoice generation
  • Invoicing per project
  • Monthly invoicing
  • Perform calculations
  • Much more…

As a client, you get full access to downloadable versions of your invoices from our secured network, plus on-going support for any questions or issues you may have. Call us now to discuss what your needs are.

Financial Statement Preparation

Our goal is to provide you with the monthly Financial Statements you need to run your business, including the Income Statement and Balance Sheet and all other standard accounting reports. We can maintain your own unique reports (such as Board reports) or help create the reports you need to run your business.

Our accredited accountants (CPA, CGA) will produce all financial statements (balance sheet, income statement, cash-flow statement…) according to the highest standards of quality for both profit and non-profit oriented businesses. You’ll have all your financial documentation (balance sheet, cash flow report, etc.) prepared accurately and on time.

We see our role in the financial reporting process as an opportunity to provide you with constructive solutions for maximizing your profitability and efficiency.

Well–organized financial records ensure that your daily operations stay efficient and are conducted as effectively as possible. This is why our firm offers a full range of cost effective accounting services.

We perform the following services on an ongoing basis:

  • Account keeping (monthly / quarterly / annual)
  • Setting up an accounting system for new businesses
  • End of the year preparations, along with monthly and quarterly reports
  • Thorough review and analysis of the bookkeeping process
  • Adjusting and closing all entries
  • Financial statement analysis and projections

Our accountants always work with the most recent version of QuickBooks to assess and analyze your numbers into one single report. In addition, we can work with a variety of original source documents. The Profit Line can streamline them, scan them in, and even bring them up to date in QuickBooks. We’ll always send you instant, up to the minute financial statements whenever you need them. Call us today and find out how we can help.

Profitability by Client & Revenue

Do you know which or your clients or projects are most profitable? Let us set up an accounting system which easily keeps track of these expenses.

Do you know which of your clients is the most valuable? Who brings you the most profit? Who the weakest link is?

A profitability by client or revenue analysis can help you identify which of your revenue sources are the most profitable. Having a revenue report along with other accompanying financial metrics for review is the best method for determining that. This is especially the case for clients who might differ in a lot of aspects, but some reports will not take that into account.

Get A Financial Analysis Report You Can Act On

It has been said that one should not make decisions based on intuition, but on numbers and proof. Only when you recognize the strong and weak revenue generators, will you be able to make sound business decision.

Our certified professionals have already helped dozens of small and medium businesses to better understand their financial position and outlook. Consequently, they’ve been able to make smarter decisions.

This is due in large part to how we work. At The Profit Line, we use only the most advanced finance tools to sift through your data in order to pinpoint your weakest and strongest revenue generators. We’ll categorize, filter out, and look at a number of factors and metrics. We’ll then analyze the results to generate a solid report for you. Not only that, but we’ll sit down and collaborate with you on the best plan of action.

Analyzing the most profitable items in the value chain can help you discover your strengths and focus on the businesses, clients and individuals that show the most potential.

Accounts Payable & Accounts Receivable

Make sure you capture all of your business expenses by having us handle your Accounts Payable. Accurate and timely Accounts Receivable are critical to managing cash flow.

As a business owner, you will deal with Accounts Payable and Accounts Receivable. These are amounts you owe as a buyer (Accounts Payable) or are owed to you as a seller (Accounts Receivable). In either case, these are double-sided transactions. Both parties are obligated and legally bound to either collect or pay the promised amount. Moreover, the amounts can be put on a deadline for a specified period of time.

Whether you’re the buyer or the seller, these amounts are significant to you as a company. These are liabilities and assets that can have an impact on your business. At The Profit Line, our job is to make sure our clients know what’s going on financially. Work with us and we’ll get your debits and credits under control.

With years of experience working with small businesses, we know how to keep your accounts receivable and accounts payable in order. We enter any and all new transactions into our system to ensure your records are accurate and up to date in real time. You get complete access to your data with downloadable reports you can save and share with third parties. In addition, our experienced bookkeepers can track multiple entries with advanced, yet affordable tools. This means we can monitor both incoming and outgoing payments on an on-going basis, so all you have to do is focus on running your business.

Bank & Credit Card Reconciliation

Reconciling your bank and credit cards on a monthly basis is a must for any business. This process ensures that no transactions have been missed and is a requirement for most year-end accountants.

When running a business, it’s easy for monetary transactions to accumulate unchecked. Over a single month, if not handled or recorded properly, your company account can quickly get out of balance. As a business owner, you need to put a stop to the issues before they begin.

However, preventing financial and cashflow issues from cropping up is not as easy as it sounds. Reconciling your account data is a tediousand time-consuming process. The reconciliation process can be triggered by any number of issues, such as outstanding checks, collection of service charges, or interest payments.

Needless to say, reconciling data on both your accounts and your financial statements requires knowledge, time and detailed record tracking, responsibilities that you may not have the time nor resources for.

We understand. That’s why, as a part of our services, we offer Bank and Credit Card reconciliation services for small to medium sized businesses. Our outsourced accounting services use the latest financial tools to provides you with an advanced yet cost effective solution to resolve any discrepancies between monthly statements including bank errors and inconsistent amounts.

Not only that, but we can also keep real-time track of all outstanding checks and deposits in transit. We’ll electronically adjust your account balances, ensuring that all accounts are resolved and up to date. Don’t let accounting errors slow your business down when The Profit Line can help.

Payroll Services

We cover all necessary aspects of effective payroll management: benefits, paychecks, deductions, contributions, taxes, records…

In addition to our many services, we also help small and medium businesses in Toronto and New York to manage their payroll accounting needs.

Payroll processes can be very demanding and complex, from calculating employee gross and take home pay, to calculating overtime, and deductions for items like health insurance, and more.

Our services can improve your performance and simplify your payroll process management, leaving you time to focus on high-value initiatives. The system and payroll tools we use can adapts to your firm size, industry, and unique business needs without losing any accuracy in the calculation or the data.

Every aspect of payroll management will be efficiently taken care of including:

  • Employee benefits (holidays, leave)
  • Payroll deductions and contributions
  • Tax statements
  • Worker’s compensation forms
  • Salaries and paychecks
  • Everything else

All payroll services are electronically processed, encrypted, and sent to you over a secured network. You’ll have unlimited access to all employee payroll data and on-going support from dedicated bookkeepers. Call us now to discuss your needs. Find out how we can help you.

Budget to Actual Reports

Let us help you create a budget which can be then be used to track how you’re doing throughout the year. Budget to Actual Reports are an extremely useful tool, not only for large companies, but for small and medium-sized ones too.

Your company’s budget is a prediction of your annual financial results. As a financial management tool, a budget is designed to help guide your company to financial growth and revenue.

However, a budget is merely a financial assumption and may fall short or possibly exceed your projected financial target. Understanding why that happens is key to maximizing your company’s growth and it starts with a Budget to Actual Report. When prepared accurately, it can give you a detailed overview of your revenue and your expenditures.

If you have troubles making sense of your company’s budget and finances, The Profit Line can help. We offer Budget to Actual Report preparation services. Our accountants can generate a real-time Budget to Actual Reports that can give you a precise look at where your company stands financially. We only work with the latest accounting software tools available which means your report is always calculated with current standards and business trends in mind.

Once we prepare your report, we’ll send it to you over a secured network. Then we’ll help you understand where and why those financial variances are occurring. We’ll sit down with you and discuss where adjustments can be made to your overall financial strategy. Our experienced accountants will work with you to make realistic financial decisions based on calculations, analyses, and facts, not imaginary numbers.

QuickBooks

Our accounting software of choice is QuickBooks, the most widely used accounting tool in the world. We are Quickbooks experts and can customize your reports according to the needs of your business. The Profit Line will ensure that all of your accounting is accurate and up-to-date, and can send you reports at any time.

QuickBooks can be used to track expenses, prepare and send invoices, prepare financial statements, track inventory levels, make reports and for many other tasks. The software covers all aspects of the bookkeeping process for all types of businesses. It is available in different versions tailored to customer requirements for different industries.

Some of the industries we serve

Funded Start-ups

Start your company off on the right foot. We’ll prevent any financial issues before they begin by setting you up with a complete QuickBooks system. And because we’re committed to your success, we’ll continue to support and maintain your books as your start-up grows.

Professional Services

We believe communication is key to the accounting process. With every professional service we work with, our priority has always been to understand the business inside out. We’ll listen to your needs and provide full access to your data at all times.

Investment Firms

At The Profit Line, we hire only the most skilled and experienced accountants who hold accuracy and integrity as standards. This is what makes them the ideal bookkeeper for generating the financial reports needed for both your shareholders and clients alike.

Tech Companies

We understand the needs of technology–based companies, especially those who are selling SAAS. Deferred Revenue can be complicated, but it is essential to the integrity of your financial information.

Non-Profits

We have been working with non-profit organizations for years and are familiar with all of the intricacies involved – from grant reports to HST, we can help you deliver monthly reports to your Board and to your Funders.

Academic Institutions

We have years of experience working with private schools and are very familiar with the particular needs of such organizations. We can provide you with customized accounting solutions which will enable you to keep track of your expenses and, most of all, your revenue and receivables.

Law Firms

Law Society rules require very detailed books and records. Let us focus on maintaining the books so you can focus on expanding and improving your practice. Our experienced accountants are at your service.

Franchise Organizations

As a franchisee, you’re all about the business. As accountants, we’re all about the finances. We’ll take care of any royalties, expenses, and budget issues that are sitting on your plate. We’ll work with you individually to ensure your finances are working to help you succeed.