Audit and Accounting

Using Revenue Recognition to Manage Cash Flow

Gordon Jessup • October 07, 2019 Gordon JessupWe recently were asked to assist a foreign construction company with their Canadian corporate income tax returns. They were in the midst of their first Canadian project and had worked with their local accountant in determining their net income. For accounting purposes, they determined their net income using the percentage of completion method. This ... Read More

The Importance of Cash Flow Management

David Filice • September 23, 2019 David FiliceBusiness owners usually evaluate financial performance based on profitability. Continuous efforts are made to improve the bottom line by generating new sales in addition to applying cost cutting measures. The common assumption is that to obtain financing from bankers and other key stakeholders, strong profitability is the only measure that counts. ... Read More

The Importance of Job Costing

Laura Couvrette • August 26, 2019 Laura CouvretteIf you are like most small and medium sized construction companies, you have been focused on growing your business by investing in new equipment, hiring new staff and networking to ensure you have the opportunity to bid on new contracts. But what you might not have considered is whether or not your job costing and ... Read More

Audit, Review, or Notice to Reader (NTR): What Level of Assurance Do I Need?

Accounting Services TorontoLaura Couvrette • January 03, 2019 Laura CouvretteYear-end financial statements provide a ‘snapshot’ of your business’ finances. However, the level of detail required, and the associated level of assurance, varies considerably based upon the type of engagement. To determine what engagement is appropriate for your business, it is important to understand the difference between the ... Read More

Accounting Controls Every Hamilton Business Needs to Consider

Hamilton Accounting ServicesBennie Esposto • December 10, 2018 Bennie EspostoProactive accounting controls are the most effective defense against a company’s losses due to theft or fraud. These controls remove the opportunity from potential fraudsters by identifying and shoring up vulnerabilities, and detect any attempts at theft or fraud early to minimize their impact. However, these controls are also very commonly overl ... Read More