The role of the accountant

The role of the accountant
(Bokföring)

The year 2015 has just ended. Although the purpose of financial years of companies do not necessarily correspond with the purpose of calendar years, this is the choice of many companies. In the coming weeks, many will have to juggle accounting and taxation. The next few paragraphs are designed to inform you of important things to consider when it comes time to produce the financial statements of the company and the tax return thereof.
(Redovisning)

Production time

Quebec companies are required to submit to the Canada Revenue Agency and Revenu Québec their corporate tax returns within 6 months following the end of their fiscal year. If you are not able to do, you may pay heavy penalties and interest on the unpaid balances. It is important to note that even if you have six months to file your tax return, you must still pay your tax balance due within two months following the end date of your fiscal year provincially
(Bokföring göteborg).

Federal, under certain conditions, it may be that the period is three months. If your accountant is not able to file your return within two months following your end of the taxation year, it should still estimate your tax balance due and make you pay the estimated amounts in order to avoid paying interest.

Obviously, you also you get your financial statements within which lets you perform planning for the year after and quickly adjust your operations if necessary
(Redovisning kungsbacka).

The type of mandate
Usually, your accountants will offer one of the three following reports in establishing your financial states:
Notice to reader
The review mission
The audit

It is of utmost importance to ensure that your financial statements are accompanied by the appropriate ratio, but also the choice of the latter does not deviate from your requirements, because this is the biggest determinant in the price you will pay. Do not hesitate to ask your accountant and make sure that it does not maintain the status quo without good reason. The difference between these three terms is the level of assurance that your financial statements, taken as a whole, do not contain significant errors
(Bokföringsbyrå göteborg).

The notice to the reader is the mandate that provides the least insurance and is often suggested when the client is the only user of the financial statements and that no external application is made for a different kind of mandate.

The cost of this type of mandate is much lower than the others, often half a review engagement. The review engagement provides a moderate assurance and this type of mission is often asked by external users of financial statements-for example the bank. Finally,
(Inkomstdeklaration)
the audit is the type of mission that provides the greatest assurance and once the request is in most cases from third parties.

Remember that the report covers all of your financial statements. It is often much more cost effective to prioritize one to the reader and ask some additional analysis on some extra elements that will be useful.