GREEN QUARTER'S FINANCIAL ADVISORY SERVICES - SPECIALIZED ACCOUNTING WITH GREENSTAMP

 

 

 

GREENSTAMP MONTH END ACCOUNTING

• month end closing of books
• standard journal entries and adjustments
• reconciliations
• variance analysis
• financial statement preparation
• financial review

 

 

GREENSTAMP FINANCIAL ASSESSMENT

Greenstamp’s proprietary process begins by assessing the financial life history of your business. We look at the balances in the accounts to see at a glance the values of what you own, the money you owe, the revenue you have earned, and the expenses you have incurred.

 

GREENSTAMP CHART OF ACCOUNTS REVIEW

We ensure that your chart of accounts are in financial statement order: assets, liabilities, equity, revenues and expenses. The account numbers and names on the chart of accounts are reviewed in order to ensure accurate account reflection. Our process goes even further by deactivating any unused or unnecessary accounts thereby streamlining the use of accounts in posting transactions. Transactions are reclassified if there are out of place discrepancies and lack of consistency in postings to the general ledger.

 

GREENSTAMP USD CURRENCY ANALYSIS

We setup the USD currency on the general ledger so that your USD transactions are tracked for exchange gains or losses that you might incur.

 

USD Banks, Credit Cards, Loans, Customers, and Vendors are set up in USD currency. Balances in these accounts get revalued at the month end USD exchange rate to record the exchange gains or losses.

 

GREENSTAMP GENERAL LEDGER RECONCILIATION AND CLEAN UP

Every account on the balance sheet is matched to a third party source document to verify that the balances are correct and accurate. We document this using our in-house template by account, broken down by month. Any month end and adjusting journal entries are posted as a result of doing the general ledger reconciliation. Examples include:

• matching the monthly bank statement to the general ledger account.
• matching the loan statement against the long term liability account.
• matching the point of sale system to the revenue accounts.
• matching the WorkSafeBC accrual to the payroll reports.

 

GREENSTAMP SUB-LEDGER ANALYSIS

Balances of sub-ledgers are checked against their general ledger control accounts so the total balances are the same.

 

Sub-Ledger Reports Analyzed:

• Open Invoices Report / Aged Accounts Receivables
• Unpaid Bills Report / Vendor Aged Summary
• Inventory Valuation Report
• GST Summary Report
• PST Summary Report

 

GREENSTAMP GST & PST ANALYSIS

GST and PST are assessed using Greenstamp’s proprietary reconciliation working papers. The results uncover the following:

• GST Collectible & ITC (Input Tax Credits) Exceptions
• Unused GST ITCs from prior periods needed to be claimed
• ITC Underutilization
• GST / PST Exempt Revenues
• Zero-Rated Revenues
• Sub-Ledger to General Ledger Discrepancies

 

GREENSTAMP BALANCE SHEET REVIEW

The Greenstamp Balance Sheet Review uncovers:

• Accounts receivables that may have uncollectible and/or disputed amounts.
• Inventories that may have obsolete items and/or unit costs reflected under current market values.
• Capital assets that have market values substantially less than book values.
• Liabilities that have been “forgotten”.
• Disputed assessments that are sitting in unopened mailings from the Canada Revenue Agency, and not reflected on the balance sheet.

 

GREENSTAMP REVENUE, COST OF GOODS SOLD, GROSS PROFIT, EXPENSE ANALYSIS

The analysis process includes:

• Revenue is analyzed amongst all of your segments to highlight the product classes which are underperforming.
• Gross Profit is assessed to determine whether there is a big enough spread between costs of sales and selling price. We compare your gross margins over the months in both the current and prior years to highlight variances.
• Each expense account is analyzed in comparison to total revenue to highlight any potential cost reduction measures.
• We incorporate your budgets and projections into our revenue and expense analysis and review variances.
• We perform a ratio analysis on your business liquidity, operating activity, equity coverage and profitability.

 

GREENSTAMP CASHFLOW ANALYSIS

Cash flow is the lifeblood and key to maintaining your business. We use tools to analyze cash flow; identifying potential problems and acting quickly. For example, a business might need to adapt payments to suppliers or apply for emergency business financing. We ensure that the most effective billing and collection procedures are in place to keep accounts receivable in line and not increasing period after period.

 

GREENSTAMP BUDGETING AND FORECASTING

Budgeting represents a company’s goals of financial position and profitability for a period of usually a year. We create this baseline with cooperation of management and ownership to compare actual results to determine how the results vary from the expected performance.

 

Even better than a budget is financial forecasting. Think of financial forecasting as a “rolling budget” whereby an estimation of the company’s future financial outcome is done through an examination of historical data. Our financial forecasting allows stakeholders to anticipate results based on previous financial data on a monthly or quarterly basis.

 

GREENSTAMP PROCESS IMPROVEMENTS

We implement ongoing process improvements using the latest accounting best practices, CRA guidelines, and GAAP (Generally Accepted Accounting Principles).

 

Supporting documentation of the general ledger accounts is digitally prepared and attached to all transactions in order for the best audit defense possible. Financial backup is digitally sent to your CPA at year end for tax planning and preparation.

 

GREENSTAMP PRESENTATION

We prepare the following internal reports on a weekly or monthly frequency:

• shareholder loan accounts
• aged accounts receivable
• aged accounts payable
• intercompany reports
• fixed asset schedules, third party loans
• project profitability reports (job costing reports)
• inventory valuation reports
• customized reports as required by management
• income statement
• balance sheet

 

 

To be clear, We are not your average boring Accounting and Bookkeeping Service, even though we provide an affordable Bookkeeping Service, and with Greenstamp, it’s anything BUT Basic! So yes, we are going to trot out that “It’s not what it costs, It’s what it makes you” line with Pride.

 

Remember, we are based in White Rock so we can easily cover the lower mainland of BC, but especially White Rock, Surrey, Langley, Abbotsford, Vancouver, New Westminster, Coquitlam, Burnaby and South Surrey BC...with a far-reaching perspective.

 

That is why we named ourselves Green Quarter Consulting…

 

More affordable and approachable than Chartered Professional Accountants and our Greenstamp CFO Services are much more than a basic local Bookkeeping Service:

 

WE GROW WITH YOU!

 

 

 

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