GREENSTAMP ACCOUNTING PROCESS

 

 

We Help you keep on top of your accounting & bookkeeping with greenstamp

 

 

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 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

Our process 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:

  • 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 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 and South Surrey so we can easily cover the lower mainland of BC, but especially the corridor from White Rock to South Surrey to Langley to the Fraser Valley… with a far-reaching perspective.

 

That is why we named ourselves Green Quarter Consulting

 

More affordable and approachable than Chartered Professional Accountants, much more than a basic local Bookkeeping Service: –

 

We Grow With You!

 

 

 

GET YOUR FREE CONSULTATION TODAY

 

 

 

         

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