JBS BUSINESS SERVICES
“B U I L D I N G S U C C E S S T O G E T H E R”
778 Rossland Ave, Trail, BC, V1R 3N3
250 364 2235 info@jbsbiz.ca www.jbsbiz.net
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N E W C L I E N T S W E L C O M E
“The peace of mind that this paperwork has been taken care of has made a world of difference. Letting go of the stress related to these deadlines was paramount to my ability to focus.”
TUULA KALTIO, RMT
“Without you guys, my business would have surely failed by now. Dealing with success isn’t easy.”
BILLY BLACKBURN, Rockingham Enterprises
“It’s a relaxing place to talk business, or pleasure.”
STEVE McFADDEN, S & T Tire
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Small business is the acknowledged back bone of the Canadian economy. According to the BC Chamber of Commerce, BC small business (defined as fewer than 50 employees) makes up 98% of businesses in BC and accounts for 56% of private sector employment. And drilling deeper, 82% of that 98% are considered micro-businesses with fewer than five employees.
Collectively across our great nation, small business produces about one third of Canada’s Gross Domestic Product. Recognizing this contribution to Canada, CRA offers a unique tax design to support entrepreneurs that requires some special accounting procedures.
To this end, JBS BUSINESS SERVICES can provide your proprietorship, partnership or small to medium sized private corporation with year-end accounting and tax preparation, whether or not JBS BUSINESS SERVICES completes your company’s regular bookkeeping.
We will review, record and report such things applicable to your company as:
- determining allowable input and administrative expenses
- reporting meals/entertainment proportionally as legislated
- differentiating promotion expense from entertainment
- explaining the home office option and its associated write-offs
- identifying applicable vehicle expenses appropriately
- justifying items as lease versus capitalized expense
- calculating capital cost allowance
- employing family members
- computing employer’s payroll deductions expense
- reconciling GST and PST
- identifying due (or late) government business remittances
- preparing and filing government reports
- discussing benefits of incorporating your proprietorship, if beneficial
Formal Business Planning Consultation Opportunities
The initial stage is strictly a snapshot in time of your business health vis-à-vis other similar businesses. Presenting a comparison of your business to your industry, it answers the question, “Where am I today?”
The second stage projects 5 years into the future. This is an extrapolation with no changes to any variables – your recent past dictates the future. In addition to providing proforma statements, cash flow projections and profitability forecasts, it will also provide a calculation of the current value of your business in today’s dollars – “What might my business be worth if I were to sell today?”
The third stage is where benefits can be gained by business planning. This is where “what if” scenarios are played out and these changes become quantifiable outcomes. This is a useful in two ways:
1. To test the impact of changes outside your control, “What would happen if a competitor opened up … or … what would happen if my major customer stopped buying from me?”
2. To test various approaches to change that are in your control, “If I where to automate this process, I could drive my labour cost down and therefore improve my gross profit by $$$ … or … if I were to expand my product offering by adding these items for sale, I could increase sales revenue by $$$?”
Simply put, “What can I do today to positively impact my long-term profits and ultimately the sale value of my business?”
