When might you need an accountant?
There are three common situations when you might find hiring an accountant especially useful:
- If you have complicated financial affairs, such as having money tied up in assets and needing financing or tax advice.
- If you are self-employed and don’t have the time to do the books plus complete all the government forms, sort out payroll, track invoices and bills and run your business.
- If you are involved in significant change such as buying or selling a business or setting up or dissolving a business partnership and want a cost and tax effective advice and support.
In addition to these three common areas, accountants can advise you on common risks in your business and helping you find ways to reduce that risk through considering insurance as well as introducing better business practices.
What are the benefits of using Morley Accounting Services?
Accountancy is not really something that you can do for yourself – unless you are an accountant. It is highly specialized and requires expert knowledge. In addition to this, tax-related laws and loopholes emerge everyday so it is difficult for a non-professional to keep up with the current situation.
There are three benefits of using Morley Accounting Services are: peace of mind, sound cash flow and having a professional who is readily available.
- Peace of mind means you have an accountant working for you, you know that everything is in order; all the tax returns will have been sent, and that you are doing everything above-board. The more complex your business the great the potential peace of mind as the penalties and interest for missed or incorrect filing of taxes can destroy a business. Many of our clients switched to us because their bookkeepers and accountants were behind or not qualified enough to produce timely and accurate financial information for their needs.
- Sound cashflow. It can make a significant difference to your business cash flow whether you buy or lease assets, and whether you pay cash for arrange terms with suppliers. Identical businesses can be paying completely different tax levels depending on the structure you accountant develops for the business. Your accountant can help you develop and track your cashflow ensure the survival of your business as well as help you put your case to bankers, lenders and investors to support your business. Many of our clients either contacted us when they started their business or switched when they found their accountants could not help them with cashflow issues as well as preparing financial statements.
- Thirdly is having a professional readily available. Many of our clients have come to us because their current accountants cannot respond to their requests in a timely manner. Your business cannot wait three weeks for your accountant to return calls. We return calls promptly and are able to assist clients in the evenings and weekends when needed especially for clients in the Huntsville, Bracebridge, Gravenhurst, Orillia and Barrie areas.
WHAT DO WE DO?
We have a client base that includes: small public companies, private firms and families in business as well as individuals requiring assistance with tax planning and filing.
These clients also require a wide range of services including compliance with their tax, banking and other accounting and tax obligations.
We provide accounting, tax and business advice to public and private companies, non profit organizations and government clients mainly in the Muskoka and Simcoe areas. Through our sister firm, Morley Chartered Accountants, we prepare we prepare financial statements to meet our client’s reporting requirements. As a public accountant, Theresa Morley CA conducting Audits, Review Engagements and Notice to Reader Statements for clients.
WHAT ARE THE SERVICES?
Our accounting services include:
Tax
We prepare personal and corporate tax returns, and deal with queries and issues that clients have with the tax authorities including income tax, PST and GST. We also undertake tax planning work to develop alternative tax efficient strategies for clients to achieve their objective whether it be to grow the business, take money out for investment, or sell the business to the next generation. Clients appreciate the peace of mind that their taxes are filed correctly and we are responsive when they have an issue.
Public accounting services
We report on financial statements at three levels – audit, review or compilation depending on the level of assurance required by the user.
Bookkeeping and administration.
We undertake the set up of new companies, provide bookkeeping services for small clients and arrange payroll and tax remittances like GST. As clients grow we help them develop the skills to do more of their own bookkeeping and teach courses in QuickBooks to help clients do their own bookkeeping. We assist family business offices with the administration of the affairs of the family.
Accounting Systems.
Clients tend to start with their paper and pencil bookkeeping and then move to Excel spreadsheets, then to QuickBooks and then to other larger accounting systems. We help clients with these transitions by revamping their chart of accounts to reflect their needs, and providing conversion tools and process to ensure a smooth transition.
Cashflow.
We help clients understand their financial information and develop cashflow projections to anticipate cashflow needs. This provides clients with the peace of mind as to what they need to address their concerns rather than being caught by surprise.
Our business advisory services include
Financing.
We prepare financing documents and RFP’s to enable clients to secure the best mix of financing from traditional and non traditional sources. Clients can often obtain better, more flexible credit terms at more attractive pricing with fewer guarantees and restrictions.
Planning and succession.
We develop business plans, cashflows, strategic plans, strategic maps and 36 year life plans (plans on one page). We assist clients to develop budgets and track progress against their budgets. Clients like a one page tool to see their long term plans for the family, the business and themselves to keep themselves focused.
Business Education.
We provide workshops on community trends, business planning, pricing, cashflow and understanding financial statements to business groups, chambers of commerce and business associations. As paid public speakers, we are able to provide useful advice that audiences can implement immediately to show results.
Philanthropy.
We assist families develop approaches to philanthropy and the administration of family foundations.
Management and Staffing.
We developing job descriptions, procedure guides, workflow charts and other similar processes to help clients better organise their workflow in the business. We also assist in the recruiting and orientation of senior staff (general managers, controllers, estimators etc.)
Pricing.
Many clients offering complex services and products have difficulty with deciding on the best pricing strategy. We assist clients through pricing studies, developing rules of thumb and using industry benchmarks for comparisons. Clients find the profit improvements are immediate and seldom lose customers in the process.
HR Management.
We develop employee manuals and procedures to assist clients with human resource issues that range from upgrading board governance to terminating employees. We work with other professionals to provide the appropriate process and documentation to achieve their objectives.
Risk Management.
Clients often have a challenge to decide the optimum mix of insurance, risk avoidance, and ways to mitigate risk in their business. By working closely with other professionals we are able to help clients develop a cost effective approach to minimize the overall risk to the business.
We are different from other firms in that we started with a business advisory focus and only added the accounting and tax services later.
OUR HISTORY
The accounting services are provided by a division of Morley & Associates Inc. called Morley Accounting Services. The business advice is provided by another division called BRSJump.
Morley & Associates Inc. was formed in 1990 to provide accounting and business advisory services. Since 1996 these services have been available in Muskoka and Simcoe County.