magazine

tamara.osseiran

WORK

WITH US

ACCOUNTANTʼS PACKAGE


Learn how we work with clients and

with accountants like you.

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our process

We’re different from other

bookkeeping firms—let us tell you how.

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why work with us

Our income statements and balance

sheets can benefit you.

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case study


About

Legacy

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our industry focus

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our ideal clients

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We specialize in some key small

business industries—find out which.

How to know which of your clients can

benefit from our services.

The crack team of CPA-level

bookkeepers you’ll work with.

our team

Legacy Advantage was founded to solve

a big problem: Small businesses and

entrepreneurs couldn’t find quality bookkeeping

services geared towards their

needs. As entrepreneurs ourselves, we

believe that by focusing on what we do

best—bookkeeping—we can help other

entrepreneurs focus on what they do best.

Our mission is not only to give our

clients peace of mind through accurate

bookkeeping, but to look for opportunities

to add value. We hire CPAs and CPA

students so that they can provide the

financial insights and literacy that will

help our clients better understand and

improve their businesses.

By democratizing those financial

insights, we believe we can help businesses

make great business decisions. Our goal

is to act not only as bookkeepers but as

Controllers and CFOs, keeping the books

neat while identifying opportunities for

businesses to grow and providing referrals

to other financial services where needed.

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All of our bookkeepers are CPAs or CPA

students and are selected specifically because

they understand year-end reporting requirements

and the ins and outs of accounting for

specific industries (such as charitable organizations

and non-profits). This knowledge

ensures that our bookkeepers track and

properly record all of the data that you, the

accountant, will need when the time comes

to file taxes, conduct audits and generate

year-end statements.

We strive to achieve paperless bookkeeping

through the use of QuickBooks Online

and a host of supporting apps. This enables

real-time access to financial data and a

secure back-up of client records. Digital

records are easily sorted and exported to accountants,

easing the process of document

submission and reducing the likelihood of

paperwork being lost or misplaced.

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We do our best to ensure our clients’ dayto-day

CRA compliance to reduce their

chance of being audited. We also help

clients manage their existing tax obligations,

stay on top of their regular tax filings,

and ensure that any potential tax liabilities

are accounted for in the books. We date and

categorize all transactions, making it easy

for accountants to pull specific data if and

when needed for audits and reports.

With the client’s consent, we can liaise

directly with accountants to provide information

and clarification as required. Every

client account we manage is assigned a

dedicated bookkeeper who is responsible

for keeping the client’s information accurate

and up to date. If that person is away, they’re

backed up by the Legacy team, which can

access the client’s information on the cloud

and jump in where needed.

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our file review process

Showing is always better than telling. To truly understand how

we operate, take a look at this standard Balance Sheet and Profit

& Loss Statement. We’ve outlined the steps we take to ensure the

highest level of accuracy and detail possible so that you can see

how we work.

Case Study: Balance Sheet

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Chequing

Legacy Advantage checks

if all of the client’s bank

accounts and credit cards

are reconciled. Unreconciled

items are scrutinized

and verified.

Accounts Receivable

We pull up the AR

Subledger and verify

that all balances are real.

Balances outstanding for

more than 90 days are

verified directly with the

client. If there are negative

balances, we confirm

whether or not these

customer deposits are still

owing.

Inventory Asset

Legacy Advantage asks

the client to conduct

an inventory count (or

inventory estimate) at

year-end and we true it

up to the Inventory Asset

balance

Furniture and

Equipment

We look through the

General Ledger of Capital

Asset accounts to ensure

that no expense items were

capitalized and that all

capital assets have been

allocated to the correct

asset account. We also look

through the Office Expense,

Repair & Maintenance and

Miscellaneous General

Ledgers to verify whether

or not there are any capital

items that should have

been expensed.

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CASE STUDY: BALANCE SHEET

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our file review process

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Accounts Payable

We pull up the AP

Subledger and verify

that all balances are real.

Balances outstanding for

more than 90 days are

verified directly with the

client. If there are negative

AP balances, we confirm

whether or not there are

vendor credits/prepayments

still available.

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GST/HST Payable

We verify the accuracy of

the net GST amount owing

by going through the GST

module.

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GST/HST Suspense

The GST/HST Suspense

account usually correlates

with the last (and yet to be

assessed) GST filing. We

agree this account with the

CRA My Business Account

records.

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Note Payable

Opening Balance Equity

Equity Contributions

Retained Earnings

If there are loans or

mortgages, Legacy

Advantage verifies the

Note Payable balance

with the loan/mortgage

statement.

We agree the Opening

Balance Equity with the

prior year’s closing balance

We look through the

General Ledger and

scrutinize the owner's

contributions and draws to

catch any

inconsistencies

We agree the balance of

Retained Earnings with

the prior year’s closing

balance.

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Case Study: Profit and Loss

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1

Sales

Legacy Advantage will look at month-to-month trends

to verify if revenues are allocated to the correct

account.

summary of

case study

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Total Cost of Sold Goods

Legacy Advantage will calculate the monthly percentage

of gross profit margin in order to assess

reasonability. If the normal gross profit margin is

around 50% and a particular month shows 20 or 80%,

we will investigate that month for timing errors, misallocations,

and so forth.

Rent Expense

For consistent monthly expenses, such as rent and

utilities, Legacy will ensure that these amounts are

recorded consistently each month.

• We take care of the bookkeeping so that you don't have to.

• With the exception of year-end tax filings, we handle all

dealings with the CRA (GST, PST, Payroll, etc.).

• Verification occurs every step of the way, ensuring

accuracy.

• When you have queries, you can liaise with us directly. If

we don’t have the answer, we’ll get it for you.

Result:

HAPPIER STAFF

HIGHER RECOVERY

HIGHER PROFITS

MORE EFFICIENCY

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Our Ideal Clients

Point of Sale

Businesses that use point of sale (POS) software have a large volume of transactions to record. We work with these

businesses to process payments, pull information automatically where possible, accurately record sales taxes and

transactions involving multiple currencies, and more.

Non-Profits

With multiple income sources to account for, donation receipts to issue, and regulations governing the management

and report of earnings to follow, non-profit accounting is complex. We help non-profits to save money by managing their

finances more efficiently and reducing their audit adjustments.

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Trades

Work in the trades is very project-oriented, and often heavily reliant on cost plus contracts. We help these businesses

to automate receipt and expense tracking, streamline invoicing and payment, improve cash flow, assess the

profitability of their projects, and comply with industry regulations.

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We’ve built a team of super-friendly bookkeepers—all CPAs or CPA

students. We’re confident they’re the best, most talented and upbeat

bookkeepers you’ll find in Calgary. Why? Because they all believe in

and embody Legacy Advantage’s core values.

communicate

fearlessly

with each other. with clients.

with you. because open and

honest communication gets

things done.

never settle

it’s not enough to meet your

expectations. The challenge

and excitement lies in

exceeding them.

unleash

potential

freeing clients from the

day-to-day bookkeeping

means freeing them to grow

their business

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entrepreneurial

supporting entrepreneurs is

supporting ourselves,

because we’ve got legacies

we want to leave too.

win and lose

as a team

our clients are part of that

team, and so are you. if things

go wrong, we’ve got your back.

earn everything

deeds matter more than

words. you’ll get our best

from day one and we’ll grow

together from there.

Bob Wang, CPA

founder of legacy advantage

Bob studied Accounting at UBC’s Sauder Business School

before working at KPMG Enterprise. Passionate about empowering

individuals and organizations to achieve their

dreams, he founded Legacy Advantage in 2015, a small

business bookkeeping firm dedicated to helping entrepreneurs

succeed. Bob is a regular contributor to several

blogs and a frequent speaker at bookkeeping industry

events.

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Vancouver

(855)-902-2844

200 - 2325 Burrard St.

Vancouver, BC V6J 3J2

Surrey/Langley

(604)-256-6325

403 - 19292 60th Ave.

Surrey, BC V3S 3M2

Calgary

(403)-908-0919

5940 Macleod Trail SW,

Suite 500

Calgary, AB T2H 2G4

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