Tax Management and Accounting Services
It is a difficult effort to preserve the efficiency of the tax function while also responding to public requests for increased transparency, accuracy, and accountability, as well as better risk management.
Canada’s tax and accounting operations have outlived their usefulness as a result of their continued functioning in the same manner as they have done for many decades. Tax accounting has risen to the top of many finance directors’ priority lists as a result of increased regulatory scrutiny and the implementation of essential disclosure requirements. This has brought to light a number of fundamental issues with the way corporate tax offices operate. In light of these advancements, businesses now more than ever need to strengthen and integrate their tax accounting function into their broader financial operations in order to be successful in the long run.
The truth is that many businesses do not have the internal resources and knowledge necessary to fulfil the increasing demands for accuracy and openness in the tax accounting and financial reporting areas of their financial reporting. Keeping up with the increased emphasis on tax accounting accuracy while also meeting ever-increasing reporting deadlines is a constant uphill battle for tax professionals, who are up against a mountain of paperwork. To make matters even more complicated, these already overburdened internal tax resources will be needed to plan for both the tax implications of transitioning to International Financial Reporting Standards (IFRS) and any accounting concerns that may arise as a result of the transformation.
In order to be taken lightly, the risks connected with mistakes in tax accounting and poor tax rate management are simply too significant, and the ramifications of doing so could be catastrophic. To continue to focus all of their internal tax resources on tax accounting duties while disregarding other critical components of the larger tax function, as has been done in the past, is no longer acceptable for tax executives in Canada.
Depending on your situation, the Accounting and Tax Services branch of Bomcas Canada may be able to assist you in a variety of ways. Please contact us for more information.
If you are suffering any of the tax accounting concerns listed below, our Tax Accounting Services team can assist you with these issues as well.
- With increased emphasis on strategic objectives such as effective tax rate management (which is becoming increasingly popular), the tax function’s tax accounting is becoming increasingly focused on strategic objectives. Because the organisation is placing a greater emphasis on tax accounting practises, these modifications are being adopted.
- Improved documentation for the tax accounting function should be a top priority for everyone engaged, regardless of position.
- When the production and/or review of quarterly and yearly tax accounting computations is outsourced to a third party rather than being completed in-house, it is more accurate to report tax accounting balances than when the computations are completed in-house.
- In financial planning, the integration of tax accounting into a company’s financial reporting cycle, as well as the consideration of tax implications when developing projections, are two of the most significant aspects to keep in mind.
- The Canada Revenue Agency (CRA) is undertaking a number of measures to strengthen tax accounting controls, in addition to assisting with the re-engineering of the tax accounting process and the rehabilitation of ineffective controls, among other things.
- An assessment of tax accounting technology solutions is conducted, and tax contingency reserves are generated and documented in the accounting system after significant research and review.
- Depending on the circumstances, it could take many years to apply new accounting regulations such as FIN 48 and the International Financial Reporting Standards (IFRS), as well as reconcile financial statements to generally accepted accounting principles (GAAP) in some cases (GAAP).
It has a substantial impact on your company’s bottom line, shareholder value, and reputation when your tax accounting function is managed properly. Something like this is something we can understand. We can assist you with any aspect of your organization’s tax accounting function, from the formulation or review of tax accounting computations to the redesign of your tax accounting system, and everything in between.
Please contact us as soon as possible to determine whether or not we can be of assistance to you.