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Need help managing the accounting and tax aspects of your professional practice? How our new service package can help

Our Professionals Team provides some info on a new set of services specially tailored to your business

It’s common knowledge that every career path brings different challenges and rewards. Doctors juggle demanding schedules but are privileged to heal those in need. Architects often deal with insistent and critical clients, but also get to see their creative visions become reality. One thing that all professionals share in common though, is that they lead very busy lives, constantly balancing the many demands of their profession. Unfortunately, this can sometimes mean that the time needed to focus on certain financial areas of your business is scarce at best.

Our advisors understand that, as professionals, you are faced with unique accounting, tax and advisory challenges. We believe that seeking professional advice in these areas is an important step toward structuring your professional practice.

If you are a doctor, dentist, lawyer, engineer or other independent professional, take a moment from your day to answer a few questions, which may

 help you determine whether the energy you’re putting into the accounting and tax elements of your profession are saving you time and money, or causing you unneeded hassle:

1. Is your practice optimally structured for tax purposes and income splitting?

2. Do you have an up-to-date will?

3. Do you have adequate insurance to cover taxes in the event of death?

4. Are you paying interest and penalties on tax filings?

5. Are you receiving timely year-end financial statements?

6. Are your records up-to-date to provide you with timely information?

7. Are your billings completed on a timely basis to optimize cash flow?

If the answer to any of these questions is cause for concern, there is a good chance you can benefit from having a qualified professional handle these aspects of your practice for you. The MRSB Professional Team, consisting of experienced chartered accountants and tax specialists, can see to it that all financial aspects of your business are optimized to minimize taxes, maximize wealth and ensure regulatory compliance.

Our advisors understand that, as professionals, you are faced with unique accounting, tax and advisory challenges. We believe that seeking professional advice in these areas is an important step toward structuring your professional practice. We are confident that you will enjoy greater peace of mind knowing that MRSB is expertly managing the financial side of things, leaving you with the time you need to grow your practice.

If you would like more information on our Professional Team, please contact Partner Terry SolomanAccounting Manager Karen Zakem or Accounting Manager Kevin Cusack.

Staff sippin' smoothies for a good cause!

The MRSB Admin Team sold delicious and healthy fruit smoothies this morning at the office in support of St. Jean Elementary providing an online reading program for students. We thought we'd share a short photo essay of our summer-in-winter style fundraiser.

Prepping the 'raw' materials...

   

First sip. We loved the umbrella garnish.

    

Cheers!

Demand was high. Let Round 2 begin...

   

 

Growing our connections and expertise in international markets

Two of our team members recently travelled to Barbados to develop business opportunities for MRSB Consulting Services

Contributors: Stacey Evans, Business Development Officer and Brenda Wedge, Principal & Senior Consultant with MRSB Consulting Services

Since our last blog post on MRSB Consulting Services’ international work, there have been some exciting developments in this area that we’re happy to share. Just a few weeks ago we participated in Trade Team PEI’s latest trade mission to the Caribbean. This trip provided an excellent opportunity to meet new potential partners, identify upcoming opportunities and to strengthen existing partnerships with professionals in the region. Our consulting team has now doubled the number of business engagements in the Caribbean and has tripled the number of Caribbean countries where we are providing consulting services. As we build our experience through these projects it becomes increasingly clear that there are many similarities in the opportunities and challenges faced by countries in the region, but there are also unique realities that can only truly be appreciated through working hands-on in specific countries or in partnership with professionals there.

                        

So, what kind of work have we been involved in, exactly? Three of MRSB’s consultants have now been engaged to provide business planning and advisory services to entrepreneurs through the Inter-American Development Bank’s Compete Caribbean Program; Kathleen Townshend and Don Currie are working with innovative entrepreneurs in Haiti while MRSB partner Lloyd Compton is working on an exciting project in Belize.

These missions have played an important role in opening new doors of opportunity. For instance, as part of the trade mission, MRSB was invited to attend a regional Technical Vocational Education and Training Conference. It became evident from the presentations that governments and post-secondary institutions in the Caribbean are at an important crossroad as they realize the importance of building partnerships with industry and ensuring educational curriculum reflects the needs of the national and regional job market. We also had the opportunity to learn about current initiatives as well as upcoming projects that will seek to address these labour market gaps. Our team’s experience working on similar projects with Holland College and the University of Prince Edward Island have provided us with best practices to assist with these types of initiatives in Barbados and across the region.

Looking ahead, MRSB anticipates welcoming an inbound multi-sector mission from the Caribbean to Prince Edward Island in spring 2014 and to further grow our connections and expertise in this promising international market.

 

Wondering where to start with payroll?

The MRSB Bookkeeping & Reporting team gives a quick run-down of your options as a small biz owner

As the owner of a small business, you are probably planning to spend at least a few hours huddled over your desk this month, working out payroll deductions for your employees, or perhaps just for yourself.  Payroll has come a long way over the years and there are many options in terms of tools and programs to help you.  There is still the manual ledger, but these days that requires you to look up the deductions on the Canada Revenue Agency’s website using the Payroll Deductions Online Calculator (PDOC).  What if it’s storming and you can’t get into the office on payroll day? Or it’s summertime and you’d really rather spend your day on the beach?

 

 

 

Well, these days you can pack up your laptop and use one of the many accounting programs with integrated payroll.  Our personal favorite is Sage 50, formerly Simply Accounting. QuickBooks is another option. These programs allow you to generate paychecks for your employees, using the most up-to-date payroll tax calculations. 

 If you are looking to further heighten your efficiency come payroll time, you can opt for direct deposit software which enables you to electronically transfer funds into employees’ bank accounts.  This not only saves time, but also gives you flexibility to pay your employees from any location.  Sage 50 has an add-on called Sage 50 EFT which can perform this function.  Other examples of this type of service are Telpay and Beanstream.  Your bank may also offer a direct deposit solution for your payroll.

If you require additional information, we are proficient in all of the above and can help you set up your system.  Or, if your beach chair takes priority, we can just take over your payroll process and let you work on your tan!

 

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