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SERVICES

Pinnacle PAC works with medium sized businesses – with a specialization in in the construction industry.  We can help you manage a multi-million dollar build, and we can help you figure out how to set up a payroll system for two employees.  We work with you as a coach, advocate, idea generator, and financial counselor.

Of course we can provide all the services that you would expect from a professional accounting firm – tax returns, systems support, financial statement preparation…but we know that commodity services are not the only thing (and certainly not the most important thing) you need to make your business successful.  It’s the “other” that we are great at.  If you and your business are ready to invest in your future, your growth, your clarity and peace of mind, then check out our Services sections for descriptions of some of the things we do.

Accounting Systems Support

We recognize that many business owners do not have time to address all the pressing issues that can confront their companies. Often operational issues will take priority at the unfortunate expense of financial management.  Areas that suffer may include late financial reporting, incorrect financial information, lack of information, and feelings of disorganization.  Alternatively, the situation can occur where the entrepreneur focuses on the financial management of his or her business, to the exclusion of business development or sales.

Pinnacle PAC will help you reach the place in your business where you can make informed decisions based on timely and accurate internal reporting systems.  We have experience in helping set up and refine financial accounting systems in many industries using all sorts of technologies and tools.  Areas where we can help include:

  • Accounting systems set up and training
  • Quickbooks Online
  • Sage (Simply Accounting)
  • Staff training
  • Forecasting and budgeting
  • Monthly or quarterly reporting
  • Key Performance Indicators (KPI’s)
  • Capital structuring
  • Paperless offices
  • Standard operation procedures
  • Virtualization
  • Internal control assessment and improvement

With great financial systems, you can have the freedom to focus on your business, knowing that you are making real-time, informed decisions.

Bank Financing

At some point, all entrepreneurs need money to expand their business. Requesting a business loan without adequate preparation sends a clear message to the lender: “High Risk!” Therefore, it pays to be prepared and organized in your approach for financing. Pinnacle PAC can help you prepare a winning loan proposal.  We have the experience to help you prepare a proposal created from the lender’s perspective; we know exactly what banks want to see.

We can help you prepare a winning loan proposal which may include:

  • Executive Summary: Where we concisely state the purpose of the loan, the exact amount of money required, an explanation of what the loan will be used for and why it’s needed.
  • Pro-forma Cash Budgets and Financial Statements: We use your data and underlying assumptions to prepare information that your banker can easily read and buy in to.
  • Owners’ Personal Financial Statements: We make copies of the last 3 years of personal tax returns for the bank as well as identify the collateral being pledged as security for the loan.
  • Representation: We help substantiate your financial needs/position to your banker in person.

Whatever your financing needs, Pinnacle PAC can help you be prepared.

Bookkeeping

Many small business owners do not have the time, systems or experience required to keep their internal books up to date.  If you have fallen behind on your bookkeeping, we can help you find a qualified bookkeeper to get you caught up.

Pinnacle PAC does not provide bookkeeping services and we do expect each of our clients to have a system of internal record keeping.  We are happy to help you and/or your bookkeeper set up a system.  We work closely with your bookkeeper to ensure that your business’ records are being prepared in a manner that best serves you.  Whether you require daily, weekly, monthly, or just yearly record keeping, we can help you find the bookkeeper best suited for you and your business.

Financial Statement Preparation

Shareholders, creditors, and private investors often need assurance that financial statements accurately represent the true financial position of a company. These same stakeholders also have varying degrees of risk tolerance. When it comes to preparing year end or interim financial statements, there are three different engagements, each with their own level of assurance. These engagements are the Audit, the Review and the Compilation.

Pinnacle PAC does not perform audits because of our close relationships with our clients and because of the onerous requirements and costs associated with audit engagements. If necessary, we can refer you to another firm to handle your audit engagement requirements.

Pinnacle PAC does perform review and compilation engagements. To better help you understand the different levels of engagement we have summarized the key points below:

 

Compilation – Lowest Level of Assurance

In compiling financial statements for a client, we present information that is the “representation of management” and express no opinion or assurance on the statements. Compilations don’t require inquiries of management or analytical procedures. Instead, we rely on our knowledge of accounting principles and a general understanding of your business.

Banks often require compilations from an independent professional accountant as part of their lending covenants.

Review – Limited Assurance

Less extensive than an audit, but more involved than a compilation, a review engagement consists primarily of analytical procedures we apply to the financial statements, and various inquiries we make of your company’s management team. If the financial statements or supporting information appear inconsistent or otherwise questionable, we may need to perform additional procedures.

A review doesn’t require us to study and evaluate your company’s internal controls or verify data with third parties or physically inspect assets. Rather, a review report expresses limited assurance in the form of the statement: “We are not aware of any material modifications” for the financial statements to be in conformity with the Generally Accepted Accounting Principles (GAAP). Reviewed financial statements must include all required footnotes and other disclosures.

Why might a business request a review engagement? It can be a good middle ground, providing the advantages of a professional accountant’s technical expertise without the work and expense of an audit.

Which Report Should You Use?

Each type of financial statement report may suit specific circumstances, depending on requirements from your client’s bank or other parties, as well as meet budgetary needs.

Understanding each report’s unique strengths and weaknesses can help you choose the most appropriate one. Please call if you have questions about which type of report is right for you.

Succession Planning

If you own a business, retirement isn’t simply a matter of deciding not to go into the office anymore. You’ve got some critical questions to answer like:

“What happens to the business when you’re no longer running it?” and
“Will you have enough money to retire?”

Most people are not comfortable discussing topics such as aging, death, and financial affairs.

Most people are not comfortable discussing topics such as aging, death, and financial affairs.

Comfortable or not, succession planning should be a priority for any business. The family dynamic can complicate the whole transition because of the relationships and emotions involved. But it is imperative to plan well, considering that more than seven out of ten family-owned businesses fail to survive the transition from founder to second generation, typically falling prey either to estate taxes or family discord – or both.

Developing and implementing a well-designed succession plan is essential to the survival of a business from one generation to the next.

Pinnacle PAC can help you with these key issues:

  • Who’s going to run the business when you’re gone? Management and ownership are not one and the same. You may decide to transfer management of your business to a key employee or one of your children. And you may decide to transfer equal shares of business ownership to all your children, whether they’re actively involved in the business or not.
  • Minimizing the tax bite. The tax burden when transitioning a business can be significant. The challenge is that a business is not generally a liquid asset, but taxes are typically due when ownership is transferred.
  • Keeping it in the family. Are you going to pass the business on to your family or sell it to a third party? We help you weigh the advantages and disadvantages of each of these options.
  • Making it fair. Transferring ownership often adds a tremendous amount of stress to individual family members. We talk with each of the family members to ensure that they feel they a getting an equitable and fair share of the pie.

What Pinnacle PAC can do for you:

Once we understand how you feel about the key issues above, we can help you begin to pull the pieces together to construct your succession plan focusing on these key issues:

  • Business Valuation
  • Business Restructuring
  • Tax Consequences
  • Retirement Projections
  • Tax Projections

Pinnacle PAC can help you pass on what’s taken a lifetime to build.

Taxation Services

Personal Tax Services

Pinnacle PAC restricts our preparation of personal income tax returns to our corporate clients. We do not prepare tax returns for the general public. We have found that we can provide the best value to our small business clients by focusing on their business accounting needs and preparing their personal returns as part of a comprehensive tax plan. Given the focus of our firm, we cannot bring the value to other personal tax clients that they need and deserve.

Pinnacle PAC advocates the use of a tax professional to assist in preparation of your personal income tax returns. We would be happy to refer you to another local accounting professional for assistance with preparing your personal income tax returns.

Non-Resident Taxation Services

Taxation of non-residents is a highly regulated and particularly confusing area. Pinnacle PAC can provide advice on cross border matters including:

  • Carrying on business in Canada by a non-resident
  • Taxation of rental properties owned by a non-resident
  • Preparation of clearance certificates for disposals of Canadian property by a non-resident
  • Recovery of withholding taxes
  • Canadian departure tax planning

Corporate Tax Services

Tax is a significant issue to every entrepreneur in every kind of business.

Pinnacle PAC can help you find tax strategies that are creative and effective without being unnecessarily aggressive.

We can help you with the following corporate tax functions:

  • T2 Corporation Income Tax returns
  • T4 Statement of Remuneration Paid summaries and slips
  • T5 Return of Investment Income summaries and slips
  • T5018 Statement of Contract Payments summaries and slips
  • GST/HST returns
  • Tax strategies for selling your business
  • Tax strategies for acquiring a business
  • Corporate reorganizations
  • Shareholder compensation
  • Assisting with audits or other dealings with tax authorities

Other Taxation Services

Pinnacle PAC has expertise in helping our clients in other specific tax areas. Some of the services that we can offer include:

  • Preparation of specific forms such as New Housing Rebates and Capital Dividend Elections
  • Advocacy services for tax, GST/HST and payroll audits

Other Services

Pinnacle PAC has a team of qualified professionals ready to help with your accounting, taxation, and business advisory needs. Our team also has a breadth of skills outside of traditional accounting services. Some of the areas where we may be able to help you are listed below.  Pinnacle PAC also has a wide network of associates.  We can help you find whatever help you may need.  Our network includes Lawyers, Financial Advisors, Bookkeepers, Advanced Tax Experts, Life and Business Coaches, Technology Providers and many more.  Ask us how we can hook you up. 

Some of the things we can help you with include:

  • Business acquisitions
  • Sale of a business
  • Business structure advisement
  • New business formation
  • Education and training
  • Goal setting
  • Family trusts
  • Recruitment support services