Health Professionals
All new and experienced successful business owners and professionals are busy. Nobody is more aware of this than medical doctors. A large part of Connelly & Koshy’s business is providing accounting, tax and advisory support to doctors and their Medicine Professional Corporations. From the very early stage of incorporation and establishing a practice, including the mechanical record keeping/bookkeeping requirements, to the preparation of financial statements and filing of corporate and personal tax returns, our team can help to largely take these matters off of the professional’s plate. As well, at later career stages we can assist with retirement income planning and the transition of the MPC to an investment holding company.
Construction
Our firm has worked with many different types of construction companies over the years from builders and renovation contractors to inspectors and masons. We can help you to better understand your margins to increase your bottom line, prepare forecasts for lenders and ensure that you are maximizing deductions to save tax.
Retail
In the fast paced retail space, our professionals will ensure that you have the tools to succeed. From monthly/quarterly reporting and financial monitoring to cost management and control, we will help keep your finger on the pulse.
Manufacturing
You know that minuscule changes to your product will provide your customers with the best possible solution. We’ll help you make financial changes, both large and small, and understand contribution margins and unit pricing to push your business well into the future.
Real Estate
Connelly & Koshy helps a wide variety of clients who undertake investments in commercial and residential real estate. This includes everything from acquiring a rental property, to acquiring a property for tear-down, rebuild and resale, to building and operating large hotel properties. Real estate is unique in that it includes very specialized accounting, income tax, and HST related matters. It is not uncommon that these rules are not well understood by investors. HST rebate elections and meeting the definition of a builder (and related self-supply rule requirements) are two HST-specific examples which are frequently missed, and are part of the reason Connelly & Koshy’s team includes a dedicated HST expert. Mistakes, though unintentional, are therefore frequently made when professional advice is not obtained and followed. Given the complexity of rules and elections, and the related statutory time limits, such mistakes cannot always be fixed. The CRA has prioritized this area for focused audit and reassessment activities.
Restaurants
Perhaps no industry is more competitive, or sensitive to margins, than restaurants. And, historically, restauranteurs are one of the most targeted category of business owners by the CRA. These traits emphasize the importance of maintaining detailed and accurate records, complying with all HST, payroll and income tax compliance forms and deadlines, and having access to a dedicated professional when questions do arise. Connelly & Koshy recognizes these needs, and provides all necessary services within an acceptable budget.
Professionals
Highly trained (and often specialized) professionals, including lawyers, chiropractors, engineers, architects, dentists, therapists, etc., are required to fulfill many roles – they are sought after subject matter experts (who are continually training and retaining credentials), they are employers, they are tenants, they are HST registrants, and (as high income earners) they are taxpayers of interest to the CRA. With so many demands, it is very easy to have insufficient time to dedicate to financial matters, including things like business structure, budgets (investing and spending), estate planning, etc. Connelly & Koshy, by already fulfilling accounting and tax requirements, is well positioned to also advise and assist with these other business planning and management areas.
Not For Profits
As a not-for-profit, there are many regulatory requirements that you are required to meet. We are here to help you understand and meet these requirements, as well as assist management and the board of directors in understanding all aspects of our accounting services. Our assurance and accounting services requires documentation for the following:
- General Business Environment
- Information Technology
- Financial Statement Preparation
- Revenue, receivables and receipts
- Purchases, payables and payments
- Payroll
When documenting the above, we will make recommendations where we can to increase the reliability of the information being presented in the financial statements.
