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Part 2: U.S. LLC for Canadians Doing Business in the U.S — Solutions

Reading Time: 3 minutesIf you don’t have an LLC: You have two options on the U.S. side—a Limited Partnership and a C Corporation.

If you have already set up an LLC – You can convert the LLC to a C Corp, convert the LLC to a Limited Partnership, reorganize in a multi-layer structure, or maintain the LLC if you are close to exit and selling.

June 13, 2024 No Comments

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We offer everything from granular, data-entry support to high level accounting strategy. Don’t see the service you need listed? Just ask!

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Maintain a complete picture of your transaction history and financial health. Our team adheres to strict accounting standards, ensuring accurate and up-to-date books with a financial trail that is straightforward and easy to follow.

Detailed and accurate data entry with a focus on identifying errors, discrepancies, and inaccuracies through regular reconciliation
Maintaining fundamental accounting equation, ensuring assets= liability + equity and all financial records are balanced and accurate
Generating and distributing bookkeeping reports and ensuring all transactions are easy to verify

Financial Statements and Reports

Our bookkeeping and accounting reports offer a detailed and accurate look at the complete financial health of your business. From regular reports to real-time insights, our approach to accounting is always data-driven

Regular reports on the balance sheet, income statement, cashflow, and accounts payable and receivable
Comparative reports to assess budget vs. actual spend, expense tracking, inventory costs, and more
Implementing checks and balances that support financial initiatives, while also monitoring closely for errors and anomalies

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Accounting software evaluation, selection, presentation, and setup, including integration with existing platforms and HR or POS software
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Examination of your current software and developing a cleanup plan, including removing erroneous data, setting up chart of accounts, and hands on training

Inventory Tracking and Management

Regular tracking and management combined with inventory audits, evaluations, and reports help you optimize your inventory levels, track performance, and make critical decisions

Inventory valuation methods are introduced based on your business needs, industry standards, and to ensure accuracy of cost of goods sold
Purchases, sales, returns, and adjustments are made within the inventory tracking system, while assuring up-to-date data on inventory on hand, accurate ordering, and turnover calculations
Cost analysis, vendor evaluation and management, and other internal controls allow you to make valuable changes to your inventory process and forecasts

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Get paid on time and stay up to date with vendor payment with invoicing services focused on accuracy, timeliness, and strategy. Our team implements tools and approaches that ensure accounts payable and accounts receivable are in good health

Client, vendor, and supplier setup within your accounting system, with timely invoice processing and payment and reconciliation
Setting up payment policies and tendering demand of payment letters, invoice reminders, and optimizing cash in and cash out
Reports on invoicing, costs, potential risks, and invoicing impact on cashflow

Payroll Services

Payroll services from the top down means your business gets the labor reports it needs while your employees and contractors are paid on time. Our team follows regulations and focuses on accuracy, offering well-rounded payroll services to the highest standard.

Payroll calculation and processing, including benefits, bonuses, commissions, and variable payments based on contractors and employees
Employee portion withholding from paychecks for insurance, retirement, equity, etc., and reporting and paying employer portions
Generating and distributing W2, 1099, and other tax forms to employees, while providing end of year and ongoing payroll reports to business leaders

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We offer everything from granular, data-entry support to high level accounting strategy. Don’t see the service you need listed? Just ask!

"Very reliable, professional, and affordable!"

"We have been getting monthly bookkeeping, accounting, and payroll done with Akif CPA. Recently, we had more stuff come up and had detailed analysis done on capital gains, single family rentals (SFR) and business disposition. You will only know how great this CPA company is until you have worked with them and given them a chance. Words can't describe our experience. Akif CPA gets the job done every time—very reliable, professional, and affordable."

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Houston Office

4151 Southwest Freeway Suite 630
Houston, Texas 77027

(713) 451-9700

Toronto Office

225 Gibraltar Rd Unit 5
Vaughan, Ontario L4H 4P9

(416) 800-2709

For assistance in planning and transferring your U.S. assets to Canada, please contact our colleague Phil Hogan, CPA, CA, CPA at (250) 661-9417 or [email protected]