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Accounting & Business Consultants for a Growth Mindset
Get ready to take Control of your Business & Finances.
Q&A
24/7 | VIRTUAL | MOBILE | IN-PERSON
All- In-One Accounting & Business Consulting
Servicing Central and Southern Alberta: Edmonton, Calgary
Servicing Northern Alberta & British Columbia: Grande Prairie, Peace River, Dawson Creek, Fort St. John, Terrace
q&a
Q&A

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What services are included in Forge's Full Cycle Bookkeeping?Forge offers a comprehensive Full Cycle Bookkeeping solution that handles every aspect of your business’s financial processes. This includes the accurate input and processing of all financial transactions, ensuring that payments, expenses, and receipts are recorded efficiently. We manage both Accounts Receivable (AR), tracking customer invoices and payments, and Accounts Payable (AP), handling vendor bills and timely payments to ensure smooth cash flow management. Additionally, we focus on optimizing your bookkeeping workflows through automation and software integration. With expertise in over 9 different accounting platforms, including QuickBooks, Sage, and Xero, we help implement the best solutions for your business. Our services extend beyond just entering data—we ensure your financial processes are fully integrated with cloud-based software and supporting applications, enhancing workflow efficiency, reducing manual effort, and promoting real-time financial visibility. From the day-to-day transaction management to strategic financial planning, Forge’s Full Cycle Bookkeeping ensures that every element of your business’s financial health is accounted for, allowing you to focus on growth and decision-making.
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Does Forge handle payroll and HR management?Yes, we have Certified Payroll Practitioners on staff and are in good standing with the Canadian Payroll Association. We stay current on payroll regulations to ensure accuracy. Additionally, we offer templates and resources to support your business’s payroll and HR functions, utilizing cloud portals, CRM systems, and other integrations for seamless management.
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What are the key differences between bookkeeping, in-house accounting, and external accounting tasks?Bookkeeping Tasks Bookkeepers handle the day-to-day financial tasks, including: Recording and categorizing daily payments and expenses Managing accounts payable (AP) and printing cheques Sending customer invoices and recording payments received Managing accounts receivable (AR) and collections Conducting bank reconciliations Processing GST and provincial tax requirements Generating internal management reports Processing payroll, if qualified Processing CRA source remittances and preparing T4s, if compliant Preparing accounting data for accountants Providing complete year-end financial data to accountants In-House Accounting Tasks In-house accountants typically manage more complex, analytical tasks, including: Training and mentoring bookkeeping staff Specializing in industry-specific accounting software and processes Reviewing datasets monthly and reconciling chart of accounts Preparing adjusting entries and CRA documentation Analyzing operational costs and financial statements Overseeing payroll compliance and HR processes Performing monthly bank reconciliations and closing books Monitoring cash flow and advising business owners on financial decisions Occasionally performing in-house audits External Accounting Tasks External accountants typically handle higher-level, strategic functions, such as: Performing audits and cash flow reviews Preparing year-end financial statements and reports Filing corporate tax returns, conducting tax planning, and offering tax advisory services Reviewing the fiscal year with in-house accountants or bookkeepers to provide year-end adjustments Offering business and financial advice based on financial health assessments Conducting review or compilation engagements for the corporation For external accounting, you're typically looking for a CPA firm, which provides certified professional accounting services, including tax filing and financial advisory functions.
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How does Forge assist with CRA remittances and filings?We ensure all CRA remittances (monthly, quarterly, and yearly) are filed correctly, including source deductions, GST, PST, WCB, NR4s, T4s, T4As, T5s, T2200s, and more. We can file on your behalf or guide you through the process. Our team stays up to date on any changes to CRA requirements, ensuring compliance and timely filings for your business.
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Are accounting and bookkeeping the same thing?No, accounting and bookkeeping serve different roles in your company's financial cycle. Bookkeeping is transactional and administrative, focusing on day-to-day tasks like recording payments, managing accounts payable and receivable, conducting bank reconciliations, and processing payroll. It ensures that financial transactions are tracked accurately. Accounting, on the other hand, is more analytical and strategic. Accountants use the data prepared by bookkeepers to provide insights on your business’s health, prepare financial reports, conduct audits, ensure compliance with CRA regulations, and advise on operational costs. Depending on the size of your business, you may need both bookkeepers and accountants to ensure smooth and efficient financial processes.
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What accounting software does Forge use and recommend?We are certified in over 9 different accounting software platforms and specialize in QuickBooks, Sage, and Xero. We offer training and implementation programs for these platforms to help businesses automate workflows and integrate cloud-based solutions. Our expertise allows us to streamline your bookkeeping using the best software for your needs.
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Why is payroll accuracy important beyond just paying employees?Payroll accuracy isn’t just about paying employees on time. It’s about compliance with tax laws, correct deductions, and proper handling of employee benefits. Mistakes in any of these areas can lead to compliance issues, financial penalties, and loss of employee trust.
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What is a TD1 form, and why do I need to collect one from my employees?A TD1 form is a federal (and sometimes provincial) tax credit form that employees fill out to determine the amount of tax deductions to be taken from their pay. While it’s not technically required to collect a new TD1 form every year, it’s a best practice to do so. By collecting a new form annually, you ensure that any changes in an employee's personal circumstances (such as a change in dependents or tax credits) are up to date. This also helps you avoid potential issues with incorrect tax deductions or adjustments. Additionally, an updated TD1 form can ensure you have the correct information on file, such as the employee's SIN (Social Insurance Number). Having a current TD1 form also allows you to make adjustments to tax deductions if needed. Without an updated form, you may not have the authorization to make certain changes, and you risk missing important updates like address changes or a new SIN. Alongside collecting TD1s, it’s also advisable to get signed authorizations for electronic communication, which can streamline the process for sending T4s and other payroll documents electronically. This ensures compliance and keeps communication efficient and secure. See CRA Website on file for most current Federal and Provincial TD1 Forms.
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How does Forge Accounting & Management Services help with payroll?At Forge, we do more than just process payroll. Our team includes Certified Payroll Compliance Practitioners who deeply understand tax laws, deductions, employee benefits, and overall payroll compliance. We also integrate payroll into your larger financial strategy, tracking employee costs, benefits, and tax implications for a complete picture.
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Can improper payroll practices result in penalties?Yes! Payroll mistakes can lead to significant financial penalties, including fines of up to $25,000 from the CRA. Issues such as overtime miscalculations, incorrect vacation pay, and errors in taxable benefits are common mistakes that can put your business at risk of audits and fines.
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How does payroll integration with bookkeeping and accounting services improve business operations?By integrating payroll with bookkeeping and project accounting, you gain a unified system that provides clearer insights into labor costs, project profitability, and overall financial health. This helps you make smarter financial decisions and supports the growth and sustainability of your business.
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How does KPI and performance tracking work with payroll data?Forge integrates KPI and performance tracking with payroll data, allowing you to better manage employee performance, set clear expectations, and link performance outcomes to compensation for improved workforce management.
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What are the benefits of outsourcing payroll to Forge?When you outsource payroll to Forge, we ensure compliance, accuracy, and seamless integration with your overall financial operations. We not only handle payroll but also provide in-depth reviews of labor costs, project profitability, and financial sustainability, so you can make informed business decisions.
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Are many businesses making payroll mistakes?Yes, according to the National Payroll Institute, 1 in every 3 businesses isn't reporting their employees' taxable benefits correctly, which exposes them to potential CRA penalties. This highlights the importance of getting payroll right.
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How do Forge’s HR services integrate with payroll compliance?By blending HR management with payroll compliance, Forge offers an all-in-one solution that ensures your employee contracts, performance tracking, and discipline policies are seamlessly linked to payroll, allowing for efficient management and compliance with employment laws.
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How can Forge help with employee contracts and agreements?Forge drafts essential employee contracts, such as employment agreements, non-competes, and NDAs, ensuring they are legally sound and aligned with your company’s needs.
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What HR services does Forge Accounting & Management Services offer?Forge provides a range of expert HR services, including drafting employee contracts (employment agreements, non-competes, NDAs), creating and updating employee handbooks and manuals, developing discipline policies, and implementing KPI and performance tracking systems linked to payroll data.
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What types of company policies can Forge help create or update?Forge can help create or update comprehensive employee handbooks and manuals, tailoring them to reflect your company’s work culture and policies, ensuring clarity and compliance with employment law.
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What functions does a management accountant perform?A management accountant handles various key tasks, including: Forecasting the future: Assisting with planning and predicting financial outcomes. Decision making: Providing insights into costs, production, and internal data to aid strategic decisions. Cashflow management: Ensuring smooth financial operations. Performance analysis: Identifying variances and tracking business performance. Training & implementation: Establishing accounting departments and workflows. Full cycle review: Conducting reconciliations and system reviews. Software management: Understanding and managing accounting systems to process data and generate reports, budgets, and statements. Internal reviews: Improving processes for greater efficiency.
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How does management accounting benefit my business?Management accountants gather and interpret data from your accounting system, providing clear and actionable insights for decision-makers. This data is crucial for reviewing costs, managing operations, and executing business plans effectively, ultimately driving growth and success.
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Why should I outsource my controller functions?Outsourcing your controller functions offers several key advantages, including cost savings, relieving overworked accounting staff, and providing seamless continuity during unexpected absences. It also allows your CFO to focus on strategic growth rather than being bogged down by daily accounting tasks. Our part-time solutions provide experienced controllers at a fraction of the cost of hiring a full-time employee, which can start at $85,000 annually, not including benefits and taxes. With our expertise, we can handle internal audits, staff training, and daily financial management, ensuring your business runs smoothly and efficiently.
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Who uses the information provided by a management accountant?The information prepared by a management accountant is used by various stakeholders, including business owners, shareholders, operation managers, and general managers. It ensures that all areas of the business are aligned with the company’s goals and can make informed decisions.
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What is Financial Accounting?This is a specialized branch of Accounting that keeps track of companies transactions using GAAP principals. This typically would be your Corporations EXTERNAL Accountant. Financial Accounting is taking the transactions that are posted and recorded, summarizing them, and presented in a financial report or statement. A Corporation depending on its size can have both INTERNAL and EXTERNAL Financial Accounting. When referencing the Financial Reports and Statements, this is in reference to the Balance Sheet and Income Statements (Also known as Profit & Loss Statements). This is typically done monthly and quarterly in the form of Internal Management Reports, however it is primarily the term used for Accountants that work for Firms that preform Year Ends, T2s and in turn provide Corporations. • Compilations (formally Notice to Reader) Financial Statements A compilation Engagement is only suitable for internal use by management for limited use, such as income tax reporting. When a Corporation files its Corporate Taxes, firms that are completing them, will create a Compilation. No assurances are provided by the Accountant to the user for the Financial information and a CPA is not associated with the information, therefore has no reason to believe it to be misleading or incorrect. If this is the Financial Report chosen for a year end, and you deliver them to your bank, it is the responsibility of the lender and bank to ask questions and your RESPONSIBILITY to respond to your Lender's questions not the CPA or Financial Accountant that created the Compilation Engagement. For some this is suitable, for others the Review Engagement is better suited. • Review When Financial Accountants are hired to process a Review of Financial Information, this provides the Corporation with the knowledge and assurances that a certain level of assurances where used to prepare and provide tot he Corporation a Financial Statement. The CPA creating these, will engage with the Corporation to prepare a review of the data set and financial information to provide some creditors, and lenders, new partners, or shareholders, or potentially new buyers of your corporation some assurances to the data. • Audited Finally there are audited Financials, that compromise of an examination of the accounting records and other data supporting the creation of the financial statements. FOR ANY CORPORATION IT IS ALWASY BEST TO HIRE A FINANCIAL ACCOUNTANT, CPA, TO CREATE FINANCIAL STATEMENTS. There is a level of continuity and process, as well as peace of mind knowing that this was done correctly. It is NEVER in a Corporations best interests to have a Bookkeeper process your T2 for a 500.00 rate and send these out. Ensure you know and understand your Business growth. Use other Accountants, and specialties, in-house controllers to assist in giving you information, and then use an External Firm always to process. • You're looking for a Certified Professional Accountant in Canada with their Designation. ​ If you're looking for a good firm, please inquire we have some great CPA's and Partners we use all the time.
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What is management accounting, and why is it important?Management accounting, often referred to as Controller, Financial Manager, or CFO roles, is essential for helping businesses make informed decisions about their operations and future growth. This role involves preparing reports that provide business owners and managers with the data needed to make short- and long-term strategic decisions.
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What are the benefits of outsourcing my controller functions?Outsourcing your controller functions offers several key benefits: Expert Advice: You gain proactive, expert financial advice that helps you make strategic, informed decisions for your business. Service Continuity: Your financial data is always up-to-date, providing real-time access to your financials and ensuring no disruption in daily operations. Peace of Mind: Your accounting is handled by professionals who prioritize accuracy, compliance, and efficiency, giving you peace of mind. Time Savings: We manage your financial processes, freeing up your time to focus on growing your business. Up-to-Date Technology: We use the latest financial technologies and industry-leading software to deliver optimal results. Our team brings decades of experience across various roles and industries, combining CFO services, bookkeeping, payroll compliance, and more to help your business grow. We don’t just manage your numbers—we help you understand them, empowering you with the skills and processes to scale your company effectively. Plus, we offer personalized support without charging for every call or question. Our goal is to be more than an accounting service—we’re your partner in business success.
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What is Business Management?Business and Management are the disciplines devoted to Organizing, Analyzing, and Planning the necessary types of Business Operations.
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Is Business Management the same as Operations Management?No it is not the same. Business Management is still a function that falls within Accounting, however the position can be split to Operations or in part, a combination of both. Operations Management is the administration of business practices to create the highest level of efficiency possible within an organization. It is concerned with converting materials and labor into goods and services as efficiently as possible to maximize the profit of an organization.
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