At Backwater, we understand the demands faced by CPA firms and the need for reliable, comprehensive support. We provide expert outsourcing solutions that streamline operations, optimize efficiency, and maintain the highest standards of accuracy and compliance. Our range of services includes Bookkeeping, Taxation, Audit and Assurance, and more.

Efficient and accurate bookkeeping forms the foundation of a CPA firm's service offering. Our bookkeeping services are designed to manage day-to-day financial transactions and ensure seamless integration with CPA practices.
Key Processes and Sub-Processes:

FTransaction Recording: Recording daily transactions, including sales, purchases, receipts, and payments.

General Ledger Maintenance: Organizing and maintaining the general ledger to reflect accurate and current financial data.

Bank Reconciliations: Regularly reconciling bank statements to ensure financial records match actual bank balances.

Accounts Payable and Receivable Management: Processing invoices, tracking payments, managing collections, and handling vendor payments.

Expense Tracking: Recording and categorizing expenses to monitor business costs effectively.

Payroll Processing: Coordinating payroll, tax withholdings, and employee deductions.

Financial Reporting: Generating essential financial reports, such as profit and loss statements, balance sheets, and cash flow statements.

Our taxation services help CPA firms manage the complexities of tax compliance and return preparation with ease and efficiency. We cover a range of direct tax processes for various jurisdictions.
Key Processes and Sub-Processes:

Tax Return Preparation and Filing:

Individual Tax Returns: Preparing and filing personal income tax returns in the US, Canada, the UK, Australia, and New Zealand

Form Preparation and Filing: Completing and filing additional tax forms such as W-2s, 1099s, GST/HST filings, and other relevant regional forms.

Tax Reconciliation: Ensuring that tax amounts align with financial data and any discrepancies are corrected..

Tax Planning Assistance: Providing data support for CPA-led tax planning initiatives.

Compliance Reviews: Preparing documents and data for CPA firms to perform in-depth compliance checks.

We assist CPA firms by preparing data and documentation for internal and external audits, ensuring they meet regulatory standards and support quality assurance processes.
Key Processes and Sub-Processes:

Audit Preparation:

Data Collection and Organization: Gathering financial data and supporting documents for audits.

Audit Trail Maintenance: Ensuring that each transaction is linked and documented to facilitate traceability.

Assistance with Working Papers: Preparing and formatting working papers according to CPA firm guidelines.

Pre-Audit Reconciliation: Reviewing and reconciling accounts to identify potential audit issues ahead of time.

Internal Controls Documentation: Documenting processes and workflows to assist CPA firms in evaluating the effectiveness of internal controls.

Report Drafting Support: Providing data for drafting audit reports and findings.

Compliance Assistance: Supporting compliance checks by ensuring all necessary data and documentation are available.

We assist CPA firms in preparing detailed financial reports and analyses that provide value-added insights.
Key Processes and Sub-Processes:

Management Reporting: Preparing monthly and quarterly management reports, including key performance indicators.

Financial Statement Preparation: Assisting with the preparation of full financial statements compliant with relevant accounting standards.

Budget and Forecasting Support: Preparing data and documents needed for budget creation and forecasting.

Variance Analysis: Highlighting and explaining discrepancies between expected and actual financial performance.