When a small business owner opens a new business, they may wonder if the company needs an accountant right now or can wait until the tax year-end when it is the time to file a tax return.
Does a business accountant bring any value when your business is fresh and does not provide any profit?
While the answer to this question depends on many factors, in most cases, yes, the accountants who specialize in a small business can bring tremendous value from the get-go.
Here, at Taxory, you will find the best small business accountants who will make sure your business running smoothly from the beginning. We specialize in providing accounting services - and know tax, accounting, and bookkeeping for small businesses inside out.
Small business is an integral part of the Canadian economy. According to the latest Small and Medium-sized Enterprises (SME) research and statistics results, 1.18 million (97.9%) of all businesses in Canada is small business. More than half of which (53.5%) are 1-4 employees company. The impact of small businesses is enormous. It is responsible for roughly 12.5% of Gross domestic product (GDP).
The high number of small corporations are driving the economy, creates jobs, and bring a lot of competition to business owners. While the competition is good for the economy overall, it put a lot of pressure on the person running it.
As a business owner, you want to focus on growing your business, and choosing the right team will help. The last thing you want is to spend your time doing bookkeeping instead of working with your clients on another deal, which will bring additional income to your firm.
While you focused on the business part, you need a reliable partner who will perform bookkeeping, accounting, and taxes. You require somebody who has both the experience and proper education to prepare your financial statements, calculate your tax remittance, file your taxes, and solve all issues with CRA on your behalf.
At Taxory, we have both experience and education to help you. Our business tax accountants work in public accounting fields and specialize in providing accounting services to small businesses.
We know which tax credits and deductions can apply to your company and suggest where you can get help from the government or save on your taxes.
We will help you better understand your business's financial side, optimize your corporation's structure for tax purposes, and make the necessary changes along the way.
Our team is an integral part of your success and prosperity.
Delegation of various tasks is one of the critical principles of successful business operation. Even if your company is small and you can find a time to do some bookkeeping, you can’t perform a full accounting cycle and prepare financial statements without proper education. Besides, buying such specialized software as Intuit ProFile or Caseware does not make sense until your company is a medium or large corporation with a dedicated accounting department.
Outsourcing accounting & bookkeeping tasks to public accounting companies is what most small business owners decide to do during the first year after opening the business, and we are ready to help. Our business accountants cost a fraction of what you would pay to a full-time employee.
While some of our clients run their business for 7-10 years without any CRA inquiries, the CRA audit can happen sooner or later. You need somebody who has the experience and knows what information CRA is looking for and what you need to provide to complete the audit as soon as possible.
If you work with Taxory, we will be dealing with CRA on your behalf, so you do not spend your time and energy. We have experience working with CRA, and it helps us quickly identify the information we need to provide to make sure they got everything fast, and it does not take too much of your time.
You may be wondering why Taxory is a better option comparing to the other public accounting firms? And while the choice is yours, this is our benefits:
- We work in the public accounting fields for more than 14 years
- Our accountants have proper education
- We keep up to date with the latest changes in tax law
- We specialize in small and medium-size business and know our field backward and forward
- We maintain the high quality of accounting standards and practice
- We located in Mississauga, but we serve all over the GTA
We provide the following accounting services to small business owners:
- Financial Statements We prepare all your financial statements, including Balance Sheet, Income Statement, and Cash Flow statement
- Bookkeeping We will record in Quickbooks your income and expenses. We will review your receipts and make sure we have a record for each business expense.
- Harmonized Sales Tax (HST) We will prepare monthly/quarterly/yearly HST returns. We will advise if you need to register an HST account and can open it on your behalf.
- Record tracking We keep track of all records and provide them at your request or if CRA requests them. We use secure storage with regular backups.
- Payroll services We will help open a payroll account if you need one and provide all the required documents on time, such as T4, T4a. We will run a PayRun and let you know how much payroll taxes you need to remit to CRA.
- WSIB We provide all WSIB reporting.
We provide the following tax services to small business owners:
- Interim Statement Our interim statement helps to project income & expenses.
- Tax Planning We offer individual and corporation tax planning fully utilizing all available deductions and credits.
- Tax Return Preparation We provide tax return services for individuals, corporations, estates, trusts, and not-for-profit organizations.
Do you think the sole proprietorship is the best form of your business structure when you are a one-person company or better incorporate it? There is a lot to consider from a legal perspective, and a good business lawyer can be beneficial, but a lawyer can not give you advice from an accounting point of view. When you contact our company about business incorporation services, we can offer advice on what is better for tax purposes.
In general, we recommend incorporating your business, but you do not think about your corporation's structure when you incorporate it. When filling up forms online, most of our clients choose the default options for company structure. We are not saying there is something wrong with it, but the default structure usually not the best choice when your accountant calculates dividends at the end of your tax year. There is not too much room for optimizing how dividends split between shareholders, which may lead to higher income taxes. There are different types of shares you can issue when incorporating, and the accountant's advice is paramount there. Correct shares structure will allow you to save a significant amount on taxes.
Therefore, if you did not open your corporation yet, get advice from your small business tax accountant, so you do not need to pay a lawyer later to make amends.
Frequently Asked Questions (FAQ)
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