Starting and running a small business in Toronto can be both an exciting and stressful journey. On one hand, your business has access to close to 3 million local residents and a whopping 215,000 other businesses. On the other however, no matter if your business is B2C or B2B, owning a small business does come with a certain degree of financial responsibility that may be hard to keep up with especially as you focus on growing and doing what your business does best. To help you, we’ve put together a list of topics to discuss why Toronto small business owners should consider professional accounting services for their small business.
Does every small business need an accountant?
If you are planning to manage your finances and payroll by yourself, you will open your business to high risks that could put you in a bad financial position. An experienced financial accountant can manage all your small business accounting responsibilities to help you achieve a healthy financial standing and steer clear of tax and accounting blunders. In 2020 and for the better part of 2021, Toronto business owners were handling COVID-19 relief funds, hiring wage subsidies and many more elements for which proper records need to be kept and other implications/business decisions for which the guidance of a chartered professional would be ideal.
A small business tax accountant for tax planning
Small business tax specialists can help you save money with small business tax strategies. Your business taxes are tax planning tools that help you keep cash more efficiently. Everyone knows that planning for tax season can be a nightmare, especially if you have to navigate between your personal taxes, that of your family members and your small business accounting needs. A small business tax accountant will ensure that everything is in order when tax season rolls around. You will benefit from both effective tax planning and financial planning as well as first class accounting support through the entire process for both personal income tax returns and your small business taxes.
Almost all firms are required to file GST/HST return requests and make payments to the Government of Canada. We will set you up to collect tax correctly and file your tax return for you on time. If your business is going through a transitional period, such is the case with going from a sole proprietorship or partnership to incorporated businesses, an accounting firm ensures that everything is filed in a timely manner. You also benefit from proper financial reporting, which is likely to keep you away from audits.
Incorporating your small business
The pros and cons of incorporating your small business in Ontario can be explored with the help of a professional accountant. In some cases, you can drastically reduce your taxes by incorporating your small business.
Small business accounting to maximize your deductions
One thing that is often forgotten business owners is the effect of your tax deductions. Relying on self-use tax services is a sure way to miss big expenses or amounts that you can claim to minimize what you owe on your taxes or your HST/GST.
Other reasons to consider small business accounting services
Small business tax credits
You may be eligible for small business tax credits in Ontario which can be a great way to help you keep more money in your business. A chartered professional can help you find and apply these credits.
Financial statements and records keeping for small businesses
Always keeping a complete inventory of all relevant documents including the financial statements and balance sheet is something that you will get with professional accounting firms and bookkeeping services . As a small business owner, you know how hard it can be to keep organized records, that’s why relying on accounting services will put your mind at ease when it comes to important financial statements.
Small business Tax professionals help you follow the rules
Tax rules change regularly. You can stay in line with tax law and avoid financial missteps by consulting a small business accountant who will inform you of changes and guide you through key business decisions and tax strategies.
Bookkeeping to assist your small business day-to-day
Maintaining important financial statements, tax returns, payroll deductions and expenses is best left in the hands of professionals. This will always ensure proper accounting and better business practices.
Selling your small business
Whether you have plans to sell your business or liquidate it, professional accounting services are essential to help business owners get more money from the transaction.
The verdict: Financial peace of mind for small businesses
Between the multiple advantages that offer tax professionals in regards to tax law, tax planning and tax services in general to the benefits of counting on your bookkeeping services for maintaining proper financial statements, hiring an accounting firm is a great way to ensure peace of mind. As a result, small businesses can continue to focus on their day-to-day activities and not have to worry about filing yet another tax return! The costs of small business accounting services far outweighed by the ability to help small business owners keep more money flowing through their business.
FinanTech: Small business accounting services in Toronto
FinanTech’s small business accountants in Toronto are here to help you plan and make better financial decisions to succeed in the GTA and online. Our excellent accounting firm will ensure that a chartered professional is there to offer proper accounting practices to your small business. We help companies grow in revenue and manage their expenses with detailed bookkeeping services and archives of your financial statements as well as any other accounting needs.
FinanTech are tax professionals in Toronto
Small business taxes often make a confusing system to navigate causing penalties and fees for a small business. A FinanTech small business accountant will be there to ensure that everything is done in timely manner. Our tax professionals will walk you through the ins and outs of the filing process, allowing you to maximize your deductions and tax returns. There are also many tax credits that small businesses can receive and a professional small business accountant with the right technical competence can help businesses respond to these opportunities. A low tax bill is also an excellent way to keep cash flowing in.
Customer Service Guarantee
Small businesses that work with our accounting firm only get the highest level of Chartered Accounting Services in Toronto. We guarantee an incredible customer experience and that we do an excellent job with all levels of service. We expect even more for ourselves and guarantee our clientele is satisfied for the level of service we provide. We are proud to have this advantage and to see the difference it makes every day for a small business owner.
Get your small business accounting onboard with us
Have a chat with with a FinanTech professional to see how our services can help your Toronto small business accounting needs.