Bookkeeping For Small Business

  If a start-up or a corporation registers its business with the CRA (Canada Revenue Agency), it has to  file HST . Start-ups or corporations need to file it using the regular method, that is, simple. By doing it, they can claim for their ITCs (Input Tax Credits) against collected HST. Another method to file Harmonized Sales Tax (HST) is a Quick Method that has some restrictions. For example, accountants cannot use this way to calculate HST if the sales are over $ 400,000. Who Can Use Quick Method of Accounting in Canada to Calculate HST?   Usually, independent contractors are eligible to use the Quick Method to add more income to their business. The reason is that they remit 88% of the HST they collect and cannot claim HST they pay on purchases except capital assets. 12% is, in fact, the ‘Sundry Income.’ It creates a win-win situation for independent contractors. Consequently, the Quick Method is a source of income for businesses incurring a small amount of taxable expen...

  If your business grows, you will feel the need for a professional to manage your bookkeeping and accounting. As a business owner, you have to decide whether to hire a bookkeeper to work in-house or outsourced bookkeeping services. The choice is all yours; still, outsourcing is less costly than hiring a full-time bookkeeper. Outsourcing has become a popular way of utilizing necessary accounting services due to businesses’ time-saving needs and budgets. Moreover, outsourcing is highly effective in tough economic times for survival. You can easily find the best accounting firm to outsource bookkeeping services online using the keyword bookkeeping services near me . Benefits of Outsourcing Bookkeeping Services:- Here are the advantages of outsourcing bookkeeping services: Cost-Effectiveness: Outsourcing bookkeeping service is cost-effective than in-house services to manage your finances. Through outsourcing, you remain worry-free about the recruitment costs, dealing with payrolls, an...

  The HST (Harmonized Sales Tax) is a consumption tax, and it is 13% in Ontario. If any business collects it on sales, it has to remit it to the CRA after the adjustment of ITCs. The final customer has an obligation to this tax and must file an HST return . Its filing and payment deadlines differ and are monthly, quarterly, or yearly. If you deal in exempt supplies, you do not need to file it. On the other hand, you must file this return if you are not a small supplier who deals in taxable supplies. Methods to Calculate HST:- There are two methods to calculate HST: 1) Quick Method of HST and 2) Regular Method of HST. Quick Method: It is a simpler method than the other one to calculate HST. However, this method allows small businesses to calculate HST and remit it to the CRA (Canada Revenue Agency). Regular Method: If you want to save as much money as possible on business expenses, HST is no omission. Then, it is where ITCs (Input Tax Credits) step in. For instance, if you pay HST o...

  Choosing an accounting company is never easy with so many options in front of you. There are both small firms and large firms, so it is challenging to choose the right firm for your business and prosper. However, if you know the pros and cons of an accounting firm , you can end up selecting the best accounting company in the end.  Pros of a Big Accounting Company:- A big accounting firm is always an established name; thus, trusting it is not an issue owing to its year of experience and impressive client portfolio. Moreover, it meets the challenges for its clients easily owing to invaluable resources. Cons of a Big Accounting Company:- A big accounting company is not for all. For example, if you need personalized service, such a firm seems of no help. Furthermore, the staff of a big accounting company have specific roles, so you won't get the service you want concerning the sense of ownership of your account. Pros of Small Accounting Company:- A small accounting company can ...

  You will find different accounting firms in Oakville, but all of those are not worthy of trust.  It would help if you found an accounting firm in Oakville with an experienced team of accountants, bookkeepers, payroll specialists, and tax consultants. These are the services that small businesses and large business organizations need help with. The best accounting company will always feel proud of its CPAs (Chartered Professional Accountants) and deliver the best to its clients to make them happy and satisfied. Clients of Accounting Firms in Oakville:- The clients of accounting firms are business owners running small to medium-sized businesses and looking for growth at the same time. Small business owners cannot manage their business operations successfully. Clients of accounting firms do not have an internal accounting or payroll department; thus, they have no choice except to consult an accounting company. No matter the needs of an accounting firm's clients include bookkeep...

  Canadian entrepreneurs always feel the need for small business tax accountants for tax planning and preparation. They may take the job of tax planning and tax filing into their hands, but it won’t help them if they do not have enough time or the right knowledge of guidance concerning small business taxes in Canada. Small business owners can file their taxes with a small business tax accountant at their side, making the most out of Canadian tax laws applicable to small business owners. Additionally, small business accountants can aid you with many tax planning tips to pay less tax legitimately and save your money for future investments, and here are 5 of them: Accumulation of Receipts: One way to reduce your tax burden is to amass receipts related to business activities. You may have spent your money on things to progress, and you need to keep track of your original expenses to claim for tax deductions to the CRA (Canada Revenue Agency). CRA only accepts original receipts to veri...

  The majority of business owners maintain their accounting departments to prepare their financial statements and keep track of their money with the aid of accounting firms. Corporate accounting firms are among the most profitable and the most wanted service providers; however, this is not the only reason for their existence. There are more, which are mentioned below: Reason #1: These firms audit the books for businesses and make sure all financial reports are correct and up-to-date, although businesses have to maintain their books and perform internal audits usually. Hence, a professional accounting firm can help small businesses with bookkeeping. Reason #2: Most corporate firms employ CPAs (Chartered Professional Accountants); hence they have highly trained accountants with the necessary certifications to help businesses manage their important financial tasks. Reason #3: With corporate accountants of an accounting firm, small to medium-sized businesses get the right guidance and ...