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Small Business Accountant Toronto

Filing Taxes knows the ins and outs of accounting for small businesses, probably because we've been doing it in Toronto longer than anyone. We have an innovative approach to managing finances so you can focus on what matters most - your company's future.

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Trust and Diligence – hand in hand 

Filing Taxes accounting, tax and consulting team provides a full spectrum of comprehensive small business accounting services Canada-wide. 

Whether you are a small business or a medium-sized business, we can scale our accounting services to any level. 

Our firm offers "all in one" support combining top services and advice, with expertise in all accounting and tax areas to help small business owners efficiently address the global challenges in an increasingly complex business world. 

We not only provide you with answers, but we also deliver solutions tailored to your specific needs and can adapt as these needs change.

All our services can be availed remotely in our safe and secure online environment through cloud-based accounting. As for consultations, you can do them online, and in doing so, you can get all the answers you need for your questions with relative ease. Alternatively, if you prefer one-on-one meetings, we can meet you in our Toronto or Mississauga offices.

Our team is dedicated to helping small businesses succeed in any way we can. We are devotedly working for our clients as trusted business advisors based in Toronto. We also operate from three more locations in Mississauga, Hamilton, and Oakville.

Why Is Accounting Important in A Small Business?

Suppose you want to keep your small business afloat. In that case, it is critical to keep your financial records organized and up to date through an effective accounting system.

Accounting entails more than just managing credits and debits. Accounting can help your small business succeed by providing you insights into the overall financial health of your business. It enables you as a small business owner to make much more informed decisions proactively for the best of the business.

 Accounting offers a precise report of your cash flow, demonstrating opportunities for growth and keeping you organized and accurate when filing your taxes. 

Proper accounting systems and processes will help you ensure statutory compliance when it comes to your small business.

How Filing Taxes Accounting Services for Small Businesses Can Help You Grow?

One of the reasons for starting any business is to grow your capital.

To achieve this, you ought to lay a solid foundation in the financial aspect of your business from the beginning. Our specialized accounting department team can work closely with you to help your small business grow to new heights. It can help you achieve the goals you have for your small business. 

If you are looking for complete support, we will guide you through the entire process of maintaining your books and filing reports. Apart from completing your business taxes, we will help you develop a perfect tax plan to save as much tax as legally possible and protect your business from liability. 

We always customize our accounting services to suit your needs. Our suite of small business solutions is designed to meet the accounting needs of your small business. Each package is tailored to your business size, situation, and budget to ensure you get the best value.

We have been providing small business accounting services for more than 13 years.

That means we have seen and worked with almost every possible small business in every industry. You can be sure that we can do excellent work for you and keep you on the right path.

Small Business Accounting Services We Offer

  1. Bookkeeping – we record your daily business transactions, document your bills and receipts, and frequently reconcile your accounts.
  2. Tax accounting and tax filing – We help you prepare taxes and payments, identify tax savings, and analyze other tax issues faced by your small business. All tax returns are completed quickly and accurately. 
  3. Tax planning – Our experts will always keep you on the good side of the taxman and keep you off the CRA's radar. Our specialists know what needs to be completed and when. We educate clients on CRA-compliant tax strategies.
  4. Payroll processing – This is done after carefully planning while considering the company policy and keeping track of the company payment data.
  5. Preparation of financial statements – Erroneous financial statements can plunge your small business into financial loopholes in the long run. Our professionals diligently prepare and interpret business documents to enable you to make meaningful financial decisions.
  6. Budget Analysis – we do budget analysis to analyze and evaluate a business's financial operations in line with the company's expectations. Our expert budget analysts are responsible for reviewing all budget proposals and giving recommendations to the business owner on the best steps to take. 
  7. Business Advisory – Our professionals understand what makes a business work and what holds the business back. We can help you create professional financial projections which can help you design your business plan. 
  8. Catching up with accounting backlogs – if you have an accounting backlog struggling with massive accounting data entry, we can give a helping hand to you. We know how to clean up your books no matter how messed up they are.
  9. Last-minute tax rescues – we know how to rescue you from late tax filing due to information in a non-accounting format. Our team processes your data to save you from any penalties by CRA.
  10.  Individual and family tax planning – We will help you avail all the tax planning techniques (income splitting, Registered Retirement Savings Plan (RRSP) contributions, private pension plan, etc.) to optimize tax benefit as a small business owner.

Exclusive Features of Our Small Business Accounting Services

  1. We understand the uniqueness of your business.
  2. Custom-tailored services to suit your needs.
  3. We plan to avoid surprises and save money. 
  4. Provide sound advice on affordable prices.
  5. We are available whenever you need to contact us.
  6. Make sure that everything is done on time and according to government regulations.

If you are looking for high-quality accounting services for your small business in Canada, then send us a message with your inquiry or call us today.

What is accounting for small businesses?

There are three types of small business accounting necessary to provide financial information to different stakeholders.

  • Financial Accounting – a process of recording the financial transactions and developing reports
  • Managerial Accounting – generation of financial information for internal use.
  • Cost Accounting – a process of analyzing the costs of production of the company's products or services.

Can I do my small business accounting?

Running a small business is no easy feat. A business owner has to deal with many challenges and issues. Small businesses usually have fewer hands on deck; hence, focusing on accounting alongside the regular running of their business can be tedious. When you're trying to handle every aspect of the business yourself, details can get overlooked. Your business's financial picture will stretch the limits of your expertise as the business grows.

Do I need an accountant for my small business?

There is hardly any solid reason why small businesses should not indulge in an accounting service to aid business growth.

Business owners try to cut corners and handle the accounts themselves. You may think that by not hiring an accountant for your small business, you're saving money, but the truth is that you are doing the exact opposite. By hiring small business accounting professionals, you can save yourself not only your time but also a considerable amount of money in the long run. It's a cost-effective investment that provides long-term benefits to you and your small business.

How can an accountant help your small business?

An accountant can offer small businesses a whole variety of different benefits and advantages, providing you choose the right professional to suit your organization.

Suppose you have been juggling the responsibility of running a business and handling the accounts. In that case, eventually, something will have to suffer. By hiring a professional accountant, you get to relieve the burden from your shoulders and focus on running your business without having to worry about getting your books in order and appeasing the CRA.

What accounting services do small businesses need?

Small business accounting is a lot simpler, in many ways, than big business accounting but also comes with its own unique set of challenges.

Accounting services small businesses need include bookkeeping services, preparation of financial statements, payroll processing, business planning, statutory compliance, year-end tax filing, tax planning, management of payables and receivables, as well as personal and corporate tax preparation.

When should you hire an accountant for a small business?

The most successful business owners in the world are experts at delegating work to the right professionals at the right time – so try to learn from them. Just because you can do your accounting doesn't mean you should. It would be best if you looked at hiring an accountant before the data collection and analysis process becomes overwhelming. Hire an accountant for your small business when you need help with analyzing and reporting financial information. Accountants can interpret your financial data to help you make better business decisions regarding your business financials. 

How much does an accountant cost for a small business?

Being a small business owner, managing your financial books is not an expense you want draining your bank account. Accounting costs vary widely. The pricing structure varies with the level of experience and expertise of the accountant. Some may charge by the hour, by project, or charge a monthly retainer. Your accounting costs largely depend on how often your small business needs accounting services. Even small businesses that are the same size and industry pay very different amounts for accounting services. The average monthly accounting fees for a small business will rise as you add more services.