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Small business accountant Toronto

What is the difference between an accountant and a small business accountant Toronto?

An accountant is a person who keeps records of financial transactions, receipts and disbursements for any small or large business. An accountant writes these transactions into ledgers in order to come up with accurate reports that will help the small business owner track his company’s success. Accountants are paid by small businesses, not directly through customers.
A small business accountant Toronto focuses primarily on small businesses. The small business accountant Toronto can take care of everything an accountant does, but has specific knowledge about taxes and regulations that are only pertinent to small businesses in Ontario, Canada. Small business accountants are meant specifically for smaller companies with 10 employees or less at most. They search for ways to save their clients money while providing them with proper record-keeping services. For small businesses that are looking for small business accountants in the Ontario area, small business accountant Toronto is a perfect search term that will help prospective small businesses find small business accountants specializing in them specifically.

What does a small business accountant Toronto do?

Small business owners need to understand their small business accounting in order for them to manage their small business well. There are many small businesses that do not even know what software they should use or how to set up accounting books with proper small business accounting records. A small business accountant in the Toronto area is often sought by small businesses that want help with small business accounting, bookkeeping, payroll management and taxes among other things.

Listed below are some of the common tasks done by small business accountants:

  • Analyzing historical financial data to make informed projections about future financial performance of the small business
  • Making sure tax returns are filed on time and correctly using information from transactional documents such as sales invoices, small business pay stubs and small business receipts
  • Using small business accounting software to improve small business bookkeeping, small business payroll and small business tax recording and management. Software such as Kashoo or Xero can be used for small businesses that want to have their hands on the latest technology which aids in increasing productivity 
  • Preparing financial statements using small business accounts receivable / small debtors / accounts payable as well as preparing quarterly sales reports as per requested by the small business owner
  • Calculating taxes due based on income received from small business activities such as sales of goods and services, commissions paid out etc. aside from calculating employment insurance premiums for employees on a monthly basis
  • Assisting with auditing procedures if there is a need for this such as small business owners who want to go public or small business owners applying for small business financing. 
  • Preparing small business tax returns and small businesses that need professional help with small business bookkeeping, small debtors and small creditors can hire a small business accountant in Toronto to do the small business accounting on their behalf.

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TY Tax Accounting is the leading tax accounting company in Toronto. We take care of your taxes so you can focus on what matters most to you. TY Tax Accounting has over 20 years of experience advising businesses and individuals on how to maximize their financial potential, starting with a strategic analysis of their finances. This includes customizing budgets and setting financial goals that will lead them towards success now and into the future.

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Is a small business accountant Toronto the right choice for you?

If your small business is a startup company, you might not need the services of a small business accountant. It’s important to note that small business accountants do not offer general accounting services as they are meant for small businesses only. If you’re looking for an accountant who can help set up new small businesses then small business accountants Toronto probably isn’t the right choice.

However, if your small business is already running and beginning to bring in a good deal of revenue each month, it’s time to think about hiring a small business accountant so you don’t have any problems with the Canada Revenue Agency – this will keep your small business from being fined or charged extra fees. For example, some people choose not to hire professional bookkeepers because they feel that small businesses are small enough to record small business transactions on their own. However, a small business accountant Toronto would know exactly which records need to be kept track of and have specialized knowledge about how Canada Revenue Agency views small business income.

Ready to find a small business accountant Toronto?

What small business owners need to keep in mind is that it’s not going to be easy to find a small business accountant who will be willing to provide small business owners with small business accounting services for free. It’s important for small business owners to do their research on small business accountants Toronto before deciding on which one they want to hire because there are many companies out there that will try to sell you unnecessary small business accounting services.
Do your research online, read reviews about small business accountants Toronto and ask around among your friends and family members if they know of a good small business accountant. There are also professional associations such as the Chartered Professional Accountants of Ontario Association (CPAO) which you can find a local chartered small business accountant through.

When you choose an accountant, you should feel secure in the assurance that you’ve selected someone who is a certified professional with the financial expertise, strategic vision, and passion to assist your company compete and thrive in its sector. TY Peak Accounting is a Toronto-based accounting firm committed to providing businesses with the support they need. You’ll find that we’re small enough to care about your needs and big enough to provide you with all the resources you want. TY Peak Accounting provides professional, friendly experts as well as company and financial skills for your Toronto business. Come see us today!

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TY Peak is a well-established firm with an extensive list of clients that have come to appreciate their professional and comprehensive approach. The TY Peak team provides accounting support for small businesses, corporations as well as personal taxes in Toronto.