What Can a Small Business Accountant help with?
The Canadian tax system offers abundant opportunities to reduce taxes, but the system is also complex, and the opportunities are not always clear. A small business accountant can help you navigate this cumbersome tax environment and help you to reach your desired financial goals.
Every transaction you complete has direct or indirect tax consequences. So our job as your trusted accountant is understand your unique business needs so that we can ensure compliance and maximize your benefit.
The tax law is changing every year, it is important to consult with a tax accountant to ensure you are complying with the applicable laws.
What can a Small Business Accountant help with?
As your trusted accountant, we support you at every stage of the journey. Our typical scope of work includes but is not limited to;
- Review Financial Statements
- Compilation of financial information
- Tax planning and corporate restructuring
- Assist with tax audit and advisory services
- Preparation of financial projections
- Preparation of corporate and personal tax returns
- Bookkeeping services (Monthly/Quarterly/Annual)
Small Business Accounting FAQs
Nothing is more important than the relationship between yourself and your accountant. You want to feel like you are being listened to and that they have your interests at heart. In the interview these questions might act as a guide for the conversation, but also trust your gut instinct to feel out whether there is a good match of personalities.
- What are your qualifications?
- What types of clients do you work with?
- What are your fees?
- What Technology Do You Use?
- How do you keep up with changes in your profession?
- What is your response time if I email, or call you?
- Why should I use your firm?
As your company grows, and there is more demand for your time during your working day, you may find you need the support of an accountant. For sure, you can do your own accounting for your small business, many owners do just that. But maybe business owners often say that they wish they made the decision earlier instead of leaving it to the last minute.
You should hire an accountant for your small business when you need help with the collection, analysis and reporting of financial information. Accountants can interpret your financial data in order to help you make better business decisions when it comes to your company’s money.
To find and hire the right small business accountant, consider these 5 steps;
- Identify your needs. The first step in hiring an accountant is identifying what level of financial help you need
- Do you need full-time or part-time accounting?
- Post a job, ask a friend, post in FB groups, and ask around your network circles
- Prepare interview questions for the first meeting
- Interview, sign, and onboard
Learn more choosing the right accountant
Many small businesses prefer to have an accountant or other certified tax preparer complete their Canadian income tax returns. Using an Accountant to prepare your income tax returns in Canada can help alleviate a lot of stress and time on the part of the business owner.
Part of running a successful business is knowing how Canadian income taxes are filed and prepared, which can help you get the best return. This includes understanding which business expenses qualify as legitimate Canadian income tax deductions
First step… don’t panic! If you have a diligent small business accountant on your side, you should have most things covered.
If you’ve been selected for an audit, the auditor will contact you to arrange for a convenient time for a meeting with you or your accountant.
Canada Revenue – What else you should know about audits
Navigate to payments to CRA and follow the instructions by choosing whether you are a business, or filing as an individual.
How to pay your business taxes online
- Sign in to your financial institution’s online banking service for businesses.
- Under “Add a payee” look for an option such as:
- Federal – Corporation Tax Payments – TXINS
- Federal – GST/HST Payment – GST-P (GST-P)
- Federal Payroll Deductions – Regular/Quarterly – EMPTX – (PD7A)
- Federal Payroll Deductions – Threshold 1 – EMPTX – (PD7A)
- Federal Payroll Deductions – Threshold 2 – EMPTX – (PD7A)
- Federal – Canada emergency wage subsidy repayment
- Enter your 15-digit business number as your CRA account number.
Make sure the number is accurate so that the CRA can apply your payment correctly.
Generally, corporations have to pay their taxes in instalments. The balance of tax is paid two or three months after the end of the tax year depending on your balance-due day. Learn more about corporation payments.
We direct you to the Canada Revenue website which is a great resource for information on how to file your own taxes.
File your taxes online or by paper, or find other options to have someone else complete them for you:
- Certified tax software (electronic filing)
- Authorize a representative.
- Community volunteer tax clinic.
- Discounter (tax preparer)
- Paper tax return.
- Automated phone line (File my Return)
We have been working with Mona Soleimani for over 5 years now. Our business is not a typical business and from day one Mona was able to competently manage all our accounting needs. We are fortunate to have Mona work with us as she is professional, knowledgeable and is very efficient, allowing us to concentrate on other aspects of our business knowing that the accounting side is well managed.
Mona Soleimani is a highly skilled accountant who has added much value to Skills Canada BC. Not only has Mona excelled at setting up financial reporting systems for us, Mona has helped the organization save money and maximize revenue opportunities along the way.
Soleimani Accounting, Chartered Professional Accountant, provides first class accounting services with the highest integrity. As a new technology start-up company they have worked hard to get all our finance infrastructure set up and ready as we launch the our new company. Thank you for your continuing great service.
Mona has given me great service at a reasonable price for my small business. She understands the limited resources available to a small company and makes it easy to talk about my goals for my company. I would recommend her to anyone needing a reliable and ethical accountant.
Mona is friendly, personable, and very competent accountant. I regularly contact Mona about accounting and tax questions that I come across during my practice and I am always impressed by the breadth of Mona’s knowledge and expertise. I have no hesitation recommending my friends, family and clients to Mona.