Small Business Accountant Edmonton

Getting the right professional accounting services is essential for small businesses to succeed in Edmonton. At WTC Chartered Professional Accountant, we are an online Edmonton accounting firm offering corporate tax services, payroll solutions and monthly bookkeeping. We provide the expertise and guidance on your company finances and help you achieve long-term stability and growth.

Accounting Firm for Small Businesses in Edmonton

Many small business owners prefer to work with Edmonton accountants for personalized financial management. Our firm offers a range of accounting services to meet the needs of a small business, to ensure the financial records are accurate and operation to run smoothly, in order to maintain financial health and achieve growth.

All-Inclusive Tax Services

Navigating the tax regulations is no easy task. Our Edmonton accountants handle all types of tax returns including corporate tax preparation, self-employed taxation and individual tax return for the business owner, so every aspect of your tax obligations is taken care of. With our knowledge of corporate taxes and experience dealing with the Canada Revenue Agency (CRA), we can help you avoid the common mistakes that lead to costly fines and penalties.

Small business owners face complex tax situations which can be overwhelming without professional help. Engaging our certified small business accountant ensures your tax matters are properly being taken care of. Our accounting firm offers customized tax planning to fit your business goals that will maximize tax credits and deductions while staying compliant with all tax laws.

In addition, our tax preparation process is streamlined to make it easy for the business owner. With accurate financial records and expert guidance, we make tax season become a manageable part of your business routine rather than a dreaded annual event. Our Edmonton accountant is here to provide comprehensive and personalized tax services to meet your business needs.

Payroll Management

Managing payroll can be a time consuming and complicated task. Our customized payroll services are important to ensure your business is managing employees’ pay efficiently. We offer payroll services that cater to small business needs, so your employees are paid accurately and on time.

Our payroll services not only take the administrative burden off you, but it also ensures compliance with all regulations. Outsourcing payroll to our expert accountants allows your business to focus on the core operation, maintain accurate financial records and avoid costly mistakes.

Monthly Bookkeeping Solutions

Working with a knowledgeable bookkeeper is key to proper financial management of a small business. Our Edmonton accountant offers monthly bookkeeping services that serve as the foundation of corporate accounting and good financial practices. Good bookkeeping is essential to build a solid financial base of a business, to ensure all financial transactions are recorded and managed accurately.

Our online bookkeeping services include managing various financial documents including employee insurance policies, invoices and taxes. Keeping records up-to-date and accurate provides small businesses with financial insights to make wise decisions. Our services can be customized to address both monthly and annual bookkeeping needs, with the goal of ensuring all financial documents are in order.

In addition to maintaining accurate financial records, our monthly bookkeeping services also include bank reconciliation, which is important to verify accounting records against bank statements. This way, any discrepancies will be identified and resolved in a timely manner to provide you with peace of mind and confidence in the company’s financial management.

Our Small Business Accounting Services include:

Maintain current records and document financial activities through bookkeeping
Prepare financial statements monthly (Balance Sheet and Income Statement) to give a clear overview of the company
Process payroll to make sure employees receive the correct pay and in a timely manner
Track expenses to control and monitor business spending
Analyze revenue to determine its source and profitability
Manage accounts receivable to improve operating cash flow
Monitor accounts payable to control cash outflow and financial obligations
Financial statements compilation with Compilation Engagement Report (also known as Notice to Reader)
T2 corporate tax return and GST/HST preparation and filing
T4 and T5 preparation and filing
Tax optimization through strategic tax planning
Business owner's T1 personal tax preparation and filing

Business Plans and Financial Planning

Having a business plan and financial planning help navigate uncertainty and find growth opportunities. Our Edmonton accountants play a major role in developing comprehensive strategies that support a sustainable business model. By working with our professional accountants, small businesses can develop solid strategies that will ensure long-term stability and success.

Business Plan Development

A business plan is a roadmap to business success. It includes goals, values, tax strategies and financial policies. Our online accountants can help develop a business plan that includes market analysis, financial projections and an action plan to achieve your business goals. Analyzing market trends and aligning it with financial targets will give you a clear direction.

Developing a business plan requires collaboration between the small business owner and our accountant. Together we can identify the strengths, weaknesses, opportunities and threats of the business and develop strategies to address them. This collaborative approach will ensure the business plan is tailored to your specific financial needs to provide your business a solid foundation for future growth.

A business plan not only guides small businesses through market challenges, but also helps to secure financing and attract investors. With a clear and detailed plan, your business can demonstrate its potential for success and build confidence among stakeholders.

Financial Planning

Sound financial practices lead to better decision making and business success. Our small business accountant in Edmonton can help businesses implement financial forecasting to forecast future revenue and expenses so you can plan ahead. We conduct financial analysis throughout the year to help you identify trends and forecast future financial performance and give you valuable insights into the financial health of the business.

Financial reporting tools are necessary to gain perspective on cash flow and the company’s overall financial health. We are experts at using these tools to help you keep accurate financial records and make decisions that will increase profitability. We prepare financial reports on a regular basis to help you identify trends so you can make informed decisions and achieve business success.

Legal Structure for Small Businesses

Choosing the right legal structure for a business can impact its financial and tax implications. Our team will guide you on the options available and help your business optimize its business model and switch tax structure as needed. Incorporating a business creates a separate legal entity and will provide liability protection for the business owner against company debts.

Different legal structures, like partnerships or sole proprietorship, have their own advantages and disadvantages. Partnerships require a partnership agreement that outlines the sharing of responsibilities and income among partners, and provides a clear framework for collaboration. Sole proprietorship is simple to set up but the owner has unlimited liability on business debts.

Situations that may require legal structuring advice are company expansion, refocus and new shareholders. Our professional advice will help small business owners make informed decisions that align with long-term goals to achieve sustainability and business success.

Financial Health and Growth

Accurate bookkeeping is important to monitor a company’s financial health and to support growth. Our Edmonton accountant will guide small businesses towards sustainable growth with tailored financial strategies. Cash flow management skill is one of the key elements of a small business to survive and ultimately succeed.

Using cloud accounting software will reduce operational cost for small businesses, a modern and efficient way to manage finances. Successful collaboration with our accounting firm will give you timely financial statements, and we will provide clarity on your business financial position so you can make informed decisions for the future.

Our online professional accountants have the expertise in business accounting to help small business owners develop strategies to maximize financial health and long-term growth. These strategies include ongoing financial analysis, accurate record keeping and proactive financial planning all of which contribute to the overall success of the business.

Financial Analysis and Reporting

Bookkeeping maintenance is essential, involving tasks like reconciling accounts and preparing financial statements. We can implement a tracking and monitoring system to improve the business financial health. Accurate financial reporting is critical for a small business owner to understand their financial position and make informed decisions.

Detailed analysis and customized reporting will improve business performance and growth. Our regular financial analysis and reporting will help you identify trends and forecast future financial performance to provide you valuable insights on the financial health of the business. This will enable you to make informed decisions that support long-term goals and success.

What Our Clients Are Saying About Us

We offer some of the best small business accounting and tax services in Edmonton. But don’t just take our word for it, here is what some of our clients have to say about us:

I love the online approach that William and his team implements. It makes the process extremely easy. The deliverables are always on time. The tax advice we got are very helpful and practical. The team is always there whenever we have a question. Excellent work!

William is very knowledgeable in the e-commerce space. He educated me on the sales tax requirement for selling to different provinces and he also helped the company set up the backend system so that the accounting system, inventory system, Amazon, and Shopify are synchronized. Highly recommended for anyone looking for a modern-day accountant that works well with technology.

It's been a wonderful experience with William, who has sound knowledge of tax regulations and helped my business set up a structure to minimizes tax. His team is well proficient in handling both bookkeeping and payroll process. I am a satified with their work and highly recommended.

Whenever we have an accounting or a tax question, William was there to answer them. His advice helped us save a tremendous amount of taxes each year. He is also looking after the company’s books and has been keeping us up-to-date on the company’s performance each month. Excellent work!

William Chong is fantastic. I have had many other accountants in the past, but nobody has done such a great job. Very efficient, knowledgeable, responsive, and his fee is very fair. I highly recommend his company. Thank you William for your outstanding service!

I am very pleased with and highly recommend the accounting and consulting services WTC has offered. William manages my taxes, financial statements and corporate filings so that I can have peace of mind to concentrate on my other aspects of my business. He also provided me with invaluable, actionable advice on methods to streamline and expand my business.

The team at WTC did an amazing job helping my online business set up everything I need. Mohamed and William helped me incorporate my business, set up payroll and did the bookkeeping and year-end tax return. I recommend WTC Chartered Professional Accountant to anyone who needs an accountant to help set up their business.

Looking for a Small Business Accountant in Edmonton?

Reach out to schedule a consultation! During the call, we’ll look into your business and see how we can help you.

Frequently Asked Questions

Here’s a list of commonly asked questions about our small business accounting services in Edmonton.

What are the benefits of hiring a small business accountant?

A small business accountant Edmonton can provide personalized services tailored to your small business needs, enduring accurate financial records and streamlined operations. The professional support can significantly improve your finances and overall business efficiency.

Why should I hire a CPA?

The accounting expertise of a Chartered Professional Accountant (CPA) can give you custom tailored financial advice, optimize tax benefits, comply with CRA, and compile year-end financial statements to be used by various stakeholders. CPAs can help you make smarter financial decisions and lets you devote more attention to your running business.

Why is it important to complete bookkeeping on a monthly basis?

Monthly bookkeeping is important to maintain accurate financial records and manage transactions. It will ensure your financial documents are organized and reconciled to give you a clear view of your business financial position each month.

How do accountants help with business planning and financial strategies?

Accountants will help craft business plans and financial strategies that will make your business successful, stable and grow. They will help manage financial resources and risk assessment, so you can make informed decisions.