Small Business Accountant Ottawa

At WTC Chartered Professional Accountant, our small business accounting services are designed to enhance your business financial health and operational efficiency. Our team of professional accountants are here to guide you through the complexities of tax laws and regulations.

Our Online Small Business Tax Services

Compliance and minimizing tax is our focus. Our small business accountant in Ottawa provides a full range of tax preparation services, including corporate tax returns, sole proprietor business tax returns and personal taxes for business owners. Each of our services is tailored to meet the specific needs of small businesses to ensure all financial details are properly handled.

Corporate Tax Returns

Every corporation in Canada must file an annual corporate tax return (T2) regardless of tax liability. Filing ensures compliance with tax law and avoids penalties, interest charges and potential audits by the CRA. Our small business accountant files your corporate tax returns accurately and on time so your business is protected from financial risk.

Accurate filing optimizes your tax liability based on your industry, not just compliance. Our customized tax planning helps corporations minimize tax and maximize after tax income. This proactive approach keeps your business healthy and ready to grow.

Working with us gives you access to Chartered Professional Accountants and we are up-to-date with the latest tax laws and regulations. Our expertise means substantial tax savings and peace of mind. Let us handle the complexity of corporate taxes so they don’t get in the way of your business.

Sole Proprietor Business Tax Returns

Proper preparation of sole proprietor business tax returns means more financial success and minimized tax liability. We have strategies to reduce business tax liability and ensure compliance with current tax laws. Our strategies increase profitability and keep your business compliant.

Tax planning is about finding ways to reduce tax. Our expert accountants help you navigate business tax returns by maximizing deductions, claiming tax credits and planning for future liabilities.

Accurate financial reporting and tax compliance means your business avoids penalties and audits. Our approach gets your financials in order so you can focus on growing your business.

Personal Taxes for Business Owners

Aligning personal and business finances for optimal tax efficiency is often a challenge for business owners. Our integrated tax services address both personal and business financial needs. This holistic approach means better tax results and financial stability.

We prepare personal tax returns for you by combining business and personal financial data. Accurate reporting of income, expenses and deductions reduces the risk of errors that could trigger a CRA audit. Our tax preparation services in Ottawa handle this complexity for you, to ensure your taxes are handled with precision.

The CRA uses many ways to verify income, and our thorough tax preparation ensures all required financial records are in order. Aligning your personal and business financials means improved tax efficiency and financial health.

Tax Planning & Advisory Services

Proactive tax planning is the key to maximizing your after tax income and minimizing the risk of a CRA audit. At our accounting firm, we understand the complexity of federal and provincial tax laws and we will navigate them for you. We will increase your revenue potential while staying compliant with the tax laws in Ottawa.

Our business advisory services provide you with management insights. Customized financial and tax advice helps you make better decisions for your business. Our Chartered Professional Accountants (CPA) offer accounting services and work with you to understand your financial situation and find tax savings opportunities.

Tax service is more than just filing returns, it’s personalized strategies to reduce tax liability and increase profitability. Our tax planning gives you practical tax advice so you can report all tax related expenses accurately and have peace of mind to run your business.

Financial Statement Preparation

Financial statement preparation starts with gathering all the data from the completed bookkeeping records. The data is then organized into reports, income statement, balance sheet and a Notice to Reader. These statements give you a snapshot of your company’s financial position, which is crucial for effective management.

Importance of Accurate Financial Statements

Accurate financial statements allow your small business to track cash flow, evaluate financial position and make informed decisions. We prepare these statements so you have a clear view of your business performance to build a budget and plan for the future.

Keeping accurate financial records is critical for small business growth and survival. Financial statements help you track progress, identify areas for improvement and make adjustments to maintain healthy cash flow. This level of detail is important for your business management.

A budget based on financial statements helps you manage expenses, plan activities and ensure financial sustainability. Our small business accountants prepare these statements for you so you can make informed decisions.

Financial Analysis & Reporting

Our financial analysis and reporting is necessary to evaluate financial position and plan for the future. Regular financial analysis helps you track trends, manage risk and make decisions that drive growth and profitability. We offer customized financial analysis and reporting services for your business.

Regular financial analysis looks at profitability, cash flow and overall financial stability. This will identify the strengths and weaknesses of your business so you can make strategic plans to capitalize on opportunities and mitigate risks.

Our financial advisory services give you financial insights to manage your business better. These reports are used for financial planning, budgeting, financial analysis and financing proposals. Our Chartered Professional Accountants (CPA) will guide you to make informed decisions for long-term success.

CRA Audit Protection Services

CRA audits can be intimidating, but our protection services will give you peace of mind. We minimize audit risk by thorough tax preparation and compliance. If an audit occurs, our small business tax accountants in Ottawa will represent and assist you and make sure all necessary documents are provided to the CRA.

Our tax team handles CRA audits, communication and resolution. We identify and address audit triggers, ensuring all tax compliance. We have years of CRA experience to ensure smooth audit navigation and provide audit support to help you stay compliant and avoid penalties.

Payroll Management

Managing payroll can be a time consuming and complex process. Our customized payroll service is important to ensure your business is paying employees correctly. We offer payroll services for small businesses to ensure your employees are paid on time and accurately.

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

Bookkeeping Services

Working with a qualified bookkeeper is crucial to proper financial management of a small business. Our Ottawa accountant offers monthly bookkeeping service that is the foundation of small business accounting and good financial practices. Good bookkeeping ensures all financial transactions are accurately recorded and managed to build a solid financial base of a business.

Our online bookkeeping services include managing various financial documents such as employee insurance policies, invoices and taxes. Keeping records up-to-date and accurate gives small business financial insights to make informed decisions. Our services can be customized to address both monthly and annual bookkeeping needs, to ensure all financial documents are in order.

In addition to keeping financial records accurate, 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, so you can have peace of mind and confidence in the company’s financial management.

Our Small Business Accounting Services include:

Bookkeeping to record all financial transactions and keep records up-to-date
Monthly financial statements (Income Statement and Balance Sheet) to provide a complete view of the business
Payroll to ensure all employees are paid correctly, on time, and CRA compliant
Expense tracking to monitor and control expenses
Revenue analysis to see where income comes from and profitability
Accounts receivable and accounts payable management to monitor cash flow and stay on top of financial obligations
Compilation of financial statements with Compilation Engagement Report (formerly Notice to Reader)
T2 corporate income tax preparation and filing
GST/HST return preparation and filing
Prepare and file T4 Slips and Summary
Prepare and file T5 Slips and Summary
Tax planning for tax optimization
T1 personal income tax preparation and filing for the business owner

What Our Clients Are Saying About Us

We offer some of the best small business accounting and tax services in Ottawa. 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 Ottawa?

We’ve got you covered! Contact us for a free consultation. We’ll review your business and give you a free quote during the call.

Frequently Asked Questions

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

Why should I hire a small business accountant?

A small business accountant Ottawa can offer customized services to your small business, to keep financial records accurate and operations streamlined. The professional services you receive can improve your financial management and overall business productivity.

What are the benefits of hiring a CPA?

A Chartered Professional Accountant (CPA) has the accounting expertise to give you personalized financial advice, maximize tax benefits, ensure tax compliance, and prepare financial statements for your business. This will give you time to focus on your business and make better financial decisions.

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 much does it cost to hire a small business accountant?

Hiring a small business accountant in Ottawa is generally cost effective, but the accounting fees can vary depending on the services required. Specialized services like corporate tax planning costs more than basic bookkeeping or general tax preparation.