Small Business Accountant Services

We manage your finances to ensure accuracy and regulatory compliance. We handle bookkeeping, business taxes, and financial reports so you can focus on running your business.

The Role of a Small Business Accountant

Small business accountants play a crucial role in maintaining financial integrity and accuracy of financial records, which contributes significantly to making informed business decisions.

A qualified small business accountant is a Chartered Professional Accountant (CPA) who can provide small businesses with strategic financial advice, navigate complex tax laws, and prepare accurate financial statements to maximize profits and minimize risks.

Having accurate financial reporting is required to be compliant with regulatory bodies to avoid penalties, fines, or legal consequences. Also, insights into business performance, risks, and opportunities are gained from analyzing an accurate set of financial statements.

At its core, a professional small business accountant offers a wide range of services, such as bookkeeping and financial statement preparation, payroll processing and tax reporting, financial analysis and planning, tax preparation services and tax optimization. These services save you money and stress during the year-end tax season.

Budgeting and forecasting can also be done by reviewing financial data and setting achievable financial goals. This proactive approach helps small businesses to stay on track and make informed financial decisions.

Tailored Financial Advice

We offer financial advisory services, to help you navigate the complexities of the business financials. This includes planning and structuring your business to maximize profits and minimize risks. As a CPA, we leverage our industry knowledge and professional network to provide personalized business advice. This clarity on future business directions and accurate financial projections is invaluable for small business owners.

Tax Optimization

Another considerable benefit is our expertise in navigating the complex tax laws in Canada. As a CPA, we can help you maximize tax benefits by claiming all deductions and credits available to you and ensure your business is compliant with the Canada Revenue Agency (CRA). This proactive approach will prevent tax audits and give you peace of mind.

Accurate Financial Reporting

For small businesses to understand their financial health, accurate financial reporting is necessary. Through balance sheets and income statements, financial reporting gives you insights to make informed decisions on resource allocation, investment opportunities, and expansion plans. Also, it will avoid costly mistakes such as uninformed decisions, legal and regulatory issues, loss of stakeholder trust, financial instability, difficulty in getting funding from investors or lenders.

Expansion & Future Planning

Strategic advice from small business accountants is critical for: making informed financial decisions, setting future goals, solidifying sales and marketing strategies by assessing their ROI, and ensuring resources are allocated effectively. Our insights will save you time, make more informed decisions and allow you to focus on strategic growth. We also help with business succession planning, ensuring a smooth transition when it’s time to pass on the leadership roles.

Our Small Business Accounting Services Include:

Bookkeeping to record all financial transactions and keep financial records up-to-date
Monthly financial statements (Income Statement and Balance Sheet) to give you a complete picture of the business
Payroll to ensure all employees are paid accurately, on time and CRA compliant
Expense tracking to help you monitor and control expenses
Revenue analysis to help you understand your income sources and profitability
Accounts receivable and accounts payable management to monitor cash flow and stay on top of your financial obligations so your businesses run smoothly and efficiently
Compilation of financial statements with Compilation Engagement Report (formerly Notice to Reader)
Prepare and file corporate income tax return (T2) and GST/HST return
Prepare and file T4 Slips and Summary
Prepare and file T5 Slips and Summary
Tax planning for tax optimization
Prepare and file personal income tax returns (T1) for the business owner

Tax Tips for Small Business Owners

Tax filing time can be stressful for small business owners, but much of the stress can be minimized with proper planning. As a small business owner, maximizing tax benefits and reducing taxes can lead to significant savings, that’s why it’s important to work with a qualified small business tax professional. Here are some general tax tips to help small businesses claim available tax credits and eligible deductions to lower taxes.

- As a general rule of thumb, claim all expenses related to the business operation
- Keep personal and business expenses separate as personal expenses are not deductible
- For business owners in a high tax bracket, maximize contributions to a Registered Retirement Savings Plan (RRSP) to further optimize tax savings
- Paying salary to a spouse or an adult child in a lower tax bracket can create net tax savings. Just make sure the amount paid is reasonable based on market rate for similar tasks performed for the business.
- Remember to claim home office expenses if you run your business from home. Use a reasonable approach to calculate home office expenses, such as the square footage of an enclosed office room.
- The Apprenticeship Job Creation Tax Credit gives you valuable savings on salaries and wages paid to eligible apprentices
- If eligible, expenses related to Research and Development (R&D) gives you significant tax breaks

DIY Bookkeeping vs. Professional Accounting Services

Due to cost savings, DIY bookkeeping can be a good option for startups. It allows business owners to avoid service fees and get a better understanding of their financial health so they can make informed decisions.

However, managing your own bookkeeping can take time away from core business activities. While you have full control of the financial data, it also requires a lot of effort and knowledge to avoid errors and missed tax deductions.

Mistakes in DIY bookkeeping can be costly as it can lead to hefty penalties and interest. On the other hand, outsourcing small business bookkeeping means you give up some control but you have the expertise of professionals who can ensure accuracy and compliance.

Finding a qualified and compatible small business accountant might require some effort, but the long-term benefits far outweigh the challenges. Professional accounting services can save time, reduce stress, and give you valuable financial insights.

What Our Clients Are Saying About Us

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

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?

We’ve got you covered! Contact us for a consultation. We will go over your company 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.

Why should I hire a small business accountant?

You should hire a small business accountant because they will keep your financial records accurate, ensure tax compliance and give you financial management and growth advice. This will benefit your business in the long run.

What are the benefits of hiring a CPA?

Hiring a Chartered Professional Accountant (CPA) will 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.

What are the basic accounting services small businesses need?

Small businesses need basic accounting services like bookkeeping, payroll, expense tracking, accounts receivable/payable management, and tax return preparation. These are vital to the financial health of the business.

What are common accounting mistakes small business owners make?

A common mistake small business owners make is to use one account for both personal and business finances. This will make it difficult to sort transactions and will cause problems when filing taxes or applying for business loan.

Make sure to have all business transactions backed up with supporting documents. It’s best to keep documents for at least 6 years after the tax return is filed to ensure compliance and avoid tax audit.

How to choose the right accounting software for my small business?

For small businesses, choosing the right accounting software is key. QuickBooks Online and Xero are popular options, offering features like: income and expense tracking, invoicing, GST/HST tracking, manage bills and payments, and multi-currency support. These are the essentials and will make it easier for a small business owner to manage their finances.

The accounting software is subscription based and has a free trial on all plans. Make sure you try it first before committing. Trial period will help you decide if the accounting system is for you.