Accounting Versus The Machine; How to get out of the rut?!

Did you see ‘The Internship’ and related to the last part way too much for your own comfort?! Well, then don’t be a dinosaur and get into the game!
Accounting is evolving at an astonishing pace! Gone are the days when knowing excel tricks made you the cool guy! This is all about understanding the changing oeuvre and understanding that as much as they all love you; your employers cannot possibly keep a full-time employee for bookkeeping when the whole process can be done through an online tool for free!

So how do you stay relevant?!

Well, first of all, do not say that you want to stay relevant in front of anyone. It’s not the right attitude! The right attitude is to get into the game and learn new skills! Just like Owen Wilson did in ‘the Internship’!
Here is H&T Accounting Services’ little advice for you…

Make a habit of learning new technology!

Whether it is the online free tools for tax saving plans or computerized Tax Returns systems, enjoy innovation and make strong developments in technology awareness on a regular basis.

Enjoy your field!

Yeah, you heard us right! Gone are the days when Accountants used to be boring and hard to engage, put down that pile of business tax appeals and get into that business start-up conference in Mississauga!

Become a part of something new!

Now that you are in that conference, go and become a part of a business start-up and show them your awesome tax saving plans in Mississauga that you learned in Oakville. Start-ups are a great way to stay young and enjoy the experience of being a professional. You also get a wide berth professionally and office politics won’t remind you of a shark tank!

Get certified often!

In this day and age, keeping up with the latest memberships, attestations, and certifications are all a big part of the game. Your capabilities are not myths anymore, they are constantly calibrated. Once you are done with ten years of service, get a PMP certificate. So that you will have a record of your success that is quantified.

Let the Bookkeepers go!

Bookkeeper, as a profession, is gone. Whether you are in Brampton or Mississauga; the profession of Accountant has outgrown bookkeeping. Get over it and grow! We here at, H&T Accounting Services, have learned these lessons!

Data Protection – Accountants and BookKeepers – Are You Playing Safe?

It’s essential for the success of your own business that you set out clear assurances and obligations to your clients – both old as well as new – that their data is fully protected.

As a accountant or bookkeeper, your client holds you in a position of trust. Not only do you have access to a host of confidential information regarding their business performance and business finances, but if you are managing payroll services too, you will have in-depth knowledge of their employees’ personal information.

You have a duty of care to your client to maintain high levels of confidentiality and security – and can be fined heavily for breaches of security surrounding personal data which lead to individuals suffering loss or fraud. It’s not just worth the risk when there’s so much at stake.

So, what can you do for ensuring that your user’s information is secure – and how should you advise clients to secure information at their end of the business transaction?

Keep hard copy paperwork away from prying eyes

Using online accounting software is one major step towards client data security, but unless you secure hard copy data, you’re leaving yourself open to risk. With today’s modern technology, you don’t need to print out a copy of every invoice or ledger – and statutory accounting firms and HMRC are generally happy to use securely held digital information to produce year end returns and conduct audits. So, keep your printouts to a minimum – and ensure that the paperwork you do produce is kept in a locked cabinet.

Reduce your risk by minimizing access to client information

If you work in a team, make sure that only those of your colleagues or employees who genuinely need to have access to your clients’ data have access to your online accounting software and other secure areas.

Each user can be assigned different levels of access which ensures they only see the data they need to see to complete their job.

Make sure your internal security systems are up to scratch by routinely changing passwords regularly – and always change all password security when a individual leaves your company or you feel they may be a potential risk to your systems, no matter how small.

All of the above measures can help your clients keep their data secure, too – for no matter how strict your own security measures are, if your customers aren’t adhering to the same levels of data security, there is still the element of risk. Think smart, use your online accounting software wisely and keep that confidential information safely away from fraudsters and unscrupulous competitors.

6 Benefits for a Business Who Outsource Accounting and Bookkeeping Services

Due to increase in the complexity of the world of business, managing and measuring finances became a difficult task. Without having an efficient system for taking care of back office transactions, payroll processing bookkeeping, and the management of finances become ineffective. These days outsourcing became beneficial to organizations, especially in accounting and financial agendas.

Different essential benefits which a business can receive from outsourcing its accounting and bookkeeping services are-

1. Saves time – Outsourcing financial managers save company time by providing service on time. For managing bookkeeping services, in-house associates may not be as time-conscious as an outsourcing organization who only focus on these financial features.

2. Reduce chances of company fraud – It is important to note that accounting and outsourcing bookkeeping services reduce the probability of fraud within the corporation. As all financial data will be handled by outsourcing organizations so employees won’t be able to access any financial or accounting details. Outsourced organizations will be more objective concerned to all important financial decisions.

3. Saves money – As we known time is money and by hiring a right outsourcing company you can achieve success in getting a quality of accounting service on time. An organization, which is amateurishly trained in one specific area is more liable to deliver service on time with high-quality standards whereas business associates may not be punctual.

4. Focuses on mission – Financial tasks managed by an outsourcing company will do their task efficiently by just only focusing on management of accounts. They are expertise and licensed service providers who have experience in handling accounts of an organization efficiently.

5. Optimizes accounting services – Bookkeeping services are maximized through expert outsourced organizations, rather than from the services of a business’ associates who usually have generalized experience and ideas.

6. More disciplined and/ or objective views – Efficient and reliable accounting organization who is outsourced by the corporation is more focused about the procedures to manage financial issues relating to that corporation.

All in all, outsourcing is a recommended choice for a large number of corporations or businesses, for the purposes of maintaining efficiency in the least expensive and productive manner.

H & T provide accounting and bookkeeping services at very low rates for medium, small as well as large businesses. You can easily access H & T accounting services in Brampton, Mississauga, Oakville efficiently. H & T Accounting Services maintain all records of their customers related to income tax, harmonizing sales tax, workplace safety insurance, and payroll. They have more than twenty-five years of experience in serving different businesses including manufacturers, contractors, importers, exporters, computer professionals, retailers, and other service providers.

Tax Preparation and Accounting For Your Business

Self-assessment is quite irritating, tricky as well as time-consuming. You can make it easier by hiring a smart book keeping. We understand that HMRC deadlines and Inland Revenues are quite stress-inducing, so why don’t you leave it for the professional certified accountants?

Are you looking for professionals who will help you with your bookkeeping and tax returns?. If yes, then choosing H & T Accounting Services will be a perfect choice for you. As the 2017 season for tax filing is officially underway. A large number of people have filed their tax returns. Other taxpayers are waiting to file their tax returns.

In tax returning procedure, whether it is on paper or online, details consist capital gains, expenditure, all income, as well as tax relief claims details. There are various types of supplementary and tax returns pages which depend on your conditions. There are specific deadlines mentioned by the authority for the submission of tax returns and penalties for delay.

Here at H & T Accounting Services, we provide our customers with complete self-assessment return and account management service at affordable and reasonable rates. We will not only help you to save your precious time, but also offer a quality of service.

Importance of Bookkeeping and tax returns

If you are quite busy in some work or not aware of procedure of tax return, then by hiring an expertise certified accountant you can easily get a perfect solution for tax payment. As bookkeeping is a crucial and essential part of a business. It includes the maintenance of daily records of expenditure and revenue. Bookkeeping need trained and certified professionals for working in this field efficiently. The Bookkeeping procedure consist ledgers, entering correct journal entries, maintenance of profit as well as a balance sheet for the final year.

A small mistake in maintaining the record may lead to an obstacle in the growth of any business organization. Further, the cost required for the correction of mistake for correcting the record will take your time and a lot of money in future. To overcome this problem choosing a professional for this bookkeeping and tax returning service will be perfect for you.

Why people afraid of the tax procedure?

People usually afraid of making mistakes on tax return documents. Tax procedure is quite complicated. For overcoming this problem hiring a right certified accountant of an organization is very important. Everyone can make mistake while maintaining record, but least amount of errors can be corrected if you catch it at an earlier stage. So, get your tax paid on time by completing all documentation correctly rather than completing it on last minute and making mistakes.

Money issue

It is also noticed that people who do not have enough cash for the coverage of tax liability also delay in submitting the tax on time. By returning tax on time you will get more time to come up with the money for the payment of tax bills

By setting up the payment plan with the help of H & T Accounting Services expert you can get a solution for this problem. Anyone along with an IRA whether it’s traditional or Roth, can easily contribute to the account for a previous year of tax by the deadline of April filling. You can also contribute to a SEP( simplified employee pension) as well as retirement plan up to the return’s due date with the help of our expert’s advice.

Go Beyond Accounting Without being an Expert

Today the accountant is no longer confined to the traditional accounting activities like bookkeeping and preparing books of accounts. Today accounting services are beyond your imagination and extends its hands in all the domains be it payroll management or tax planning. Today every business sector sees the need of accounting services and you can be an effective an impressive accountant without really being an expert.

Usually when people hire an accountant what they look forward to is profit maximization and the queries related to the risks of investments. In simple terms they look forward to be on the safer side with profits and benefits weighting heavier. You can build lifelong relations with your clients by going beyond accounting without really being an expert in the under mentioned ways:

  • Prepare the FAQs

If you have been in working in the domain for some time, you might be aware about the general set of questions clients always arise and you must be well prepared with at least the certain forms in an impressive format, be it text, audio or video. The time you save can be used to handle your clients better and moreover add quality to your work.

  • Go Technical and make the best use of technical software products

In the virtual era you can just keep all your work in any cloud storage which will facilitate for you easy dealing with the client in multiple forms be it emailing your client, share documents and software etc. You can also make use of skype and other software to communicate with your clients. To quote in a nutshell, go virtual with your work.

  • Do not leave your clients unanswered

What your client is going to ask you certainly has no boundaries however on the other hand it is true that you might not have answer to all the questions at once. But it is your duty to look into the matter and prepare the answer to the same within minimum time span as this would help your client to take valuable business decisions and moreover realize that you are really an asset he has found.

  • Understand the market and other environmental factors

While you are working as an accountant and even beyond that you must not keep your knowledge and growth limited. Instead take time to study the market conditions, the growth being offered to the kind of industries you are working for and moreover what the customer demands from your client. In order to guide your client best you must also be aware about the working environment of the firm as the transition will happen only if the human resources are adaptable in nature. This is something which will help you stay ahead in game and turn the competition to your side.

  • Be a trusted advisor for your client

You are not merely an accountant but also an advisor whom the client will seek at every point of time. You can take time but you should be ready with the piece of advice or the resource your client currently requires. The advices you render to your customer will be an outcome of experience, it might not be something happening today but will certainly happen over years. You are going to have a major extent of control of your client’s business, be ready for that.

Most Important Facets in Accounting and Bookkeeping

Accounting and Bookkeeping are the two business aspects that helps to keep a measure of financial activities of business such that the performance of the business is always on the rise. In order to maintain the accounts and other legal works aptly, people usually prefer opting for an accountant or even outsourcing their accounting and bookkeeping. This helps to regulate the blood of business, money in an error free fashion.

The bookkeeping and accounting are the two sides of the coins that make the other smooth functionally. They are not limited concepts but have broader outlook, the most important facets in accounting and bookkeeping are:

Know Bookkeeping – Bookkeeping is like a sub section of accounting which actually implies collecting and organizing all your financial information so that it can be used for business growth. The art of bookkeeping is performed by the professionals who would help you to do much more in business than you can imagine. It helps one get tax returns, prepare legal statements, business auditing and moreover deciding that which way is actually the business going. Bookkeeping is the initial step of every accounting system.

Financial analysis and management – Finance is the most important aspect of any business and financial analysis and management is the accounting procedure that must be executed at regular intervals of time. Bookkeeping and accounting helps perform this easily. In case your finance is being delayed or it is not being managed as per the predefined credentials, accounting can help you realize the breakpoints and moreover work on it.

Plan your business – Business is one of the riskiest occupations that can never go unplanned. Bookkeeping and accounting performed by professionals help every businessman plan his activities in a timely fashion, which helps to achieve better results. The accountings statements include profit and loss statement, balance sheet which helps monitor overall profitability.

Bookkeeping and accounting should aim at profit enhancement – Accounting services are diverse in nature, but the center facet of every business activity has always been profit enhancement. The organized records and subsidiary book of accounts would certainly help you climb up the ladder of profit enhancement.

Save Taxes – Tax planning can save you money that you would not have thought otherwise. Tax panning comes with the right bookkeeping as it involves recording your financial matters in a smart way that usually known only to the expert accounting service providers. Summarizing your accounts efficiently can help you save taxes considerably.

Saving taxes involves other accounting activities like minimizing the number of documented errors and investing more time in tax planning.

Accounting is the elder brother – Accounting is an expert based job which cannot be handled single handedly, unless and until one is experienced enough in the domain. Once the bookkeeping is done, the overall business aspects are taken into consideration in order to reach the final steps. Handling all your complex reports and money related issue becomes simpler with the right accounting choice. Bookkeeping forms a section of accounting, whereas accounting ranges all the way from arranging finance to profit enhancement.

To summarize, bookkeeping and accounting are the two activities that go hand in hand. Better bookkeeping always means better accounting services, if the base of any activity is laid strong the results will certainly be better. Same is the scenario for bookkeeping and accounting.