Why all Businesses Need Accountants and Bookkeepers

When you set-up a new business it is not possible for you, to keep all your records in the exact and most updated way. These incomplete records are not sufficient to calculate correct taxes for your business. Well established firms and companies also have to face this problem if they not hire an accountant and bookkeeper or not keeping proper records of their all transactions. There are so many other reasons that all types and all sizes business need an accountant and bookkeeper. Hire H&T Accountants in Brampton, Oakville and Milton. Some of them are:

Provide Complete & Updated Information

First reason to hire them for a firm is – they provide detailed and most updated information about your all business transactions. This updated & complete information helps you to compare your present business position with your competitors.

Offer Strategic Advice

Accountants and bookkeepers not only help you to calculate accurate taxes but also provide strategic advice to grow your business more by analysing all the latest  business strategies.

Find Room for Improvement

One other major reason to hire them is – they calculate all your current profits and losses in an effective way. Then find the room where you need improvement, to get more earnings. They also give you suggestions about where to invest your current profits to get long term benefits.

Save Time and Money

It is the most significant reason to appoint them for all types of businesses. They keep all the records updated every time. Business owner can check his records and transactions any time. Updated records are really helpful to save time and money for the business.

Help to Reduce Stress

Accountants and bookkeepers also help to reduce competition stress in an effective way. They make a detailed study of all your competitors and their current strategies. Then discuss it with business owner. This type of study is really helpful to reduce all types of business stress.

Accountants and bookkeepers are two very important professionals for all types of businesses, if the businesses desire growth in the proper way and within short time.

Difference between Accountants and Bookkeepers

Bookkeepers and Accountants are two sides of a coin. They are closely concerned with each other. Both are connected with a business or firm. Both are connected with money and accounting. Many of us get confused if we asked about them mix them and their roles. It is true they are associated with each other but their roles are totally different from each other. Major differences between an accountant and a bookkeeper are:

  1. Qualification:  To become a bookkeeper you don’t need a degree since here you work as an data entry operator, enter  sales and purchase bills, paying bills, processing payroll data, preparing sales invoices, mailing statements to customers, etc. but to become an accountant you must a have a college degree, and accounting knowledge .
  2. Cost: Cost to keep a bookkeeper is low as compared to an accountant. This is the reason many small firms select a bookkeeper instead of an accountant to maintain their records.
  3. Role: Bookkeeper makes a good relationship between an Accountant and a business owner his duty is maintain books and retain documentation for transactions. He is governed by the accountant, but an accountant is handled by the business owner and focus on reporting, business analysis and processes.
  4. Advice: An accountant also plays the role of an adviser for a business because it handle all the accounts, create finical statements, Tax Appeals, Tax Saving Plans, Cash flow solutions and much more so he can give excellent advise about “how to increase sales and decrease costs” according to current finical position. But a bookkeeper only doing data updating tasks.
  5. Level: Bookkeepers work only on the basic level they are not connected with handling tax, Audit Defense, or expense accrual. But Accountants work on the top level their work start where a bookkeepers’ work end. He handles Tax Returns-all kinds, Profit enhancement, Audit Defense and many more.

In conclusion we can say:  Accountants and Bookkeepers are very important for any type of business however they play different-2 roles but both help to grow a business which is the purpose of haring them.

How can you find Accountants, Bookkeepers and Tax Experts?

Accounting management services includes many sub-services such as account open, account update, account balance, account detail, account close, account discounts, account bill/usage tally, account payment settlement etc. There are two types of accounting services: Online and offline.

It is a hard task to find out best accountant or accounting company either online or offline. For online services if you search on Google then you get hundreds of results providing accounting services. A company’s website that is shown on the top does not mean they are perfect in providing good results.

If you want best accounting services for your business then you have to make a hard search of it. You search also depend on your business type and size.If your business is small then offline accounting services are the best option for you that any accountant can do from their home. But with an accountant that do your work from home have some problems such as he has lack of the supervision means work that he do not rechecked by any other person, secondly it may have a lack of regularity.

If you want to avoid it you can select the online accounting services methods. That can be performed by a company or any accountant that provide their services online. The major benefit of choosing a company over the individual is, it provide up to date records that are supervised by the company’s CEO or any other major person. Here all works are done step by step. When choosing a company or any accountant or bookkeeper for your business you need to check some things about them, because it is not easy to trust anyone. You have to find best services with economical rates. Here are some points that you need to care.

  1. Reputation of the company or the person.
  2. Pricing model and working methods that they are using.
  3. Reviews from other companies or persons about them on the internet.
  4. Check their website, especially services that they are providing, to get an idea of their capability.
  5. Work experience. In the experience try to find a company or person which have at least 15 years work experience.
  6. Reference if any.

If you choose the right person or company, it may help you to save your money in the future. So don’t hire anyone instant before you are not making your complete searches and satisfied with their work and services. You must have knowledge about the accounting services that you need to maintain your accounts in a proper way. Major services that you need for proper maintenance of your accounts are:

  • Bookkeeping
  • Tax Appeals and Tax Saving Plans
  • Cash flow solutions
  • Financial statements

Booking means date wise financial records of your company which always must be up to date. These are very important records of your company because all your tax and tax saving plans depends on these files. Accounts take these files and then calculate tax that you have to pay. Importance of taxes is well known and it can be done efficiently only when we choose the right person or company for it. Whenever you think to choose accountants, bookkeepers, tax expert, HandT Accountant are the best option. Located in Mississauga, Brampton, Milton and Ontario and providing its services in all these and surrounding areas.

Interest rates for the first calendar quarter: January 1, 2014 to March 31, 2014

 

Tax, duty, or other charges Overdue remittances Overpaid remittances – Corporate taxpayers Overpaid remittances – Non- corporate taxpayers
Goods and services tax (GST) 5% 1% 3%
Harmonized sales tax (HST) 5% 1% 3%
Air travellers security charge 5% 1% 3%
Excise tax (non-GST/HST) 5% 1% 3%
Excise duty except brewer licensees (amounts due after June 30, 2003) 5% 1% 3%
Excise duty except brewer licensees (amounts due before July 1, 2003) 3% N/A N/A
Excise duty (brewer licensees) 3% N/A N/A
Softwood lumber products export charge 5% 1% 3%