When asked if they have the “right stuff” to start a new business, most people would answer with a resounding “yes”. We are not here to judge your potential for Business Start-up Mississauga, but we are here to help you scrutinize your strengths and weakness so that you are in a better position to make result oriented decisions that can take your small business to new heights.
As you open and run your own small, you are required to play two distinct roles each requiring specific skills. In one role you will act as a salesman or marketer of the products made by your company. You are required to play this role whether you have employees or not. The other role wants you to perform financial and administrative activities. You have to be proficient in both areas for Business Start-up to succeed.
The skill set to provide services or products will vary according to the business. Gauge the scope of activities to make your Business Start-up a success. There can be some aspects of business that can be annoying to you, be particularly careful now to overlook them. Even though you desire to start the business on your own, but if you lack required skills, there are very slim chances that you will succeed unless you are really lucky.
If you have any doubt on your capabilities, take advice from expert consultants like us. We have enabled several businesses to mushroom from ground zero and we can assist in doing it for you. At the beginning you have to make several important decisions like, should you hire a lawyer or accountant? Should you lease out office or work from home? Answers to these and many other questions may not be easy to find. Our experienced advice will come handy for you.
What Qualities you should have as an Owner?
You don’t have to be master of all trades for a successful Business Start-up. As an owner you need to have good personal relation qualities. You need good, trust worthy people around you in order to succeed. Beyond that you need to:
- Have Willingness to sacrifice: As an Owner of a small business you should accept the fact that, you will be the last one to be paid. Your employees, your vendors and your bank are ahead of you in the line. You will have to sacrifice on your free time. If you want to have set working hours, cherish for three weeks of vacation every year and want to be certain about what you earn by the end of month, than probably you should not think of Business Start-up.
- Strong Interpersonal Skills: Every employed person complains about his or her boss. Well, if you think that getting along with your boss is tough, wait till you have to deal with customers, suppliers, accountants, lawyers, government officials and nearly everyone. You should be able to work with all personality types and have the ability to extract the desired results with people you work with.
Responsibilities and duties of professional bookkeepers are quite different from an accountant. The former has to look after daily activities whereas the accountant of a company may audit the books at the time of tax, quarterly or monthly. Here is a list of additional duties performed by professional bookkeepers.
Keeping Financial Records
Accountant’s key role is to make sure financial records are kept up to date and current and he or she should have a regular reporting system. The person is required to keep track of every financial transaction and keep a record of that same and should reconcile the accounts every month to make sure they are in balance.
Chasing Unpaid Invoices
Professional bookkeepers not only keep records of outgoing and incoming invoices but they also have to chase down unpaid invoices that are issued by you. They are also required to keep track of purchase orders that are not been paid. This form an important part of job for bookkeepers which enables you manage your flow of cash and help you in business forecasting and make appropriate changes in business strategy.
Keep Track of Changing Regulations
Our skilled accountants keep themselves current for any changes in regulations which give you the required peace of mind. It enables you to make sure that you comply with current tax regulations and to reduce your tax liabilities. Bookkeepers must also be aware of crucial judgment dates so they can maintain the books according the requirement and send them to the accountant within the stipulated time.
Knowledge of Latest Software in Bookkeeping
Bookkeepers Brampton keeps themselves current with the latest trends in bookkeeping system. New developments are made in the computer software industry every now and then so a bookkeeper must keep himself abreast with the latest development. We are well aware of the latest trends and make appropriate changes in our working system in order to provide superior service to our clients.
Managing our finances are some of the basic requirements of being in a business. At times you are required to do things that are not in your area of expertise. Hiring the service of accountants Brampton is one of the basic required to keep your finances up to date and secure the growth of your business. Here are some services that you should expect from a professional service provider.
Among all the bookkeeping functions, accounts payable and receivable is the most basic. Every business has to make purchase and they also expect payments from things they sell. Your bookkeeper must be able to:
- Keep track on payment status
- Set up a system for invoice management
- Should be able to identify clients that cause trouble in paying
- He should be able to pay all the monthly bills on time
There are various other fields which are required to be taken care of by your accountant and we are best in doing that. Our pool of satisfied clients speaks volume of our excellent work.
Processing of Canadian tax returns starts from the middle of February. Regardless of how early income tax return is filed, you cannot get any update on the status of tax refund till middle of March. You should wait for additional four weeks before checking the status of refund. If the return is filed after April 15, you will have to wait for six weeks before you get any update.
Canada Revenue Agency has come up with numerous different ways by which tax returns can be filed. The authority is laying more emphasis to file return by going online. The agency discontinued filling by phone in 2012, and automatic mailing of income tax package was stopped this year. The agency still provides paper income tax package tough.
You should choose the method that is most suitable for filing tax returns.
- Use NETFILE to file Canadian income tax return
NETFILE is used by most Canadians to file income tax return over the internet. You should only use web application or commercial software certified by the CRA to prepare your income tax form. Some software can be used for free with NETFILE.
- Use traditional mail method to file return
This method is used since the time tax returns are filed; it is most simple method and is used by the majority of Canadians. No matter how complicated your return file is, it is really effective in any situation. The only expense you have to bear is that of stamps to mail it to the concerned department. You can get the mailing address from the CRA website.
- Hire a service provider to file tax return through EFILE
You can prepare you income tax returns using EFILE, and then take it to a service provider who will file it electronically for you, for a charge. The benefit is your return is filed quickly.
- Hire an accountant to file return
Small or big business houses have lots of things to take care of, so it is better for them to hire an accountant to take care of income tax returns. On the other hand, if you don’t have the inclination to go through the entire chore or just don’t have enough time, it is better to hire an accountant to get things done.
Regardless of how good we were in our school arithmetic, when it comes to filling income tax returns, may people start to sweat at the thought of it. A single wrong entry means you have to make several rounds to the agency to get the things sorted out. You may also end up paying penalty if there is any discrepancy in the return.
Accountants and related service providers are experienced and knowledgeable professionals. They are taught how to do it and many have been doing it for years. These people have dedicated staffs who are expert in this field. Don’t try this on your own unles
Jack, one of our clients, received a noticed from the IRS, they have asked for $8,700. He was quite worried as he was not able to understand what it was about, and this was easily seen on his face as he came to our office. We consoled him that we will explain as to why he received this notice, but felt sorry that nothing can be done to revert it back. We did not promise but said we will try our best to avoid this penalty.
The notice was due to missing social security income and Cancellation of Debt. After discussing with him, it was later found out that cancellation of debt was true. The forms that were listed on the notice were pointing towards a short sale, there was no income reported on his return. Our task as audit defense was to find out if he qualifies for any provisions that enable taxpayers to eliminate COD from income.
In concern to social security income, the notice from IRS claimed that he did not include any such income of his tax return. He only reported the amount that IRS had been looking for, he manipulated with the social security income of his disabled son on his return.
As audit defense, the information received by us regarding our client showed that he had manipulated with the figures several times in the past over debt cancellation. This way he was able to exclude income generated from cancellation of debt for short sale from his taxable income. When asked about his social security and if he received any lump sum payment, he confirmed he received payment for two previous years.
As audit defense, we asked for returns of previous two years and hoped that he will have them. We than calculated the taxable amount on his social security income. We prepared all the related documents and send them to the IRS. We informed out client that it will take eight to twelve before we get any answer from them.
After forty-five days when we called the IRS, they told they had recomputed the amount and a notice will be sent shortly to the member for a refund of $ 950. When we called our client to convey this message, he was his usual self, may be because it was difficult for him to digest what we said. We asked him to call us back as and when he receives the refund. The recomputed notice arrived in his mailbox two weeks later, and he gives us a call.
His voice crackled with emotions as he was talking on phone, and said he was really grateful. His voice was filled with excitement and was surprised too that he received the refund. He expressed his thanks over and over again.
As H&T audit defense service provider we are here to help anyone who walks to our door. This is what we have been doing since years.
You may be the most respected chemical engineer in your company, might be an expert in designing dresses, or an acclaimed writer but when it comes to managing your finances, it is best to leave it to experts. The secret for a successful business is to keep doing what you are in good at and outsource your financial matter to accountants Mississauga. Here are some advantages of hiring a service.
Hiring H&T bookkeepers in Mississauga service is more cost effective than employing a full time bookkeeper. You will not only have to pay your employee regularly but you are also required to purchase computer systems, expensive accounting software. You will also have to purchase updated version of software as and when it comes. Above that, you will also have to allocate office space for that person to work.
H&T Bookkeepers in Mississauga has the expertise and technical know-how to maintain your accounts in a proper way on a daily basis. You can arrange meeting with us around your busy working schedule, as and when you have time. This allows for you to concentrate on your task. We can generate figures and reports at a moment’s notice to fulfill the requirements of last minute meetings.
Accountants keep your accounts up to date, this enables you to keep yourself current with annual tax returns and can find out unpaid invoices as and when you want. With up to date information you are in a better position to make business decisions and can focus more accurately on growth prospects and administrative tasks.
With detailed knowledge of your financial position, balance sheet or profit and loss statement you are in a better position to fix the errors. It enables you to make future financial allocations in a better way and ultimately result in giving you more profit. With our expertise and knowledge you get better ideas on how to save on taxes.
By hiring bookkeepers Mississauga service you make sure that your finances are in expert hands that will use all their expertise in providing new impetus to your business. With up to date and timely information you can take appropriate measure so that you do not have to pay huge tax at the end of the year.
Peace of Mind
With a regular reporting system in place you get the peace of mind you had always been searching for. When you know your accounts are in safe hands, that all the invoices will be paid in time, and all the process is kept current, it naturally gives you the sense of security and peace of mind. A good bookkeeper should always keep you abreast with any changes in regulation related to financial matter and for any discrepancy in your balance sheet. Moreover, they should be able to sort the issue on their own.
Avail the benefits of H&T Accountants in Mississauga now and feel the difference right from the start. For us, your business is our priority and gives every client the personal attention