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.
Paying taxes on time is very important as it will save you penalties later. It is important to note that non-payment of tax is considered as an offense against the government.
If you want to pay taxes on time for getting safe from paying future penalties, you must have proper records of accounts and financial transactions. On the basis of the calculations and analysis of financial records, the amount of taxes is decided.
There are a large number of different business organizations available who use to hire financial expert and accountants for managing of their tax procedure. It is quite difficult to manage accounts and tax procedure by their own therefore they hire accountants and financial experts.
Some of the best key points for cost efficient services on time are:
The job of professional is to maintain business accounts, keep balance sheets updates, keeps a record of financial data, and make the ledger and journal entry on the day basis. There are a large number of different vendors available who use to provide accounts management services at affordable price rates. Tax return outsourcing is also nowadays gaining popularity.
Hiring an expertise team for managing your tax return is a good option for managing your accounts. They are specialized in analyzing and calculating the financial data. These professionals have sleight in calculating as well as analyzing financial data as well as maintaining all bookkeeping records of your business on day to day basis.
Professionals available in tax return outsourcing organizations are well-trained in performing various tasks in a short period of time. They make use of all advanced software’s and tools for furnishing work with ease and swiftness. Professional working for different organizations works on the confidential basis. They have a secured platform for executing all your tax returns.
They perform all the tasks with perfection by adding as well as filling data into different forms, tax calculations, and consultations, calculating the monetary transactions, and also analysis the profit and loss of different business annually. These expert professionals are certified who make sure that you will get work cost-efficiently on time.
You can also pay your taxes online. With the advancement in technology, nowadays it became quite easy to manage taxes. Now rather than standing for long hours in line for getting the form, submitting it to the local or state collection agency, you can directly submit taxes online.
All essential financial documents such as balance sheets, profit and loss statements, trail balances and other financial statements are needed to be in perfect orders for filing the tax return. Nowadays by making use of specially designed accounting software’s all details as well as financial records prepared as well as updated online.
So, if you are looking for quality of accounting service provider in your location then you can go for H & T Accounting services. H &T Accounting Services is available in Brampton, Mississauga, and Ontario. They provide a high quality of service to clients in reasonable price rates.
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.
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.
F&O is a popular trading concept but usually the concept of Future and options is blurred in the minds of people and reporting the same for tax returns is a hassle concept even in the minds of many accounting expertise. The enlisted points will help you know all in detail about how to report Future and Options trading in tax returns. Go through the same and expand you knowledge depth.
- What is Future and Options (F&O) trading?
Future refers to a contract of buying or selling an entity or item in future at a price that is agreed upon today.
An option refers to the contract where one of the contracting parties has an option to execute or not to execute trade in future.
- Reporting F&O trading as business
When one opts for tax returns, F&O is reported as business. When you report the same as business you can always claim expenses that you have incurred. You must follow the under mentioned steps to report the same as business:
- Calculate your total income
- See if you lie on the profit side or on the loss side.
- Calculate all the expensed which means your rent, commissions and all your personal and business costs.
- Deduct the same from your income.
- The remaining income is regarded as the profit or the loss from F&O trading activity.
- Know what is ITR-4
Once you have earned business income, you must file Income Tax Return-4 which would demand your profit and loss sheet, balance sheet. If you have an issue over here you can always take the help of an expertise for the same.
- Do not run from reporting losses
Losses always carry tax benefits and reporting the same should be done mandatorily. Usually two types of business losses occur, namely speculative and non speculative losses. F&O loss falls under the category of non speculative loss. The loss can be adjusted from other sources of income except for the salary. In case your F&O loss remains unadjusted, it can carry forwarded for 8 years.
- Application of Tax Audit in F&O trading
- In case of profit: The tax audit is applicable in case the turnover is greater than Rs. 1 crore or 8% more of the turnover, then only the income is taken into consideration and IOTR has to be filed. In this case maintaining book of accounts is not mandatory
- In case of loss: The tax audit is applicable if loss is less than 8% or turnover exceeds Rs. 1 crore, than tax auditing can be done and in order to carry forward the process, maintain books of accounts as per norms is must.
- Maintaining books of accounts in F&O trading
Since F&O trading is considered as normal business income, the rules which are applicable to normal business are applicable here. The important rules for profit and loss are same as mentioned in the case of tax auditing. Keeping accounting records is otherwise mandatory for every business. You need to calculate the turnover and the positive and the negative sum you are carrying. Every business has a return filing ate and you must get your returns filed by the same and submit the tax audit report you have prepared.
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.