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.
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.