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Archives for Bookkeeping

4 Pros of Bookkeeping to Help Solve Your Small Business Issues

Living and working in the modern business world, as a business owner, you always want your business to grow and succeed into the next realms. Sometimes, small businesses are often troubled by the common problems, and the part of their problem is, they are just not strategically as smart, knowledgeable, precise and effective in all domains of the businesses they think are supposed to. 

They generally believe that they can solve any sort of problem that occurs in a company’s accounts, cash flows tracks, lines of credits, billing and develop better financial communication between the staff and members. But at times, it won’t happen as per their expectations. And this lack of knowledge and ineffectiveness can lead to incompetent processes, errors, and missed opportunities.

It happens, and you don’t need to stress out for those reasons. We as humans have some strong as well as the weak spot in handling responsibilities, and it is alright if we are not well-formed for those tasks. 

In such critical business areas, we’ve seen many business-owners often look upon their bookkeeper for well-furnished business direction and advice, and you are not that different from them.

So basically, when we look at those difficulties that affect small businesses processes, it is necessary to admire why it makes sense to hire a professional bookkeeper in your way like H&T Accountants to optimize your opportunities of growing the business. H&T is an expert in handling and managing simple to complex bookkeeping processes and understands how to meet the needs of precious clients via providing a viable solution that troubles your business.

Transparent Accountancy:

Compiling and filing your small business’s past transactions, cash flow, accounts receivable, accounts payable, taxes, and payrolls can be a challenge if you haven’t kept your books updated diligently throughout the year. It can seem like an overwhelming job, and the situation may get even more stressful when things are moving against you.

With our acknowledged bookkeepers, we precisely counter checks every available information and data we got to map business performance and guard against any possible misuse so that it helps you provide valuable insight on how your business is performing. Our years of accounting practices help detect fraud in a short time, which keeps fraud cases in companies controlled and minimized. In that sense, transparency serves massive benefits to make you stay on top of your accounts and make you improve cash flows and file your taxes, payrolls more smoothly and accurately.

Provisions Data for Accounting:

Provided crucial data by the Bookkeepers are an amount set aside to cover a probable future expense and often can be used by the management in decision making regarding expansion, cost reduction and increasing credit lines. Often provision amounts need to be estimated and are necessary because certain company expenses and payments are allocated/reserved from profit for a specific purpose for the particular year, making the company’s financial statements more accurate. It is not savings, but a probable amount set aside to be spent either way.

Take it for household expenses, where you have to set aside funds for unscheduled repairs. We don’t even know what exactly these repairs will be for, nor the precise costs associated with them, but we do know that repairs will be needed at some point and money will need to be saved for serving that purpose.

Uncontrollable company’s finances:

You often find it difficult to understand how startups and small businesses work to take their business to the next level? There should be no doubt, they do face many challenges on a daily basis, and accounting-related tasks are some of the most important they struggle with the most. They take the necessary steps to figure out the issues, and most of the time that could be due to the result of not having a clear idea of their company’s finances. 

Why? Because when you don’t know what your current financial situation is, it’s hard to acknowledge whether to take more risks, hire additional employees, or buy further equipment or not. It’s a clear sign of business insecurities and much more. When your books records are up to date, you may have a better idea of your company’s real financial situation in the present and more effectively predict the future one.

Taking a Break:

Now, this is important because as a small business owner, your work schedule would be 24 hours a day, 7 days a week and 365 days a year. But working so much without taking a break can cause poor business decisions, interactions, responsibilities, remuneration, and limited growth. Seriously life is all about balancing what is important and therefore, you need to have resources you can turn to help manage the various aspects of your business, so you don’t have to do it all yourself. 

Outsourcing a knowledgeable Bookkeepers outside a company is best in terms of business to responsibly perform certain duties that traditionally were performed in-house by the company’s employees and staff. Hiring the professional one just basically frees up your valuable time, so you can keep track of those tasks you do best like running and building your business.

Conclusion:

Bookkeeping is a legal requirement that must be met by any small/large organization to help boost reputation, track bank balances, money owed and due dates. Hiring a Bookkeeping is a must and don’t think maybe you hire one for a short term. You may not know what situation may prevail afterwards. So, it’s better to inspect things before proceeding because outsourcing your bookkeeping will be your worthwhile investment in your business that can lead to massive future business growth for the long term.

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3 Bookkeeping Mistakes To Avoid

Bookkeeping

When we start our own business, we do most things ourselves because of the new likeness and excitement which urges us to handle things on our own, even the things we don’t like, including the bookkeeping, and is not a task that comes easy. This is because you would not only have to deal with getting someone who can perform the tasks that you need to be done like keeping your accounting books well-maintained in an accurate manner because you think you have a grasp of the basics of businesses.

Here are 3 most common bookkeeping mistakes small and new businesses often make, along with our handy suggestions about how to avoid them for long-term business growth. 

Putting off Bookkeeping Process:

Sounds fun, but it’s not! If you’ve decided to handle those looming and deadlines tasks, then better be prepared for the consequences. Sooner or later, there will be an overwhelming sort of tasks which you need to update. The things can go even worse when you won’t have a clear idea of what’s happening in your business. And soon HST and tax deadlines are looming, and you aren’t ready. 

Do’s:

The best thing you can do is put some effort to update your financial information in your dairy and check that you understand what your figures are actually telling you without doing minimum fuss and duplication.

Mixing both business & personal spending:

Thinking of mixing both business & personal spending is actually not a good idea to consider. It’s easy to lose track of what you have done so far as it creates a mess and confusion towards you, and soon you can find yourself out of nowhere. 

In just a few days you will begin to struggle to remember all your relevant bank or credit card statements which were necessary for your business, and wasting a lot of time is another task which will frustrate you from inside. 

Do’s:

Our recommendation is to go for a separate business credit or debit card so that you will always have a clear view, record and track of your business-related spending. Another benefit which you will get is it helps to avoid tax return mistakes.

Intricate Cash Flow:

Not collecting your receipts and purchase invoices might lose you a clear view of tracking your business cash flow. Not correctly coding all your income and expenditure creates unuseful reports for you and your business which will devastate business in the long run.

Do’s:

Well, it is advised to always keep an extensive record for your business receipts from the biggest to even the smallest expenses as it will help to reduce your HST and tax bills. But it may come handy during scrutiny as HMRC could ask to scan your receipts reports. 

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4 Best Bookkeeping Practices for Successful Businesses

Bookkeeping Practices

There are no limits on who can become a great entrepreneur; everyone can start their beautiful and challenging journey on their own. And for that, a bunch of money in the bank or even business experience is needed to start something that could become the next major success in future. However, you do need a strong plan and the drive to see it through what going on behind.

There are lots of things you have to do to run and manage your business and it is not like a one-person involved. However you can, but chances are that you may need someone who can keep a sort of records like harmonized sales taxes, workplace safety insurance payroll, prepare journals, ledgers, and compliance reports and schedules to make your business run smoothly without hiccups.

Now everything is set up quite perfectly to run your business, but many a time bookkeeping – which is one of the fundamental origins that keep track and monitors the business aspects, often ends up at the bottom of the list.

Business owner and entrepreneur like to think forward, plan to implement change in real-time and having a bookkeeper is a one step ahead and a game changer. Look, whatever business you want to run or already running, without bookkeeping don’t think that things will move into the right direction. If you having that kind of mindset, better evaluate and be aware because after that, things will be in chaos and revert is quite impossible.

We compiled 4 best bookkeeping practices for you which in today’ world necessary to keep your business run in a flow

Separate business:

Now for instance, if you, or your employees, are buying things for personal use with business funds, do you think that it is a good idea to implement as it will quickly cause cash flow issues, and tax filing and auditing complications? And it is better not to ever make a mistake of incorporating business with your expenses. If done, then in the long-term, it will make bookkeeping much harder and creates chaos.

Make review habit:

Being busy in handling business is a good thing, but not having a glance on where your money is going or went each week can put you in confusion or in a dilemma state. If not controlled, in no time can quickly cause cash flow issues.

To ease and help you mitigate financial stress down the road, bookkeeper recommends weekly expense review using Quick-books which is only not smarter in making a simple transparent report to review your expenses but also keep track of what income came in that week and how it process.

Time for paperless:

21st century is all about technology and it is not a smart step to implement paper books in keeping records these days as it acts as a pile that puts loads on managing and updating stuff. Without implementing a solid core foundation of accounting systems like Quick-books or cloud-based expense technologies, daily bookkeeping tasks will put a major strain on your ass and time. And professional bookkeeper often recommends using it as it saves time and efforts and can give you a portal glance of your financial histories.

Consult Bookkeeper Regularly:

Keep a list of your second thoughts or back-office questions on a regular basis with a professional bookkeeper and it is not a good idea to consult only just at tax time to get relevant answers and advice because maybe, later on, this also puts you at risk if you are ever audited by the IRS and having a hectic moment, not every businessperson wishes for. So, keeping an eye on your bookkeeper ensures you are always tax-ready and will also help you avoid major money pitfalls that may create a burden on your shoulder.

Last but not least, the reason why bookkeeping is important because it allows the business owners to know exactly what is happening in their business with full transparency tracking reports. To make your business progresses in an exceptional way, you must know how to play the numbers well like in the revenue and expenses and you cannot afford to miss out on.

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This New Year Get Your Business Done with Bookkeeping Professionals

Expert Bookkeepers

Are you planning to start a new business this New Year and looking for a bookkeeper, who is equally responsible for his work, effort and reputation to manage all the official task of the business, then understand its tactics, before you hire one?

Bookkeeping is the systematic and consistent recording, organizing and maintaining of financial transactions in a company or a business. It doesn’t matter what kind of business you are having, Starting and maintaining solid, professional accounting practices for bookkeeping is honestly essential for the overall growth of the business.

In general, accounting should be performed daily on financial transactions and information related to a company. The reason why we are so concerned is whenever there is a situation when we want to verify the task like the sales, tax or something which is related to the benefit of the company, it ensures that records of the individual financial transactions are correct, up-to-date and comprehensive.

Make sure you are ordering in work with accuracy and consistency is therefore vital to the process. Basically, accounting means recording and keeping track of the financial numbers which is vitally involved in the financial aspect for both individuals and non-profit organizations.

It is obvious because detailed and thorough accounting is crucial for companies of all sizes as it controls the business which is a never-ending process coupled up with increasing to-do lists. Later on, if we didn’t aware of keeping a track, accounting quickly becomes more complex with several taxes, assets, loans and investments responsibilities. So, the bookkeeper is equally responsible for its reputation and comprehensive work.

Now, the main and truest purpose of a business is the tracking and maintaining company’s financial assets that allows bookkeeper to responsibly keep an up-to-date record of current incoming, outgoing and outdated amounts. This is what we talked about earlier.

The bookkeeper responsible for bookkeeping a business would record all transactions that are related to business, but not limited to:

  • Basic Accounting Records
  • Handling the Vendors and Customers Invoices
  • Cheque books and Reconciling Bank Statement
  • Payroll Records and Payroll Files
  • Receivable Accounts
  • Sales Tax Reports
  • Relevant Ledger Entries and so on

Bookkeeping and accounting are often heard being used interchangeably and sometimes confuses a person which one to consider, however, accounting is the overall practice of managing and tracking finances of a business or individual, while bookkeeping usually refers to more specifically to the tasks and practices involved in recording the financial activities.

This however looks same but is somehow different depending upon the task and services which business are offering.

Now you know the difference between the two, so find which one suits for you. Well in our case, both are necessary and vital for handling the reputation of your business

At H&T Accounting Services, we can prepare for you any documents you need to present to various government departments on income tax, harmonized sales tax, occupational safety insurance and payroll. All the documents we prepare are highly confidential and tax-efficient. We also carry out all the necessary records and accounts to support the information used in the archived documents so that next time it can come in use. With our accounting services, we can help improve the administration and profits of your business. For more information on how we can help you regarding your business, consult our professionals.

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Having a Business, why don’t you hire a Bookkeeper?

Bookkeeping

Every company or business has a mission and once it is sorted out or vision are tweaked, then big tycoons faced with the issue of implementing the new plan and sometimes that requires extensive help from accountants or bookkeepers.

For the purposes of controlling business, the following will serve as why having a bookkeeping services is vital organ for your business.

According to us, Bookkeepers are a rare breed of individuals, and are used by every organization’s – known for their skills for the recording and managing of financial transactions, and is basically the part of the process of accounting in business. But if they do not possess superior skills, they can drop a corporation in a very quick order and guess what things are messed.

Therefore, this person is vitally important to any organization and if you are wishing to have a more than one, then this is overall good just for the bright future in the world of business.

Now, what duties they actually offer us to surf the business with ease, let’s find out:

  • Maintenance of Basic Accounting Records
  • Handling the Invoices of Vendors and Customers
  • Balancing the Cheque books and Reconciling Bank Statement
  • Maintenance of Payroll Records and Payroll Files
  • Maintenance of Receivable Accounts
  • Making Relevant Ledger Entries
  • Preparation of Sales Tax Reports
  • Prints Preserved Financial Reports and Statements

Well, there are a lot more and it surely depends upon what kind of business you are having. If you are having a small business, still there is a chance that you require bookkeeping and it’s better to hire one for your business.

If you want us to do bookkeeping for your new or existing business, H&T Accounting services offer premium bookkeeping and accounting services in Mississauga, Toronto.

No matter what your business says or what kinds of services you are serving we have everything to provide you with every record where our professional’s accountants use standard working techniques to prepare journals, ledgers, and compliance reports and schedules and a much more for you.

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Ask yourself why you need to hire Bookkeeping Experts for Business Accounting Management?

Starting a business sincerely require extraordinary enthusiasm, passion and pursuance, and after you’ve legally registered your business, you’ll need someone professional accountants who can lean on when making day to day Accounting and Financial Management decisions in Mississauga. It is something like you have to learn from it or hire a professional accountant when you are running a business.

For business people, Accounting Services is seriously a crucial part of any successful business, as it increasingly requires managing all the decisions that are highly relevant to both business and owners for Business Startups.

The records are all your accounting documents and these documents must be organized differently to simplify things over time with us.

However, controlling business is a never-ending process as it is coupled up with increasing to-do lists.

Your Bookkeeping services can be simple or complex depending on the nature of business. But when you choose to hire someone, you still need to be well organized.

Ask yourself whether you need bookkeeper or not

Strong foundation:

Bookkeeping practices are no doubt the strong foundation of every successful business startups, and surely, accounting should be your preferred responsibility if you want to build a strong financial foundation for your business. It could save you time, money and frustration in all aspects simultaneously.

Manage your financials accounting status with us to ensures that your records are perpetually up-to-date whether it is for tax preparation, loan reviews or other business needs.

Track performance:

Poor bookkeeping is apparently disastrous as we know if it is not done properly or in an efficient manner, but having professional accountants can save you from all of them, as it helps you make the right decision in an attempt to avoid improperly keeping financial records.

Be organized:

Staying organized is the most critical step to be efficient and accurate in accounting since it organizes your business accounting records when determining what to preserve and how to quickly find information when you need it. The business generates paperwork and that quite obvious, but it becomes overwhelming when it is not under control.

With us, you can keep track of accurate sales, tax and expenses into our records as they occur.

Be on time with CRA:

One of the reasons why it is necessary to carry out the accounting of your business is for compliance with the CRA. Whatever records we are creating or managing regarding any business, they are the real authority to examine you.

For this reason, hiring the bookkeeping experts makes sense so that they can help you avoid fines and penalties for late payments.

Take advantage of upcoming future opportunities and be updated on sales and income tax with our and also on the cash your business will demand throughout the month, quarter and year.

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4 Tips for Improving Your Small Business Bookkeeping

Are you in one of those business owners who love putting records all in one place just for audit purpose? Maybe some people do, but as a small business owner, you know that your finances are a top priority and therefore you need a bookkeeping expert to maintain records of financial transactions by establishing accounts, posting transactions, ensure legal requirements compliance and payroll.

It hardly matter what you believe about bookkeeping services as it is one of those big responsibilities no business can ever avoid or neglect in today’s world or coming future.

Yes, your business’s books are records of track and path how well you and your business is doing, and therefore a bookkeeper professional is required for maintaining bookkeeping processes to keep everything in stable state.

Are you looking for bookkeepers in Mississauga to keep your company’s financial accounts management in healthy shape? If you’re wondering where you’ll find them, H&T Accounting Experts will help you throughout the process, but before that stare at some 4 tips to make bookkeeping easier for the small business owner:

Separate business and personal finances.

Believe it or not, this is one of the biggest reasons why many people tend to go for hiring bookkeeper in Mississauga, Milton, Oakville and Brampton. It is about protecting your private data and your wealth from the threat of financial liabilities that can sometimes create a serious risk to you and your company, keeping work and personal finances separate.

Conduct Financial Checkups.

Putting off either or neglecting your bookkeeping for your business might end up with bouncing of checks and overdue for long run if delayed. Go and check over your books weekly to make sure everything is in good shape as neglecting your bookkeeping, create more problems. More delay more VAT and tax deadlines continue to threaten your business.

Avoid Tax Pay Deadlines.

No one wants to get caught and rubbed their ass by tax auditors. To avoid yourself getting caught and want to get away from this spot, plan and keep your money aside for a while and be safe for any foreseen tax bills. Paying on time allow you to be reputed so that you don’t have to face a huge amount of fines. With the bookkeeping process, never miss a deadline as it keeps track of payment before it is ready for due.

Review it Monthly or Quarterly.

When each month ends, take a deep look at your bookkeeping and accounting reports just to assure are they not losing the track. It’s really easy to lose track of what you have done, and you can find yourself in nowhere situation. Taking some sort of help and advice from a pro accountant might help you gaze at your business with safe eyes so that you can better be prepared for future expenses for your business.

Grab some help from us.

Ignoring the rosters give us pain and burn and is one of the costliest mistakes we ever make when our business is running in the initial stage. H&T Accounting Services in the Greater Toronto Area (GTA) can help you with all aspects of small business bookkeeping and accounting and even recommend how you can expand your business in the long run. Engage the assistance of a great bookkeeper and if you have don’t, go ahead and find one.

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Bookkeeping Services

Why Bookkeepers use Bookkeeping for Accounting Management System?

In the context of business, bookkeeping services is required for the foundation of the business organization accounting system where Bookkeepers are liable for recording, analyzing and maintaining the financial transactions of the respective business firm properly and systematically. Purchases, sales, receipts, and payments transact by an individual or an organization is one of those transactions.

 

In day-to-day basis, recording of the financial transactions and relevant information about business has become necessary. It clarifies that the existing records of the business individual financial transactions are accurate, up-to-date and authentic.

 

Top 5 Bookkeeping Tips:

 

Keeping assets separate:

Incorporate business affairs, always try to secure your business finances in a separate place because the business is viewed as a separate legal entity. Thus, keeping your business finances isolated reduces your legal liabilities and helps you manage your tax and business bills more efficiently.

 

Filing tax compliance reports timely:

Taxpayers generally get issued notices due to delay in filing an income tax return, calculation errors or not reporting income correctly and so on. File your ITR using the correct tax return to avoid getting legal notice of faulty return or levy of charges.

 

Organize your records:

Records are all your accounting records and other financial information documents. Always plan a method for handling all your paperwork reports by entering your bookkeeping data in batches of records so that you can actively manage where the cash is flowing from.

 

Audit your tax records:

A tax audit defense examines your company’s financial records to verify its accuracy. Try to keep all your receipts at the place where it needs to be kept, no matter how small or big the amount is; also make sure whether they are worth legible or not. Deposit your cash into the business in such a way that in future you can prove what was taxable and what the loan was.

 

Don’t run business into debt:

No cash to cover up the expenses? Try to run your business on your existing cash flow and figure out where to cut down your expenses and also not to offer any sort of credit to your existing customers as it helps you save some much amount of money for your future business.

 

At H&T, we offer premium bookkeeping and accounting services for businessperson to prepare journals, ledgers, and compliance reports or schedules for your firm in Mississauga, Toronto.

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Bookkeeping Tips For Small Businesses

It is important to maintain a clean accounting book of your business for tax purpose. This will save you a lot of hassles in the near future. Bookkeeping is the process of maintaining all the records and transactions of a business. Transactions that are tracked are an expense, revenue, net profits, profits, dates of transactions and other details.

The reason why bookkeeping is important to small businesses is because it allows the owners to know exactly what is happening in their business. To make your business grows, you must know the numbers well. Details like revenue and expenses are important numbers that you cannot afford to miss out on.

To save hassles, it is advisable to maintain your book regularly. It should be done either weekly or bi-weekly. This is to ensure that all transactions are noted and enable you to know the current status of your business. Healthy cash flow is what makes a business flourish. You need to make sure that your business cash flow is always positive.

The price of a bookkeeping service usually depends on the amount of work that needs to be done. Depending on the size of your business and transaction volumes, bookkeepers will quote you a fair rate for the service.

Professional bookkeepers will either use their own software or a spreadsheet to maintain your book. You must provide them with all the necessary documents such as receipts, invoices, payment vouchers, etc. All other documents that used to track the transactions of your business must be provided.

If your business deals mostly with cash, it is extremely important that you get a book and record all the daily transactions. Cash is harder to track and therefore simple recording should be done daily.

Before you decide to hire a company, conduct a research on the Internet. Go to Google or Yellow Pages to look for a list of accounting firms. Shortlist a few and call them up. Tell them what you need and gather some quotes before hiring one.

Bookkeeping is necessary for tax purpose. Therefore, it is important for you to maintain it properly to save your company a lot of trouble. You can now easily find professional accounting firms that help you to maintain your book at an affordable rate. H &T is one of the best accounting and bookkeeping service provider located in Canada where you will get accounting services as per your requirements.

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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.

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