Small Business Accounting
Why Hire a Professional Business Accountant?
A business’ success is dependent on accurate and timely business accounting. It helps you, the business owner, understand where you have been and where you are going so that you can make intelligent business decisions.
Some of the benefits to hiring a good small business accountant include:
- Saving you time and effort that can be better focused on your core business, allowing you to increase your revenues and profits.
- Bringing a fresh perspective to the table. Often accountants see things in ways you haven’t thought of before.
- Reducing stress and increasing productivity. When you are focused on what you are good at and getting sound advice from your accountant, your days go smoother.
- Compliance with government regulations. Accountants always have one ear to the ground when it comes to changes and updates in tax laws and government regulations.
What Does a Business Accountant Do?
A good accountant will:
- Maintain records and handle payroll
- Complete and file sales tax and other required legal documents with the government
- Prepare tax returns
- Conduct financial reporting and analysis, so that you know the financial health of your business
- Provide advice for your business planning
- Budgeting and performance targets so you know what you need to do, how much money you have to do it, and how well you are doing along the way
- Conduct an Internal Control Review looking for ways to improve efficiency, effectiveness, and profitability
- Improve your chances of qualifying for business loans or other financing
- Assist with start-ups, acquisitions, sales, or dissolutions
- Determine if and when to incorporate
- Implement accounting computer systems
- And much more!!!
How Much Does an Accountant Cost?
The cost of hiring an accountant does vary greatly depending on your business needs. To explore whether Clearly Accounting Ltd. is the right fit for your business, we invite you to book a complimentary 30-minute consultation.
Clearly Accounting Ltd. can help you:
If you have employees, payroll is an important part of your financial health. At Clearly Accounting Ltd., our payroll exports will ensure your employees get paid and remittances to Canada Revenue Agency are correct and on time.
Sales Tax and Other Filings
Whether you need to file GST, PST, or other types of government filings, we know the requirements and can put your mind at ease, so that you are not having to deal with late filings and penalties.
Financial Reporting and Analysis
Financial reports provide an overview of the financial condition of your business in the short and long-term. A Financial Statement Package often includes:
- Income Statement – revenue, expenses & profit for the month and year-to-date
- Balance Sheet – cash, accounts receivable, inventory, fixed assets, accounts payable, GST/PST payable, source deductions payable, taxes payable, bank loans, shareholder loans, retained earnings
- Accounts Payable Aging: unpaid bills and when they are due
- Accounts Receivable Aging: revenue owed and when they were due
- Budget and operational performance target progress reporting
Keeping track of your finances is pivotal when operating a business. We will help you to keep your business compliant with industry and government regulations. Our team will compile your financial paperwork and prepare your financial statements for audit purposes.
We work with you to help you fully understand how to interpret the financial information we provide and make decisions based on the information.
Internal Control Review
Clearly Accounting Ltd. can review your firm’s accounting, budgeting and operational performance monitoring practices in several key control areas to look for opportunities to improve management efficiency, effectiveness, and profitability of your business.
Key control areas include:
- Segregation of duties
- Staffing policies and procedures
- Transaction process flow (cheque, cash, deposits, billing practices)
- Maintenance of trust records
- Computer systems controls
- Budget and operational performance monitoring and reporting practices
To discuss your specific needs, book a 30-minute complimentary consultation today!