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Should you Hire a Bookkeeper or Accountant?

Owning a huge enterprise and running it smoothly are two completely different concepts. Even if you are lucky enough to have a huge amount of capital and plenty of loyal customers, you would not be able to take it forward without efficient bookkeeping skills.

Bookkeeping is an inseparable part of a business and every entrepreneur should be aware of it. In case, he personally cannot look after it he must hire a professional who could do that for his company. This does not mean that you have to appoint or set up an in house team of bookkeepers for that, instead you can simply outsource bookkeeping needs to fulfill the purpose.

Let’s have a look at the benefits you get from outsourcing bookkeeping services.

1. Impartial financial opinion

If you are dealing with an internal bookkeeper, you must be cautious about the fact that he might get emotionally attached to your business and might hide your company’s financially weak areas to give you the assurance of a smooth flow of work. On the other hand an outsourced bookkeeper, whose only focus is your company’s finance, can give an impartial report about your business’ financial position. Bookkeeping service also includes accounting work which is needed to reveal the financial strengths and weaknesses of your company.

2. Avoid conflict of interest

For businesses built on partnership, it might be a bit risky to hand over the accounting responsibility to one of the owners. Sometimes a simple error or allegations of misconduct can completely ruin the bond even when the record keeping error is accidental. Due to this an owner might find himself in a situation where he needs to make a choice between his partnership and company. Taking the help of an independent bookkeeping service reduces such risk increasing confidence amongst owners that all accounting statements are accurate and impartial.

3. Reduce expenditure

Every business owner aims to reduce the expenditure of his business operation and outsourcing bookkeeping service is undeniably a smart way to do so. Building an in house team for bookkeeping involves hiring and training costs which can simply be avoided by having an external team of bookkeepers. Additionally, you can also save the time that you might have given on hiring and training your employees.

4. Focus on your important tasks

Outsourcing a bookkeeping service gives entrepreneurs the scope to concentrate on core business activities which is beneficial for the sales of the company. For example in order to work on sales an entrepreneur will need some financial reports in which those professional bookkeepers from Billah and Associates Inc. can actually help. In simple words, using a bookkeeping service reduces a business owner’s financial worries allowing him to focus on things which are beneficial for the business.

5. Things to look for in a bookkeeping service

External bookkeepers are the people who have a vast experience in handling accounting and auditing of various companies. They usually deal with almost every type of businesses but you should always go for the one that has sufficient experience in handling your type of businesses but do not forget about the basic expertise. The firm’s abilities and skills should also be checked to ensure profits, turnovers and losses among other financial ratios.

These are the most prominent benefits of hiring bookkeeping services for a small or medium sized business, it might be difficult for the owner to handle each concern of the business. This is where outsourced bookkeepers help them and look after the financial section of his business.

The post Advantages of Using Bookkeeping Service for Your Business appeared first on Accounting Mississauga.

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Over the past few years, tools and technological advancement have radically changed the aspect of business and marketing management. There has been a remarkable transformation in the consumer behavior and trends which have given birth to the need to have a new approach to create value for clients. Businesses today prefer automated services and needless to say, the new concept of automation has highly disrupted the accounting industry in many ways. At one hand, automated services are capable of providing services in bulk with insights on the other hand accounting professionals usually put emphasis on offering expert advice and insights building strong customer relationship in the process.

Here are the five trends that are going to influence the future of the accounting industry

1. Automated data entry

As mentioned above, automation is the main driving factor of the disruption in the accounting and bookkeeping industry. It may even lead to the disappearance of the manual data entry. Things like electronic documents, automatic imports and software solutions have even made it possible for businesses to completely eliminate data entry. This provides businesses a better opportunity to utilize human capital. Automation ensures an on time reporting and an improved accuracy.

Other articles you might like: Difference Between Bookkeeping and Accounting Services

2. Clients demand better connectivity

Today, the growing usage of smartphones, easy and widespread availability of wifi, increasing broadband speed and an inclination towards cloud based services are encouraging accountants to adapt. Millenials and other young business people who aim to save time and money are looking for technology based solutions. For instance they would always choose video conferencing over a face to face meeting that will take up an entire evening. To keep a pace with the current trend accountants are incorporating screen sharing, instant messaging and video conferencing tools in their process and have set up cloud accounting systems and apps for their clients that integrate with their accounting software.

3. Big data

The developments in business intelligence, machine analytics and big data have greatly influenced every aspect of a business. Big data enables businesses and decision makers to access a substantial amount of information and analytical tools to take future decisions.

These are popularly used by accounting professionals to keep records, enter data and analyze the future aspects of their business. The big data consists of a huge amount of consumer data and financial trends which help them predict the future of the client needs.

4. Specialization and customization

The concept of customization has touched almost every business now. This is due to the consumers’ growing reliance on products and services that perfectly suit their needs and preferences. They only want to see products that fit into their needs. As the new concept has touched almost every industry, the accounting field is also not an exception. This particular industry has witnessed an increased demand for specialized products instead of bundled packages. Businesses now only want to spend on their specific needs and cut expenses on unnecessary services.

5. DIY approach

The growth of accounting softwares like QuickBooks, Clearbooks, workday etc has encouraged small and medium sized businesses to try out the DIY approach.

The DIY approach and the other disrupting trends do not indicate a complete end to the requirement of professional accountants Etobicoke but it definitely points out the fact that these professionals now really need to find ways to cope up with the technology to add value to their service.

The post 5 Trends Causing Disruption in the Accounting Industry appeared first on Accounting Mississauga.

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For the most part, Canadian income tax returns are due on April 30, 2019. The closing date to file your tax return is June 15, 2019, if you are self-employed. Tax filing on the right time ensures benefits and credit payments that include guaranteed Income Supplement, Canada Child Benefit, GST/HST Credit, and Working Income Tax Benefit. Early Tax filing can help you gain refund faster.

If you are a business owner, there are various laws and regulations that you are required to be aware of. The audits and tax schedules are the most important to take care of. Being a busy business owner, the best consideration here is to opt for professionals to manage the paperwork for you. They have the expertise to calculate the tax amount you need to pay. If your paperwork is not properly maintained or you forego some payments you will end up paying huge amount of fine and penalties. When tax preparers are doing their job, you need to understand the basic knowledge about corporate tax in Mississauga and stay updated about your corporate taxes.

Moreover, if you are an individual contractor, tax preparation will be quite often tricky for several reasons. Neither you are a business owner, nor are you an employee of any company. You are not salaried; you rather take payments which aren’t with a good amount of deductions and even don’t have a structured format. In this respect, you need a tax consultant to help you pay the right amount of tax with possible deductions.

Make sure that your year-end goes smoothly. Get ready! Prepare your Corporate Tax. The detailed guide treated below will help you learn the right steps you need to take before meeting up a tax accountant.

Track Corporate Expenses

Rather than assembling everything at the last moment, keep your financial documents well organized. Arrange each expense details – travel, phone, sub-contractors, meals, etc. – systematically in separate folders.

Take Help of a Tax Accountant

Tax accountant Mississauga can make your life easier. Hiring a professional is beneficial at different stages. Company formation, business plans, loan applications, government audits, etc. they can manage everything. While doing bookkeeping, what are the things you require to submit to your accountant? Well, they are-

  • An Electronic copy of your annual bookkeeping records
  • Financial Statements
  • Payroll Records
  • Detailed information about any asset sold or purchased during the year
  • Transportation expense, and
  • Everything your accountant needs to review

If your bookkeeping is being managed throughout the year, provide your accountant with a final lot of invoices, receipts, and bank statements of your company. And, if you see them only at year-end, bring well-organized documents to them at the earliest date. An accountant is the best person to get you right financial advice and help you take tax benefits throughout the year.

Avoid Mistakes

Many people think that bank and credit card statements are sufficient to the CRA. But, CRA only acknowledges receipts that have important information like GST/HST number of business along with the date and details of the purchase. In any case, if your statement is missing, your full year records will have no value, and the bank or credit card account will not be reconciled to obtain usable expenses. Moreover, your financial report will display wrong information and this can further lead to wrong business decisions as well as CRA audit.

Maintain your Paperwork

Keep your paperwork up-to-date. If you are preparing your own bookkeeping, arrange all receipts and invoices into an organized manner and hand them to your accountant regularly. This is important to prevent you from losing the tax opportunities.

You may choose to prepare your tax work on your own. If your paperwork is limited to the return at the financial year-end, it would be easy to do without professional help. Otherwise hiring tax preparation services in Mississauga is better to manage the task. Financial help will not strain your resources; rather it will protect it against a huge amount of penalties. A reliable tax preparation service provider is all that you need.

Also Read: Reasons to Hire A Professional for Tax Preparation Services

At Billah and Associates, our goal is to fulfill all our client’s accounting, tax, and financial needs accurately and professionally. We are committed to help our clients with both – business and personal growth. Our ranges of services include registering or opening new businesses, accounting, auditing, bookkeeping, CRA help services, financial statement reviewing, payroll services, and tax preparation.

The post Get Ready to File Your Corporate Income Tax appeared first on Accounting Mississauga.

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Accountants are the people who handle financial issues of individuals and businesses, operating in all sectors. Whether you are into an art business or you operate your business from home an accountant can do a lot than just playing with numbers. Starting from just a business plan to its formation and loan application to government audit an accountant has the ability to make every financial issue simple for you at every step.

At a very initial stage of your business when there won’t be a lot of money changing hands, you can simply postpone the idea of having an accountant. But when your business gets a proper formation, you certainly need to take control of your finances. Here comes the role of an accountant. If you have a small or medium sized business and are still not aware of the advantages of a professional accountant you are definitely missing out. Here are five signs that indicate you are in need of a professional accountant.

1. Starting a new business

Stepping into the world of business is definitely exciting but every business plan comes with financial risks. Before involving yourself into it you need to know whether your idea is profitable or not. In such situations only an accountant can help you out in taking the right decision by clearing your finance related doubts. They will also give valuable insight on your financial options and suggest you the right lenders.

2. Tax time causing you tension and stress

When the tax period starts giving you stress, it is high time for you to hire a professional accountant for small business owners it becomes really difficult to prepare Business activity statement and keep up with the quarterly GST reporting. An accountant can suggest you ways to maximize your deductions on time for the end of the financial year. He or she can also keep you updated about the alteration and changes made in the rules and regulations.

3. You find it difficult to handle finances

You may find yourself in a situation where you do not know why your expenses are shooting through the roof? Or your sales have visibly increased but profitability has not changed. This is the time when your business needs an accountant’s interference. An accountant scrutinizes your financial reports, measure key metrics, and points out areas where you can make changes to reduce costs. They can also keep their eyes on your debt structure and give you ideas on when to pay back what’s owed and when to reinvest.

4. Your business is growing

The ultimate aim of every business is its growth but handling it properly can be challenging sometimes. If you hire an accountant at this stage, he or she will help you out with sound financial advice for the growth strategy of your business and manage the financial and administrative pressures that come with hiring more employees, serving more consumers and adding new outlets.

5. You think you are paying a hefty amount of tax

If you are clueless about your high tax bills, seek help from a professional accountant who can enlighten you in this issue. A responsible accountant will get to the root of the problem and find out why your tax bills are so high. They will also show you the way to make tax savings in other areas such as when to pre-pay expenses and write off obsolete inventory or bad debt.

It is really a good decision to hand over the responsibility of handling your company’s financial affairs to a qualified accountant. Choosing the right accountant is crucial here. You should give this major responsibility to a person who is more experienced than you are in this field.

The post When to Seek Help from a Professional Accountant for your Business appeared first on Accounting Mississauga.

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Managing the accounts is the most important—and the most time-consuming—part of any business. And for that, you need the best accounting service, one who meticulously does all your accounting. But, finding a small business accountant is no easy task. You need someone who appends your business and can give you individualized services. So, here are some things to help you find the right accounting services in Etobicoke, Mississauga, Brampton, Toronto, and nearby GTA.

Decide the Scope of Service

Before you go looking for the right accounting service, you need to decide what is “right” for you. What do you want the accounting services for? Your requirement could be a simple task or the full accounting of your business, and a good accounting service will be able to do that for you. Get your goals for their service and your budget ready to make your search for the right accounting service in Etobicoke easier.

Will you Need Specialized Knowledge?

Depending on the industry of your business, you might need an accounting service with the knowledge of how accounting works for your industry. If a service claims to have a good understanding of your business function, don’t just take their word for it but also talk to them to gauge how much they do know about your industry. To identify whether the service you are considering does have knowledge of what your business requires, ask them questions like what it is they like about your industry. This will give you an idea if how much they understand your business.

Remember, don’t get hasty and sign up with someone who doesn’t know your business well; it might charge you more in the long run.

Set up a Meeting

The next step is setting up a meeting with the accounting service you are considering. Talk to the people who will be doing the accounts for you to get an idea of their expertise. It is quite general for business owners to acquaint themselves with not just the owner of the service but also the accountants who will be working for you. You need to know beforehand if you will be comfortable working with them for an extended period. Meeting and talking to them is the best way to find out.

Expect to get Your Current Accounts Checked

Any good account service will want to review your current accounts before they sign a contract with you. Your daily accounts and your latest tax return are needed to get a full understanding of what your accounting system is. They want to ensure that your books match the tax returns after they are prepared. That’s just one of the many things they will want to see. If the service you are considering does not ask for any such thing, look somewhere else.

Business Accounting Made Easy

There are many small business accountants for your business who would manage your accounts for you so that you can focus on other business matters. You only need to know what to look for to find the right accounting service for your business needs. At AccountingMississauga, we provide our clients with all these accounting services so that you won’t have to worry about incorrect calculations and penalty for late filing of taxes.

AccountingMississauga.ca is the best at what we do, and our professionals can help you manage your accounting without any hassle.

The post Find the Right Business Accounting Services in Etobicoke appeared first on Accounting Mississauga.

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New developments in tax laws and the changing life events often make it difficult for businesses and individuals to file income tax returns in a proper way. The common mistakes that we make during the process sometimes get unnoticed by CRA but later it fines heavily for such minor errors.

These types of errors include repetition of mistake from last year’s return, not reporting tips and gratuities etc. Now, CRA has become strict about scrutinizing filings of sectors like retail, hotels, construction and restaurants making it imperative for you to be able to give clarification for all your income and deductions mentioned in it.

In order to relieve yourself from such hassle, you are recommended to rely on an expert who will handle the complexities of filing tax returns for you. In this blog, I will be sharing with you some tricks to save your tax and tax credits.

1. Plan for home buyers

The CRA (Canada revenue agency) provides a grace period so that you do not need to make any payment to your RRSP (registered retirement saving plan) in the year of withdrawal or the subsequent year.

Here, it is to be noted that in case you fail to mention the repayment amount while making your tax return, after two years of the extended period, the amount will be added to your taxable revenue.

It is evident that the rules are complex but seeking advice from an expert in professional tax preparation service in Mississauga & Etobicoke and other city before withdrawing money from your RRSP, can surely help you out in this.

2. Amount for children’s fitness

If your child or children are under the age of 16 or 18 (in case of children with physical disabilities) and you have registered their names in a physical activity program, you or your husband or wife can claim the children’s fitness tax credit for up to $500 per child.

The physical activity program covers a vast area of activities and some of them are

  1. Swimming
  2. Exercising
  3. Skating
  4. Sports (hockey, basketball, baseball) etc

You need to make sure that the receipt you received against the payment for the above mentioned program, should clearly state that the program qualifies for the children’s fitness tax credit.

3. Medical expenditure

The amount you spend on your medical bills goes into the medical expense tax credit. This covers the payment to your doctor and the payment for prescribed drugs. At the time of preparing your tax returns, it is crucial for you to thoroughly count all your medical expenses, as it is an important part of your tax return.

4. Tax return preparation fees

Tax return preparation fees that you have paid to an accountant for arranging your personal tax return can be deducted in the situations mentioned below

  1. In case you have earned investment income, like interest or dividends
  2. In case you are an entrepreneur
5. Children’s art amount

Just like the children’s fitness amount, if you have enrolled your child’s name in a qualifying arts program, you or your spouse can easily claim the Children’s Arts Tax Credit for up to $500 per child.

In order to increase your tax saving as much as possible, you are advised to keep the receipts of both the children’s fitness and arts amount for the preparation of your annual income tax return.

6. Canada employment tax credit

Your eligibility for Canada Employment Tax Credit depends on the year of your employment. Only those who were employed in 2012 are suitable for it. For detailed information in this, contact your accountant who will assist you in your income tax return preparation.

Paying tax in Canada is our duty as a responsible citizen and we all know that a substantial amount of our earnings goes to pay tax. We must aim to minimize the taxes payable as much as possible. That is why seeking professional help in this regard is the best way to deal with the complex task.

The post Tips to Gear up for Income Tax Return Preparation in Canada appeared first on Accounting Mississauga.

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Running a small business involves operating on a small budget and as such maintaining proper bookkeeping method is critical to prevent any unnecessary loss or financial expenditure. Bookkeeping is more than just recording financial transactions in a ledger and any negligence in maintaining it in a proper way may even result in the falling apart of your small business.

To put things in a nutshell, it is essential to hire bookkeeping services near me who has expertise in maintaining your bookkeeping accurately and can provide you the reports that reflect your business activities aiding in insightful decision-making.

Bookkeeping services for small businesses are necessary to avoid any mistakes in the proper maintenance of financial records. If proper measures are not adopted, the following mistakes can be anticipated:

1) Confusion Pertaining to Major Purchases with Immediate Expenses

The immediate expenses such as purchasing stationery items (pens, papers, pencils etc.) should not be tied up with major purchases such as a microwave oven for your employees. And as a thumb rule, such items or equipment should be recorded as an asset due to its potentiality for use over a long span of time.

2) Failure to Keep Receipts for Smaller Expenses

Another type of common mistake that you as a small business owner are making with your bookkeeping records is a failure to keep track of receipts of expenses incurred for small purchases. For instance, small business owners often incur expenses on minor purchases such as gas for travel; lunch on the road and for extra office supplies at the end of the year and the right approach is that the concerned business owner should account for anything and everything for claiming such expenses. Failure to keep or maintain receipts for these expenses may end up in paying higher tax bill without sufficient proof to back up the spending.

3) Being Unwilling to Delegate

Most small business owners are not ready to delegate their bookkeeping to experienced firms involved in providing bookkeeping services who will have the expertise in handling the activities pertaining to the concerned businesses’ core competencies. But remember that you will need the expert advice and the services of experienced accountants involved in providing bookkeeping services in order to maximize your incomes and minimize your taxes.

4) Failing to Take Bookkeeping Seriously

A vast majority of small business owners fail in giving priority to bookkeeping functions. Keeping detailed and accurate financial records is a necessity rather than a choice for the success of your business. Never overlook even small purchases, sales, or other expenses. For, failing to take care of good accounting records in even one area of the business may create a domino effect on the accuracy of all the financial records.

5) Poor Communications

Improper or poor communication between you as the business owner and your bookkeeper can result in serious mistakes in accounting records, filing reports resulting in serious issues such as failure in the reconciliation of statements to inaccurate key financial data.

Get Help From Us!

In order to simplify your bookkeeping needs, accountingmississauga.ca, one of the best bookkeeping services in Mississauga, Ontario can be your partner. With customized solutions to meet your specific needs, bookkeeping services for small businesses will no longer be a hassle.

The post Caution! These 5 Bookkeeping Mistakes Can Cost You a Fortune! appeared first on Accounting Mississauga.

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A corporate tax audit is an efficient and effective mode of scrutiny, especially when done by a primary corporate tax accountant. It is important for organizations to identify leading practices for the filing of corporate tax returns by taking the help of advisors and corporate tax team in improving their corporate tax audits experience.

It is important to take note that the larger and more complex the audit is, the higher would be the delays or misunderstanding during the filing of corporate tax returns. Irrespective of your size of business, it is important to ensure that your organization is adhering to generally accepted accounting standards and laws.

A professional tax audit performed by leading audit firms is quite important for running your businesses smoothly without attracting the suspicions of the Canada Revenue Agency or CRA.

The process of Corporate Tax Audit – An Overview

The process of preparation of corporate tax audit begins when you prepare the T2 or other returns. Organizations should anticipate what issues, transactions or business changes might attract a tax auditor’s vision when preparing your accounts. Organizations should also be prepared to be ready with the answers properly documented for any questions that may arise when filing corporate tax returns.

The tax returns file must include the final copies of the tax returns working papers in addition to the documentation of completed transactions. The documents protected by privilege should be well marked and kept separate from the unprotected ones. The files should be in line with the concerned organization’s document retention policy.

At the outset of the audit, it is better to be acquainted with all the members of the audit team and it involves going beyond finding out the name of your large case file manager and field auditors. It is also important to get to know the due dates when the auditor needs the required information and asking the auditor to put all the questions in writing.

While learning about how to prepare for a tax audit you should first give all the basic financial information to the auditor. The auditors usually request for an income statement, balance sheet and trial balance of your business. Therefore, it is important to have these three reports in place and at all times. In dealing with tax audit, it is better to hire a primary corporate tax accountant.

Once the audit is in full swing, keep in touch with your CRA audit team by requesting regular on-site status meetings with the field auditor. It is also advisable to discuss the queries with your auditor to ensure that your accounting team shares the same understanding of the query, its scope and time and resources that will be needed to devote to comply.

The best possible tax outcomes from the audit process can be achieved by following the below mentioned processes:

  • It is important to read the notification letter very carefully and respond before the 30-day deadline.
  • Keep your financial records organized.
  • Actively engage with your CRA auditor to help the auditor to narrow the focus of inquiry.
The Way Ahead!

Accountingmississauga.ca, the best primary corporate tax accountant in Mississauga, with its team of highly skilled accounting professionals, can review your books and practices ensuring that you are abiding by the law of the land.

So choose one for your bookkeeping needs today!

The post Best Strategies to Handle a Corporate Tax Audit appeared first on Accounting Mississauga.

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Are you looking to hire the best accounting and bookkeeping services in Mississauga? If yes, then it would certainly help to get referrals from your banker, attorney, or a business colleague. You may also like to get in touch with Certified Public Accountants in your circle to get due referrals. Regardless of the size of your business, you cannot underestimate the significance of a professional bookkeeper or accountant to manage your account filings, taxation, regulatory compliances, and day-to-day accounting tasks. Most states in the USA require CPAs and professional accountants to have the minimum educational qualification of a college degree or an equivalent degree. In addition, there are certain states that necessitate post-graduate education as well.

Once you have shortlisted the most appropriate professional accounting solutions for your need, you should assess the scope of work that’s to be carried out by the newly hired accountant and your in-house team. Here are some helpful ways provided by AccountingMississauga.ca to get your organization the perfect accountant it needs.

1. Assess and Define the Scope of Accounting / Bookkeeping Work
Even as you go about the task of finding worthy accounting and small business bookkeeping services in Mississauga, it is important to divide the accounting services into three categories. These pertain to recording transactions, getting them assembled, and generating financial statements and returns. The first two service categories do not require high skill levels and can be carried out by accountants who would charge a lower hourly rate than their more experienced counterparts.

It is important to save good money and attain the appropriate level of skill that your operations need. By determining the exact nature of work on hand, you will be in a better position to hire the best professional bookkeepers or accountants to handle your work without paying anything extra.

2. Interview Your Referrals
It is recommended that you plan out two meetings when you are in the process of making your decision. If you are checking out companies providing professional accounting solutions then it is advisable to arrange for two preliminary interviews, one at your site and the second at theirs. The principal goals of these meetings should be to assess three things – the personality, services, and the fees of the accountant. The questions that you should ask the professional accountant firm in these three areas of concern are:

a. Services
Will the professional accounting firm offer auditing and tax services along with bookkeeping services? What about estate planning and management consulting? Will the accountant design and implement your financial information systems? Most professional bookkeepers and accountants are good at handling transactions linked to loans and financing, preparing, reviewing, auditing, and compiling financial statements to represent your company before tax authorities. Do choose accordingly.

b. Personality
Is your style compatible with that of the accountant whom you are about to hire? Are you meeting the same professionals who will be handling your accounting and bookkeeping work? It is important to evaluate the competency and compatibility of the candidates by asking questions relevant to your affairs so as to make the best decision.

c. Fees
Always ask for the fees upfront. In most cases, accounting firms ask for remuneration by the hour. You may also seek accountants who are ready to work on a monthly basis. It’s best to get quotes from different accountants and professional bookkeepers and get an estimate of the overall annual charges on the basis of the services discussed.

Way Forward
Once you have found yourself the best professional accounting service, it becomes important for you to create the right work environment to enable smooth interactions. Once you have managed to create and maintain a good relationship with the accountant, you will find your financial woes disappearing in no time.

The post How to Hire Your Next Accountant or Bookkeeper appeared first on Accounting Mississauga.

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Why Hire Professional Tax Preparation Services?

Small business owners and even Individuals often face various tax-related issues during tax preparation. It may be related to incorrect tax filing, improper generation of the income statement, crossing tax filing deadlines, etc. Sometimes there are poor record-keeping and underpayment or over payment of taxes which can pose a serious threat to your business. It can attract high penalties and interest rates on the unpaid taxes.

The common causes that give birth to these problems are the vast tax system and the various Federal, State and Local requirements. It is also a tedious task to stay updated with tax regulations that keep changing every year.

So, when it’s that time of the year, number crunching, missing receipts, and bookkeeping are all jumbled up because you have to file your taxes. It doesn’t have to be so tedious and can easily be done with the help of a taxation services firm ‘Billah and Associates’.

When it comes to hiring the best tax preparation services in Toronto, you need to ask a few questions to yourself before deciding on one:-

1. Have you ever filed Tax returns before?

It is important for everyone to know the basics of tax processes. Start with checking if you are using the right form.

You need to understand about deductible expenses, exemptions, forms, and schedules you need to take. For your business, you need to preserve all receipts of transactions of all incomes and expenses. Also, when you’re a full-time employee, and you have additional sources of income, you have to consider that as well.

Also Read: Why Filing Taxes Before the Deadline is Important.

When you feel there are chances of errors or you do not have enough time in your hand for tax filing, it is recommended to go with professionals.

2. Are you aware of the State and Local Tax Regulations?

The federal taxes are applicable everywhere, and the regulations are updated every year. The state and local tax regulations also differ from a region to another. When you have an expanding business and have branches set up in various parts of the country, performing tax operations becomes even more challenging. Here, you can use the help of tax professionals to plan out and estimate your tax liability smoothly.

3. Are you in need of Tax advice and assistance?

The applicability of taxes can differ from individual to individual. Understanding the best way to qualify for deductions, exemptions for tax saving may be challenging for a layperson. On the other hand, experts can recommend the best ways to reduce tax liability and assist you with proper tax filing.

4. What happens when you get Audited?

There are various tax preparation software that can help you with your tax computations. But during audits, the software cannot represent you for thorough manual verifications. Answering questions about tax deductions and exemptions can only be handled efficiently by the tax preparation services.

5. Do you need to consider Tax Preparers who E-Files your Tax?

Filing your tax electronically is the fastest way to do it, and it reduces mathematical errors. As per Canada Revenue Agency, any Tax Preparer who accepts payment to file more than 10 returns is required to E-FILE. It is mandatory to electronically file both T1 and T2 tax returns as of 1st January 2013. A Tax Professional, who is not offering to file your return electronically, is surely not filing enough taxes for clients. These are the Tax Professionals you should consider avoiding as they may not be proficient in the practice.

6. Do they drop clients or support them?

Any reputable Tax Professional hardly drops their client. They’re available to take calls, represent you in legal matters, and maintain association even after the filing period is over. They assist and answer your queries if you run into any problem. Moreover, they will always welcome you for future tax computations and have your back for the foreseeable future.

Final Word

To summarize this article, choosing the professional taxation services based on the requirement and size of your business and work. In the end, choosing a reputable and experienced tax consultants will help you enhance tax savings, ensure that errors are eliminated and that you remain tax compliant.

The post The Know-How of Choosing the Right Professional Tax Preparation Services appeared first on Accounting Mississauga.

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