GTA Accounting Insights

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What Important Questions Should a Small Business Owner Ask Before Hiring an External Accountant?

External accountants are normally held responsible for a company’s financial operations, day-to-day funds management, preparation of financial records, and submission of tax documents. External accountants help business owners in making business decisions by using their financial intelligence. The financial performance of your company is primarily dependent on the informed decision making of your external accountant.…
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Common Bookkeeping Mistakes That Could Bring Down Your Business

Small business owners often consider bookkeeping activity as an unnecessary evil. Everyone knows that accounting is crucial and necessary for all businesses, yet the vast majority do not take it seriously. Without good accounting management practices, you may have a distorted view of reality and the financial affairs of your business. There are many mistakes…
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Best Bookkeeping Tips for Small Business Owners

Bookkeeping is one of the difficult tasks that a small business owner would never want to do themselves. It is important to have an insight into your bookkeeping complexities. When you do the business bookkeeping yourself, you will not find it so interesting but when you want someone to do it for you, the fear…
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When do You Need a Chartered Professional Accountant (CPA) for Your Business?

Start by thinking about the time needed to prepare your annual financial statements. For example, if it takes you 20 hours to generate financial statements, then to prepare the year-end tax returns; suppose each hour is worth $50. For 20 hours of your time, the cost would be $1,000, and that too, not counting any…
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Bookkeeping Advice Before Opening Your New Business

To do the business bookkeeping yourself, it is essential to have a good knowledge of accounting and taxes. If you are planning to open up a small business, you can prepare and manage your accounting records yourself. You can use any recommended bookkeeping software that suits your business. But if you don’t have the required…
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Top 7 Things to Consider When Hiring a CPA in Toronto

Do you want to use the services of a Chartered Professional Accountant for your business in Toronto? Do you think you need help managing your business bookkeeping, accounting, and tax matters? Do you think you need to free-up your time to refocus on the business essentials? If so, you need to hire a CPA for…
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