GTA Accounting Insights

Category: Bookkeeping & Accounting

Everything You Need to Know About Bank Reconciliations

The basic purpose of a bank reconciliation is to protect your business from unauthorized transactions that may appear on your bank statement or that may also appear anywhere in your internal books of accounts. When you reconcile your bank statement, you should compare every transaction of your cash book and other accounting ledgers with a…
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Why Working With an Accounting Firm is Better Than a Freelance Bookkeeper

Small business owners who do not have a professional accountant often try to hire a freelance bookkeeper to manage their books. They set aside all their bills in a box and speak to tell themselves that at the end of the year they’ll find an expert to put them in order. It seems that now…
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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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Filing an HST Return with QuickBooks Online

Harmonized Sales Tax (HST) is the combination of Canada’s federal goods and services tax and provincial sales tax paid by the consumer and businesses at the point of sale. The ultimate burden of the HST is transferred to the consumer. The rate of HST is 15% in all participating provinces except Ontario, where the combined…
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Important Questions You Should Ask an Accountant Before Hiring Them

What questions should you ask an accountant at the first meeting? What is the role of chartered accountants in establishing a successful business venture? Are you progressing in your business and you feel that it is the right time to get in touch with a chartered accountant? This article will help you make the best…
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