GTA Accounting Insights

Category: Bookkeeping & Accounting

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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The Role and Importance of Bookkeeping for Small Business in Canada

It doesn’t matter what type of business you operate; it is essential to know how bookkeeping ensures the proper functioning of your business. Bookkeeping is the backbone of the entire accounting system and it is highly important to make sure that your bookkeeping generates accurate, error-free, and up-to-date results. If it is intimidating for you…
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Bookkeeping Essentials for Small Restaurants in Canada

Many small restaurant owners in Canada fail to complete even the first year of their business operations only because they fail to manage their restaurant’s cash flows appropriately. There can be a lot of misappropriations that can only be controlled by implementing an industry-specific accounting solution. Restaurants are not exempted from the need for accurate…
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How Can You Benefit From ‘Virtual Accounting Services’?

Virtual accounting, online accounting, e-accounting, and cloud accounting are some of the modern names of accounting that are used interchangeably. Every accounting function that a traditional accountant used to perform in a brick-and-mortar office is now performed remotely with greater efficiency and effectiveness. There are many reasons why Canadian corporations are willing to partner with…
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What Technological Tools are Available for Virtual Accounting Services?

Virtual accounting refers to all those services that an individual or an accounting firm offers online. The biggest benefit of moving from traditional accounting to the virtual environment is that you can access your financial records anytime, anywhere with a simple internet connection and a laptop. If you have decided to set up a virtual…
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Advantages of Hiring a Virtual Accountant

‘Virtual Accounting’ is an emerging trend that allows qualified accountants to offer various accounting services remotely. Most of the Canadian businesses who are engaged with virtual accountants are taking advantage of their efficiency, flexibility, and cost-effectiveness. If you are self-employed or run a small business in Canada and cannot manage your accounting & bookkeeping tasks…
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