GTA Accounting Insights

Category: Bookkeeping & Accounting

What to do if You Have a Cash Flow Deficit

COVID-19 has disrupted almost all types of businesses and the impact of the coronavirus on small businesses is horrific. Businesses around the world are facing a liquidity crisis. It is hard for business owners to manage their cash flows during this unprecedented time. Although, the Canadian government has launched various programs to financially support different…
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8 Tips for Better Cash Flow Management During Covid-19

Cash flow management should be an integral part of your business’s risk assessment and action planning. If your business is facing liquidity issues, it should trigger an alarm so you can conduct a risk assessment and take the necessary steps to manage your cash flows. During the COVID period, almost all brick and mortar businesses…
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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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