With double-entry bookkeeping, every financial transaction involves a minimum of two accounts. This bookkeeping method involves debits and credits, balancing your inputs and outputs to show the financial health of your business.

With double-entry bookkeeping from JTT Accounting, you get a team that understands every aspect of bookkeeping and how to apply it to your business model.

JTT Accounting offers you industry-leading bookkeeping services Toronto. Many entrepreneurs, business owners, and freelancers assume that bookkeeping and accounting are the same animals.

The reality is they are very different functions for your business. Bookkeepers help you tabulate and track your finances in your daily operations, letting you keep a handle on your income and spending.

Bookkeepers accumulate and categorize your business finances, and accountants look through those data to minimize your tax liability during filing season.

Bookkeepers are your go-to when you’re looking to track your spending and business. Your accountant will have a strong understanding of the tax code set by the CRA.

It’s important to note that every business needs a bookkeeper and an accountant. The two work together to form the financial outlook for your business.

A bookkeeper manages your books, while the accountant does your tax and prepares the financial statements based on the data they receive from the bookkeeper.

With JTT Accounting, you get the best bookkeeping services Toronto has to offer. We understand the challenges facing small business owners, and we can help you navigate the complexities of handling your company finances.

As a small business owner, your time is your most precious asset. As the owner, your job is to ensure your business’s optimal operation and search for new opportunities to grow your company. It’s challenging to balance everything, especially when you’re starting up.

A bookkeeper helps remove the responsibility of managing your business finances from your daily operations. With JTT Accounting handling your books, you can put more time and effort into running and growing your business.

We understand that your passion is your business, not accounting or bookkeeping. We’ll help you free your time to focus on what you do best – running your business while we handle the accounts.

You get more than a bookkeeper when you hire JTT Accounting to manage your accounts. You get a business coach and a company that values our relationship with your business.

We want to see you succeed, and we’ll provide the helping hand you need to manage and control your finances. We’ll show you where you’re spending your operations budget and what you can do to minimize your expenses.

We’ll analyze your cash flow, showing you your company’s profitability. With JTT Accounting at your side, you have a bookkeeper, mentor, and active business partner cheering your success.

We handle Your Books While You Handle Your Business

Our bookkeeping services for Canadian businesses provide high-level bookkeeping for your business. Let us take the stress and hassle out of managing your business finances.

With JTT Accounting running your books, you can focus on your business priorities. Whether you’re a startup or an established company, JTT Accounting can add value to your business with our bookkeeping services.

We build customizable solutions for our clients, and we don’t use “cookie-cutter” methods like so many other bookkeeping services. We understand that your business is as unique as you are, and we aim to provide a customized bookkeeping solution designed specifically for your needs.

Our systems are accurate and scalable, and we flow with the changing landscape of your business, adjusting your bookkeeping as you grow. We’ll provide you with accurate reporting on the financial health of your business.

With JTT Accounting, you get a 30,000-foot view of your business at all times, ensuring you have your finger on the financial pulse of your company.

When you hire JTT Accounting for your bookkeeping service, you can expect the following in our service level agreement with you.

• Experienced, qualified, and dedicated bookkeepers for your business.
• World-class systems for tracking the financial ebb and flow of your company.
• Accurate reporting and monthly advisory services.
• Financial control and world-class service from an industry-leading team.
• No interruption in your service.
• No need to hire in-house accounting and bookkeeping teams.

JTT Accounting offers you a complete, end-to-end financial management service for your accounts. Let us take the wheel of your finances while you focus on growing your business to its full potential. We’ll handle your bookkeeping, compliance, tax returns, and your accounting.

Use JTT Accounting to bring your business into the modern era of digital bookkeeping systems. We’ll use innovative technology to help you identify your key financial and performance indicators.

Our advisory services give your business the edge it needs to steer around obstacles blocking your business growth. We’ll help you identify your weaknesses and give you a strategy to strengthen your business operations and finances.

 

JTT Accounting – Your Dedicated Bookkeeping Partner

As a business owner, you understand the importance of building a strong team around you. With JTT Accounting at your side, you have the top-rated bookkeeping services Toronto has to offer. We provide your company with bookkeeping and planning solutions for small businesses.

Many business owners don’t know how to manage their books or accounting requirements. After all, you’re an entrepreneur, not an accountant. JTT Accounting fills that gap in your business, giving you professional bookkeeping services that keep your company finances on track.

With JTT Accounting, you get a team that will paint the picture behind the numbers. We issue easy-to-understand reports, giving you the insight you need to adjust your business strategy for growth.

 

Save Time with Professional Bookkeeping from JTT Accounting

As a business owner or entrepreneur, your focus is on growing your business. Your books are critically important to your company’s financial health, but many business owners don’t have the accounting skill required to manage their accounts.

As a result, they waste valuable time during the startup phase as they learn systems like QuickBooks to manage their accounts. If you have no accounting or bookkeeping experience, you’ll probably find it frustrating to keep your books up to date.

As a result, many business owners fall behind on their books, and they end up paying accountants to sort it out for them when filing season comes around. Having the accountant wade through your books to make sense of things will end up costing you a fortune.

With a bookkeeper, you keep your finances in check, and the accountant has everything they need to file your tax return during filing season quickly.

 

JTT Accounting – Our Professional bookkeeping services Toronto

When you hire JTT Accounting to handle your bookkeeping, you’re working with a team that understands every aspect of your business finances. We have trained professionals ready to deliver value to your business with our bookkeeping services.

We include the following bookkeeping services in your service level agreement with us.

• Set up and maintenance of your Chart of Accounts.
• Bank and credit card reconciliations.
• HST tracking, recording, and remittance.
• Payroll services and filings.
• Monthly reporting on your accounts.
• Factoring, including the reconciliation of receivables.
• Year-end financial support during filing season.
• Support from accountants, including advisory services.
• Efficient management of all inputs, cash flow management, and operational expenses.
• Migration of your systems to top-level software programs.
• 24-hour response times for bookkeeping queries.

 

JTT Accounting – We Add Value to Your Business

We offer bookkeeping services for Canadian businesses. Our Toronto office allows us to stay close to our clients around the GTA.

If the thought of organizing receipts and managing your accounts makes you feel lost, call JTT Accounting right now.

We’ll arrange a consultation for your business, allowing us to take a deep dive into your current business situation and why you need a bookkeeper to handle your financial affairs.

Our bookkeepers will review your systems, introducing new methods to optimize your record keeping. We’ll also help you identify the risks in your finances and identify areas where you can grow your company.

Get Unbiased Financial Advice

It’s challenging for many business owners to step back from their business operations and take an impartial view of the financial health of their company. When you invest your time and money into a company, you can try to kid yourself about your current state of financial affairs.

With JTT Accounting running your books, you get a third party that gives you an unbiased opinion on your company’s finances. We provide you with clear insight into the financial health of your company and the direction your business is moving.

Outsourced Bookkeeping and Accounting Solutions

When you hire JTT Accounting for your bookkeeping service, you do away with the need for an in-house bookkeeper. Spending the time to read resumes, vet candidates and run interviews takes your focus away from earning money.

Even if you manage to find the perfect candidate, you’ll have to deal with the hassle of adding them to your permanent staff. That means paying them a salary, benefits, and other related costs.

You can save thousands each year by outsourcing your accounting and bookkeeping to a credible, respected, and professional accounting team, like JTT Accounting.

We don’t take days off, and we’re always available to handle your questions and queries.

More than 30% of all small businesses in Canada choose to outsource their bookkeeping and accounting responsibilities to third parties.

Additionally, over 60% of small business owners feel they’re overpaying on their tax returns. For this reason, many executive directors noticed the positive impact of outsourcing their bookkeeping and accounting responsibilities.

If you’re a business owner or a freelancer, you start your career in business wearing many hats. As your business grows and income starts to enter your bank account, you’ll find that you have to divert more of your attention to growing your business.

As a result, other aspects of your business, such as your bookkeeping, start to fall behind. Since most business owners are not bookkeepers or accountants, they tend to avoid and procrastinate on doing their books.

This strategy will come back to bite you during the filing season, and you’ll end up spending a huge amount on getting your books in order using a chartered accountant.

So, how can you tell if it’s time to outsource your bookkeeping to JTT Accounting?

• If you feel you need a bookkeeper but don’t have enough work to keep them busy full-time.
• If you can’t afford to hire a bookkeeper full time.
• If you’re struggling to manage your finances and prepare your books for the accountant.

After deciding to outsource your bookkeeping, you need to find a service that you can trust to deliver results.

Your service provider should fit your business goals and directives and match your requirements for a bookkeeper. The efficiency and performance of your bookkeeper are the most important attributes when outsourcing your books.

So, what can your business gain from hiring JTT Accounting as your preferred bookkeeping partner? When you hire us, you can expect us to live up to our reputation as the top booking service in Toronto.

 

Professional Expertise

JTT Accounting is a team of highly educated professional bookkeepers and accountants. We work with businesses in Toronto and across the Greater Toronto Area. It’s our goal to deliver high-quality results that keep your business finances on track.

Secure Data Collection and Storage

We ensure that we keep all of your financial data away from prying eyes, storing it on our encrypted servers. There is no chance that anyone other than your bookkeeper or accountant can access your data. We believe in privacy, ensuring that we secure confidential data like cash flow information.

Flexible Services

Our bookkeeping service offers you ultimate flexibility for your business. Our team is always available to you, and we never take sick leave or vacations – we’re here for you when you need us.

Fast Response and Service

We won’t leave you waiting for days to receive our call. We understand that your business finances are a critical aspect of running your company, and you need to stay on top of the data at all times. With JTT Accounting, you get a team dedicated to fast response times for your queries.

We’ll Keep Your Books Up to Date

It might surprise you to learn that around 25% of business owners are behind on their bookkeeping duties. JTT Accounting will keep your books current, ensuring that you have your finger on the financial pulse of your business. Even if your finances are a mess, hand them over to us – we’ll sort it out for you.

We Integrate with Your Existing Systems

We’ll work with your existing bookkeeping systems integrating them seamlessly into our customized software to migrate your books to our platform.

Peace of Mind For Your Business

With JTT Accounting running your books, you have a professional team taking care of your finances. You get an accurate financial review of your company, giving you the confidence to take your hand off the wheel of the finances and leave it to us.

We Give You Accurate Financials

We deliver monthly reports on your business’s financial health, and we’ll make suggestions on how to reduce your expenses and improve your profitability.

 

JTT Accounting – We Help You Manage Your Growth

JTT Accounting offers bookkeeping services for Canadian businesses. We work with big and small companies, sole proprietors, and freelancers. If you need someone to take control of your books and your financial situation, you can rely on our team to deliver beyond your expectations.

Our bookkeeping services assist you with recording financial transactions, maintaining your ledger, tracking your cash flow, and creating profit and loss statements. If your business is growing, JTT Accounting will give you the financial infrastructure you need to manage this growth.

 

At JTT Accounting, we realize that no two businesses are the same. We appreciate the individuality of your business model, creating custom bookkeeping solutions to fill your company requirements.

We don’t use “cookie-cutter” strategies for managing our clients’ accounts. When you hire JTT Accounting, you’re working with a professional team that wants to see your business succeed.

 

JTT Accounting – Tech-Savvy Bookkeeping Services Toronto

We utilize the latest tech innovations and software when managing your books. Automating aspects of your bookkeeping saves time, ensuring that you have fast and effective reconciliation of your accounts. We believe in the power of technology and how it can revolutionize the financial side of your business.

Our professional bookkeepers in Toronto have the education, experience, and certifications required to work on any accounting software. Some of the systems we operate include the following.

• Intuit QuickBooks Online
• Xero
• Dext / Receipt Bank
• Hubdoc
• Wagepoint
• Plooto
• Expensify
• QuickBooks Time / TSheets
• WayPay
• SOS
• PayPal
• Shopify
• Amazon

We can assist you with managing accounts on your e-commerce platforms. If you have a Shopify store or you’re an Amazon FBA, we can help you organize your books, keep track of your sales and maintain your PayPal account.

 

Let JTT Accounting Strengthen Your Business with Expert Bookkeeping Services

As a business owner, you know that you are only as strong as the team you build around you. Relying on other people for handling your company operations is just part of doing business.

Eventually, your company grows to a point where you can’t keep up with all the duties required, leading you to add employees to your business.

Choosing the right team for your business could mean the difference between success and failure for your company.

With JTT Accounting, you get the top-rated bookkeeping and accounting service in Toronto, working on your company finances.

We create a streamlined system for handling your books and recording your transactions.

• We account for each transaction to ensure you’re paying the right amount of tax on the sale.
• We organize your documents and receipts and back everything up in the cloud.
• We’ll provide accurate, timeous preparation of your tax return.
• Let us focus on the books while you focus on building revenues.

JTT Accounting is here to add value to your business and help you take your company to the next level of success.

 

When you hire JTT Accounting to manage your books, you get a team of professionals handling your company’s financial affairs. There are several advantages to outsourcing your books to us.

 

Maintain Compliance

Our bookkeeping services for Canadian businesses keep your business in compliance with the tax code. We stay on top of all changes to the regulatory environment, ensuring your business remains in compliance with government legislation on payroll and tax law.

Understand the Numbers

We help you understand the numbers and how they affect your business’s financial health and operations. We issue you with monthly reporting in easy-to-understand language, with no accounting jargon.

Reduce Tax Liability

With JTT Accounting working on your books, you can expect a reduction in your tax liability. We know what to look for and how to calculate transactions and income to ensure you pay the least amount of tax possible.

Save on Accounting Fees

There is less to do when filing season arrives. Our accounting services integrate seamlessly with our bookkeeping, allowing us to process your claim fast. There’s no need to hire an independent accountant to wade through your receipts at year-end, reducing your expenditure on accounting services.

Get More Time to Focus on Your Business

Our professional bookkeeping services for Canadian businesses take the responsibility of managing the day-to-day finances of your business off your hands. We’ll give you more time to focus on the aspects of your business that drive income and sales.

Boost Your Profits

According to research, most companies experience a 16% increase in profits after hiring a bookkeeper to manage their accounts. By leveraging our services, you free up your time to concentrate on growing your company and your earnings.

 

Hire JTT Accounting and Avoid Mistakes with Your Bookkeeping

Accounting is complicated, and many business owners make mistakes when they decide to manage their books themselves. Some of the common errors we find in our client’s finances include the following.

• Accounts Payable – Not clearing against payments or double-entries for supplier payments.
• Accounts Receivable – Under-invoicing clients in GST, resulting in incorrect payments.
• Accounts – Errors in opening balances due to incorrect linking of bank accounts.
• Bank Reconciling – Failing to reconcile accounts.
• Business Setup – Failing to account for cash expenses and loans.
• Loans – Splitting repayments incorrectly.
• Chart of Accounts – Incorrect linking of accounts and the use of the wrong tax codes.
• Payroll – Failure to keep documentation for payroll setups and incorrect leave calculations.

Don’t make these mistakes with your books. You could end up facing penalties and possible jail time if the CRA thinks you’re trying to evade paying your taxes. JTT Accounting builds customized bookkeeping systems for our clients, ensuring that you have accurate financial information available in real-time.

 

Our bookkeeping services for Canadian businesses offer you a range of services for your business. Some of the day-to-day functions of our bookkeepers include the following. 

• Tracking your expenses.
• Invoicing and receipt management.
• Bank and check reconciliations.
• Accounts payable and receivable.
• Online banking management and payments.
• Calculating HST and GST.
• Cash flow management.
• Creating budgets.
• Compliance and reporting
• Payroll management, awards and changes to superannuation.
• BAS Agent Services (BAS Preparation, IAS, and lodging).
• Handling of Taxable Supplier Payments (TPAR).
• EOFY processing.
• Compiling monthly management reports.
• General administrative support for your business.
• Completing Profit & Loss reports.
• Maintaining compliance in accordance with the latest financial legislation and regulations. 

With JTT Accounting, you get a team of professional bookkeepers providing insight into your business operations and your growth strategy. We can identify potential pitfalls in your finances and make recommendations to reduce risk.

Why go to the hassle of hiring an in-house employee to handle your books? With JTT Accounting, you get all the advantages of an in-house bookkeeper, without the stress and hassle of paying them a salary or worrying if they will turn up for work at month-end.

 

Does JTT Accounting Offer Bookkeeping and Accounting Services?

Every business needs a competent, expected, and effective bookkeeper who can save them money when recording transactions and preparing the books for the accountant. Companies also need an accountant to optimize their tax return, reducing their tax liability.

With ATT Accounting, you get the best of both. We offer professional bookkeeping and accounting services, giving you a holistic range of services covering every aspect of your business finances. When filing season arrives, our internal communications allow for the fast submission of your tax return, ensuring you never have to deal with penalties and interest for filing late.

Our team knows how to keep your books in order and file your tax return, so there is little chance of the CRA auditing your business. However, if the tax authorities decide to audit you, we handle everything on your behalf.

You don’t have the stress and worry of the auditors showing up at your door. You won’t have them wasting your time for a few days while they attempt to uncover any financial irregularities with your reporting.

JTT Accounting brings you a holistic solution for managing your business finances. Whether you’re a freelancer or small business owner, we can help you keep your house in order. Reach out to our service consultants and book a consultation with our expert bookkeeper to see how we can add real value to your business.

 

Reach Out To JTT Accounting, and We’ll Discuss Your Bookkeeping Requirements

Reach out to JTT Accounting if you need a bookkeeping service in Toronto. Our professional team is ready to show you the value we can add to your business.

With our services, you’ll see the difference in your company’s financial affairs from the first month. We’ll fine-tune your financial systems to ensure you get accurate tracking and record-keeping of your expenses and income.

With JTT Accounting, you get a professional bookkeeper for your business without the hassle of hiring in-house staff. Let us put your finances on autopilot, giving you the chance to grow your business.

 

JTT Accounting is your trusted bookkeeping partner in business. Whether you’re a small business owner or a freelancer, we can help you keep your financial affairs in order.

Check through this list of frequently asked questions if you need more clarity on why you need JTT Accounting to handle your books.

 

Q: How do I know if my business needs a bookkeeper?

A: Most business owners start their company using the “bootstrapping” method. That means that you need to keep expenses as lean as possible while building your business and your income streams. During this phase, most business owners handle all aspects of the company until they can afford to hire help.

However, when your business reaches that inflection point and starts to grow, it’s time to bring a team into your business. Delaying the hiring of a bookkeeper or bookkeeping service can be detrimental to the financial health of your business.

 

Q: Why should I outsource my bookkeeping to JTT Accounting?

A: Why go to the expense and hassle of hiring an in-house bookkeeper when you can outsource it? Hiring employees exposes you to risk. With an outsourcing partner like JTT Accounting, you don’t have to worry about paying us benefits, and there is no chance of you incurring employer liability for your services.

With JTT Accounting, you have a team that is available to you at all times. We don’t take sick leave or paid leave, and we’re always ready to update you on your financial position.

 

Q: Can I maintain financial control of my business if I hand over my bookkeeping responsibilities to JTT Accounting?

A: Yes, you retain complete control over your business finances when hiring JTT Accounting to handle your bookkeeping.

It’s our job to give you feedback on your business finances and the direction you need to make your business profitable while growing your impact in the market. You maintain full control of all financial and business decisions.

 

Q: If I already have an accountant, do I need a bookkeeper?

A: If you already have an accountant for your business, the chances are that you’re doing your books yourself.

Accountants are there to interpret the data from the bookkeeper, processing it into your tax return and financial statements.

Using an accountant to handle your books is overkill, and you can save on your costs by hiring a bookkeeper to manage your daily financial tracking.

 

Q: Do I need a local bookkeeper?

A: Many people choose to outsource their accounting to companies based in other provinces around Canada. However, we feel that you’ll be better off choosing a local accounting and bookkeeping service.

You are at their mercy when your accounting partner is far away from your physical location. With JTT Accounting, we have premises in Toronto, and we service the entire GTA.

Choose JTT Accounting for your local accounting and bookkeeping partner. We’re here to help.

 

Q: What accounting software does JTT Accounting support with its bookkeeping services?

A: JTT Accounting can work with your existing software setup. Our expert bookkeepers and accountants have experience in working with any accounting software. From QuickBooks to Point-of-Sale systems that interface with your accounting software, we have advisors that can handle any tech setup for your business.

 

Q: Does JTT Accounting handle my sales tax?

A: Yes, JTT Accounting will register your company with the Department of Revenue. We’ll prepare all the required supporting documents and file your companies sales tax returns.

 

Q: Who does JTT Accounting use to manage my bookkeeping?

A: JTT Accounting is a team of highly educated and professionally trained accountants and bookkeepers. We take numbers seriously, and our dedicated account managers will ensure your business gets the financial attention it deserves. We give you a single point of contact, ensuring that your bookkeeper is always available for any queries.

 

Q: What is the difference between a Profit & Loss (P&L) and a balance sheet?

A: With a P&L statement, accountants use the following formula to calculate net profit. 

• Income – Direct Costs = Gross Profit – Expenses = Net Profit

Your bookkeeper uses the following formula when calculating your balance sheet. 

• Assets – Liabilities = Equity

It’s important to note that net profit doesn’t mean the cash the business has in its bank account. Several cash expenses are not included on the P&L statement, such as outstanding loan repayments. 

 

Q: Does JTT Accounting handle my payroll?

A: Yes, JTT Accounting is a comprehensive accounting and bookkeeping service. We’ll handle your payroll and keep you compliant.

 

Q: Do I need to clean up my books before handing them to JTT Accounting?

A: No, JTT Accounting is a fully comprehensive accounting and bookkeeping service. We don’t need you to have everything in order when you hire us. Our team of trained professionals will take that old shoebox of receipts and turn it into legible financial statements, and we’ll bring your books up to date.

We only require basic information surrounding your business, yourself, and your employees when managing your books. We’ll prepare everything for you and let you know if we need supporting documents or other information.

 

Q: What records do I need to keep, and how long do I need to keep them?

A: We recommend that you keep your tax returns and all supporting documents included with your returns for at least three years. However, this period may vary, depending on the document types and transactions the business engages in with the market.

If your return omits more than 25% of your annual income, you can expect the CRA to go as far back as five to six years when they audit your accounts. If they find evidence of financial fraud, they may go back as far as they like to determine if you’re cheating on your taxes.

If you own your business premises, you’ll need to keep all real estate records going back at least three years. The same regulations apply to the sale of stocks and securities.

You’ll also need to keep payroll tax records for at least four years after the filing date for employee returns. Some of the documents required include W-4 forms, tax deposit records, and payroll returns.

You’ll also need to keep copies of your worker health coverage forms for a minimum of three years after the filing deadline. You’ll need to keep the records of asset costs, depreciation, and other relevant information concerning deductions for decades.