JTT Accounting in Mississauga
Are you looking for an accountant in Mississauga? JTT Accounting is a leading firm of accountants anyone in Mississauga needs.
We can help you with the tasks that you as a private resident or business owner find challenging to complete. This page gives you an insight into the accounting services we can help you with.
As professional accountants, we cover everything from daily bookkeeping to dealing with both Canadian and international tax law. If you can’t find what you are looking for, please feel free to give us a call. We are sure that we can help you with your accounting or tax issues.
Mississauga Bookkeeping Services
Are you struggling to find cost-effective bookkeeping services in Mississauga?
You are not the first. We recognize that keeping up with book-keeping is not easy. As we all know, keeping up with the latest CRA guidelines is challenging.
When it comes to general accounting in Mississauga, we have got all of your requirements covered.
Mississauga Book Keeping is Important
Mississauga Bookkeeping is more important than ever before. It is not only companies that need help with bookkeeping. Many self-employed individuals find bookkeeping tasks hard to stay on top of.
Online trading is making book-keeping in Mississauga more complicated than ever before. Not only do you need to keep up with payments that are made directly by debit or credit card to your bank account. As a business owner, you are also expected to keep on top of PayPal transactions. How do you account for PayPal transactions in your accounts?
If you are not sure, please feel free to contact JTT Accounting Services – especially, if you are looking for an accountant in Mississauga. We are happy to guide you in the right direction. Our friendly team can take all of the hassles away and let you get on with your business.
Other Book Keeping Services
As well as Mississauga bookkeeping services for online businesses, we also support local large and small businesses to fulfill their accounting obligations. We can take control of both incoming and outgoing invoices. JTT Accounting can help you to create a dedicated invoicing system for your business.
Once you have sent an invoice we take over and deal with all of the legal bookkeeping requirements for your business. Our Mississauga bookkeeping services include everything from sales ledger to final accounts.
Often when you first set up a business, you don’t realize how much effort it takes to look after your accounts. When you want to focus on driving sales and marketing instead, we can do the rest for you.
Why Is Bookkeeping Important?
Good quality Mississauga bookkeeping matters for many reasons.
Needless to say, one of the main reasons you should look after your accounts is to meet your legal requirements. In recent years, the legal requirements even for relatively small businesses have become more complex.
Even smaller businesses in Mississauga may find themselves shipping or providing services internationally. To be honest, if you have no previous experience in import and export, getting lost in the myriad of rules and regulations is easy.
Don’t worry, JTT Accounting Services can help you to navigate international shipping and importing. It is hard to believe that our world is such a global marketplace, but it truly is. Keeping the “records straight” as we like to say is harder than ever before.
Bookkeeping Adds Value to Your Business
When you keep on top of your accounts, you immediately have an instant snapshot of the value of your business. That is another factor that is important in modern business.
When you want to sell your business, a buyer will want proof that your business is profitable. Keeping on top of your accounts is essential when you want to achieve the best price. Without up-to-date accounts, you can’t prove the true value of your business or website.
JTT Accounting on Bookkeeping
As an accounting service for anyone in Mississauga, JTT Accounting can help you with all of your book-keeping requirements whether you are a multi-national company or a local business trading online or in the local community.
When you are ready to find out more about great Mississauga bookkeeping services, all you have to do is to give JTT Accounting a call. We can keep an eye on your debit and credits for you.
Working Out Your Tax
Living in Canada presents itself with many challenges. That is particularly true when it comes to tax.
Many of our clients may live in Canada but work in the United States. Of course, we also have clients who are United States citizens that work in Canada but spend time in the United States as well. This kind of lifestyle can make accounting and completing tax returns very interesting as we like to say here at JTT Accounting.
You may even own property in both countries. If so, where should you declare your earnings and pay your income tax? A specialist tax accountant in Mississauga can take all of the hassles out of the situation for you. We can help you with tax planning making sure that you are better prepared when it comes to paying your tax.
Every day we meet new clients who have tried to navigate both the US and Canadian tax systems on their own. It is not easy. To assess your tax properly, getting it right from the start is what really matters. Our knowledgeable tax team can complete your tax return for you.
Does tax planning save money? There are two ways of looking at tax planning. Let’s go into more detail so that you get an insight into what we mean.
What You Need to Know About Tax Planning
We appreciate that you may want to pay less tax. Of course, there are ways in which you can reduce your tax liability. Many of our clients come to us to help them to reduce their tax liability. That is fine and we can help you with that.
However, there is more to tax planning than meets the eye. Even though you can plan ahead to reduce your tax liability, you still need to pay your tax at some point or another.
Unfortunately, we meet many new clients who have not prepared for paying their taxes. Being prepared to pay tax is an important part of both private and commercial tax strategies.
Budgeting For Tax
Whether you are a private resident or a business, you need to budget for taxes. Seeing all of that profit or extra money pile up in your bank accounts is nice, but you do need to meet your legal obligations. One of the best ways is to develop a tax strategy. Think of it as a way of budget planning.
If you have a lot of extra profit in one year, you should consider making an investment in your business. You may want to invest in new equipment or a commercial premises. Both are great ways of reducing your end-of-the-year tax liability.
When it comes to tax, you need to make sure you make conscious decisions. Once a month, sit down and look out how much profit you have made. Work out what you may have to pay in taxes and set that amount aside in a separate bank account.
At the end of the year, if you decide to make a capital investment, you have the funds available for your investment purposes and to pay your taxes. Looking after your tax obligations does not have to be any more complicated than that.
A specialist tax accountant in Mississauga can help you with everything that you need to know.
Is It Expensive to Hire An Accountant in Mississauga?
Accounting in Mississauga is a professional service. Compared to many other places in and around Canada, hiring an accountant in Mississauga is not expensive.
Once again, there are different ways of looking at hiring an accountant in Mississauga.
Can My Mississauga Accountant Save Me Money?
When you have been in business for a while, you are probably singing the praises of your Mississauga accountant.
As a Mississauga business owner or private person, you have by now realized that your Mississauga accountant can save you money. Most Mississauga accountants go out of their way not only to make sure their clients’ accounts comply with regulations, but they also like to help their clients save money.
One way they do so is by tax planning. But, there are also other ways in which your Mississauga accountant can help to save you money.
- Reviewing loans and other business costs
- Make sure your business is aware of available grants and government schemes
- Helping you with bookkeeping and payroll
If you have that funny feeling that there are ways in which your business could save money, you should speak to your Mississauga accountant. When you are in business, it is not always easy to see what you may want to call the “obvious.”
Do you even have time to develop money-saving strategies? Many businesses are focused on driving their businesses forward that they overlook budget planning. Let JTT Accounting help you with budgeting by putting the right financial strategies and budget controls in place.
Making Sure Your Invoices Are Paid On Time
Both large and small businesses produce more sales invoices than ever before.
What happens to your invoices after you have produced them and sent them to your customer? If they are not pre-paid before the client receives his or her goods, they risk becoming outstanding. This is often referred to as DSO.
It is important to get that cash back into your business. JTT Accounting helps their clients to better control DSO and unpaid invoices.
We can help you by setting up systems that allow your client to receive statements which show what invoices are outstanding, If an invoice is not paid within the agreed time frame, we can also help you to make sure the invoice is paid. In other words, we perform what is known as a credit control function.
On top of that, we can also give you advice when it comes to factoring invoices. Factoring is a great way of making sure your cash is received quickly. But, using factoring companies does cost money. JTT Accounting can help you to find out if factoring is the right way to go for your business.
On top of that, we can also assist you with credit checks making sure that your new customer can afford the goods they are ordering from you.
Payroll Services in Mississauga
Do you have the payroll requirements you need to meet? Unless you are the owner of a very large company, you are not very likely to have in-house payroll services. Having your own payroll department is expensive. When you are new in business, it is one of the services you should consider outsourcing.
Just like with general book-keeping, many business owners struggle with managing payroll on their own. Working out wages, taxes and other contributions takes up a lot of time. If you are a solo business owner, would you not rather be doing something else such as growing sales?
JTT Accounting provides a payroll service which is second to none. We can help you with all of your payroll requirements from sending out payslips to doing taxes. We can also help you budget for payroll. There is nothing worse than having to worry about how you are going to meet your payroll obligations at the end of the month.
Auditing For Businesses and Companies in Canada
When you start a business, there are many things you need to consider. One of the main issues you will come across is auditing. In Canada, many businesses need to have their accounts audited every year. The easier the process of auditing is, the less it is going to cost your business.
Auditing is an important tool for business. Your audit process has to comply with certain rules and regulations. When you are accounts are well-prepared auditing is a pretty simple process.
The two basic functions of auditing are to prove that you are paying the right amount of taxes and that you are operating your business legally. Many business owners think that auditing is not such a big deal. However, apart from the two functions already mentioned, auditing has another function.
When you want to sell your business in Canada or perhaps internationally, it is very important to be able to present a buyer with audited accounts. The idea of audited accounts is to prove that what is stated in your accounts is correct. You need to prove you are making a profit and the clients shown in your accounts are your customers.
An audit proves that your business is genuine and that you are not making things up. It is an essential part of selling a business to someone else.
How Does An Audit Work?
JTT Accounting Services – as anyone in Mississauga looking for a Mississauga accountant – can help you with all of your outside accounting requirements. If we already do your bookkeeping and payroll the process is easier.
Auditing works by “sampling” transactions in your accounts. An audit firm takes a transaction and follows it all the way through. It often starts with an order which is then followed through until the cash is received in your bank account.
The same thing goes for a purchase order from your company to another organization. Your audit team will check the order and find the related purchase invoice. The corresponding payment you made to your supplier should also be clearly visible.
Can You Produce Final Accounts?
Yes, we can help you to produce final accounts. What we are probably talking about here are profit and loss and balance sheets. Most of the time, we help our clients with their monthly accounts.
When we are already doing your bookkeeping for you, producing final accounts is a relatively simple process. However, if you do your own accounts, monthly accounts take a little bit of extra work and longer to prepare. We can also help you with final accounts or accounts for selling your business.
If you are thinking about buying an existing business, we are happy to help you to review the business accounts. The last thing we want is for you to buy a business which is not profitable or sustainable.
Taxes and Accounting For Private Individuals
Can we help you with personal tax? The answer to that question is yes.
It goes without saying as your accountant, if you are in Mississauga, we can help you with your end-of-year tax return. Tax criteria change all of the time. Because of our experience, we know that many private individuals in Mississauga pay too much tax.
Keeping on top of deductions that you can make is not easy. The truth is that the government does not make it easy for you to reduce your tax.
That does not mean that it can’t be done. JTT Accounting Services always keep on top of new tax information and regulations so that we can help you with your personal tax.
Personal financial planning is another field that we specialize in. When you would like help with your personal financial planning perhaps for retirement, we are happy to help.
Yes, there are financial advisers out there. However, many of them sell products that are going to make them the most commission. If you would like help with finding the right personal financial planning strategies, contact our personal finance team. They can help you to make sure you have a comfortable retirement to look forward to.
Setting Up and Incorporating a Company in Canada
JTT Accounting services, as a local resident and builder of Mississauga, can help you to set up and incorporate a company in Canada. When you set up a company in Canada, it is important to get every detail right from the start. Don’t worry, we can help to set up and incorporate your Canadian company.
Companies in Canada have to meet something called CRA regulations. In other words, they have to comply with certain terms and conditions which ensure their businesses operate legally.
Operating with CRA guidelines also mean you as a business owner are responsible for accounts being produced on time and correctly. CRA rules also come into play when it comes to paying taxes and dealing with import and export rules.
If you get everything set up in the right way from the start, CRA guidelines are easy to follow. Backtracking or changing things at a later stage is what makes CRA guidelines expensive to follow. We have helped many local Mississauga businesses to get started. As accountants, we appreciate that all businesses are unique.
Maybe you are running a local flower shop and are a florist in Mississauga or thinking about starting an export business. Increasingly, we are setting up businesses that are involved with complex transactions from day one.
This is a good example. You may be running a business that buys all of its goods in China. You import them to Canada for reselling in Canada and other countries around the world.
The more complex a business model is, the more important it is that you get it right from the start. JTT Accounting Services can make sure that everything runs smoothly from the start. We can both help you to set up the company and incorporate the business.
When you would like to know more about JTT Accounting Services business start-up advice and incorporation service, all you have to do is to get in touch with our support team at your convenience.
Do We Offer International Tax Advice?
Yes, we can help you with your international taxes.
If you live in Canada, you will probably have realized that at any given time we have many specialist workers from abroad. You have probably heard the term guest workers.
If you are working in Canada on a long-term or short-term contract, we can help you to file your taxes in Canada or abroad. The regulations around resident and non-resident tax in Canada are hugely complex. This is not a field that you should try to navigate yourself. Doing so can end up costing you a lot of money.
When you are working in Canada on a temporary basis or long-term, the JTT Accounting team can help you with all of your tax obligations. That includes filing your Canadian income return or paying taxes in a country outside of Canada.
Canadians Living Abroad
Can we help you remotely? Maybe you are Canadian but are living abroad for an extended period of time? You could perhaps have a home in Canada that you are renting out.
If you are not currently based in Canada, we can still help you with any Canadian tax obligations that you may have. Get in touch with our international tax team and they will guide you in the right direction.
Some countries have dual tax agreements with Canada. That means you only pay income tax in one country. What country you pay tax in often depends on how much time you spend in that country.
That being said, it is important to appreciate those agreements vary. This is why it is essential we get to know you and your personal tax circumstances better. You can contact us by email. Any questions that you may have are easy to deal with in writing or on a Zoom or Skype call. Get in touch and we will get back to you.
JTT Accounting is the leading accountant provider for people in Mississauga. As such, we have working relationships with firms of accountants in other parts of the world. We can help you with everything from buying a property abroad to paying inheritance tax in another country.
Maybe you had a relative living in Portugal. When they pass on and leave you their villa on a golf course, you may be tempted to sell it or move into it. Before you decide on what action to take, you should speak to JTT Accounting. Whichever way you decide to go, you would still have to pay Portuguese inheritance tax.
Moving money from one country to another country is also not as easy as it seems. Yes, it is tempting to think you can just take over someone’s bank account and operate it. However, it is not as easy as that.
If you have an inheritance waiting for you abroad, you may even have to set up a bank account and register for tax in that country before you can move the money to Canada. Don’t worry, we can help you with all of that.
Final thoughts For Anyone Looking For An Accountant In Mississauga Or Top Mississauga Accountants
JTT Accounting (for all in Mississauga) offers an all-in-one service solution. Our professional team is happy to help you with everything from personal tax returns to more complex international tax matters.
We are the one accountant (in Mississauga) that you want on your side. Our team specializes in setting up and incorporating companies in Canada. When you would like to know more about any of our services, all you have to do is to get in touch. You can reach out to us by phone, send us an email or fill out the contact form on our website.
We take our profession seriously. When you are looking for an accountant in Mississauga, please feel free to contact us. We can help you with all of your Mississauga bookkeeping, payroll, and tax obligations.