Finding The Right Accountant In Markham, Ontario
When you need an accountant in Markham, Ontario it is important to pick one with the right experience.
What should you take into consideration when looking for an accountant in Markham for your business or personal affairs?
On this page, we are taking a look at what you should look for when you need an accountant in Markham.
Your Accountant In Markham
Can I find an accountant locally in Markham? JTT Accounting Services can help you with both commercial and private accounting.
In a nutshell, that says it all. When you need an accountant in Markham, the emphasis should be on making sure that the firm in Markham provides as many versatile services as possible.
For instance, when you are a company director, you don’t want to have to hire another accountant in Markham to do your personal taxes.
Never Underestimate The Importance of Complying with CRA Guidelines
When you first start a business in Markham, it is easy to think that all you have to do is to worry about making a profit.
But, there is more to running a business than making a profit. Although your profit margin is important, being familiar with CRA guidelines is essential.
If you don’t account for the way you are making a profit in the right way, you risk incurring penalties. That is something that can severely impact the overall profitability of your business.
A good accountant in Markham should be up to speed on the latest CRA guidelines. As the way we do business evolves all of the time, so do CRA compliance guidelines.
For online entrepreneurs, complying with CRA rules is vital. You may not think that money made on all of dropshipping is taxable, but it certainly is. When you are new to business, it easy to presume that you are only liable for tax on goods that you own. That is not the case.
Auditing Accountants
As part of good business practice, it is important to have your accounts audited as per CRA regulations.
Once again, this is something that many Internet entrepreneurs in Markham fall foul of. It does not matter if you are selling on Ebay or Etsy. If you have set up a company in Markham and it hits a certain turnover, you need to have your accounts audited by a professional.
Before you set up a company in Markham, it is a good idea to go through everything you need to know about accounting for your particular commercial niche with an accountant. Better still, get an accountant in Markham involved from day one and ask them to set up your company for you.
Getting an accountant in Markham involved from the start gives them a chance to explain the many different ways you can incorporate and run a business.
General Book-Keeping
Do you have experience of general book-keeping?
Many entrepreneurs and others who are new to business don’t have experience of general book-keeping.
Making sure that you bill and enter your invoices in your accounts correctly is important. You may have heard the term debits and credits.
Invoicing and assigning payments to the correct accounts can take a lot of time. When you have regular customers, you may have to run individual accounts for them. That means you need to show invoices and payments per customer.
On top of that, you may have to set up cash sheets showing how much money you pay into your bank account and how much money you pay out. In short, you will have to account for everything.
All of this takes time. Employing a book-keeper is a good idea. However, having your own book-keeper often works out expensive.
When you pick an accountant in Markham, make sure the firm can also help you with book-keeping services. In the long run, using a professional accounting service in Markham often works out less costly.
A good accountant in Markham should also provide a payroll service.
Do Private Individuals Need Accountants?
The short answer to that question is yes.
If you have not as yet let an accountant do your tax return, you should try it. Many of us try to save money by doing our own annual tax return.
Doing your own annual tax return is fine when you fully understand what you are doing. On top of that, you need be aware of tax breaks.
New tax breaks are popping up all of the time. If you think that you may be entitled to a reduction in tax, it is best to contact a professional accountant.
JTT Accounting Services – for anyone in Markham – is more than happy to review your tax status. Are you paying too much or too little? Most of us end up paying too much tax as we don’t know enough about available tax breaks.
The next time your annual tax is due, consult with your local accountant in Markham. You may save more money than you think.
An accountant in Markham can also help you to reclaim overpaid tax.
When you would like to know more about personal taxation in Canada, give JTT Accounting Services a call. We are happy to explain the latest tax guidelines in Canada.
Personal Finance Reviews
If you are coming up to retirement, setting up an appointment with an accountant in Markham is not a bad idea.
When you know you are going to retire in a few years time, it is important that any assets you may have are invested in the right place.
For instance, you don’t want to place your money in risky investment schemes when you know you want to retire with a certain amount of money in the bank.
Many still opt for setting up an appointment with a financial adviser. The downside is that most financial advisers are not independent. They are often affiliated with investment companies and financial products.
Instead, consider paying for a personal financial review with a qualified accountant in Markham. Your accountant in Markham will guide you in the right direction and make sure your pension investments are safe.
In Conclusion
Many of these things that we have mentioned are what you should look for when you are thinking about hiring an accountant in Markham.
Hopefully, what you have read on this page gives you an idea of what you should expect from a good accountant in Markham.
When you would like to know more, please give JTT Accounting Services a call. This is for anyone in Markham.