Your Remote Accountant
For Anyone Seeking Quality Accounting Services in Thornhill, Ontario
Do you have an accountant in Thornhill? When you own a business, and have already hired an accountant, you appreciate how important it is to have a working partnership with an accountant.
Your accountant can help you with day to day administrative accounting tasks in your business so that you can get on with other essential jobs including sales.
Increasingly, both business owners and private individuals are realizing how important to have a professional accountant on board.
Why Your Business Needs An Accountant In Thornhill
Your business needs any good accountant in Thornhill for many reasons. One of the top reasons is that a firm of accountants can get on with all of the day-to-day tasks.
More than likely, you have a computer program that generates the invoices for your business. Your invoices may even be generated by PayPal or another online platform.
That’s great and does cut down on your workload. But, someone still needs to process invoices and enter them into your accounts. Then, the payment of those invoices needs to be recorded correctly.
That takes up a lot of time. When you feel that your time is better spent promoting your business and focusing on generating sales, it is best to get someone else to help you with day-to-day tasks.
If you don’t enter debits and credits, you are not complying with CRA regulations. Not complying with CRA guidelines can lead to fines and penalties.
Also, it is often more cost-effective for businesses to turn to professional accounting firms to keep on top of accounting processes. Setting up an internal accounts department is expensive.
Keeping On Top Of Your Tax Obligations
A qualified accountant in Thornhill can also help you to keep on top of your taxes.
Running a business today often means operating in both national and international markets.
What does that mean? That means that on occasion, you may have to deal with duty charges. More Canadian businesses than ever before are subject to important and export duty charges.
Not charging duty or paying duty when you should be doing lead to financial penalties. You may get away with making a mistake a couple of times. However, if you make mistakes more consistently, alarm bells start ringing.
Understanding import and export charges is not easy. Businesses that trade online are often subject to both without realizing.
Your Thornhill accountant can help you to make sure that you meet your export and import obligations.
Financial Planning Services
Financial planning services matter to both businesses and private individuals.
For instance, if you bought stocks in Amazon a few years ago, it is important to realize you are required to pay tax on both the dividend and the shares when you sell them.
Before you go ahead and sell your shares, you should check in with your accountant and find out the rate of tax you will have to pay. Of course, what you pay depends on your overall income for the year. That is exactly the sort of thing an accountant takes into consideration.
The same thing goes for business tax planning. If it is coming up to the end of the tax year, and your accounts are showing your going to make a big profit, making an investment which you can offset against tax could be the smart thing to do. Your accountant can give the right advice.
Working Within the Regulations
Larger companies in Canada need to have annual audits. JTT Accounting Services (for anyone in Thornhill) can help our clients with a range of audit services.
You may not need a full audit, but it is always a good idea to do a stock check and quick audit to confirm operating profit margins.
If you are thinking about selling your business an audit is a great tool to have in your back pocket. It basically confirms everything that is stated in your annual accounts.
In Conclusion
Never underestimate how important it is to work together with a good accountant in Thornhill, Ontario.
When you would like to find out more about any of the services JTT Accounting Services can offer Thornhill businesses and residents, please feel free to get in touch.
You can give the team here at JTT Accounting a call or send us an email. It has never been easier to set up meetings to talk about the advantages of saving money using tax and financial planning.