How an Accountant Can Help Streamline Your Business’ Accounting Systems

business accountant

Running a business can be incredibly convoluted, time-consuming, and mentally taking when you consider all of the physical, emotional and financial responsibilities that come with running a business.  

The good news is, we can help. 

Businesses often fluctuate and suffer without the proper accountant helping the back end of the business. With a successful business accountant like Tangs Accounting Services, you can get your finances in order to streamline your operations and return to focusing on everything else.

In over ten years of experience, we’ve learned how to help businesses avoid accounting errors early and set themselves up for success and productivity. Consider the many ways that our accountants can help you streamline essential business processes for smooth operations.

We Are Full-Service

At Tangs Accounting, we are a Certified Public Accountant (CPA) firm that offers full-service to small businesses in Toronto and medium-sized Canadian businesses. It’s essential to do your due diligence when it comes to your finances and tax documents, and with us by your side, you will have us guide you through various processes such as:

  • Payroll
  • Taxes
  • Notice to Reader Financial Statement

As a trusted accounting firm in Toronto, we want your small business to thrive. One of the biggest mistakes a small business owner can make is not focusing on their accounting at the start. From the get-go, we will help you better understand your finances and accounting to prepare you for potential audits and other obstacles.

When it comes to small business accounting in Toronto, this is what an accounting firm like ours can assist with:

  • Financial planning
  • Corporate taxes
  • Online business accounting

We’ll Set Your Business Accounting Systems’

If you don’t have an accounting system, we will gladly set up the most efficient system for your business. We want all of the businesses we work with to have the best tools and resources for their accounting needs. We help set up your business’ accounting by taking the necessary steps:

  • Set up the physical system
  • Establishing business bank accounts
  • Division of personal and business systems
  • Records of invoices and receipts
  • Information of tax obligations
  • Payment collection system
  • Payroll set up
  • Prediction of future expenses

Payroll System

Setting up a payroll system can be challenging for already busy, small business owners, and we want to help you focus on running your business. At Tangs Accounting, we provide payroll set up services including, developing and maintaining the system so that you can use it with ease.

Setting up your payroll is easy as 123:

  1. Register the business
  2. Register the payroll system to pay employees
  3. Track expenses for deductions and other corporate tax needs

When you team up with Tangs Accounting, we alleviate the burden of finances early on by registering your business on your behalf. We take over this task that often requires time, effort and paperwork, for new small and medium-sized businesses that don’t have time and resources to space.

Once your business registers with the Government of Ontario, our firm helps streamline your business finance matters simply and efficiently.

Tax Season

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When tax season rolls around, we want you to be ready in advance. Whether you’re a small or medium-sized business, we arrange a seamless process to help you plan and pay your taxes. Our team at Tangs Accounting works with businesses to help with corporate tax and to ensure a successful and profitable year. 

Organizing tax documents can become a tedious task, and we work to make sure everything is prepared ahead of time for your peace of mind.

Tangs Accounting and taxes are synonymous, and we’re here to guide you through each type of tax document you may encounter as a business owner:

T1 Tax Form (Sole Proprietors)

The owner is entitled to all the profit of the business after paying taxes. The sole proprietor, or chosen representative, will fill out the T1 form declaring their income gain or loss. Important to note that the sole proprietor is also accountable for any business losses.

T2 Tax Form (Corporation Income Tax Returns)

In Canada, all businesses must file a corporate income tax return excluding:

  • Registered charities
  • Hutterite Colonies
  • Tax-exempt Crown corporations

Regardless of if your business has tax to pay, you must file a T2 tax form.

T1 Tax Form (General/Personal)

On top of the mandatory T1 form for your business, a personal T1 tax form will outline your personal income. Once you’ve claimed your income and expense on your T2, you will not have to claim it on your general T1.

GST/HST Returns

All businesses must complete, file and pay the Goods and Services Tax (GST) and Harmonized Sales Tax (HST) regardless of if you have any business transactions or net tax to remit.

Prepare Notice to Reader Financial Statement

We help you prepare a Notice to Reader financial statement in Toronto that helps unaudited financial information from management to investors or shareholders. When you receive a Notice to Reader statement, it will include the following:

  • Income statement
  • Balance sheet
  • Cash flow statement
  • Statement of retained earnings

It’s useful to have a Notice to Reader statement for the following situations:

Bank Financing

For smaller businesses, banks will typically require a Notice to Reader statement for potential loans. The financial statement will determine if the bank can give a loan to the business.


Small businesses usually have fewer tangible assets, and this is when a Notice to Reader statement becomes an asset. Business owners can present this financial statement to investors to display their current and potential financials.

Selling a Business

Whether you’re looking to sell your business or merge, a Notice to Reader can be presented to the potential buyer to outline the business’s finances.

Annual Reports

Regardless of if the business owner needs a Notice to Reader financial statement or not, you will receive an annual report to keep track of finances.

The Bookkeeping Process

Bookkeeping is the most effective way for you to record your business’ finances. Our highly skilled team will provide monthly, quarterly and annual bookkeeping services. How the bookkeeping process works:

  1. We help you better understand your business account.
  2. We set up your business account for you.
  3. All financial transactions will be recorded.
  4. We will balance your books.
  5. Most importantly, secure your records.

We also offer online bookkeeping services for our customers for further ease when you start your business. Thanks to our MBA from Queen’s University and our Fortune 500 experience, we are connoisseurs of the tax world, which gives us an added edge to our firm.

At Tangs Accounting, have comfort knowing that we will be with you through each stage of your business’ finances from the beginning payroll to tax season. We’re here to help.