At Tangs Accounting Services, we offer online accounting for small businesses as part of our full suite of business accounting services in Toronto. An online accountant for small businesses is certified and can help small and medium-sized businesses manage their finances.
Tangs Accounting Services is your source for online accounting services for small businesses. Our experienced online business accountants offer remote accounting services that are efficient, flexible, and adaptive to your needs.
Accounting Services Available Online
Initial Business Set Ups
The early days of building your business are crucial, and a professional accountant can provide invaluable resources and tools to help build your foundation. If you’re tasked with writing financial projections, they will help you develop your sales projections, monthly expenses, and any forecasted profits or losses.
Your accountant will be able to advise on whether or not you should apply for an LLC and help you acquire the appropriate licenses for your industry, from tax permits to employee accounts. If there is any red tape, a professional accountant will have the network and connections needed to ensure your business is established effectively and efficiently.
Tax Help
Running a business can be a challenging process, particularly when tax season approaches. The purpose of an accountant is to work closely with their clients to comb through their receipts, expenses, and revenue in order to identify which expenses can be claimed and which cannot. Understanding the difference between these small business finances can be the difference between a smooth tax refund and an audit.
Payroll Management
You’re likely going to hire staff to help run your business, and with that responsibility comes a range of important details and processes to keep track of. Wages, bonuses, holiday pay and labour details can significantly impact your business if you make any miscalculations. A professional accountant will have the capabilities to assist with those complex processes and ensure your business is running smoothly, so you can continue to build a strong team and grow your brand.
At Tangs Accounting Services, we are happy to provide our business accounting services for small businesses online. Our virtual accounting services allow our business accountants to work closely with you, wherever you are, to help you manage and account for your financials and avoid common business accounting misconceptions.
How Our Online Business Accounting Services Help During Tax Season
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. Our online accounting services do just that, and are available at a time and location that are convenient to you.
Our online tax accountants are 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.
Choosing the Right Online Accountant
When looking for an accountant online or in person, follow these tips for choosing the right accountant, and look for the following:
Professional Certification
The most important component of a professional accountant is, of course, their accreditation. There are various categories of accountants, each with its own qualifications. Chartered professional accountants have obtained an undergraduate degree in accounting and have completed training at an established firm. Certified general accountants, in addition to a degree and training, have earned additional business management experience.
Attention to Detail
When managing client accounts, the ability to meticulously keep track of data and important files is an essential characteristic of a quality small business accountant. If you’re interviewing potential candidates, consider asking them to walk you through their bookkeeping process and how they organize their current clients’ files. You want to ensure your accountant will have no trouble organizing your payroll, taxes, and any additional documents.
Easy and Constant Communication
Clear and consistent communication is imperative in any professional relationship and is crucial when dealing with an accountant. You should be able to get in touch with them regularly and should have a clear understanding of how your business is performing financially so that you can prepare any financial projections and ensure there are no surprises come tax season.
We Also Provide Virtual Bookkeeping Services
As part of our online accounting for small business, we are offering professional bookkeeping services online. Our online bookkeepers offer virtual bookkeeping services so that you can balance your books without having to leave your home.
We provide monthly, quarterly, and annual bookkeeping services online for business owners who prefer to get their bookkeeping done remotely.
