An accountant is a key member of any small business team. They are indispensable for keeping up-to-date financial records and providing valuable financial advice and planning at every business stage.
Accountor CPA is a leading provider of online accounting services for small businesses and SMEs. We know that every business is unique and we are dedicated to providing personalized, scalable accounting services that help your company grow. Through our customized services and experienced accountants, we seek to help you make profitable decisions.
Set achievable business goals and prepare your business for future financial success when you work with Accountor CPA.
What Does SME Business Mean?
Most business owners are familiar with what a small or mid-size business is, but what exactly does “SME” mean?
SME, or a small to mid-size enterprise, is a business with assets, number of employees, and revenue that fall below a certain number. The specific parameters of what defines an SME can change from country to country.
In Canada, the term SME refers to businesses with fewer than 500 employees. More specifically, a business with fewer than 100 employees is a small business while a business with between 100 and 500 employees is mid-size. Any business in Canada with fewer than 5 employees is a separate category known as a microbusiness. Businesses with more than 500 employees are classified as large.
There are tax implications between a small and mid-size business in Canada, even though they both fall into the SME definition. The small business deduction, for example, is only available to businesses with taxable capital below $15 million.
In Canada and the US, SMEs make up the majority of businesses. Whether your business falls under the small business heading or the SME definition, Accountor CPA can provide accounting services for you.
Small Business Cloud Accounting
Get unprecedented flexibility in the ability to successfully manage your business’ finances with small business cloud accounting.
Cloud accounting for SME and small business means you can easily access your financial statements, expense reports, and budget analyses online any time that suits you. View your current financial position so you can make timely decisions on behalf of your business and take advantage of opportunities as they arise.
Data about your sales, income, and expenses can be live synced directly from your bank and credit union - no need to manually input data into a program on a daily basis. The cloud software allows for multi-user access so you can easily collaborate with managers, employees, and your financial advisors. The fully customizable dashboards and automated reports provide clear and easily digestible snapshots of your cash flow and finances.
Lastly, with cloud-based small business accounting programs, security and consistency are paramount. Updates are automatic, there is no program to install on your hardware, and your data is fully backed up and secured at all times.
Benefits of Online Accounting for Small Business and SME
Accounting for small business is all about helping you stay organized and giving advice so you can make informed business decisions and find innovative ways to grow your company.
Our team of experienced CPAs (Certified Public Accountants) work virtually and seamlessly as a member of your team throughout the year, not just at year-end, to help you retain control of your bottom line.
Keep up to date records and financial statements
Revenue, business costs, and payroll are just some of the expenses that must be tracked regularly to maintain organization. A dedicated small business accountant can organize all relevant documents regularly, freeing up your valuable time.
Manage your cash flow
Be prepared for large expenditures, whether it be a business expansion or payroll for a new hire. With the regular record-keeping of an accountant, you can more easily manage your cash flow and not get caught off guard by unexpected expenses.
State-of-the-art accounting software
We consult with you about the features you need in accounting software, set it up, and fully customize it for your needs on a timely basis.
A stress-free year-end
Year-end can be chaotic when a business has not maintained organized accounting. A small business accountant manages your finances year-round and handles all relevant tax filing and documents, completely taking the stress out of your hands and making your year-end simple.
Keep an eye on unnecessary costs
It can be hard to discover unnecessary costs and sunken capital without regular SME accounting. An accountant is able to find expenses that could be shrunk and make a big difference to your regular cash flow and investments.
Stay on top of accounts payable and accounts receivable
Small business is all about relationships. Stay on top of your bills and invoices to never miss a payment and ensure good vendor and client relationships, even at your busiest time.
Missing a single document or deadline when it comes to taxes or accounts receivable can have disastrous consequences. Have peace of mind knowing your small business accountant is keeping your company on track.
Make informed business decisions backed by financial data and analysis
Know the financial benefits and risks of any new business venture, whether it be moving offices, merging, hiring new staff, or purchasing new equipment.
We are trusted by CEOs and managers across Canada. Our Certified Public Accountants have the experience to go beyond basic daily accounting and provide you with personalized solutions.
Dedicate your time to what you love - running your business. Let us manage your accounting.
What is the Cost of an Accountant for Small Business?
The average rates of an accountant for SME and small business varies from company to company, within industries, and depends on the scale of service required. Many small businesses require some level of accounting services but may not have the budget or resources to hire an internal accountant. Businesses with an in-house accountant may see their financial needs grow beyond a single person, but lack the resources to build an accounting department.
Virtual accountants for small business are a comprehensive solution. Whether you are a start up with few accounting needs, or an established small business looking for robust advising and accounting services, you can have all your needs met by an experienced team. The fully customizable and scalable online accounting for small business at Accountor CPA can save you thousands of dollars per year while giving you access to a full team, comprehensive services, and the ability to grow.
Scalable Accounting Packages for Small Business and SME
Proper accounting plans allow for a company to increase revenue, manage expenses, exercise sound financial planning, and make informed business decisions. Without well-organized books, a business is at a disadvantage when it comes to all types of financial planning.
However, small business owners rarely have the time and resources to dedicate to handling the accounting themselves, and may not have the capital or a need to hire a full time internal accountant.
At Accountor CPA, we are dedicated to providing clients across Canada with the best customized cloud accounting services. Does your company need a full-time small business accountant? Or do you simply need to fill a few gaps among your existing staff? Whatever your small business needs, we have scalable accounting packages that suit you.
The services in our accounting packages for SMEs and small business include:
- Bookkeeping and financial reporting;
- Preparing annual statements of accounts;
- Preparing and filing all relevant income tax documents;
- GST/HST preparation and filing;
- Incorporation services;
- Payroll services;
- Financial advising;
- Managing and forecasting cash flow;
- Employee and HR management;
- Tax planning and tax strategizing;
- Amalgamations and expansions advising;
- Company reorganization and restructuring consulting;
- Managing debt;
- Full tax compliance;
- Liaise with Canada Revenue Agency;
- Prepare for and manage audits.
Should Your SME Firm Hire a Virtual Accountant?
If your small business is spending too much time on functions like payroll, tax preparation, and bookkeeping, it is beneficial to seek out accounting services. The hours per week you spend on your books will be better spent managing your business and developing strategy instead of behind an accounting ledger!
If you find that your cash flow is not being managed smoothly and you aren’t able to grow quickly enough to reach your goals, an accountant can help you find ways to simplify your finances and better manage cash flow.
The biggest sign that an SME or a small business could benefit from accounting services is if you find yourself unable to make informed financial decisions. You need the financial analysis and reporting that comes with working with an accountant even in a basic or part-time capacity.
How can Accountor CPA’s online accounting services take your small business to the next level? Let’s get started with a free consultation.