Service: Accounting for Small Business (SME)

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 know 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, a certain number of employees, and revenue that fall below a defined 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 company with fewer than 100 employees is small, while a business with between 100 and 500 employees is mid-size. Any business in Canada with fewer than five (5) employees is a separate category known as a micro business. Businesses with more than 500 employees are classified as large.

Tax implications exist between small and mid-size businesses 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 SMEs and small businesses means you can easily access your financial statements, expense reports, and budget analyses online at 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 input data into a program each day manually. The cloud software allows for multi-user access to collaborate with managers, employees, and financial advisors easily. The fully customizable dashboards and automated reports provide clear and easily digestible snapshots of your cash flow and finances.

Lastly, security and consistency are paramount with cloud-based small business accounting programs. Updates are automatic, no program is installed on your hardware, and your data is always fully backed up and secured.

Benefits of Online Accounting for Small Businesses and SMEs

Accounting for small businesses 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 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, ultimately taking the stress out of your hands and making your year-end simple.

• Keep an eye on unnecessary costs

  Discovering unnecessary costs and sunken capital can be hard without regular SME accounting. An accountant is able to find expenses you can minimize to make a big difference to your normal 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.

• Mitigate risk

  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 any new business venture's financial benefits and risks, whether moving offices, merging, hiring new staff, or purchasing new equipment.

CEOs and managers across Canada trust us. 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 a Small Business?

The average rates of an accountant for SMEs and small businesses vary from company to company, within industries, and depending 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. Alternatively, companies with an in-house accountant may see their financial needs grow beyond one person, but lack the resources to build an accounting department.

Virtual accountants for small businesses 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 a small business at Accountor CPA can save you thousands of dollars per year while giving you access to an entire team, comprehensive services, and the ability to grow.

Scalable Accounting Packages for Small Businesses and SMEs

Proper accounting plans allow companies to increase revenue, manage expenses, exercise sound financial planning, and make informed business decisions. Alternatively, without well-organized books, a business is disadvantaged regarding all types of financial planning.

However, small business owners rarely have the time and resources to handle the accounting themselves. They may not have the capital or a pressing 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 businesses 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 payroll, tax preparation, and bookkeeping, it is beneficial to seek out accounting services. The hours per week you spend on your books are 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 can’t grow quickly enough to reach your goals, an accountant can help you find ways to simplify your finances and better manage your cash flow.

The biggest sign that an SME or a small business could benefit from accounting services is if you cannot make informed financial decisions. So, 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.