Service: Business Accounting

Business accounting encompasses all aspects of financial record keeping, bookkeeping, financial analysis, and planning for a company. Businesses typically have more complicated financial landscapes than individuals and require an experienced accountant to navigate the complexities of all relevant systems.

For a company to succeed, it needs to have accurate, innovative, and compliant accounting. You need to be able to check your financial history and plan for your future at a glance. Working with a business accounting professional using the latest online accounting software can be your strongest asset in growing your business.

Accountor CPA offers a wide range of business accounting services to help keep your company’s finances on track. We are a leading Canadian provider of personalized and scalable accounting services for businesses. Our experienced accountants are dedicated to helping you make profitable decisions for your firm.

Prepare for your financial success with business accounting services with Accountor CPA.

What is Basic Business Accounting?

Basic business accounting boils down to a few best practices and three critical reports: the balance sheet, income statement, and cash flow statement. These financial statements are compilations and summaries of your company’s finances at different time periods. Many different regulatory bodies require them in different situations - filing taxes with the Canada Revenue Agency (CRA), applying for loans with a bank, reporting to shareholders, and more.

Creating reports and financial statements may sound straightforward initially, but it takes more than just knowledge about performing calculations. Even basic business accounting requires experience with tax legislation, financial planning, and accounting principles. Often, these reports must be created by a qualified and certified accountant, even if you do not work with one year-round.

A qualified CPA (Chartered Professional Accountant) performing business administration accounting is responsible for all basic accounting tasks in a company. They will compile relevant documents on a predetermined schedule, perform analysis and reporting as needed, and assist with other time-dependent accounting tasks to ensure your business runs smoothly. All you have to do is provide the documents and work collaboratively with your accounting team.

Basic Business Accounting Tasks

Basic business accounting consists of tasks that must be done daily, weekly, monthly, quarterly, and annually to ensure your firm's financial well-being.

Daily tasks are simple but can eat into your valuable time. Checking your cash flow to ensure you have enough available funds and organizing your expenses and invoices are essential daily tasks.

Weekly tasks include recording transactions, documenting and filing receipts, paying vendors, issuing invoices, and reviewing projected cash flow. Doing this weekly helps keep your cash flow moving, but can be overwhelming on busy weeks. This leads to playing catch-up monthly.

Monthly and quarterly tasks can include balancing the chequebook, performing inventory, reviewing the budget and profit loss statements, and performing payroll. These periods consist of the “heavy lifting” for business administration accounting, as any errors can have long-term consequences for tax compliance, employee satisfaction, and cash flow.

Finally, annual tasks include compiling financial statements, reviewing past-due receivables, and filing taxes. Even a small or mid-size business with fewer invoices or expenses must work with an accountant for business tax filing.

These regular tasks do not even include more significant events, like purchasing assets, hiring staff, purchasing property, finding new investments, and paying dividends.

While some of these tasks are what you perform regularly, a business accounting service simplifies your operation and finds ways for you to improve and grow beyond what you may think is possible. So why just stick to the basics when you can do more?

How Can Online Business Accounting Help Your Company?

Online business accounting comes with several benefits for small, mid-size businesses, and large firms.

Keeping track of your assets, liabilities, inventory, tax documents, payroll, and other important financial records is essential for helping grow your business. Potential investors will want to see this information before they involve themselves with your company. You can secure your assets from theft and determine the best time to invest in new assets, like equipment. You can get qualified advice based on real experience from a business accountant to increase your capital.

With online business accounting, you get all these benefits plus the added advantage of all your essential records being accessible 24/7 from any device. We work with the latest business accounting software to ensure confidentiality and security and give you the functions you need to run your business.

Manage employee access to critical documents, like tax forms and payroll, while restricting access to more sensitive documents to upper management or shareholders.

Online business accounting also gives you the flexibility to work with your accountant anywhere, anytime. No more waiting days if not weeks for your accountant to respond. Our virtual system allows us to provide timely advice and assistance to all our clients.

Finally, online business accounting ensures full transparency, so you understand your company’s finances clearly and thoroughly. You see all the relevant data, financial statements, unpaid or paid invoices, running the payroll, tax remittances, and status of investments and assets at all times. As a result, you gain unparalleled control over your business accounting.

Business Accounting Services from Accountor CPA

At Accountor CPA, we proudly provide Canadian businesses with some of the most personalized business accounting services available. We know that a one-size-fits-all solution does not fit your company.

We are dedicated to handling the daily and weekly tasks, the time-intensive monthly tasks, and the sometimes strenuous annual tasks that come with sound business accounting.

Some of the business advisory accounting services we offer are:

• Accounting software setup and maintenance
• Bookkeeping and financial reporting
• Managing and forecasting cash flow
• Preparing and filing all relevant income tax documents
• Tax planning, advising, and strategizing
• GST/HST preparation and filing
• Income and capital tax minimization
• Full tax compliance
• Salary vs. dividend consideration
• Preparing annual statements of accounts, including financial statements, Notice to Reader statements, Audit Engagements, and Review Engagements
• Management consulting
• Amalgamations and expansions advising
• Managing debt
• Restructuring advising
• Generating financial forecasts
• Advising on investments and asset expansion
• Outsourced CFO services
• Liaise with Canada Revenue Agency to manage audits
• Financial advising
• Payroll services and HR management

Whatever your business needs, whether you are a start-up, a small business, an SME, or a large corporation, Accountor CPA can help.

You can trust our professionals if you are a small business or a start-up looking for part-time business accounting or annual accounting services. We can scale our team to ensure you get the coverage you need without spending on the things you do not.

Should You Get Professional Business Accounting?

Are you and your staff spending too much time organizing your company’s finances? Do you struggle to meet payroll and tax obligations on time? Are you having issues managing your cash flow? If you answered yes, you will benefit from working with a professional business accountant.

The biggest sign that a business should work with a professional business consultancy service is that you cannot make informed and timely financial decisions. This is one of the most important ways a business accountant can help. You gain the freedom that comes with having detailed knowledge of your finances without spending hours each week doing it yourself.

Take advantage of all the benefits to your firm by working with Accountor CPA. How can our online business accounting services take your company to the next level? Let’s start with a free consultation.