How often do most businesses look at the accounting behind their business? Maybe once a year. How often does accounting actually impact their business? Every single day! Unfortunately, the majority of small businesses lack the understanding and oversight to see how accounting impacts their business on a daily basis and often don’t get around to seeing how the numbers line up until it’s tax time. By introducing proper bookkeeping, business owners can understand how accounting can help them implement real-time changes to help them grow and increase profitability. Bookkeeping services also help by reducing fraud/theft, increasing corporate organization and significantly diminishing the pain of government audits. Bookkeeping services will vary based on your business’ needs, but is often recommended on a monthly recurring basis.
The Harmonized Sales Tax (HST) comes into play practically every time money changes hands between two parties for business purposes – but how does it apply in your specific situation? And did you know that you’ll likely be able to claim most, if not all of the HST you’ve paid for business purposes? The HST system contains a number of special rules that apply for different industries that may result in less taxes owed to the government. Having an accountant analyze your specific business situation and how the HST applies to it can result in significant tax savings, and importantly, avoid improper tax practices that could result in penalties owed to the government.
Business growing and heard about the idea of incorporating your business? There are many pros and cons to incorporating your business, and who better to discuss with other than an accountant that also helps his clients through the incorporation process! Incorporating your business will allow you to create a separate existing legal entity, protecting you from the liabilities of your business and also creates more opportunities in how you pay yourself from your business or use it as a tax-deferral tool. Based on your industry, there may been specific regulations on how and where you incorporate – but I’d be more than happy to help with the process.
If your business has any form of online interaction (and what business would not benefit from at least having a website), you’ve likely thought, heard or been told how Search Engine Optimization (SEO), Facebook ads or Google AdWords can help generate sales and growth. While I’m no SEO guru, I’m able to help clients navigate and understand the basics of online marketing and when you should and shouldn’t hire a specialized company for these types of services.