Why Every New Business Needs Professional Accounting Expertise

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While small businesses account for over 97% of the Canadian economy, only 35% of these ventures make it past the 5-year mark. According to recent surveys, poor cash flow management is often the biggest barrier to business success.

While every entrepreneur knows that profitability is the key to their long-term growth, most lack the financial expertise to make good on this objective. But accounting firms do.

If you’re a Canadian business owner struggling to manage the responsibilities of bookkeeping, tax compliance, payroll then our chartered accountant in Mississauga can help.

Accurate Data and Reporting

Unfortunately, passion isn’t enough to keep your business afloat. You also need the right information to drive your decision-making. Before investing in new assets or premises, you need to know that your income can support the minimum payments on your lease. Before negotiating a lengthy credit period with a new client, you need to know that your working capital can carry you until the invoices are paid. A qualified CPA can answer these questions and many more.

Chartered Accountants will perform ongoing analyses of your cash flows, overheads, inventory, and liabilities to provide an accurate assessment of where your business stands today. This will help to ensure that your business remains financially stable as it grows.

Access to Financing

If you’re looking to expand your operations then you’ll need more funding. The obvious way to do this is through a small business loan. But getting a loan application over the line is easier said than done. You will need to present a comprehensive business plan that presents your business as a viable investment for the bank. You may also need to restructure your ownership and existing debts in order to meet the minimum criteria for eligibility.

A CPA can provide invaluable insights during this time. Not only will they help you organize and prepare necessary documentation and coordinate any necessary restructuring, but they can also advise you on the best loan products available based on your current profile.

Tax Compliance

Tax season is normally a time for widespread panic amongst small business owners. Not only do you have to deal with the task of reporting expenses, write-offs, salaries, and profits, you also have to deal with a complex, constantly-evolving tax code while doing so.

For many entrepreneurs these challenges result in late or incomplete filings that open them up to penalties, fines, or in worse case scenarios CRA audits. Accounting firms can help you stay on top of regulatory and compliance issues, and ensure timely, accurate tax filings at all times.

Apart from these advantages, your accountant can also help you minimize your tax burden by identifying investment and savings opportunities that can save more of your profits for reinvestment in the business.

Focus on Your Core Competencies

As an entrepreneur, your main focus should be on growing your customer base and improving products and services. But if you’re spending a large portion of time managing books and calculating payroll, then you won’t be able to focus on these strategic initiatives.

Alongside reporting and tax assistance, accounting firms provide bookkeeping services that take these routine tasks off of your shoulders. With professionals recording your sales and purchases, updating the general ledgers, recording transactions in your inventory management system, performing monthly bank reconciliations, posting your monthly invoices and recording or calculating your payroll; you have the confidence that your underlying business financials are always in good order. Now, you can work to take your business to the next level.

DISCOVER 4 WAYS A MISSISSAUGA ACCOUNTANT CAN HELP WITH YOUR TAX RETURNS

TAX RETURNS

Many taxpayers think that they have a simple tax return and it is easy for them to fill it out themselves. At Gary R. Landa, CA Professional Corporation, we had a client who was doing his elderly mother’s tax return for years. He thought that it was very easy to complete. However, he was not aware of all the deductions that could be claimed. The first year that we did the return, she received over $10,000 in refunds. If you are not aware of all the deductions that you may claim, you will never know if you maximized your tax refund. It is why our clients choose us, for services based on 38 years’ industry experience.

HERE’S HOW AN EXPERIENCED ACCOUNTANT CAN HELP MINIMIZE TAXES:

1. Deductions

An experienced accountant will have a deep understanding of the Income Tax Act and can potentially find deductions, which otherwise may have been overlooked.

2. Detailed Filings

When tax returns are incorrectly filed, this can lead to potential audits, which often are overwhelming and expensive. By using an accountant, your chances of being audited are considerably lower.

3. Negotiating with the CRA

Your accountant can negotiate with the CRA on your behalf. Gary R. Landa, CA Professional Corporation has 38 years of experience dealing with CRA audits. We will deal with the auditor during the audit process.

4. Complete understanding.

Finally, there is the peace of mind that comes from working with an accountant who explains every step of the process, in as much detail as you need, to truly understand your financial and tax situations. Gary R. Landa, CA Professional Corporation in Mississauga, Ontario can provide you with practical solutions and tax strategies.

GET PROFESSIONAL ASSISTANCE FROM A TAX SPECIALIST AND MAXIMIZE YOUR RETURNS

Gary R. Landa, CA Professional Corporation, is dedicated to your personal and business tax needs. Contact us today for a consultation!

FOUR BENEFITS OF HIRING EXPERIENCED CORPORATE BOOKKEEPING EXPERTS

Corporate bookkeeping is an area where you should not rely on inexperienced bookkeepers. Inexperienced bookkeepers may be less expensive, but they can overlook important items that would be caught by an experienced bookkeeper. For example, a junior bookkeeper might post your accounting entries, but not look at financial statements to see if they look reasonable.

You need an experienced bookkeeper with decades of experience, like Gary R. Landa, CA Professional Corporation to get the most from your bookkeeping investment.

HERE’S WHY YOU NEED EXPERIENCE AT THE HELM FOR CORPORATE BOOKKEEPING:

1. Fewer mistakes

Even in the best of situations, audits by the CRA are time-consuming and costly. The right bookkeeper can greatly reduce the chances of filing errors which lead to CRA investigations.

2. Deeper financial analysis

Your books may balance, but that only tells part of your financial story. Experienced corporate bookkeepers can dig into your financial statements, looking for areas where the company may be able to make improvements including saving money and tax planning.

3. Superior forecasting.

Bookkeeping is not merely for balancing your accounts and ensuring proper tax returns. In the right hands, it can be a powerful forecasting tool, giving you accurate information to support your on-going business decision making process.

4. Saves you time.

Your job should be running your business, not worrying about your financial details. Bookkeeping is a job for specialists, specifically so that you can be free to focus on your specialties. Further, you get the simple peace of mind from knowing that your financial situation is accurate and fully-documented.

THE END RESULT: BOTTOM-LINE SAVINGS

This all adds up to one simple conclusion: In most cases, experienced bookkeeping will more than pay for themselves in extra savings, superior planning, and accurate tax filings.

To learn more about how your corporate bookkeeping can be streamlined, please contact Gary R. Landa, CA Professional Corporation today.

4 BENEFITS OF CHOOSING AN EXPERIENCED ACCOUNTING FIRM TO HANDLE CORPORATE TAX RETURNS

Choosing the cheapest firm to handle your corporate tax returns will likely cost you more money in the end due to their inexperience. A prospective client called Gary R. Landa, CA Professional Corporation the other day, asking how much they charge for advice to help them sell their business to an identified buyer. They were surprised we could not only help them in the process of selling their business but that using an accountant can possibly result in saving time and ultimately fees that other professionals, who are required to assist in the transaction will charge.

When you hire an accountant with over 38 years’ experience, such as Gary R. Landa, CA Professional Corporation, it can make a significant impact on your bottom line.

FIVE MONEY-SAVING SERVICES YOU RECEIVE FROM AN ACCOUNTANT EXPERIENCED IN CORPORATE TAX RETURNS

1. Accurate Tax Return Filings

Improperly-filed tax returns make audits far more likely. Audits can be extremely costly and time consuming. When the tax return is completed correctly the first time, the chances of a tax audit are drastically reduced.

2. Identifying Deductions

An experienced accountant knows the details and particulars of the Income Tax Act, and can help you discover deductions you may not know existed. Since 2001, Gary Landa has been on the Toronto West Tax Practitioners Committee. This position affords him access to numerous contacts and professionals with various levels of tax expertise.

3. Tax Compliance Assistance

Beyond basic bookkeeping and filing, an experienced accountant can offer assistance with more complicated matters such as income tax compliance, HST/GST compliance, and payroll taxes.

4. Understanding Tax Implications

Business actions such as capital purchases and investments have a long-term impact on the company’s financial well being. A top corporate accountant can outline the tax implications of how to structure these acquisitions to maximize your tax deductions.

GET TOP ASSISTANCE WITH CORPORATE TAX RETURNS FROM GARY R. LANDA, CA PROFESSIONAL CORPORATION

Gary R. Landa, CA Professional Corporation offers decades of experience in corporate finance and tax law. Contact us today for a full future-focused consultation on your financial situation and needs.

6 THINGS TO CONSIDER WHEN SEARCHING FOR CHARTERED PROFESSIONAL ACCOUNTANTS IN MISSISSAUGA AND THE GTA

For companies in Mississauga and the GTA, chartered professional accountants can help with the continually changing world of tax compliance and are dedicated to your business and personal tax needs.

The following 6 items are what your company should consider when hiring a chartered professional accountant:

1. Experience

Does the chartered professional accountant (CPA) have experience in dealing with large companies and companies in your industry? This experience will be essential in helping your company with accounting recommendations and implementing tax saving strategies. An experienced CPA has the understanding on how to assist a growing company while mitigating potential issues such as tax exposure. The knowledge from their vast diversity of clients can possibly be used to help you grow your business.

2. Breadth of Knowledge

In assessing a chartered professional accountant, it is important to consider their knowledge and experience in accounting and bookkeeping. It is important to note that not all accounting firms provide both accounting and bookkeeping services. Most typically provide only year-end bookkeeping services.

Smaller companies often do not have an accounting staff; therefore, these companies can utilize Gary R. Landa, CA Professional Corporation, who have experience in both bookkeeping and accounting.

3. Payroll Management Experience

Payroll is one of the most critical areas for all growing businesses to consider. While not all companies will require payroll assistance or management, smaller companies without an accounting department would require payroll management services. One example where a CPA can provide payroll assistance is that a CPA can minimize tax by looking at salary versus dividends declared and incorporate tax strategies with regards to payroll.

4. Tax Expertise

Gary R. Landa has been on the Toronto West Tax Practitioners Committee since 2011, which provides him access to contacts and other professionals with various levels of tax expertise. In the event your business has been selected for a corporate tax audit, it is recommended to work with a firm with experience like Gary R. Landa, CA Professional Corporation.

5. Understanding on Financial Statements

When companies decide that they want to change their accounting software, Gary R. Landa will assist the organization in organizing the structure of their new accounting records.

Organizing the accounting records can be done in such a way that the client no longer needs to keep track of some information in excel spreadsheets. Information only is required to be entered in once rather than the staff keeping track of the same information in two different formats. Proper organization can reduce labour hours and can communicate relevant data to shareholders and other stakeholders on a timely basis and possibly provide information to the owners that may not have been readily available before.

6. A Committed Staff

A CPA firm in Mississauga and the GTA should have an internal team with many years of experience to assist you with your accounting needs. Gary R. Landa, CA Professional Corporation prides ourselves on having the right balance of experience and a knowledgeable staff to help our clients.

The team at Gary R. Landa, CA Professional Corporation is recognized for our experience in tax, bookkeeping, payroll, preparation of Notice to Reader, review or audit reports and our understanding of business management. To find out how we can help with your accounting needs, please contact us today for a free consultation.