Independent Contractor Accounting Downtown Toronto

 

As an independent contractor, nobody understands your business better than you do. You manage your schedule, service fees, the projects of jobs you take on and become your boss. It is an exciting time; however, in the hustle and bustle of becoming an independent contractor, it can be challenging to keep track of necessary paperwork. At Toronto Tax Experts, our team specializing in independent contractor accounting Downtown Toronto takes care of the numbers, so you can focus on your business.

Finances are an integral part of your business. Working with professional accountants and bookkeepers helps streamline your year-end preparation. We provide you with a better overall picture of your business’s progress and potential. Our team of professionals at Toronto Tax Experts work with you every step of the way, to help you understand your numbers and help you grow. 

To learn more about our independent contractor accounting services in Downtown Toronto,
call Toronto Tax Experts today at 416-265-6170.

 

What is an Independent Contractor or Consultant?

There are a wide variety of names used to describe independent contractors or consultants. These include entrepreneurs, solopreneurs, freelancers, and sole proprietors, and the list goes on; however, the definition remains the same. These individuals are professionals who offer their services independently, through their means, and do not work for anyone else. Contractors, subcontractors, freelance writers, software designers, auctioneers, actors, musicians, and many others who provide independent services to the general public are independent contractors. They are very different than the traditional idea of an employee, both in work structure and financial paperwork.

Taxes for independent contractors are very different from employee taxes due to the nature of their work. There is no company, body or organization to mandate their pay and keep track of records. As a result, independent contractors must ensure they record their income and expenses themselves. This information is critical when filing taxes and can help save money at the end of each year. 

independent contractor accounting downtown toronto

Accounting and Bookkeeping Rules for Independent Contractors

As an independent contractor, you must abide by specific guidelines to make your business audit-proof. If you don’t have a system in place, unpleasant surprises can pop-up, you may miss goals, and forget essential paperwork. Getting a better handle on your money and adopting good money habits early on can help you make and keep long-term goals, smooth out seasonal ups and downs of your cash flow and even improve your profits. When you work with professionals for independent contractor accounting Downtown Toronto, you’ll learn how to improve. 

To learn more about our independent contractor accounting services in Downtown Toronto,
call Toronto Tax Experts today at
416-265-6170.

 

Get Started Today with Toronto Tax Experts

Stay focused on your business growth and management, instead of wasting your time with busy work and numbers crunching. When you understand the value of your time, you’ll see the benefit of bringing in an accounting and bookkeeping team to help.

At Toronto Tax Experts, our specialized knowledge of working with self-employed contractors ensures that we can help create and maintain the necessary paperwork for monthly income and expenses for tax preparation and submission. We discuss your business tax and accounting needs to determine what package or hourly rate is right for your business. Once we assess your business needs, we organize the information in an engagement letter for your review and approve.

Bookkeeping

Our bookkeeping contracts are renewed monthly, allowing you the flexibility to cancel any time. We will send you a kick-off email with relevant information and what files to send us to set up the software and set up CRA representation. However, if you have any questions or concerns, you can speak to a member of our team to discuss your independent contractor accounting Downtown Toronto. 

Keeping Track of Your Statements

We will set up Receipt Bank and Cloud Accounting software of your choice and send you login credentials. Next, the team at Toronto Tax Experts will ask you for your bank and credit card statements each month. Please provide the required information and your books will be updated by the next month. The accounting software will update your bank account via the secure connection every day, and it ensures that we can reconcile your accounts.

Now month-end is completed, your expert accountant will accurately reconcile your bank and credit card accounts against general ledger balances and send you an email with a few uncategorized transaction queries.

 

About TTE Independent Contractor Accounting Downtown Toronto

At Toronto Tax Experts, we take pride in clearly navigating the often foggy landscape of independent contractor accounting Downtown Toronto. We help our clients choose and maintain systems relating to their car, receivables, inventory, sales, expenses and any other requires accounts to allow you to focus on the growth of your business. 

Our mission is to help your business succeed through insightful financial analysis and sound accounting methods. Our team specializes in independent contractor accounting services in Downtown Toronto and the surrounding areas. We are here for you, whether you need to raise capital or help manage your cash flow. 

To learn more about our independent contractor accounting services in Downtown Toronto, stop by one of our three locations in Queens QuayDowntown or North York today.