TTE Is Your Leading Small Business Accountants In Toronto
The time has come to fulfill your dream of starting your own small business! As a small business owner, you need to get started correctly. At Toronto Tax Experts, our team of small business accountants in Toronto take care of the numbers, to allow you to focus on your business.
Using a Professional bookkeeping Service will make you feel assured that your business will have predictable profitability into the future. With TTE Bookkeepers, you can focus on your Small Business and we will focus on the Bookkeeping. You will need to know at least the basics, which we list below.
Here are the main Accounts used in Small Business for Bookkeeping:
Assets: Bank, Accounts Receivables, Real Estate
Liabilities: Lines of Credit, Loans, CRA Tax, Mortgages
Revenues: Sales, Investment Income, Capital Gains
Expenses: Payroll, Rent, Mortgage Interest, Utilities
Equity: Accumulation of Net Income and can be used to Issue T5
The next step in the bookkeeping process will be to set up the chart of accounts in order to capture the income, expenses, assets, and liabilities in an organized manner. The Chart of accounts will be set up to be customized to your specific small business.
TTE Bookkeeping Services #1 Tip is to, Keep all of your Receipts. We use receipt bank to digitize them for you. You can run your accounts payable report to track. Here are the types of receipts you should keep:
- Bank statements
- Credit card statements
- Proof of payment
Get Started with a Professional Small Business Accountant in Toronto
At Toronto Tax Experts, we take pride in clearly explaining and navigating the often foggy landscape of bookkeeping and accounting and its relationship to business owners of all types. We help our clients choose and maintain systems relating to their cash, receivables, inventory, payables, sales, expenses, and any other accounts as required.
Our mission is to help your business succeed through insightful financial analysis and sound accounting methods. Our small business accountants in Toronto go beyond basic bookkeeping to provide financial modeling in easy-to-understand dashboards, proactive tax planning and preparation, and business consulting. We are here for you, whether you need to raise capital or help to manage your cash flow.
Our Small Business Accounting Process
We’ll discuss your bookkeeping and small business accountant needs to determine which package works for you. Once we have determined your needs, we will create an engagement letter for your review and sign off.
Now we get started on the bookkeeping. At Toronto Tax Experts, our small business accountants Toronto work on monthly contracts, allowing you to cancel at any time. We’ll send you an email with important information and what files to send us to set up the software and CPA representation.
Set a call with one of our CPA’s and review all remaining questions or concerns.
We will set up Receipt Bank and Cloud Accounting software of your choice and send you login credentials.
Next, the team at TTE will ask you for your bank and credit card statements each month. Please send them, and your books will be updated by the next month.
The accounting software will update your bank account via the secure connection every day, ensuring we can reconcile your accounts.
Now month-end is completed, your expert bookkeeper will accurately reconcile your bank and credit card accounts against general ledger balances. After we will send you an email with a few uncategorized transaction queries.
Respond with the missing details and you are done!