When starting a new business, decisions must be made concerning the business framework. Should it take the form of a proprietorship, corporation or partnership? How should it be financed? Who should be involved? What is the best way to structure a business for tax reasons?
A business plan is a sensible tool to ensure that a business idea is sound and the financing is reasonable. It should be prepared, even though it may not be required by a financial institution.
A new business will have to file information returns for government and calculate and pay payroll deductions, HST and income tax. It will require an accounting system that will efficiently calculate these liabilities and is designed for the specific business.
Existing business
Existing business may benefit from the help of a professional accountant when undergoing periods of growth or change. Is your existing accounting system satisfactory? Is it providing the information that you need? Do you know how much money you have made this year? Do you know what your tax liabilities are? Are your receivables current and have your customers been re-billed if necessary? Are you recording your payables so that you may benefit form claiming HST tax credits?
Professional accountants can advise you about the taxation of your business. This means legally minimizing your tax bill without incurring the risk of interest and penalties, which may result from careless bookkeeping or bad advice.
An accountant can also assist you with estate and succession planning and budgeting.
Mary MacInnis, CGA and her staff provide the following services to corporations, partnerships and individuals:
Assistance with new businesses
Design and installation of bookkeeping services and reporting systems.
Support and training of staff
Monthly bookkeeping on a fee basis
Reconciliations of accounts
Preparation of payroll Remittances and HST returns
Compilation of financial statements
Financial statement reviews
Taxation consulting
Preparation of corporate tax returns and schedules
Preparation of R & D claims
Budgets and financial plans
