You are a small business owner in Toronto and you know you are in need of accounting services. Just what you need in this department you are not quite sure of. You want to hire a Toronto Accountant but aren’t sure whether you need a Toronto Chartered Accountant or a General Accountant.
When it comes to different titles for accountants in Ontario mostly it relates to the degree of education they have had to fulfill to earn their title. For example a Toronto Chartered Accountant has had to complete a more intense curriculum and work experience before receiving the title.
Deciding on the type of accountant that would best suit your needs would depend on the type of business, its size and your future plans for it. Let’s say you are simply self-employed but you are working full time. Then you definitely will want an excellent bookkeeping system in place. It may be that you can easily do this yourself by using one of the many excellent accounting software programs. Or if you are operating as a small business in Toronto you could utilize this and have your accounts department take care of. If you don’t have administrative assistance you can always hire a bookkeeper to take on this duty. In fact you will often find a Toronto Accountant will be able to recommend these types of resources.
Now having got the basics of record keeping covered this is what your accountant will depend on as his source of information when it comes to preparing your financial records. So which type of Toronto Accountant do you need? If you are going to keep your business small and your accounting records are in good shape and you have a sound business plan in mind then a General Accountant should be all you need.
If you really want to rely on your financials and want the best in tax planning then you really would be better to go with a Chartered Accountant. These professionals deal more with not only your past financial concerns which is your year end, but the future as well. These are the experts who thanks to their extended training are in a better position to advise you as to what options you have for the future of your business.
If you are new to business, it’s probably a whole new world that you are discovering. You will soon learn to rely on your financials to help you make a lot of decisions. They can be instrumental in guiding you with risk management. These reports along with the advice of your Chartered Accountant can help you decide if you should expand or downsize your business. You will learn that you can take certain business directions that will help you save on taxes. If you are getting into any type of foreign investments you really should rely on a Toronto Chartered Accountant to help you understand the tax laws, implications and proper procedures.
Even something as simple as your HST, can end up being complex for you but will be a simple matter for your Chartered Accountant in Toronto to attend to for you.
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