As a start-up owner, you have to make do with limited resources and sweat capital to get your business off the ground. In the early days, focusing on marketing, growing your customer base, and serving the customers you have is critical to ensure your business’s survival.
Even if you have a background in accounting, implementing an accurate bookkeeping system and staying on top of the latest tax and financial reporting regulations can be time-intensive, tiring, and demotivating.
At Hart Accounting Services, we offer a comprehensive range of accounting services to maximize your start-up’s profits and minimize your tax burden. We can take care of all your accounting needs, freeing up your time and energy to grow a profitable business.
Hart Accounting Services offers a comprehensive range of accounting services to meet your start-up needs. These services include:
- Corporate tax returns
- Tax planning
- QuickBooks support, review, and maintenance
We price each of our accounting services individually, so you can only choose the ones you need and create a customized service package. For example, if you already have a bookkeeping system in place but need help with your taxes, we can do that for you. Additionally, we can provide these accounting solutions to you as a pay-as-you-go service.
In addition to the above services for start-ups, we offer specialized accounting solutions for various industries. For example, if your start-up is a restaurant, manufacturing plant, or import-export business, you will need industry-specific accounting services to track your performance, gauge profitability, and comply with regulations.
The most significant reason to outsource your start-up’s accounting is so you can focus on building a profitable business. If you have to learn the accounting process, record all your transactions, and prepare financial statements, you’ll have little time for anything else.
Outsourcing your accounting to a reputable accounting firm such as Hart Accounting Services ensures that your books are always accurate and up to date. You will always have access to your financial records, giving you an accurate account of your business’s financial standing and profitability.
Having updated and accurate records will take the stress out of tax season and year-end responsibilities, and it allows you to make calculated decisions regarding your business’s financial management.
As a start-up owner, you have to be cashflow-sensitive, create a conservative, realistic budget, and establish a lean organization. At Hart Accounting Services, we understand you have to meet these requirements for survival, which is why we offer top-tier accounting solutions and tax compliance services to entrepreneurs at a reasonable price.
In addition to offering cost-effective pricing, we aim to reduce your costs through sound accounting solutions and tax preparation. We are up to date on the latest CRA regulations and tax write-offs.
By helping navigate these ever-changing rules and policies, we can minimize your tax liability. We’ll also file your returns correctly to prevent a CRA audit and ensure that you don’t have to pay fines or penalties.
Frequently Asked Questions
Here are a few questions clients often ask when looking into accounting services for startup businesses.
Should I Open a Separate Business Account?
Yes. Opening a separate bank account for your start-up is critical for keeping your business and personal transaction separate and making record-keeping easier. Additionally, opening a different bank account in your business’s name will provide your start-up with credibility, and it will allow for effective tax planning.
We recommend opening a separate bank account, regardless of whether your business is a sole proprietorship or an incorporated business.
When Is the Right Time to Incorporate?
A sole proprietorship is the easiest and least expensive business to form, and legal fees consist of permits and licenses. The drawback of this structure is that you have no personal liability protection.
A corporation is a separate legal entity that takes a lot of time and money to establish, and you are subject to double taxation. However, a corporation offers you limited liability protection. The best time to consider incorporation is when your business has to enter into contracts with suppliers or clients or if you want to generate outside funding.
Can You Help Me with My Personal Tax Return?
As part of our accounting services, we offer personal tax return services that include:
- Personal tax advice, planning, and preparation
- Calculating your tax obligations
- Submitting payment reclaims
- Identifying write-offs and allowances
- Calculating capital gains tax and social reliefs
- Assisting in dealing with the CRA
How Do I Know Which Accounting Services I Need?
Start-up owners with no accounting or bookkeeping experience often don’t know which accounting and tax services they need. To learn more about your start-up financial reporting requirements, give Hart Accounting Services a call and schedule a consultation. After learning more about your business, we will recommend an accounting service package that suits your needs.