Manufacturing Accountants in Toronto

Manufacturing is an industry that involves a lot of processes—from materials acquisition to processing to selling manufactured products. Not only do manufacturers deal with increased competition, but they also have to face a shortage of skilled labor, the rise and fall of supply costs, and ever-changing accounting and tax rules.

For this reason, you must hire professional manufacturing accountant services in Toronto to handle the monitoring and accounting of everything related to the financial side of the business. We’ll take on the time-consuming task of accounting so you can focus on operations.

 

As a manufacturer, you know that recording and accounting happens every step of the way—from purchasing raw material and equipment to counting the number of items manufactured and eventually processed for sale to monitoring how the products perform in the market. You will also look into their profitability, or whether you can earn from them or not at all.

Hiring accountants for your manufacturing company helps you save a lot of time. And as the saying goes, “time is money.” This is because Hart Accounting Services will take on the tedious and time-consuming task of bookkeeping and monitoring your business finances, looking for ways to maximize your resources, and emphasizing the products that bring more profit.

As we do that, we help you free up more time to focus on the manufacturing side of the business, which is what you’re good at. You produce more products, which means you have more items to sell.

Our accountants can help your manufacturing company save on both the costs of production and the taxes you pay. We keep track of all your expenses and can analyze ledgers to look for ways to lower costs. Our experience dealing with other businesses allows us to give you insights on what practices to avoid. We can also spot potentially fraudulent dealings with suppliers and dealers, helping you avoid getting conned.

Our accountants are also knowledgeable when it comes to knowing what expenses are tax-deductible. These expenses include, but are not limited to, the following:

  • The salaries you pay your workers, including benefits such as the Canada Pension Plan.
  • Advertising expenses
  • Small office expenses
  • Rental fees used for your business’s rented space
  • Interest incurred on bank loans used for business purposes
  • Expenses on telephone and business utilities
  • Receivables are included in the annual report as income but haven’t been paid yet.
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Choosing or switching accountants is a big step for any business, so let’s talk about what’s right for your situation.

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Amazing help, support, and staff. Very professional and friendly folks! I use them for all of my businesses and never have to worry about tax season again.
Chris S.

With all the hustle and bustle going on inside the manufacturing business, the last thing you’d want to happen to you would be to miss out on tax deadlines. This is because failing to pay on time could result in fines and penalties. Instead of earning from the products you sell, you pay more because you fail to pay taxes due to your tight schedule.

Our manufacturing accountants take care of the tax responsibilities you have as a business. Not only do we keep track of your finances—we also compute the taxes you need to pay for your revenues. Hart Accounting Services will ensure timely payment, so you won’t have to pay additional fees.

Our accountants know the laws and regulations the government exacts on businesses like yours. Hart Accounting Services monitors changes in these rules and are aware if there’s anything new that could affect your business. We then help you comply with these rules and regulations, so you avoid fines and other penalties that could cost your business.

And since we keep records of all your company transactions, including purchases, reimbursements, and sales, we can help you in the event that someone files a lawsuit against your business.

Call Us Today, Risk Free

Choosing or switching accountants is a big step for any business, so let’s talk about what’s right for your situation.

Our expert accountants are familiar with the manufacturing industry and are capable of giving you sound advice when it comes to your business finances. We can look at your ledgers and come up with advice that can help your company grow and make more profit. We can help you create realistic financial goals and budget plans for each target you have in mind. And since we’re looking to build a lasting relationship with you, you can count on us to help you achieve your short-term and long-term goals.

Although business software applications can be very useful in monitoring and recording your company’s finances, they can be too complicated and confusing for the average person. Our accountants are knowledgeable in business software and are adept at using them to record and organize your company’s finances. We can handle your company’s financial records and present them to you when you need to, with ease.

Our accountants use advanced cloud-based accounting software to make your payroll process simple and effective. Your data, which is stored on a remote and secure server, can be accessed when you need it. Our system helps you manage the payments you need to make to the workers involved in your manufacturing business.

Frequently Asked Questions

Here are some questions business owners frequently ask when they consider hiring manufacturing accountant services

How much do manufacturing accountants cost in Toronto?

Manufacturing accountant costs in Toronto vary depending on the services your company needs. We do not have standardized rates because we want to provide personalized accounting services that meet your needs. We encourage you to contact our manufacturing accounting experts and explain your concerns to us. We will do our best to understand your needs and come up with a customized quote that meets your requirements.

What services do I need from manufacturing accountants in Toronto?

The services depend on a manufacturer’s actual needs, but they can be a combination of bookkeeping services, payroll management, as well as accounting and tax advisory services. Here’s a list of the bookkeeping, accounting, and tax advisory services we offer to manufacturers:

  • Transaction and journal entries
  • Ledger postings
  • Reconciliation of inventory, bank, loan, and credit card accounts
  • Assets and equipment ledger management
  • Accounts payable and receivable services
  • Creating profit and loss, income, and cash flow statements
  • Balance sheet and fixed assets process reporting
  • Monthly, quarterly, and yearly reviews
  • Inventory accounting
  • Financial analysis
  • Filing corporate income tax, GST/HST taxes, and SRED

Do I really need to hire manufacturing accountants in Toronto?

If you’re having trouble filing your taxes correctly and on time, you should consider hiring one. Our experienced accountants at Hart Accounting Services are glad to help you with the following:

  • Monitor your cash flow, and analyze the expenses that produce bigger returns
  • Lower overall production and operational costs
  • Balance your spending so that you can earn more
  • Pay the right amount of taxes on time
  • Take advantage of tax deductions so you can save more money
  • Make better financial budget plans you can actually benefit from
  • Reach your financial goals steadily

If you want to have more time to focus on your business and need help making it grow, Hart Accounting Services can help you. Also, hire one if you need help keeping track of your business’s finances, want to avoid potentially shady deals with suppliers, and want to maximize the resources you have at your disposal to make huge profits from producing items that sell.

Contact Us Today

Address (by appointment only): 2002 Yonge St, Toronto, ON M4S 1Z7

Phone Number: (647) 360-7172

Hours:

  • Monday-Friday: 9AM – 6PM
  • Saturday-Sunday: 10AM-5PM
Call Now: (647) 360-7172