The Best Accounting Firms For Small Businesses In Toronto
If you run a small business in Toronto, there's a good chance you need some accounting assistance to keep things running smoothly.
A friendly, competent, and professional team is what you want in a good firm. There are plenty of choices out there when it comes to accountants in Toronto, but which ones are the best?
Keep reading to find out!
What are Small Business Accountants?
Small business accountants oversee small businesses finances. They prepare financial statements and records, ensure tax compliance, offer bookkeeping services, and provide payroll management.
Why Hire Small Business Accountants in Toronto?
There are many benefits to hiring a small business accountant in Toronto. Here are some of them:
- They know a lot about tax laws and can help you follow them.
- They can help you save money and manage your finances better.
- They can handle financial tasks, giving you more time to run your business.
- They can advise you on financial planning and help you make good decisions for the future.
Top 5 Small Business Accountants in Toronto
There are many small business accounting firms in Toronto, each with its own unique strengths and services. Some of the top firms in Toronto include Padgett Business Services, SBLR LLP, and WTC Chartered Professional Accountants.
Padgett Business Services
Padgett Business Services specializes in all the taxes that affect small businesses, including income tax, payroll tax, and sales tax. Padgett Business Services also offers cloud accounting. In addition to those services, this small business accounting firm also provides consulting services!
SBLR LLP
SBLR LLP is a full-service accounting firm that works with small and medium-sized businesses in Toronto. Their services include accounting, tax preparation, and financial advisory. SBLR engages clients throughout the process and secures all engagements in its system. They value being practical with clients' money and work on agreed-upon prices.
WTC Chartered Professional Accountant
As your small business accountant, WTC will review your company's financial records to help minimize your taxes. They use the latest cloud accounting software to balance your books and identify wasted tax spending. They propose calling or Zooming them before year-end to explore tax-saving strategies.
GTA Accounting Professional Corporation
GTA Accounting is a reliable and trustworthy partner for small businesses needing bookkeeping and accounting services in Toronto. They aim to take the pressure off business owners by providing them with a dependable, fast tax filing service and a solid accounting system to manage everyday operations.
Hogg, Shain & Scheck Professional Corporation
For over 43 years, Toronto-based boutique Hogg, Shain & Scheck Professional Corporation has provided audit, tax, and advisory services to entrepreneurs, corporations, and not-for-profits in Southern Ontario.
The firm is a member of MSI Global Alliance, a network of 250 independent accounting, legal, and consulting firms in 105 countries. This membership helps Hogg, Shain & Scheck diversify its best practices and understand the global financial climate.
What to Consider When Hiring a Small Business Accountant in Toronto?
When choosing a small business accountant in Toronto, consider the following factors:
1. Look for Appropriate Credentials and Certifications.
Choosing an accountant with the right credentials is essential. Consider looking for someone who is a Certified Public Accountant (CPA). A CPA has undergone specific training and exams to become certified in accounting.
2. Consider Experience and Specialization.
An accountant with experience working with businesses similar to yours can be helpful. Some small business accountants are industry-specific, so consider finding someone with experience in your industry. Ask about their experience working with other businesses like yours.
3. Communication and Customer Service Skills.
Good communication skills are important for an accountant. Look for someone who can explain financial information in a way you can understand. Good customer service skills can make working with an accountant easier and more enjoyable.
4. Proficiency with Technology and Accounting Software
Technology and accounting software can help streamline accounting tasks. Find an accountant who is comfortable using technology and accounting software. Ask about what software they operate and their experience with it.
What Accounting Services Do Small Businesses Typically Need in Toronto?
Small businesses in Toronto typically need a range of accounting services to keep their finances organized and compliant with local laws and regulations. Some of the most common accounting services needed by small businesses in Toronto include:
- Bookkeeping services, including maintaining financial records, recording transactions, and reconciling accounts
- Payroll services, including managing employee wages, taxes, and benefits
- Tax planning and preparation services, including ensuring compliance with local tax laws
- Financial statement preparation, including balance sheets, income statements, and cash flow statements
- Budgeting and forecasting services, including creating financial projections and identifying areas for cost savings and revenue growth
- Auditing and assurance services, like reviewing financial statements and ensuring compliance with accounting standards
Questions to Ask a Small Business Accountant During the Consultation
During your consultation with a small business accountant, there are some important questions to ask. For example: Ask them how they will help you follow tax laws and regulations. Find out how they can help you make more money and manage your finances better. Ask what kind of technology and software they use for accounting. See if they can give you the names of other small businesses they have helped with before.
How Much Does a Small Business Accountant in Toronto Cost?
The cost of a Toronto small business accountant depends on the size of your business, the complexity of your financial needs, and the accountant's experience. On average, a small business accountant in Toronto may charge around $100 to $400 per hour.
However, some accountants may charge a fixed monthly or annual fee instead of an hourly rate. It's important to ask potential accountants about their pricing structure and get a detailed estimate of their costs before deciding to work with them.
The Bottom Line
Finding the right accounting firm is critical for the success of any small business in Toronto. Good accounting firms can advise on finances, optimize operations, and ensure local tax compliance.
If your business wants to send funds from Toronto, RemitBee Business Account allows businesses to send and receive money globally.
With the right accounting firm and money transfer service on your side, your small business in Toronto can achieve its financial goals and thrive in today's competitive market.
Share
Tweet
Share