Offering tax audit and accounting and management consultancy services to entrepreneurs
At Webtax Online, we take a long-term perspective when helping our clients grow their businesses and minimize taxes. We focus on companies and their shareholders. Every company’s goals are unique, and we take the time to understand what drives your business.
We offer three core areas of service. I’m:
1. Tax services, including corporate tax, international tax, and personal tax.
2. Audit and accounting services, including corporate reporting, governance, compliance, and risk.
3. Management consulting services, including business planning and strategy, business management, and operational improvement.
Our highly trained professionals work hard to understand your company’s short-term challenges and long-term goals, not just at the end of the year, but whenever you need us. We have professionals available to help you with complex or unusual business matters.
Increase productivity, performance, and profitability with industry-specific business solutions.
The relationship between wholesale and distribution is symbiotic: one cannot succeed without the other. Our dedicated industry team can help both wholesale and distribution companies achieve sustainable success regardless of the climate in their industries.
Today’s global business environment brings competition from countries with lower manufacturing costs, a growing need for online global communication, and constant technological advances that require capital investment. All of this makes informed and innovative business planning more important than ever.
We can help you increase capacity, improve performance and keep costs in check, all of which can increase the bottom line of your business.
To help clients achieve sound planning, financial stability, and growth, we use our extensive knowledge of import and export business to address these critical elements and position clients to maintain a competitive edge.
Wholesalers and distributors dealing with a wide range of products, from food and clothing to specialty and personal care items, call on our team for a full range of services around the clock. These services include seed financing, screenings of cash flows, performance against budget estimates, as well as general accounting, auditing, and tax matters.
Retail and wholesale accounting services
Companies in the retail and wholesale trade are constantly affected by the transformations of the economic system and by the periodic changes in the spending patterns of their customers. Your business can adapt and remain profitable with the help of our ISO 9001:2008 certified company, proficient in providing wholesale and retail accounting services.
We at ‘Webtax Online’ can help you stay profitable during slow seasons with an amalgam of a strong balance sheet, complete financial control, and ongoing cash flow management. With our retail and wholesale bookkeeping and accounting services, your business will stay ahead of the competition and get the resources it needs to grow and thrive.
Our retail and wholesale accounting services
1. ocessing services
2. Benefits management
3. Sales and employment relationships for business units and outlets
4. Set up your own reporting management for decision support
5. Reporting of transactions
6. Industry best practiAccounting and retail accounting (sales revenue, debits, credits, reconciliation of bank accounts, etc.)
7. Procurement management
8. Tax preparation services
9. Budget creation and updating
10. Payroll prces and benchmarking
11. Inventory control and restriction
12. Control of service provider accounts
13. Estimated weekly profit and loss for business units, stores, and the company as a whole
14. Daily cash flow analysis with full drill-down capability
We support multiple accounting software for retail and wholesale businesses
With experience in every accounting software and platform, our team of highly trained professionals offers quick learning curves and rapid implementation of solutions.
Our retail clients consist of
1. Department stores
2. Discounts
3. Supermarkets
4. Specialized shops
5. Dollar stores
6. Pharmacies and pharmacies
7. Shoe shops
8. Meat and poultry markets
9. Mail-order and electronic shopping stores
10. Our wholesale customers consist of
11. Wholesale suppliers of durable goods
12. Wholesale suppliers of food and related products
13. Automotive deliveries and new parts wholesale suppliers
14. Beer and beer wholesale suppliers
15. Wholesale furniture suppliers
16. Wholesale suppliers of tobacco and tobacco products
17. Wholesale suppliers of wine and spirits
18. Wholesalers of electrical, wiring, and related equipment
19. Wholesale suppliers of roofing, siding, and insulation materials
20. Wholesale suppliers of paper for industrial and personal use
Why choose us?
We provide an extensive list of wholesale and retail bookkeeping, accounting, and tax services to meet your needs and keep you profitable. We respond to the fact that retail businesses need to constantly monitor their spending; therefore, we efficiently manage accounts for resellers and provide them with weekly reports that allow them to monitor exactly where their money is going and plan ahead.
Outsourcing your bookkeeping and accounting services to Webtax Online can improve your retail and wholesale business processes, save you time and money, and help you grow your business. Our accounting specialists simplify general ledger and retail accounting tasks and recommend solutions that are ideal for your business.
Accounting and consultancy services for retailers and wholesalers
No two days are the same. This is both the blessing and the curse of retail ownership. While this makes your job more fulfilling and exciting, it can also make it difficult to plan months and years ahead. A long list of factors can affect profits, from seasonal demand to commodity prices. Depending on the industry, there are countless regulations to watch out for and tax requirements to meet. Of course, this gets even more complicated if your business has a lot of moving parts.
At Webtax Online, we understand the unique needs of retailers and wholesalers. We work with physical and online retailers in the pharmaceutical, construction, food, liquor, medical equipment, and sporting goods sectors, to name a few. Our accountants and consultants are here to help you manage your business’s ever-changing needs and grow your bottom line in the long run.
Our accounting and advisory services for retail clients include:
1. Preparation of the tax return
2. Review, control, and compilation of financial statements
3. Agreed inventory procedures
4. Succession plans
5. Entity selection
6. Help with sales tax audits
7. Business Consulting
8. QuickBooks consultancy
9. Accounting
Frequently Asked Questions
Is there a better way to manage your inventory?
Inventory management is critical to a successful retail business. Determining the right amount of inventory can be a challenge, especially if your business is subject to seasonality. And then there is the physical calculation. If you find yourself dreading inventory count days, we have good news: It doesn’t have to be a strenuous ordeal. There are ways to do this that don’t involve staying overnight with a very long list of products!
WebTax Online can track your current inventory counting process and offer recommendations for improvement. We can also help you with inventory if needed. As part of our services, we can also analyze the inventory on your balance sheet and income statement to help you determine the appropriate amount of inventory to keep.
What is a good retail profit margin?
The truth is, different companies require different profit margins. A reasonable profit margin can also vary between different locations of the same business. The right margin for your business will depend on several factors, such as your industry, overhead costs, and goals. Your Webtax Online advisor can help you calculate this number. If your business has multiple branches, we can help you establish the margins and volume of the specific volume you will need to survive.
What retailers should know about sales tax?
It’s easy to get caught up in knowing when to collect and pay sales tax. This is especially the case when it comes to municipal sales and use taxes or with foreign customers. For the latter, it’s important to know if you’re connected, and the rules vary from state to state. Our accountants can help you determine your state and local tax obligations and make sure you’re in good standing.
If you’ve been selected for a sales tax audit, don’t despair! We can help arrange a claim search and meet with a sales tax auditor on your behalf. We will be by your side until the audit is completed. Need help with corporate income tax? Talk to us.
Corporate Income Tax
Regardless of the size of your business, we will ensure that your corporate income tax is fully prepared and filed. All of our T2 tax returns are verified by expert accountants who work exclusively with SMEs. This ensures that your tax returns are done accurately with the absolute minimum amount of tax owed. For added convenience, we also offer CRA
Audit Shield insurance.
We also provide full support when dealing with CRA issues. Everything from preliminary checks to comprehensive corporate tax audits – we support you every step of the way.
Need help with t2 tax returns? Talk to us.
Financial Statements
Our compiled financial statements comply with the new CSRS 4200 standard required by Canadian Chartered Professional Accountants, which is the new standard to use when providing financial information about your business to third parties. Our financial statements are available for use by your banker, landlord, and other independent parties.
We also offer monthly packages which include internal monthly financial statements for management use only.
Autonomous Tax Preparation
Tax preparation for the self-employed in Canada can be a big deal for many people. That’s why we help you streamline your entire tax process!
Whether your receipts are neatly organized or your shopping bag is in your purse, we’ll help you understand all things tax related to your business. Running your business and day-to-day life is more than enough work for you. We prepare your taxes, answer your questions throughout the process, and offer follow-up assistance throughout the year.
Our tax preparation services are aimed at hardworking people like you. That’s why our online business model works so well! We’ll work out your schedule to find the best time to prepare your taxes!
Our approach to your services means that tax preparation for your business is one less thing to worry about. Similar to rental property, self-employment taxes require much more attention and work. That’s why we’ve put together a list of common business expenses you should keep in mind as you prepare your business for your tax return.
You may have specific questions about your tax situation as a self-employed person, so we’re here for you!Need help with corporate income tax? Talk to us.
Pay slip
Paying your employees on time and correctly is a must if you want to maintain morale in your business. Furthermore, paying the correct amount of CPP, EI, and income tax is just as important to your business and its employees. We take care of comprehensive payroll deduction calculations and report generation so your business is free to focus on your customers and success.
Reduce costly time and wasted money trying to calculate payroll deductions yourself and let us do it for you. We take time records of your employees and provide you with information and weekly reports on your paycheck. So that you don’t lose money by overpaying for employee salaries or expensive benefits, we calculate the exact amount your company is obligated to pay based on the time records you provide us. We save you money by tailoring our services to your needs. If you don’t have time to email us your punch details, we’ll come and collect them. Or, if you have a computer and an Internet connection, we can set up a low-cost time tracking system to help you keep track of your employees’ working hours to make sure there’s no time theft or meetings with others. We can take care of all your payroll and employee time management needs.
We help you in the following ways:
• Tracking employee deductions
• Creation of annual T4 and employment records
• Management of employee information
• Generation of various reports
• Service tailored to your needs
Online accounting services for your small business
We take care of the accounting for your business and give you plenty of time to focus on what you and your company do best. Our efficient and proven bookkeeping and accounting services process is made possible by phone app technology where you can take pictures of your receipts from your phone and of course online cloud accounting technology, which is QuickBooks Online.
Professional Accounting
Our experts and professional accountants will be at your service to help you take care of every detail on a monthly or quarterly basis. You will ask your CPA account manager to review your accounting before submitting the final results. When you hire Gram Tax & Accounting, you will no longer look for an accountant near me.
Early Reporting
Thanks to the way we prepare and process your accounting, we can provide a breakdown of results in no time. As a result, you will be informed on how to scale your business. We pride ourselves on providing clear, customized reports tailored to your needs.
Corporate Taxes
Not sure how and when to file HST/GST? We file your tax return accurately and on time and will offer you the appropriate GST/HST, PST, and RST filing solutions as per your needs. Need help with t2 tax returns? Talk to us.
Software Implementation
We adopt an innovative approach for companies that require diversifying their accounting software needs. From POS systems to track your inventory and payroll, we’ve got you covered.
Accounting assistance services
If you want to stay up to date on your small business accountingbut still have the professional guidance and support of accountants andCPAs, we offer an accounting package that includes setup, training, and24/7 service to meet your needs.
Setup and Training
We’ll be with you from start to finish to set up your accounting software, cloud accounting services, and individual training provision.
Continuous Support
If you want to contact us and ask something, you can call us or send us an email. Our small business accounting service includes checks to make sure things are running smoothly. Need help with corporate tax? Talk to us.