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Small Business Accountant in Richmond
An accountant reviews your company’s finances and prepares financial reports. Their job is to make sure your details are correct and your taxes are paid correctly and on time. Some may even provide online accounting services. According to the Service Corps of Retired Executives (SCORE), a non-profit organization that provides free advice and advice to business owners, there are several things your accountant can do for you:
- Identify any tax deductions you are entitled to.
- Identify problems (such as missing inventory, rising costs of products or equipment, or customers not paying on time) before they have a chance to destroy your business.
- Keep your cash flow at an acceptable level.
- Highlight potential growth areas by analyzing pricing, cash flow patterns, inventory management, and types of trade finance.
- Compile the financial reports necessary to obtain loans and investments.
- Prepare tax returns quickly and accurately.
- Find out how to choose an accountant who has the skills your business needs
- An online accountant can help you set up an accounting system, maintain financial records, check your books, and create financial goals for your business.
- They should regularly review your business finances, not just at tax time.
- Look for an accountant who has the proper credentials and a solid understanding of tax laws, accounting software, and business management.
Managing your company’s finances can be difficult if you’re not familiar with debit, credit, and posting transactions, but who says you have to do it yourself? An accountant can provide you with the financial experience and advice you need to run your business effectively.
Although hiring an online accountant is optional, they can be of great help when it comes to reviewing financial documents and filing taxes. The advice an experienced accountant has to offer your business can make the difference between success and failure, and their experience can help you make decisions as your business grows.
But how exactly do you find the right accountant for you? Here are some questions to ask and places to look when choosing a good accountant for your small business.
What do you need to do for your accountant?
The first step in choosing an accountant is to determine what you want your accountant to do for you. Some accountants are willing to do bookkeeping, while others focus on larger business activities. If you are looking for an online accountant who can handle daily or weekly accounting tasks, as well as an accountant, we recommend that you look for an online accounting services provider that provides both services.
If you keep your books, find an accountant who will work for you on a regular basis (weekly, monthly, or quarterly), preparing statements and assessing the health of your business. A good accountant should be involved in your business regularly, not just at tax time, and can make a significant contribution to your bottom line by effectively setting and structuring your plans and operations.
Should you hire an accountant for your business?
If you need help setting up your accounting system, managing financial records, checking your company’s financial books or statements, or creating financial goals for your business, you should hire an accountant.
Even if you have the best accounting software, it can be tricky, complicated, and confusing to manage your business finances when you have no business accounting experience. Even just going through the payroll and accounting processes can be overwhelming
“There can be many loopholes that you are unaware of, especially when tax laws change,
Working with a corporate accounting services provider who knows tax laws and accounting is your best bet, especially when compliance is at stake. Accountants can also guide your small business in more profitable directions that give you “the biggest tax bang for your money.
Do you need an accountant if you are self-employed?
“It might not be as complex as a small business that has 10 to 15 employees, but if someone is self-employed, they may have specific benefits and expenses that you can take advantage of.”
Even if you are an individual band, consulting with an accountant who understands corporate taxes and small business tax planning is helpful because they can determine which deductions your business is eligible for and what to avoid. They can also provide information and advice to help you save money for retirement, which can be difficult for the self-employed if they don’t know their options.
How do you find an accountant?
Once you know what you want from your accountant, you can start looking for candidates. Many people’s first instinct when looking for an accountant is to turn to the Internet. But he warned against simply choosing someone you find on Google or an online directory.
“You’re looking for someone to help you financially, not just with taxes, but to help your business grow, so you really need to meet someone face to face,” Dubrow said.
A reliable and trustworthy source for finding an accountant is the Institute of Certified Public Accountants, which has a CPA license verification directory. Chartered Accountants tend to do business within companies rather than doing public practice for other entities.
You can ask other small business owners for references, preferably in an industry like yours. In fact, Dubrow noted that the best way to find an accountant is through word of mouth. You don’t necessarily have to go to a large company – some of the best accountants have their own practices.
What qualifications should you look for in an accountant?
Qualifications vary depending on the type of accountant you need. An online accounting services provider must have at least a high school education and on-the-job training. Accountants must have a degree in accounting. A CPA must have a bachelor’s degree in accounting and other certifications.
Look for an accountant who has a good understanding of tax laws, accounting software, and business management. When interviewing an accountant, pay attention to their communication skills and how they explain information to you. Sometimes an accountant will need to decipher documents and information for you, so it’s important that she is able to communicate clearly. Crunching the numbers is important, but so is the ability to design cost-cutting solutions.
How do you rate the accountants?
Just like you wouldn’t hire an employee or source corporate accounting services to anyone without an interview and careful review of their resume, practice due diligence when choosing an accountant. Do a background check on the corporate accounting services provider and ask for customer references. Also, make sure your candidates are certified. Look for them online and see if there are any complaints or marks on their record.
Hopefully, schedule a meeting to discuss who you are, what you want to do, what steps you’ve already taken, and what your goals are. Ask the CPA if he has experience and expertise in working with a company in your particular field. Also ask how readily your accountant will be available, how much time he will spend with you, and whether the work will be done at your home or at the accountant’s.
You want your future accountant to be able to offer financial advice and also ask you the right questions. One way to evaluate this is to simply ask the candidate if he has any questions about your business. If not, find another candidate. You need to know how proactive the accountant will be. Their job is to be in your business (literally and figuratively). The more they try, the better the value you get from their services, helping you save money and grow your business.
How much does it cost to hire an accountant?
Each company is different, so there is no simple answer to how much an accountant and his services should cost. Prices vary by region and location, as well as whether you choose a regular accountant or a CPA.
Basic rules for choosing an accountant for your small business
Running a small business, while ultimately rewarding, can also be challenging at times. It’s hard to be good in every part of the business, which is why creating the right support system is a key part of your overall success.
If finance isn’t your forte, it might be best to seek out a financial professional to help you manage your income, taxes, and other financial responsibilities that come with owning and running a business.
As important as having a competent accountant on your team is, the decision to choose an accountant is something you shouldn’t take lightly.
- Look for qualifications
You can greatly benefit from having an accountant with important business, tax, and accounting knowledge to advise you on ongoing business matters.
In most cases, choosing a qualified accountant with a strong financial background, qualifications such as a Chartered Professional Accountant (CPA) and experience would be the ideal choice for small business owners who want to grow and succeed.
- Find someone you like
It doesn’t matter how experienced or skilled a particular accountant is if you don’t immediately feel comfortable with him as a person. If you don’t like the accountant on a personal level, the relationship will ultimately fail.
Before you decide to hire a new accountant, be sure to work with that person for many years. Changing accounts can be difficult and will lead to unnecessary distractions from your ongoing business activities.
- Make sure you are a priority
Don’t be shy about asking if your potential accountant has enough time for you. Having your accountant answer your questions in a reasonable amount of time will only benefit your business.
- Consider it an investment
We all like to get the most out of our budget. However, be very careful when choosing an accountant based on price. The money you spend on good accounting and tax advice is an investment in your business and future success.
Here are five simple factors you can use to choose the right accountant for your small business.
- Don’t be afraid to be selective
Sometimes, even with proper planning and due diligence, you can choose someone who just isn’t right. While it may be inconvenient to discuss this with your accountant, the long-term benefits of having the right team for your business is worth the short-term inconvenience of having to part with an employee.
When you’re just starting out, you might choose an Excel spreadsheet to manage all of your transactions, and while it works initially, it’s not a scalable solution. Eventually, you have to level up and find a better alternative. Even when you hire a small business accountant, you can have them take the help of accounting software.
There are many accounting software these days that provide a great alternative to spreadsheets. Such software will not only provide you with information about your income and expenses, but it will also provide you with valuable data that you can use for business planning and wise future decisions.
So as the world rapidly moves from traditional business operations to digital, accounting software has never been more relevant.
It’s a smart investment for small businesses because it provides programs that automate processes, helping you to spend more time and attention on growing your business.
There are many benefits of switching to accounting software that will help you streamline your accounting. This article discusses some of the more popular software and gives you a starting point on what’s available and what features you can find in it.
Don’t hesitate to jump to the list of accounting software, but before we do, let’s go through some important questions to ask yourself that may help you better understand your needs and allow you to filter out irrelevant options.
Accounting software: the main questions to answer before doing your research
what is your budget ?
How much are you willing to spend on an accounting tool? Most software has different pricing schemes depending on the features you can find there. They range from free plans to hundreds of dollars per month. When looking for the right package, check if an annual subscription is available; it can usually give you significant savings. You can also check product websites or contact support to see if they offer any promotions or discounts.
What is the size of your business?
Are you a team of one or do you hire a few people? Consider your growth when choosing. You get an accounting tool that you can easily update as your business grows or you start hiring many new employees.
What features can help you the most?
When looking for the best accounting software, start with features and services. Some tools may have billing capabilities but no payroll services. Others may have unlimited users but no inventory management. You need to decide what features you need for your small business and choose the tool that offers the most solutions within your budget.
What are your accounting skills?
If you’re just a newbie in accounting, try to find intuitive software with a tutorial system and in-app help. If you are already familiar with accounting work, you can choose a more advanced tool that suits your needs.
List of accounting software for small businesses
Do you want to save time and skip reading the entire article? Go directly to our recommendations.
Intuit QuickBooks Online
QuickBooks is one of the most comprehensive accounting software packages on the market, so it’s no surprise it’s # 1 on our list – it has many features that make it an excellent choice for both small and large businesses.
Developed by Intuit, a leading Canadian software company specializing in financial software, QuickBooks Online is a cloud-based accounting system that you can access via a mobile app or web browser.
Small business owners and small business accountants commonly use this software due to its smooth and efficient accounting features. Plus, you can conveniently access all of its major accounting tools in one central dashboard.
Quickbooks offers a 30-day free trial and three subscription options. Are the following:
- EasyStart for $ 20 per month
- Essentials for $ 40 per month
- Plus, for $ 60 per month
Most of our customers use Quickbooks’ Essential online package.
Advantages:
- QuickBooks is the most comprehensive accounting package available.
- It has a user-friendly interface which is great for novice users.
- Enables efficient monitoring of labor costs.
- Accept online payments (Visa, Mastercard, ApplePay, Discover)
- Improved payroll features (direct deposits, automated tax returns, employee portal)
Disadvantages:
- The software is a bit expensive compared to other options on the market.
- The payroll surcharge is an additional $ 20 / month + $ 3 / employee / month
- After canceling your subscription, you only have access to your records for one year
Wave Accounting
Wave is billing and accounting software founded in 2009 in Toronto, Canada. They offer free accounting and billing services to small businesses. Wave Accounting is one of the most affordable accounting software and includes many features that make it a competitive choice for small businesses. It offers an intuitive interface and is easy to use with just a few simple clicks.
It’s easy to set up, and even employees with no previous accounting experience can learn and manage it. Wave Accounting helps you bill your customers online and process Mastercard / Visa / American Express payments. However, they charge a small fee per transaction. Growing companies with additional employees must pay for the payroll package, which is an add-on.
Advantages:
- Wave Accounting is free software.
- Ideal for small businesses with no employees
- Easy to set up and use, which means less frustration if you’re just getting started with an accounting software package.
- It is very easy to use and has several useful features such as report templates, reminders, and billing options.
Disadvantages:
- Payroll is a paid add-on.
- Credit card processing fees.
- No option to keep track of time
- Lack of inventory management
Cloud accounting from Sage Business
If you are looking for a solution that is easy to set up and use, Sage Business Cloud Accounting may be the right choice for you. The software comes with two options: desktop with cloud storage and online software. This makes it ideal for accounting professionals who travel regularly and don’t always have access to the internet and can access their data offline. The software has a standard set of accounting functions such as billing, payroll, and payments. Plus, it integrates with the Microsoft 365 platform, so if you’re already using Microsoft 365, you can get even more benefits by choosing Sage 50cloud Accounting.
Since this accounting software has all the features of QuickBooks Online, but at half the price, it might also be worth a try.
Advantages:
- The cloud system makes it easy to set up without the need for installation.
- Sage Business Cloud Accounting is user-friendly and allows you to quickly create invoices and invoice customers.
- You get 24/7 support from Sage.
- Undergraduate students studying business accounting are learning Sage, so finding an accountant with Sage Accounting experience would be easy.
- It is a more affordable option compared to Quickbooks.
Disadvantages:
- Can be a bit more complex and less intuitive to use
- You can spend more time learning this software compared to other options.
Xero
Let’s say you’re looking for cloud-based software to help you manage your business accounts. Then Xero is the accounting software for you. Xero software is revolutionizing the daunting accounting process by designing a super simple and easy-to-use tool. Ideal for micro businesses, this software has a simple interface that makes it easy to set up and navigate. Based in New Zealand, Xero has become a popular accounting software in the UK, US, Australia, and Canada.
Xero quickly established itself by offering reliability, ease of use, and powerful features at a reasonable price. The company targets small business owners or companies that require critical accounting functions and does not include many advanced features; for example, the wage function is minimal. As a result, Xero can be great if you need an accounting package that works well on its own without any extra bells and whistles.
Advantages:
- Flexible pricing plans make this software accessible to businesses with smaller budgets.
- Xero has received numerous awards and an “A+” rating from the Better Business Bureau, so you can be sure it’s reliable and secure.
- Its simple interface is practical for both beginners and experienced users.
- Designed for users without accounting knowledge, making it one of the most user-friendly software.
Disadvantages:
- Xero is not the best package if you are looking for a comprehensive accounting system.
Freshbooks
Founded in Toronto, Canada in 2003, Freshbooks has successfully become an essential accounting tool for service-based businesses. This Canadian accounting software offers a more customized invoicing feature compared to other SaaS (Software as a Service) accountants.
While primarily facilitating quick and easy invoicing, this software is also great for basic accounting, invoicing, expense tracking, and time tracking. In addition, it has a user-friendly interface and is also relatively affordable.
Freshbooks has three different plans that you can choose from depending on the size of your business and its accounting needs.
A unique feature of Freshbooks is that you can customize your invoices to complement the look and feel of your brand, and it’s one of the software’s best-selling sites. Additionally, Freshbooks integrates with a lot of third-party software like Shopify and Stripe, so if you have a significant online presence, it makes sense to check out Freshbooks’ offerings.
However, it’s not the most comprehensive accounting package, so don’t expect to do payroll or taxes directly from FreshBooks.
Advantages:
- Easy to set up and affordable;
- FreshBooks is very user-friendly.
- Best invoicing software
Disadvantages:
- Accounting functions are quite limited.
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Zoho Books
Zoho Books is an exceptional business accounting tool that appeals to small and growing businesses. After all, it is a cloud-based tool designed to integrate online productivity applications.
The primary advantage of Zoho is its ecosystem where many other Zoho applications can be integrated and managed from the same account.
Apart from accounting software, Zoho provides Mail, CRM, Marketing, and other business tools.
It includes automated processes such as payment reminders, alerts for certain transactions and workflows, and report scheduling.
Advantages:
- Zoho Books is very affordable and easy to set up.
- Other Zoho software has integration with Zoho Books.
Disadvantages:
- Zoho is not a Canadian company, so it may require additional customization for Canada, such as setting up the correct taxes
Best Free App: Wave
Wave is free accounting software that offers all the key features for your accounting needs. It provides unlimited bank and credit card syncing, expense tracking and management, billing, report generation, receipt scanning, invoicing, and the option of guest collaborators in one free account. It’s ideal for freelancers or small service-based businesses that don’t need inventory tracking or payroll generation.
Key properties:
- Complete accounting service, receipt scanning, and invoicing.
- Add multiple businesses to one account
- Mobile app functionality
- Unlimited number of free users on one account
Characteristics of a Good small business accountant
There are a number of characteristics that can help you determine the qualities of an accountant that are required for your business. If you are looking for the qualities of a good accountant, this article can help you. Below are some qualities you should look for when choosing accountants:
1. Highly organized
A good bookkeeping and accounting services provider should always be able to keep the accounting records up to date. At the end of each month, they should be able to show you how much you have earned and how much you have spent based on the documents they have kept during the month. They should also be able to use these documents to show you whether you have actually made a profit or not. Additionally, an accountant’s ability to stay organized will also make it easier to access financial records when needed and ensure your business doesn’t end up paying fines for lost or missing documents.
2. Stay up to date with the latest trends in bookkeeping and accounting services
One of the most important qualities of a good accountant is the ability to keep up with the latest trends in accounting. As a client and business owner, you should choose to work only with an accountant who is familiar with current industry trends. This quality is critical to a company’s success, as trends change regularly, and not keeping up with these trends can impact your company’s day-to-day operations. An accountant who knows the latest trends in accounting can provide an unbiased opinion that will help your business improve and succeed in the long run.
3. Patient
A good accountant must also have a lot of patience with their customers. Accounting tasks take a long time to complete and explain the whole process to clients, so you should only work with an accountant who is always patient. If your accountant is impatient, it will be difficult for you to properly bookkeep your business or learn how bookkeeping works. How can you get your accounting questions answered when your accountant isn’t keeping his cool? Do you think you can really understand how your business accounting works, if so? Therefore, it is imperative that you choose a patient accountant to ensure that your books are accurate and that you know the whole process.
4. Orientation to detail
Another important characteristic of a good accountant is that they should be extremely detail-oriented. An accountant must have the ability to take a large amount of information and summarize it in a way that the average person can understand. A good accountant will also be able to present their results in a way that is easily understood by clients. This includes presenting the results in a way that makes the information easily understood by the client. A detailed accountant also knows how to provide accurate financial statements to clients. An accountant should be willing to do their own research in order to provide accurate financial reports to their clients.
5. Communication
Having excellent communication skills is another quality you should look for when hiring an accountant. An accountant should be able to communicate effectively with clients and should be very good at explaining the terms, conditions, and procedures of the bookkeeping and accounting services. In addition, the accountant should also be able to answer any questions you may have and be able to explain the solution to certain accounting problems. Communication is the key to making any relationship work, including the relationship with your accountant.
6. Sincere
Another important trait of an accountant is honesty. This means that the accountant must be completely honest in all dealings, especially when it comes to your financial statements. Accountants should be open and honest when dealing with you as they will handle your company’s money and financial transactions. A dishonest accountant will make it difficult for you to keep track of your business finances, which could also be why your business is short-lived.
7. Effective
A good accountant must be able to perform their duties efficiently. This means that accountants must always take the necessary steps to ensure that their work is done correctly and in accordance with the law. The accountant must also make sure to respect the deadlines set by the client and avoid any kind of conflict during the work. Account inefficiencies, no matter how small, will negatively impact a company’s accounting process.
8. Customer oriented
Customer satisfaction is a fundamental requirement for a company or company. So it is imperative that the accountant who works for you provides good customer service.
In addition to the peace of mind of knowing that all of your business books are well maintained, a customer-centric accountant will also create an open and professional relationship that will make it easier for you to raise concerns. This would allow clients to interact with the accountant in a non-competitive way. A customer-oriented accountant can work closely with the customer and make the necessary changes based on the customer’s needs. Additionally, working with an accountant who puts their clients’ needs first will also give you value for your money, which is very important if you are a small business owner or entrepreneur.
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Take away
You work hard to build and maintain your business, so make sure you develop strong professional relationships; they are integral to the success of your business. Finding the right accountant who understands your business challenges and opportunities is important, so take your time and choose the right team member. Small businesses are a major driver of the Canadian economy. Even after the impact of the global pandemic, they still account for 98% of all employers in Canada (Statcan, 2020).
If you’re in that 98%, it also means that no matter your industry, you definitely have tough competitors, and becoming the first in your niche takes a lot of time and effort. This is why it makes sense for you as a business owner to spend more time running your business and less time on bookkeeping and bookkeeping-related tasks, and the right software can save you a lot of time.
Let’s get in touch
If you need to file your personal tax return look no further. The accountants at WebTaxOnline can get your work done for you at very competitive rates. Call us or send an email today. Just get in touch with is and we’ll be sure to get back to you within 24 hours with the relevant information regarding your personal tax return.