Small business tax and accounting services
Do you know the best way to structure your business?
Do you think a sole proprietorship is the best form of your business structure, being a sole proprietor or better incorporated? There is a lot to consider from a legal point of view and a good commercial lawyer can be helpful, but a lawyer cannot advise you from an accounting point of view. When you approach our company formation firm, we can offer advice on
what is best for tax purposes.
In general, we recommend that you start a company, but do not think about the structure of your company when starting it. When filling out online forms, most of our customers choose the default business structure options. We’re not saying there’s anything wrong with that, but the default structure isn’t usually the best choice when your accountant is calculating dividends at the end of your tax year. There is not much room to optimize the distribution of dividends to shareholders, which could lead to higher income taxes. There are different types of shares that you can issue during the incorporation of a company and in this case, the advice of an accountant is essential. The right share structure will allow you to save a significant amount on taxes.
So if you haven’t incorporated your own company yet, ask your small business tax accountant for advice so you don’t have to pay a lawyer to fix it later.
Startups are one of the specialties here at WebTax Online and we support thousands of startups every year. Welcome to the world of managing your business. Whether you have a focus, a set business model, or you intend to conquer the world of business, we will help you every step of the way. Start your business with WebTax Online’s expert start-up accounting.
Business models evolve over time, sometimes due to changes in the market and sometimes due to the advent of technology. As exciting new trends emerge, we at WebTax Online keep a close eye on the startup ecosystem and prepare your business for the next level of success with advanced technology tools, real-world business experience, and flexible service offerings, including bookkeeping and accounting.
Whether it’s advice on business structure, CRA registration, setting up a limited company, or getting a business bank account, WebTax Online can help you with all that and more. We have packages to suit your needs and budget. We have trusted professional accountants offering online and in-person services.
What services do startups need?
All start-up services must ensure that running your business is as cost and tax efficient as possible. ask your small business tax accountant for advice.
• Establishment of companies
• Tax registration
• Establishment of a company bank account
• Accounting
• Payroll book
• Specialized accountant
• Presentation of VAT
• Self-assessment of the tax return
• Archiving of financial statements
What is Startup Accounting?
Accounting for start-ups is essentially the same as accounting for any business, but with a greater understanding and bias towards first-time business owners and support for growing from the ground up. Initial accounting records your business income and expenses, calculates your tax obligations, and prepares and files business and/or personal income tax returns. ask your small business tax accountant for advice.
Do startups need accountants?
You may have your business plan out of the way, you may have all your business cards printed, and you may already have clients, but your business will still require accounting support from the start. Get the support you need from WebTax Online and our entry-level accounting solution.
Getting a good accountant for your new business should be a decision you make early. As? Having a start-up accountant from day one, or even while you’re still planning your new business plan, will give you the support and advice you need early on.
If you are trying to reach out to potential investors or raise funds, you will need to have high-quality financial statements that are essential for tax reporting and providing tax updates. Professional accountants can prepare accurate financial statements that attract investment. By hiring an accounting firm, you can focus on your core business activities, which include building your product, developing relationships, building partnerships, marketing and sales.
When you’re just starting out, you know how important it is to stay lean and save money. In the early stages, startups struggle to get started, stretching limited funds and cutting costs where possible. Here at WebTax Online, we understand the challenges startups face and how important it is to acquire customers and pay expenses as quickly as possible. Our team of budding accounting experts will work closely with you to make sure you don’t fall into any of the common pitfalls and dangers that come with setting up.
How can WebTax Online help your startup?
Our dedicated team of business experts offers a full range of services for all your accounting, tax, and start-up needs. We seamlessly integrate with your favorite systems, so all you have to do is review and approve. And it is done. Our startup solutions vary depending on the stage your business is at.
1. We’re just getting started
1. Institution selection and constitution saving
2. Choosing a business name
3. Commercial license
4. Federal and provincial documentation
5. System implementation
6. Financial project
7. Policies and procedures
8. Track expenses
2. Already in operation
1. Income accounting
2. Guide to accounting and bookkeeping
3. Accounting at the end of the month
4. GAAP financial statements
5. Consulting in the field of employee benefits
6. General business advice
7. Payables/receivables
8. Accounting reconciliation
9. Interim CFO Consulting
10. Tax planning and consulting
11. Begin annual tax preparation and compliance
12. Wages and sales taxes
13. Monitoring of fixed assets
14. Financial report
3. Scale your business
1. Creating a budget
2. Prices
3. Audit support and preparation
4. Analysis and monitoring of cash flows
5. Financial forecasts and projections
6. Research and development tax credits
7. Compliance with tax regulations
Why choose WebTax Online for your start-up business?
We want to help startups in their first steps in the business world and we will support you throughout their journey. We offer a range of services and benefits to those starting out in business and offer unrivaled expertise in business accounting. Get in touch with a small business tax preparation near me.
Accounting work or systems configuration
WebTax Online can function as an in-house, fully functional finance department or provide specific bookkeeping or accounting functions to complement existing resources. We also provide advice and assistance with accounting system integration and workflow setup.
Custom reports and analyses
The accounting system is the financial backbone of your business. Once configured, the system should capture critical data that can provide insight into your startup’s financial and operational performance. We can work with you to develop and analyze customized reports that you can evaluate and track your startup’s progress and growth. Our team can also assist with advanced forecasting and budgeting using data and analytics derived from these reports.
Financial modeling
Our teams of experts know the latest and most sophisticated formats to create accurate financial models using the right formulas. Models allow you to consider possible outcomes based on ongoing and necessary adjustments to financial data and/or business scenarios.
Unrivaled accuracy
We sync with the software you already use, like Xero and QuickBooks, to give you a complete and always up-to-date financial picture. No need to switch between apps. And at the end of the month, you’ll receive financial reports based on your most important metrics.
Long-term planning
Whether you’re a fledgling tech startup or venture capital-backed, our services will grow with you. We offer expert advice on investment and financing opportunities through our partners and will ensure that you take full advantage of available tax regimes, including R&D credits.
Specialized and professional support
Your dedicated financial expert is always on hand to answer questions and is supported by our intelligent accounting software to ensure all deadlines are met. Get fast and responsive service. Your dedicated financial expert knows your business and books inside out.
Expert CFO services, customized for you
Grow your business with the advanced financial support you need, when you need it. Our extensive CFO services include annual budgets, ongoing financial support, tender evaluation, fundraising strategy, and more.
Under one roof
You wouldn’t buy a cup of tea in one place and sarnie bacon in another, would you? We feel the same way in accounting. Why did one accounting firm set up your business, another took care of your accounting, and then at the end of the year you had someone else set up your accounting? We offer a complete start-up accounting solution that covers everything your business needs to thrive and succeed for one fixed price, all under one roof. We believe that having everything at your fingertips and having all your business services handled by a trusted accounting firm will give you simple and easy access to all your business information without unnecessary hassle.
Scalability and flexibility
Whether your start-up requires support for a one-off project or has recurring needs, all of our services are scalable and customizable. Our services can range from the smallest and most detailed accounting or financial tasks to the most complex data-intensive ones
Expert CFO services, customized for you
Grow your business with the advanced financial support you need, when you need it. Our extensive CFO services include annual budgets, ongoing financial support, tender evaluation, fundraising strategy, and more.
Comfort
We understand the budget constraints of running a small business, the importance of every penny you make, and how difficult it will be to grow your business’s profits. That’s why we offer start-ups a reduced rate on all our services. We believe in providing convenient access to experts without compromising on quality. We have developed an easy-to-use quotation system where you enter your details and the services you require and we will provide you with a final price. No two stores are the same, which is why we tailor our packages and offer a personalized service for all customers. Our in-house team will work with you to ensure you maximize every pound you earn and pay the correct amount of tax to the Internal Revenue Service of Canada. We encourage anyone to find a better price for current accounting services.
Our accounting department specializes in small and medium-sized businesses. We also have an HR specialist who works closely with domestic businesses.
We always adapt our accounting services to your needs. Simply tell us what needs to be done and we’ll give you a free quote.
If you are looking for comprehensive support, we will guide you through the entire process of bookkeeping, reporting, liability protection, and tax savings as legally as possible.
We have been providing accounting services for more than 15 years.
That means we’ve seen and worked with just about every possible company in every industry. You can be sure that we will do a great job for you and keep you on track.
WebTax Online Professional Corporation offers small business accounting services to all of its corporate clients. From cost analysis to optimizing the inventory turnover process, small business accounting firms can help businesses stay in control of the bottom line. They can also help reconcile customer deposits and invoices to facilitate collections. Proper accounting practices allow a business to increase revenue and manage expenses, as well as ensure that clients do not miss out on potential tax savings when tax season approaches.
WebTax Online helps businesses stay organized by providing small business accounting services. Well-organized books help businesses in many ways. First, they allow customers to track their cash flow in preparation for big upcoming expenses. The need to replace more expensive equipment will not completely derail the company’s budget. Second, bookkeeping with abusiness accountantin Toronto is important to keep your accounts under control. Business is about building strong, long-term relationships, and smaller companies often want to build credibility with their suppliers and customers. Accounting helps ensure timely payments to suppliers and that customers receive promised goods and services on time.
Accounting is also important in creating small business financial statements. Well-organized books allow a company to easily compile profit and loss statements, financial statements, and balance sheets. These statements are essential for any small business, as they help entrepreneurs obtain loans and attract future investors. A good small business accountant in Toronto can find great ways to present these documents while maintaining and complying with accounting standards and regulations. WebTax Onlinehas many years of experience in assisting clients in the preparation of financial statements, which will enable thoughtful strategic planning.
Small accounting firms are also experts in helping businesses prepare for tax season. Navigating small business tax returns can be confusing, and it’s also important to avoid missing deadlines that can lead to fines and penalties. There are also many tax credits and deductions available to businesses, and a professional accountant with technical
knowledge and experience will help businesses respond to such opportunities. A lower tax bill can also significantly increase your profitability.
Small businesses are an important part of the economy. They may encounter many problems when managing their company’s accounting processes. WebTax Online is an experienced group of licensed professionals who are ready to help you make the right decisions in a risky and uncertain world by providing flawless accounting, tax, and financial reporting services. Learn more about the Ontario Tax Credit.
A team of professional accountants
While you focus on the business side, you need a reliable partner who takes care of accounting, bookkeeping, and taxes. You need someone who has both the experience and the right education to prepare your financial statements, calculate your tax refund, file your tax return and handle all CRA matters for you.
At WebTax Online, we have the experience and education to help you. Our business accountantswork in the field of public accounting and specialize in providing accounting services to small businesses.
We know what tax credits and deductions may apply to your business and suggest where you can get government help or save on taxes.
We will help you better understand the financial side of your business, optimize your company structure for tax purposes and make the necessary adjustments.
Our team is an integral part of your success and prosperity.
Outsourcing your accounting services is a smart choice
Delegation of various tasks is one of the main principles of a successful business operation. Even if your business is small and you can find the time to do bookkeeping, you cannot go through the entire accounting cycle and prepare financial statements without proper education. Also, buying specialized software like Intuit ProFile or Caseware doesn’t make sense unless your business is a medium-sized or large corporation with a dedicated accounting department.
Outsourcing accounting and bookkeeping to public accounting firms is what most small business owners decide to do within the first year of opening their business, and we’re here to help. Our business accountants cost a fraction of what you would pay a full-time employee.
Better get an accountant in case of a CRA audit
Although some of our clients have been operating their businesses for 7-10 years without any CRA requirements, a CRA audit may occur sooner or later. You need someone who is experienced and knows what information the CRA is looking for and what you need to provide to complete the audit as quickly as possible.
If you work with WebTax Online, we take care of CRA for you so you don’t waste time and energy. We have experience working with CRA and it helps us quickly identify the information we need to provide to make sure they get everything quickly and it doesn’t take too long. Get in touch with a small business tax preparation near me.
Choose WebTax Online to be consistent with your bookkeeping and accounting
You may be wondering why WebTax Online is a better choice than other public tax firms. while the choice is yours, here are our benefits:
• We have been operating in the public accounting sector for many years
• Our accountants are well educated
• We are informed about the latest changes in tax laws
• We specialize in small and medium-sized businesses and know our field well
• We maintain high-quality accounting standards and practices
Our services for small businesses
Our professional small business accountants provide the following services to entrepreneurs:
• Financial statements We will prepare all your financial statements, including balance sheet, income statement, and cash flow statement
• Accounting We will record your income and expenses in Quickbooks. We will review your receipts and ensure you have a record of all business expenses.
• Harmonized Sales Tax (HST) We will prepare monthly/quarterly/annual HST returns. We will advise you if you need to register an HST account and open it in your name.
• Traceability of records We maintain and provide all records at your request or if required by the CRA. We use secure storage with regular backups.
• Payroll services We will help you set up a payroll account if you need one and provide all required documents eg T4 and T4a in time. We’ll run PayRun and let you know how much payroll tax you owe to the CRA.
• WSIB We provide all WSIB reports.
We provide the following tax services to small business owners:
1. Interim statement Our interim statements help you forecast your income and expenses.
2. Tax planning We offer individual and corporate tax planning with full use of all available deductions and credits.
3. Tax return preparation We provide tax return services for individuals, legal entities, estates, trusts, and non-profit organizations.