A large Employer subsidy program CEWS has just started. It will give you 75% of the wages that you pay your employees.
People who have taken CERB will not qualify for CEWS. You may like to pull yourself out of CERB and go on CEWS. Those who got CERB without being eligible, should also do so.
There are many Assistance Programs to help businesses cope up with Covid-19 damages. Only some of the programs may apply to your business. We are helping our clients to maximize their benefits. We do so by matching program eligibility criteria with your business situation.
A key parameter in matching is your Current Operation (CO) Level. For example, your CO level may be about 80% of the Regular Operation (RO) level. This represents an almost fully open business. At 20% level you will be almost fully closed. A partly open situation may be at 50% CO level. We would like to know your approximate CO level.
We would also like to know your Revenue in January, February, March and April. We have now prepared the attached Form to get your answers.
Due to COVID-19 we have not been meeting client’s in-person since last week of March. But we have managed well using emails and phone call to exchange Information or Documents (IODs).
Even if some restrictions are being reduced by government, Social Distancing is expected to remain for a while. We are afraid we have to continue these procedures to exchange IODs.
Some clients had to provide us packages containing hundreds of documents. At our request they dropped off such packages through the slot in our office door. We want all clients to know of this procedure.
Anybody including the couriers can drop off document packages at our office in a bin placed on the office stairs. You can do that any time in office hours. The other drop off alternative is through our office door slot; this can be done at any time.
For providing us information on a few pages, you can use E-mail and that on many pages; use a service like Google Drive or Dropbox or OneDrive.
We are all going through tough times brought upon us by COVID-19. We hope you and your family are all well.
Health departments and professionals are helping you by informing on health matters; and Finance departments and professionals, on economic matters. We as accountants want to help you in ways we can.
Most of you own small businesses. So, we undertook to help you with 3 major economic programs set up by our governments recently.
For the employees who have lost their jobs, the usual route of Employment Insurance (EI) is already there; a new route Canada Emergency Response Benefit (CERB) is being setup.
This will give $2,000 monthly to self-employed owners and contractors.
To help employers pay wages, a program called Temporary Wage Subsidy (TWS) is being setup. Employer can get up to 75% of their wage expenses paid by government.
To ease cashflow of businesses, Canada Emergency Business Account (CEBA) program is being setup. This will give your business an interest free loan of $40,000 and $10,000 of this amount may not be even repayable.
Eligibility Criteria and Application Forms for these programs should be ready within a week. We are watching the developments closely and continuously. Let us know if you need our help in applying for EI, CERB, TWS or CEBA.
We also want to let you know that we have extended our restriction on in-person meetings to April 13th. But we are open for business using email and phone during regular office hours.
Are you planning to start a new business this New Year and looking for a bookkeeper, who is equally responsible for his work, effort and reputation to manage all the official task of the business, then understand its tactics, before you hire one?
Bookkeeping is the systematic and consistent recording, organizing and maintaining of financial transactions in a company or a business. It doesn’t matter what kind of business you are having, Starting and maintaining solid, professional accounting practices for bookkeeping is honestly essential for the overall growth of the business.
In general, accounting should be performed daily on financial transactions and information related to a company. The reason why we are so concerned is whenever there is a situation when we want to verify the task like the sales, tax or something which is related to the benefit of the company, it ensures that records of the individual financial transactions are correct, up-to-date and comprehensive.
Make sure you are ordering in work with accuracy and consistency is therefore vital to the process. Basically, accounting means recording and keeping track of the financial numbers which is vitally involved in the financial aspect for both individuals and non-profit organizations.
It is obvious because detailed and thorough accounting is crucial for companies of all sizes as it controls the business which is a never-ending process coupled up with increasing to-do lists. Later on, if we didn’t aware of keeping a track, accounting quickly becomes more complex with several taxes, assets, loans and investments responsibilities. So, the bookkeeper is equally responsible for its reputation and comprehensive work.
Now, the main and truest purpose of a business is the tracking and maintaining company’s financial assets that allows bookkeeper to responsibly keep an up-to-date record of current incoming, outgoing and outdated amounts. This is what we talked about earlier.
The bookkeeper responsible for bookkeeping a business would record all transactions that are related to business, but not limited to:
Basic Accounting Records
Handling the Vendors and Customers Invoices
Cheque books and Reconciling Bank Statement
Payroll Records and Payroll Files
Receivable Accounts
Sales Tax Reports
Relevant Ledger Entries and so on
Bookkeeping and accounting are often heard being used interchangeably and sometimes confuses a person which one to consider, however, accounting is the overall practice of managing and tracking finances of a business or individual, while bookkeeping usually refers to more specifically to the tasks and practices involved in recording the financial activities.
This however looks same but is somehow different depending upon the task and services which business are offering.
Now you know the difference between the two, so find which one suits for you. Well in our case, both are necessary and vital for handling the reputation of your business
At H&T Accounting Services, we can prepare for you any documents you need to present to various government departments on income tax, harmonized sales tax, occupational safety insurance and payroll. All the documents we prepare are highly confidential and tax-efficient. We also carry out all the necessary records and accounts to support the information used in the archived documents so that next time it can come in use. With our accounting services, we can help improve the administration and profits of your business. For more information on how we can help you regarding your business, consult our professionals.
Every company or business has a mission and once it is sorted out or vision are tweaked, then big tycoons faced with the issue of implementing the new plan and sometimes that requires extensive help from accountants or bookkeepers.
For the purposes of controlling business, the following will serve as why having a bookkeeping services is vital organ for your business.
According to us, Bookkeepers are a rare breed of individuals, and are used by every organization’s – known for their skills for the recording and managing of financial transactions, and is basically the part of the process of accounting in business. But if they do not possess superior skills, they can drop a corporation in a very quick order and guess what things are messed.
Therefore, this person is vitally important to any organization and if you are wishing to have a more than one, then this is overall good just for the bright future in the world of business.
Now, what duties they actually offer us to surf the business with ease, let’s find out:
Maintenance of Basic Accounting Records
Handling the Invoices of Vendors and Customers
Balancing the Cheque books and Reconciling Bank Statement
Maintenance of Payroll Records and Payroll Files
Maintenance of Receivable Accounts
Making Relevant Ledger Entries
Preparation of Sales Tax Reports
Prints Preserved Financial Reports and Statements
Well, there are a lot more and it surely depends upon what kind of business you are having. If you are having a small business, still there is a chance that you require bookkeeping and it’s better to hire one for your business.
If you want us to do bookkeeping for your new or existing business, H&T Accounting services offer premium bookkeeping and accounting services in Mississauga, Toronto.
No matter what your business says or what kinds of services you are serving we have everything to provide you with every record where our professional’s accountants use standard working techniques to prepare journals, ledgers, and compliancereports and schedules and a much more for you.
Many small businesses and startups don’t understand the importance of accounting. Often the founders of these businesses try to handle the bookkeeping themselves to save money. But since they know nothing about accounting and how it works, they fail at this job miserably. Ultimately, the give up but still don’t hire an accounting expert to keep a financial record of their business. While you may not notice the disadvantages of ignoring bookkeeping straightaway, they will show themselves eventually and it will be too late by then.
Here are the dangers of delaying accounting that might scare you enough to hire a professional today:
Hard to Track Profit& Progress:
When you are not keeping proper records of every business transaction, you won’t know the profit you are earning. Profit isn’t the money you currently have. You can’t separate your business’s money from the expenditure. And it is only after paying every expense that you can find out about the profit. But if you are not keeping the records, it will be impossible to know what your business is making.
When your business launches a new service or product, the amount of money people spend on them will help you know about their usefulness. But if you are not tracking the monetary progress of your services, you can’t know for sure which of them is performing good and which needs to be discontinued. But bookkeepers Mississauga can help you decide which service is loved by your clients the most.
No Record of Fraud:
When you don’t have an accountant on your team, anyone can start stealing money from the company’s accounts. Without accounting, it will be a long time before you discover the fraud. The guilty party would have left with your money by then and your will have no record to prove their crime.
When your books are prepared in time and you examine them regularly, you will be able to detect a fraud easily and in time. For a business startup Mississauga, detecting a fraud in time is essential.
Tax Payment Difficulties:
If you don’t have exact records of sales and expenditure, you will not be able to fulfill your statutory obligations. Your payment of taxes can get delayed or be incorrect, which can result in you getting penalized. Good accountants Brampton can save you from such tax troubles.
Delayed Payments:
Imagine meeting an investor for dinner and your card getting declined because you forgot to pay the bill. Embarrassing, right? That’s what happens when you are trying to handle everything yourself and forget important things like paying your credit card bill. Reliable accountants Mississauga can help you avoid such an embarrassing situation.
Unfair Share:
When you refused to take help from the bookkeepers Oakville, you won’t be able to divide the profit equally between you and your partner. This unfair division will only lead to conflict between you two and hurt your business in the long run.
Accounting done right can help your business succeed which is why you should stop delaying it instantly and hire a professional.
Why business people need the service of accountants? How an accounting service is advantageous and what it involves? These are some of the queries that strike in the mind of the people who recently started their own business. Today in this post, we will try to clear all such doubts by giving clarifications over such bundles of queries.
The majority of Entrepreneurs do not have accounting, finance or bookkeeping background, results in obstacles in the business. Stated differently, if you are an entrepreneur and wants to run your business smoothly then you should hire a reliable accountant oakville, it not only helps your business run smoothly but also keeps your business away from various sort of risks. Moreover, business people with lack of knowledge do business with the purpose of making money and can not pay attention to the track of their money. In the worst-case scenario, it may also become the reason for the collapse of the small businesses.
If we talk about the advantages of hiring an accounting service, the very first advantage is, the accounting service helps your business to deal with tax reporting. By hiring a reliable accounting service you can avoid such sort of problems as accountants specialize in doing difficult calculations that are needed by the various departments of the governments. Whenever you are proceeding to hire a responsible clerk, you should finalise two things: hiring internal personnel or external personnel.
The organizations based on traditional organizational structures hire an internal team of accountants. But nowadays, it becomes outdated. In the present time, businesspersons outsource their accounting tasks and if we talk about the reasons for it, they just simply want to save their money.
Basic Benefits of Accounting Service & Management Accounting for Operations
The decision of hiring a skilled and well-experienced accounting service allows you to focus on what you do best rather than concentrating over other business responsibilities. Firstly, They will make your all the financial records organized and systematized. Secondly, they’ll not only make a record of your company’s financial information but also arranged them into categories so as to make easily accessible, summarized and evaluated. Also, accounting and bookkeeping service takes the record and track of income, expenses, liabilities and cash flow.
Tax Reporting: Preparation
Tax reporting comes in the key benefits of hiring accounting standards as they will take care of everything when it comes to quarterly reporting and paying of taxes. Moreover, it is also very much important to make an accurate record of sales by invoicing and accounts receivable plus wage payments addressed to employees.
All in all, accounting services work flawlessly in order to help the business owner make safe and reliable business decisions. H&T Accounting Services offers accounting services including financing, Tax appeals, bookkeeping, Audit defense, Tax Saving Plans, and more in Mississauga, Brampton, Milton, Oakville and Toronto.
Did you see ‘The Internship’ and related to the last part way too much for your own comfort?! Well, then don’t be a dinosaur and get into the game!
Accounting is evolving at an astonishing pace! Gone are the days when knowing excel tricks made you the cool guy! This is all about understanding the changing oeuvre and understanding that as much as they all love you; your employers cannot possibly keep a full-time employee for bookkeeping when the whole process can be done through an online tool for free!
So how do you stay relevant?!
Well, first of all, do not say that you want to stay relevant in front of anyone. It’s not the right attitude! The right attitude is to get into the game and learn new skills! Just like Owen Wilson did in ‘the Internship’!
Here is H&T Accounting Services’ little advice for you…
Make a habit of learning new technology!
Whether it is the online free tools for tax saving plans or computerized Tax Returns systems, enjoy innovation and make strong developments in technology awareness on a regular basis.
Enjoy your field!
Yeah, you heard us right! Gone are the days when Accountants used to be boring and hard to engage, put down that pile of business tax appeals and get into that business start-up conference in Mississauga!
Become a part of something new!
Now that you are in that conference, go and become a part of a business start-up and show them your awesome tax saving plans in Mississauga that you learned in Oakville. Start-ups are a great way to stay young and enjoy the experience of being a professional. You also get a wide berth professionally and office politics won’t remind you of a shark tank!
Get certified often!
In this day and age, keeping up with the latest memberships, attestations, and certifications are all a big part of the game. Your capabilities are not myths anymore, they are constantly calibrated. Once you are done with ten years of service, get a PMP certificate. So that you will have a record of your success that is quantified.
Let the Bookkeepers go!
Bookkeeper, as a profession, is gone. Whether you are in Brampton or Mississauga; the profession of Accountant has outgrown bookkeeping. Get over it and grow! We here at, H&T Accounting Services, have learned these lessons!
It’s essential for the success of your own business that you set out clear assurances and obligations to your clients – both old as well as new – that their data is fully protected.
As a accountant or bookkeeper, your client holds you in a position of trust. Not only do you have access to a host of confidential information regarding their business performance and business finances, but if you are managing payroll services too, you will have in-depth knowledge of their employees’ personal information.
You have a duty of care to your client to maintain high levels of confidentiality and security – and can be fined heavily for breaches of security surrounding personal data which lead to individuals suffering loss or fraud. It’s not just worth the risk when there’s so much at stake.
So, what can you do for ensuring that your user’s information is secure – and how should you advise clients to secure information at their end of the business transaction?
Keep hard copy paperwork away from prying eyes
Using online accounting software is one major step towards client data security, but unless you secure hard copy data, you’re leaving yourself open to risk. With today’s modern technology, you don’t need to print out a copy of every invoice or ledger – and statutory accounting firms and HMRC are generally happy to use securely held digital information to produce year end returns and conduct audits. So, keep your printouts to a minimum – and ensure that the paperwork you do produce is kept in a locked cabinet.
Reduce your risk by minimizing access to client information
If you work in a team, make sure that only those of your colleagues or employees who genuinely need to have access to your clients’ data have access to your online accounting software and other secure areas.
Each user can be assigned different levels of access which ensures they only see the data they need to see to complete their job.
Make sure your internal security systems are up to scratch by routinely changing passwords regularly – and always change all password security when a individual leaves your company or you feel they may be a potential risk to your systems, no matter how small.
All of the above measures can help your clients keep their data secure, too – for no matter how strict your own security measures are, if your customers aren’t adhering to the same levels of data security, there is still the element of risk. Think smart, use your online accounting software wisely and keep that confidential information safely away from fraudsters and unscrupulous competitors.
Due to increase in the complexity of the world of business, managing and measuring finances became a difficult task. Without having an efficient system for taking care of back office transactions, payroll processing bookkeeping, and the management of finances become ineffective. These days outsourcing became beneficial to organizations, especially in accounting and financial agendas. Different essential benefits which a business can receive from outsourcing its accounting and bookkeeping services are-
1. Saves time – Outsourcing financial managers save company time by providing service on time. For managing bookkeeping services, in-house associates may not be as time-conscious as an outsourcing organization who only focus on these financial features.
2. Reduce chances of company fraud – It is important to note that accounting and outsourcing bookkeeping services reduce the probability of fraud within the corporation. As all financial data will be handled by outsourcing organizations so employees won’t be able to access any financial or accounting details. Outsourced organizations will be more objective concerned to all important financial decisions.
3. Saves money – As we known time is money and by hiring a right outsourcing company you can achieve success in getting a quality of accounting service on time. An organization, which is amateurishly trained in one specific area is more liable to deliver service on time with high-quality standards whereas business associates may not be punctual.
4. Focuses on mission – Financial tasks managed by an outsourcing company will do their task efficiently by just only focusing on management of accounts. They are expertise and licensed service providers who have experience in handling accounts of an organization efficiently.
5. Optimizes accounting services – Bookkeeping services are maximized through expert outsourced organizations, rather than from the services of a business’ associates who usually have generalized experience and ideas.
6. More disciplined and/ or objective views – Efficient and reliable accounting organization who is outsourced by the corporation is more focused about the procedures to manage financial issues relating to that corporation.
All in all, outsourcing is a recommended choice for a large number of corporations or businesses, for the purposes of maintaining efficiency in the least expensive and productive manner.
H & T provide accounting and bookkeeping services at very low rates for medium, small as well as large businesses. You can easily access H & T accounting services in Brampton, Mississauga, Oakville efficiently. H & T Accounting Services maintain all records of their customers related to income tax, harmonizing sales tax, workplace safety insurance, and payroll. They have more than twenty-five years of experience in serving different businesses including manufacturers, contractors, importers, exporters, computer professionals, retailers, and other service providers.
