The most important factor responsible for running the business in a successful manner is to manage the financial records properly in an efficient manner. The failure and success of the business depends upon the financial aspect. It is very important to have a clear picture of all the financial transactions running in your organization so that you are able to take the financial decisions more confidentiality and in favor of business.

The major responsibility of keeping all the financial records in an organization is an accountant and bookkeeper. It is always advisable for the business owner to keep an eye on the financial conditions and matters of the organization himself rather than outsourcing it from accounting firms. It will even allow you to have more control on your financial consequences which will help you in moving ahead in long run. Record of all the financial matters will provide you the accurate information of all your business within the proper time frame effectively.

Benefits of Good record-keeping system to your business

There are large numbers of benefits of the Good record keeping system for the small as well as the midsized business. Some of them are discussed below so as to have a clear and well defined picture of all the benefits.

• Good record keeping system will provide you the details of all the financial history any time and as any place.
• It helps you to save income tax if prepared and managed by the organization properly.
• It helps you to prepare the financial statements in a lowest turnaround time.
• It provides the tailor made solution for your business requirements and needs whenever related with financial matters.
• One can keep the track record of the business. It will tell you from time to time whether your business is delivering the high performance or not.
• Good record keeping system allows you to identify the opportunities and weaknesses in the business which will motivate you to deliver high performance with maximum efficiency.
•  Good record keeping system even ensures the proper instructions one has to follow in all the financial aspects as given by the Government for any organization.

Criteria one has to follow in the Management of Business Records

There are large numbers of the factors responsible for the management of your business records. Businesses fulfilling such criteria will not only help them to achieve immense success but will also make them reputated worldwide.

• The record keeping system should be very much logical, simple and easy so that anyone can understand it properly.
• It should be accurate and thorough so that you can take any financial decision for your business organization.
• The system should be well defined and fully complete so that one never faces any problem in regard with the financial aspects.
• Record keeping system should be integrated into daily schedules so that you can keep an eye on your business matters.

It is extremely crucial for the auditor to carry out the process of the auditing in a successful manner. An Efficient and effective audit can only be occurred if it is properly planned as well as executed by the auditor. It is considered as one of the most vital responsibility of the auditor to carry out the work in an efficient and effective manner.

The key responsibility of the auditor is to develop the overall audit strategy with the minimum risk levels. The planning of the audit should be done keeping in mind that it should be in accordance with the International standards of Auditing for any organization. The auditor while planning the event should always remember that the planning should be in regard with the nature, time as well as the extent of work.

Main Objectives of Audit Planning:

The main objectives of audit planning are as follows:

• To identify and have an eye on all the different areas of the audit.
• The problems should be identified within the proper time frame.

Adequate and proper planning of the audit will only help the auditor to meet the above objectives otherwise the process carried out will not be as efficient and can involve various risk factors which are not useful in long term.

Dedicated team effort during the planning stage

The detailed audit work is carried out before the process of the audit executes and reaches its destination. At the preliminary stage, it is extremely important to allot each staff member the proper task according to his ability so that he can perform during the process with maximum efficiency. The staff members in the audits are highly efficient and competent in terms of speed, accuracy and perfectness and do the desired work allotted to them with full effort. It is also important to take a necessary decision on the co-ordination of the work so that the process completes within the proper limits.

Right approach while carrying out the process

Most of the audit firms carry out the process of the audit with the right approach and proper documentation and adopt the strategy with the aim of completing and executing it in an efficient manner.  An Audit plan should be structured in such a way that one should carry out the process of auditing without any failures and should have a clear pint of view after the process of audit gets completed. In formulating a documented plan following things should be considered:

• There should be adequate knowledge of the organization or the business.
• One should be aware of all the factors associated with the involvement of risks.
• It is important to consider the timing, nature and the extent of the audit procedure.
• Co-ordination and proper supervision plays a very important role in the process.

Therefore, Good Audit Planning is a key factor involved in the execution of the process of the audit in an efficient and successful manner.

Financing and accounting services:

Dealing with tax and sales to improve your financial state is not an easy task. Hence to make an audit controlled and tax efficient documents to ensure a stable and lucrative status of your business we arrange financing, accounting and Audit Defense in Mississauga. For business loans we arrange several facilities like developing and documenting the whole business plan, making representations for different kinds of lenders, according to their need and current status of their business are done by us. Now we have experiences in the fields of arranging loans for Accountants for several kinds of business persons and we can relate your situation best to manage, as we have a huge range of versatile experience.

Bookkeeping to get organized:

Not only accounting but we take care of setting up your business plans and bookkeeping irrespective of the size of your business.

• Proper application software will be provided to you. Our staffs are there to train you and your employees about the software operations for Bookkeepers in Mississauga. Your journals and ledgers will be prepared in improved versions after you learn how to use this concept of bookkeeping.
• Bookkeeping by traditional method is also done by our workers so that some works that can’t be resolved by application software can be directly handled by us. Monthly or quarterly payment is required for that. The journal and ledger preparation and compliance of schedules and reports are done by us in that case.
  

Defending tax by audit defense:

• While doing compliance works for Bookkeepers, we also assure our customers to have the facility of setting up an affordable cost so that tax payment becomes easier to them. Audit control board is there for Audit Defense so that tax planning on behalf of you can be done within lesser time.
•  Business owners and investors would be happy by this defense in which not only their tax would be minimized but also the risk of damage which is caused by the inadequate trails of audit would be mitigated by this scheme. Keeping the record of your each and every transaction in details, designing your whole accounting system is done. We provide literature support for saving your taxes which is a very crucial thing to be noticed.
• Audit defense in Mississauga carried out by the Accountants, is often prepared on the basis of customer review. Tax assessment by substantial penalties and interest are also there that reduce and eliminate the risks by appealing to the appropriate department.
  

Benefits to improve your financial statement:

Beyond these kinds of services, we provide other crucial facilities like tax saving plans, business wind up and start up planning advises, profit enhancement technique assistance, cash flow oriented solutions and there are innumerable kinds of programs that will be very much helpful for improving your financial statements and aid in running your business smoothly. Special SPP and ELIT skills are being developed by us and our employees are well trained to produce accurate statements so that loss of records for day to day transaction cannot harm you in any case.

Importantly, when it comes to maintaining tax returns, a company overtly associates with myriad auditors and accountants. Back in Milton, the need for accounts is one a high. H&T Accountants Milton has enumerable qualities which make them in demand, almost superlatively. Here we shall see how the accounts aid the processes of taxation regulations and maintenance of associated details pertaining to policies, competitively.

1.     The CAs keep proper records

The chartered accountants have a tag: they are good at keeping accurate records with goofing up things or sufficing obliteration.

I.          The accountants are good at producing reliable and trustworthy account statements. The account statements overtly aid in holistic evaluation of performances of the companies.

II.          Besides, they are associated with exclusive expense deduction for the purposes of audit defense for myriad companies.

III.          They are dedicated in providing propitious tax returns.

The myriad chartered accountants are associated with profound data handling and securing data from various competitors in regions of Milton, Canada or even Ontario. Bookkeepers are good at recording account-based data. The bookkeepers use the privileges of designing software packages on the domains of accounting. QuickBooks is one such package ideally used by chartered accountants in Milton.

2.     Keep reviewing the financial statements almost frequently

The accountants work assiduously in providing sumptuous reviews of the financial statements almost frequently. The accountants in Milton aid the owners or CEOs of the companies in providing them regularly with authentic copies of the reviews of the myriad financial statements in a clandestine vein. The need for such reviews and the necessity for implementing the accountants in such tasks are many. They are:

I.          The regular reviews help companies in keeping costs under controls.

II.          The actual results get duly compared with the efficacious objectives.

III.          The corporates are aided in recognizing culpable changes associated with the revenues. Gross profits moped up by the companies can also be procured in subtle ways by the assiduous works on tax returns, carried out by the dedicated accountants.

IV.          Moreover the jobs carried out by the accountants; they help the companies identify with the associated culminated trends in sales and costs.

As an honorary chartered accountant in Milton, it is advisable that companies should cater to reviews of the financial statements once in every quarter, at least; sooner the better!

3.     Need for separate credit cards—CA’s advice to all owners

A chartered accountant aids the companies in giving advises pertaining to taxes and related to other basics of finances. Any CA in Milton shall apprehensively abide by this directive for all and sundry, especially the CEO or the owner of a company—one should apply and thereby make habits for notching up and paying for myriad business expenses with the aid of credit cards.

However, it is not advisable to charge both the personal and business expenses prolifically on the same company credit card. This is because, given that a company shall have myriad economic overtures and thereby myriad escalating transactions, it shall be tough enough to separate the personal expenses from the business ones.

4.     How the CAs aid in maneuvering financial goals?

Financial Goals are charted and duly prepared by the accountants in Milton. Options for audit defense are catered to prolifically as the accountants deal with financial goals especially pertaining to growths in revenue, gross profits or net income and calculating the net returns on myriad assets, in continual ways.

Thus the CAs in Milton caters to myriad instances of fulfillment of financial objectives when they function in harmony with companies.

You have excellent knowledge about the business you are doing. You also have the best state of the art machinery at your workplace to get things done. But still you are not earning as much as you expected at the start of the business. If this situation sounds familiar to you or you are one among them. It is quite likely you must be surrounded by many questions.

How do you keep track of how much expenses you incur and how much you earn? How can you file correct tax return papers every time? How can you save on taxes? There had been many incidences in the past where businesses failed just because they were not able to manage their finances.

Plan Ahead of Time:

Many of us seek cure when we are already trapped. For instance, we go to bookkeepers only when we have to file for taxes the other day. If we had been taking services of accountants in time, then we do not have to rush in the last hour. It is a normal human tendency that when everything is going fine. We start assuming that nothing will ever go wrong. When our business is making profit more than our expectations we never think that we need to manage our finances. It is only when our business goes into red that we seek the assistance of accountants Brampton. It is during this time we try to find out what all are unnecessary cost and where can we improve.

By availing the services of knowledgeable and experienced accountants we can know where we are making unnecessary expenditure and can take appropriate steps to eliminate such things.

Ignorance is Bliss:

If you are master craftsman or reputed designer it is not necessary that you can handle other fields at equal expertise. If you are ignorant about something there is nothing to be ashamed of. There are certain tasks which are best left for others. Keeping track of every day financial ins and outs is not an easy task. Hire accountants Brampton to get the task done for you.

It is always better to be safe than sorry. If you try to act smart in something which is out of the world for you? It is quite likely that you will falter sooner or later. H&T Accountants in Oakville is in this business for years and they know how to manage your finances.

Did you know?

If you’re moving for school this year you may be able to claim a tax deduction for moving expenses when you file your income tax and benefit return. You may also be able to claim a non-refundable tax credit based on the cost of your transit passes. So don’t forget to keep your receipts!

In addition, there are other benefits and non-refundable tax credits that students may be eligible to claim. Non-refundable tax credits reduce your federal tax; however, if the total of these credits is more than your federal tax, you will not get a refund for the difference.

• Education amount: You may be able to claim a full-time education amount of $400, or part-time amount of $120, for each month or part of a month in the year in which you were enrolled in a qualifying program at the post-secondary level.
• Textbook amount: You may be able to claim a textbook amount for each month that you qualify for the education amount.
• Tuition amount: You may be able to claim the fees you pay for the courses taken at the post-secondary level or at an educational institution certified by Human Resources and Skills Development Canada. To qualify you must have paid more than $100 in tuition fees for the year.
• Goods and services tax/ harmonized sales tax (GST/HST) credit: The GST/HST credit is a tax-free quarterly payment that helps individuals and families with low or modest incomes offset all or part of the GST or HST that they pay.

Interest on student loans: You may be eligible to claim an amount for the interest paid in 2012 or the preceding five years on your student loan if you received it under the Canada Student Loans Act, the Canada Student Financial Assistance Act, or a similar provincial or territorial government laws.

Keep your receipts!

It is important for Canadians to keep all their records and receipts after filing their income tax and benefit return in case the Canada Revenue Agency (CRA) asks to see them later. Each year, the CRA looks at income tax returns to review deductions and credits and ensure that various income amounts have been correctly reported. Keep your receipts and supporting documents for six years.

Knowing when the return is due, and more importantly when the tax is payable is important to avoid costly interest and penalties.

Be aware that the due date for filing is different than the day the corporation must pay it’s outstanding tax bill.

Corporate Filing Due Date

The due date to file your corporate income tax return is six (6) months following your corporation’s year end.

For example, if you have a

• December 31st year-end –> Return is due June 30th.
• March 31st year-end –> Return is due September 30th.

When Corporate Taxes Must be Paid

Existing corporations are required to pay tax by installments throughout the year if their income tax bill is more than $3,000. New corporations are exempt from the installment requirements in their first year.

If you have a new corporation, or if you will have a balance owing, knowing your due date will help ensure you avoid costly penalties.

Due Date for CCPC

The due date for a Canadian controlled private corporation, claiming the small business deduction and whose taxable income is less than $500,000, is three months following the corporations’ year-end.

• December 31st year-end –> Balance is payable by March 31st.
• June 30th year-end –> Balance is payable September 30th.

For all other corporations, the due date is two months following their year-end.

Penalties

The penalty for remitting taxes late is 5% of the unpaid amount and 1% per month on any past due amounts.

A tax bill of $10,000 can result in a penalty of $500 if remitted late.

When To Meet With Your Accountant

It’s important to plan filing your corporate tax return before the end of the corporation’s fiscal year.

If you have a fiscal year-end that does not fall on December 31, you should meet with your accountant around December 31st to ensure that your annual tax slips are prepared and filed on time.

Our Services

If you’re looking for help filing your corporate tax returns and related tax-slips, please give us a call at 905-858-0775 to get started. We can help you reduce the amount of tax you will pay by taking full advantage of the corporate structure.

Adequate records have to be kept by individuals, partnerships, corporations, organizations and trusts, as identified below:

persons carrying on a business or engaged in commercial activity;
persons required to pay or collect taxes or other amounts such as payroll deductions and goods and services tax/harmonized sales tax (GST/HST) under the Income Tax Act, the Excise Tax Act, the Excise Act 2001, the Employment Insurance Act, the Canada Pension Plan, the Air Travellers Security Charge Act and the Softwood Lumber Products Export Charge Act, 2006 (SLPECA);
persons required to file an income tax or GST/HST return;
persons who apply for GST/HST rebates or refunds;
payroll service providers;
trusts;
non-profit organizations;
a registered agent of a registered political party;
an official agent for a candidate in a federal election;
agents authorized under the Senate Appointment Consultation Act;
universities;
colleges;
municipal corporations;
hospitals;
school authorities; and
qualified donees such as:
a registered charity;
a registered Canadian amateur athletic association;
a housing corporation resident in Canada and exempt from tax under Part 1 of the ITA because of paragraph 149(1)(i) that has applied;
a municipality in Canada;
a municipal or public body performing a function of government in Canada that has applied;
a university outside Canada that is prescribed to be a university the student body of which ordinarily includes students from Canada; or
a charitable organization outside Canada to which Her Majesty in right of Canada has made a gift.

You (the pensioner) may be able to jointly elect with your spouse or common-law partner (the pension transferee) to split your eligible pension income if you meet all of the requirements.

Eligible pension income

What is Eligible pension income?

Eligible pension income is generally the total of the following amounts received by the pensioner in the year (these amounts also qualify for the pension income amount):

• the taxable part of life annuity payments from a superannuation or pension fund or plan; and
• if they are received as a result of the death of a spouse or common-law partner, or if the pensioner is 65 years of age or older at the end of the year:
  • annuity and registered retirement income fund (including life income fund) payments; and
  • Registered Retirement Savings Plan (RRSP) annuity payments.

Pension income that is not eligible

The following amounts received by the pensioner are not eligible for pension income splitting:

• Old Age Security payments;
• Canada Pension Plan, Quebec Pension Plan; and
• Amounts received under a retirement compensation arrangement.

Note
Variable pension benefits paid from a money purchase provision of a Registered Pension Plan are not considered life annuity payments and do not qualify unless the pensioner is age 65 or older at the end of the year or the variable benefits are received as a result of the death of a spouse or common-law partner.