ACCOUNTING
Small Businesses Accounting
Bookkeeping & Payroll
TORONTO AND THE GTA ACCOUNTING
Small Business Accounting Services
As Chartered Professional Accountants, we provide guidance to small business accounting, bookkeeping and payroll services across Toronto, Mississauga, and the GTA. By taking care of bookkeeping, payroll, tax, and financial reporting, we reduce the stress of reporting requirements, compliance, and other administrative paperwork so the business owner can focus on the business.
Our accounting services include preparing financial statements, bookkeeping, harmonization of sales tax, record keeping, payroll, indirect tax filing as WSIB, EHT, and employee remittances and owner remuneration. We also offer tax services to businesses covering interim statements, tax planning, and tax return preparation. Additionally, we also offer service to our clients to pay CRA and other indirect taxes directly from our client bank account. This takes away the headache of missing payment deadlines and prevents penalties and interest.
EXPERT ACCOUNTING SERVICES
Starting A New Business With F Silveira CPA
At F Silveira CPA, we can help you set up your business the right way so you can avoid costly mistakes with your business structure and your accounting practice.
Read Our Blog: Top 10 Bookkeeping Services Mistakes Made by Small Businesses and How to Avoid Them
The ideal business structure for your firm is one of many suggestions from your CPA. Your taxes, liabilities, and reporting obligations are impacted by the legal structure you choose to establish your firm as single proprietorship, partnership, LLP corporation, or NPO/charity. Later changes may be challenging and necessitate reapplying for licenses, obtaining a new employer identification number, or notifying your bank and insurance provider, among other things.
Advisory
Our team can perform a thorough analysis of your business and offer creative financial advice.
Accounting
We can systematically record, analyze, and interpret the financial information of your business to your critical advantage.
Strategy
We’ll listen to your goals, aspirations, and dreams and develop a financial plan that strategizes your path to achieving them.
TORONTO AND THE GTA TAX EXPERTS
Prepare For Tax Season
At F Silveira CPA, we can help you to minimize your tax liability for the upcoming year by helping you to prepare tax papers, file tax forms, and strategize. A crucial factor to take into account is that CPAs can represent you if the CRA questions your return or if you or your company is audited.
While you might have always done your taxes yourself, you might want to engage a CPA because corporate taxes are different from personal taxes. Hiring a CPA to file your taxes can save you time and aggravation if you hire staff or sell goods to clients in various states or countries.
We can also help you with compliance with tax laws and make appropriate deductions. We understand and comply with tax changes. When the tax code changes, we can help you understand if and how the changes affect your business. We can help you understand the deductions your business is eligible for and which deductions might lead to an audit from the CRA.
WORK WITH F SILVEIRA CPA
What F Silveira CPA Can Do For Your Business
F Silveira CPA can serve many roles for your business. We handle bookkeeping, financial planning, tax filing, preparing tax documents, and profit-and-loss statements.
- Tax filing, planning and advice
- Tax and financial compliance
- Forensic accounting
- Payroll
- Bookkeeping
F Silveira CPA also offers consulting services. We can help you with budgeting issues relating to financial risk management as well as offer insightful counsel on complex financial issues.
Small Business Accounting FAQs
MOST FREQUENTLY ASKED QUESTIONS
One crucial piece of advice for small-business owners is to be well-informed about the tax deductions available to them. These include a range of expenses, including:
- Auto expenses, covering mileage and gas, especially if your vehicle is utilized for business purposes.
- Travel expenses related to business trips, including costs like hotel stays.
- Acquisition of equipment such as computers, software, furniture, and office fixtures.
- Marketing expenditures, including those associated with conventions and trade shows.
- Rent and utilities for your office space.
- Investments in professional development courses.
- Charitable contributions and gifts for customers.
- Office supplies.
The potential write-offs are diverse and not confined to a fixed list. According to the CRA, any expense incurred while generating income qualifies as a write-off, offering a broad spectrum of possibilities. In navigating small-business accounting, a key tip is to thoroughly evaluate which expenses can legitimately be considered write-offs and which may not be justifiable.
The expertise of F Silveira CPA accountants can prove invaluable in this regard, ensuring that you do not overlook any potential write-off opportunities.
F Silveira offers bookkeeping services including:
- Creation of income statements
- Creation of financial transaction databases
- Checking reports for accuracy
- Payment and management of accounts
- Payroll processing
- Production of balance sheets
- Reporting irregularities in data, etc.
Outsourcing accounting for small businesses offers access to a skilled professional team without the need for in-house hiring, resulting in cost savings. This increases overall efficiency by enabling businesses to concentrate on key tasks and strategic objectives. By ensuring adherence to accounting rules, outsourcing reduces the possibility of mistakes or non-compliance. Small businesses benefit from industry expertise by receiving guidance and insights from experts who are knowledgeable of current trends. Additionally, outsourcing provides scalability, enabling adjustments to accounting services based on business growth and changing needs.
F Silveira CPA specializes in serving a diverse range of small businesses, including professional businesses, family-owned enterprises, and businesses in sectors such as mining, engineering, architecture, real estate, and more.
We have experience working with small and medium-sized businesses, ensuring that our services are tailored to the financial needs and complexities of businesses operating at this scale. Our expertise spans various industries, enabling us to provide specialized and industry-specific accounting solutions that align with the unique challenges and opportunities each business type presents.
Yes, we understand that each small business is unique, and one-size-fits-all solutions may not be suitable. F Silveira CPA provides specialized accounting packages based on the size, industry, and particular requirements of your business.
We provide a comprehensive analysis of your financial needs, accounting for variables like transaction volume, complexity, and industry regulations to design a customized accounting solution that maximizes the value to your company.
F Silveria CPA specializes in navigating tax regulations for various small businesses, including those in professional services, family-owned enterprises, and sectors like mining, engineering, architecture, and real estate. We collaborate closely with clients to ensure accurate and timely preparation of business taxes, identifying potential deductions and credits for optimal tax outcomes. Keeping abreast of tax law changes, our team aids businesses in maintaining compliance and minimizing tax liabilities.
We go beyond tax preparation, offering proactive tax planning strategies to inform financial decisions throughout the year and maximize benefits during filing season. Our overarching goal is to simplify the tax preparation process for small businesses, providing a smooth and stress-free experience while optimizing financial advantages.
Yes, F Silveira CPA offers comprehensive bookkeeping and record-keeping services. We manage and organize your financial transactions, ensuring accurate and up-to-date records. Using industry-standard accounting software, our team expedites the process and gives you a clear, well-organized picture of your financial activity. This solution provides a strong foundation of financial data, which not only assures compliance but also helps with decision-making.
Yes, our services extend beyond mere number-crunching. We provide individualized financial planning and budgeting guidance based on the unique requirements and objectives of your small business. We help you create realistic budgets, find potential cost-saving opportunities, and establish strategies to meet your financial goals by getting to know your financial situation. This proactive approach helps you make informed decisions and navigate your business toward sustainable growth.
F Silveira CPA is dedicated to keeping your business in full compliance with tax regulations and accounting standards. We make sure that your business complies with all applicable regulations by keeping up with the constantly evolving tax laws and financial reporting standards. We offer direction on required paperwork, due dates, and reporting styles. By proactively managing compliance, you can reduce the likelihood of fines and legal problems and concentrate on running your business with assurance and peace of mind.
Yes, F Silveira’s accounting services include in-depth financial analysis and performance reviews for your business. We provide valuable insights into your financial health that go beyond the numbers. We assist you in determining your company’s strengths and weaknesses through the analysis of financial ratios, trends, and key performance indicators. Our mission is to arm you with the knowledge you need to make wise choices that increase productivity and profitability. Frequent performance assessments also help us find areas for development and direct you towards your goals as a business.