Accounting Services for Small Businesses in Toronto
Small businesses are at the core of every thriving economy and that is certainly the case in Toronto, where business is constantly booming for small businesses of all types. Although people often think that medium- and large-sized businesses make up most of Ontario’s enterprises, they are wrong. Small businesses far outnumber all the others.
In fact, in 2020, Ontario had 283,205 micro-enterprises, and those enterprises employed nearly 315,000 people. Of those small businesses, 140,028 of them were located in Toronto, keeping 154,031 individuals employed. According to Industry Canada, micro-enterprises, with four or fewer employees, made up 53.8% of all Canadian businesses in 2019. In the same year, enterprises with nine or fewer employees made up 73.4% of all businesses in Canada.
Small businesses may employ considerably fewer people than megacorporations, but they are still faced with multiple challenges in their day-to-day operations, many of which have to do with accounting. Although dealing with matters of finance is a vital part of running any business, many small business owners struggle to stay on top of their bookkeeping and accounting.
This ultimately affects their business, especially when it’s time to file taxes. It can be incredibly confusing to navigate these issues without the proper expertise. For these reasons, small business owners should invest in accounting services to retrieve reliable information and help get things back on track.
Partner With an Accounting Firm You Can Trust
Do you own a small business in Toronto? We know that small business owners can encounter many challenges when handling their operations. Hire a partner that can guide you and ensure that your accounting needs are taken care of in an exceptional manner. Whether you are looking to grow your business or you are content with its current size and output, having long-term financial plans in place is still crucial.
At Berman & Associates, we will work with you to help you make better decisions for your business that will propel you forward. While helping your business to be more profitable, we will also organize and optimize your accounting system to ensure your business runs more smoothly.
Save Time and Focus on Business Growth
Not only can it be incredibly challenging to handle matters of finance when you own a small business, but it can also be very time-consuming. That is even more true when you lack experience with such matters, as lack of experience can lead to mistakes being made, which take time and energy to rectify.
Thus, when you try to tackle all of your accounting and bookkeeping yourself, it takes you away from all the other major responsibilities you have to your employees, customers, and your business. In the end, your small business can suffer when your attention is divided in such a way, which is why hiring professional accountants to take care of the financial side of the business is a sensible decision to make.
The bookkeeping and accounting services that we offer will allow you to spend more time and focus more energy on building your small business. We can also help you to organize strategies and plans for making such growth a reality. By getting a grasp on your accounting and putting together some proper financial projections as well as a budget, you will be able to get a better picture of all that is possible for your small business in the near future.
These are all things that our team of professionals has plenty of experience with. Our goal is to ultimately help you and your business turn over a new page and get set up on a path toward success. Our firm has just the right services to provide accurate and efficient service.
Why Outsource Accounting Services?
The benefits of outsourcing your small business’s accounting are multifaceted. As a business owner, you never know when you may need to retrieve certain files and information related to financial matters. When all of your accounting files are in disarray, finding the exact documents you need can be a nightmare, and it certainly is not something that can be done in a timely manner.
However, when your small business’s accounting is done properly by professional accountants like us, your files will all be reliably organized so you can easily retrieve information whenever there is a need for you to do so.
We will help you prepare financial statements when you require financing in the form of a loan or capital from investors. We will also take care of filing all of your provincial and federal taxes for you, minimizing the amounts you owe in every legal way possible. In the event that your business is ever audited, we will help you through that process, making it as smooth and as easy as can be, and also help you save as much as possible on every business transaction that you make.