Entrepreneurship & Small Business

Small business accountant recommendation?

  • Last Updated:
  • Dec 12th, 2018 12:21 pm
[OP]
Member
Aug 19, 2011
238 posts
38 upvotes
Vancouver

Small business accountant recommendation?

Hi all,

Looking for an accountant or accounting company in the Vancouver area. Thought I would check here first if anyone had a recommendation or if there's accountants floating around here, feel free to message me.

Services business, nothing too complicated. 50-100 entries/transactions annually. Looking for advisement and T2 filing. Possibly personal tax strategy/filing as well.

Thanks!
6 replies
Jr. Member
User avatar
Mar 22, 2018
181 posts
158 upvotes
Canada
I'm looking for something very similar in the Vancouver area.

What should I expect the cost of something like this to be, and if there are less than 200 transactions (revenue and expenses combined) annually - is it recommended to buy software too, and which?

Thanks in advance :)
Deal Addict
User avatar
Feb 14, 2009
1100 posts
396 upvotes
(I am not a professional but do all myself)

In general there are 4-5 activities, nothing below is rocket-science but takes time and efforts :

1. collect bills, track expenses and income. Bank business account and business card help a lot.
I know people who like pay cash and just enter gas/restaurant bill into excel.
This activity sounds trivial and simple, but if not done properly -- nobody can help later.

2. Entry/classification of income/expenses/liabilities/assets into properly prepared GL.
This is , probably, most skillful activity. Unless you want to spend serious amount
of time and learning efforts -- you better pay for this.

3. Interaction with government:
3.1. T2 filling, tax payments, installments, etyc
3.2 GST/HST/QST calculations, payments, instalmenst, quick/standart method, etc
3.3 Payroll / dividends -- serious part by-itself

4. Overall tax strategy. This is not urgent but interesting item and
can give/save you extra money.

5. Did I miss something important?

Anyway -- choice is rather simple -- or you jump into bookkeeping/accounting/payroll/tax-adviser
business yourself -- or pay (, pay and again pay).

Cheers!
Member
Aug 16, 2013
434 posts
95 upvotes
Toronto
I can provide you contact of my accountant.
Jr. Member
User avatar
Mar 22, 2018
181 posts
158 upvotes
Canada
tequilla wrote:
Dec 7th, 2018 10:27 am
(I am not a professional but do all myself)

In general there are 4-5 activities, nothing below is rocket-science but takes time and efforts :

1. collect bills, track expenses and income. Bank business account and business card help a lot.
I know people who like pay cash and just enter gas/restaurant bill into excel.
This activity sounds trivial and simple, but if not done properly -- nobody can help later.

2. Entry/classification of income/expenses/liabilities/assets into properly prepared GL.
This is , probably, most skillful activity. Unless you want to spend serious amount
of time and learning efforts -- you better pay for this.

3. Interaction with government:
3.1. T2 filling, tax payments, installments, etyc
3.2 GST/HST/QST calculations, payments, instalmenst, quick/standart method, etc
3.3 Payroll / dividends -- serious part by-itself

4. Overall tax strategy. This is not urgent but interesting item and
can give/save you extra money.

5. Did I miss something important?

Anyway -- choice is rather simple -- or you jump into bookkeeping/accounting/payroll/tax-adviser
business yourself -- or pay (, pay and again pay).

Cheers!
Thanks for the reply. I'm not looking to do any of the financials/accounting/bookkeeping, prefer to focus on generating business than administration. I'm sure the OP is in the same frame of mind. I'm looking at bench.co for bookkeeping and then getting a CGA to file the taxes. I also don't want to work with a one man/woman accounting shop, I prefer one with 4~5 accountants and a team of support staff.
Deal Fanatic
Feb 9, 2009
6783 posts
3890 upvotes
Do you need to do financial statements every year if you want to file a business return? I heard you dont need too...
Member
Nov 12, 2014
476 posts
275 upvotes
Kingston, ON
Sanyo wrote:
Dec 11th, 2018 12:43 am
Do you need to do financial statements every year if you want to file a business return? I heard you dont need too...
Don't need them unless your bank asks for them

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