Entrepreneurship & Small Business

looking for ecommerce accountant for corporation

  • Last Updated:
  • May 23rd, 2021 2:20 pm
[OP]
Newbie
May 9, 2021
1 posts

looking for ecommerce accountant for corporation

hi there,

I started an ecommerce business last year and am incorporated. I'm looking for an accountant for my ecommerce store. I've messaged a few accountants in my area (Markham/Scarborough/Toronto) and have received quotes ranging from $3,000-6,000 for my entire fiscal year. Services would include corporate tax returns, T4/T5 slips, personal tax returns, sales tax returns. I would be doing the bookkeeping myself. Does this sound normal? I thought it was kind of pricey, but I'm not sure since this is my first time filing corporation taxes.

Additionally, could anyone recommend an accountant with experience in ecommerce?
9 replies
Deal Fanatic
User avatar
Jul 26, 2007
5742 posts
3256 upvotes
Toronto
Just be specific when you message the accountants near your area.

- T4 can be generated for free from cra business account
- personal tax you been doing since adulthood
- sales or HST remittance is pretty straight forward. Also can be done from cra business account. If not, pay the hst stub at your bank.
- source deduction if you have employees can also be done for free using cra online payroll calculator. Just need to handwrite cheques or use quickbooks or simply accounting software for computer generated cheques.

That leaves with T2 corp income tax. Just read few threads that people been talking about here to get an idea of the difficulty and cost of t2 yearly software. It sure isn't for everyone because of complexity unlike t1 software where you follow the wizard and be done. Avg t2 software being $200, 3k to 6k is tad alot for things you can do most yourself.
Deal Addict
User avatar
Jan 19, 2007
1116 posts
515 upvotes
Torontario
peteryorkuca wrote: - sales or HST remittance is pretty straight forward. Also can be done from cra business account. If not, pay the hst stub at your bank.
- source deduction if you have employees can also be done for free using cra online payroll calculator. Just need to handwrite cheques or use quickbooks or simply accounting software for computer generated cheques.
Just to be clear a Payroll service in Canada can be free Rise Lite (https://risepeople.com/small-business/)
I personally chose another vendor for our payroll due to bundling.
Deal Fanatic
User avatar
Jul 26, 2007
5742 posts
3256 upvotes
Toronto
ohnabatko wrote: Just to be clear a Payroll service in Canada can be free Rise Lite (https://risepeople.com/small-business/)
I personally chose another vendor for our payroll due to bundling.
I wouldn't risk selling my data to get free service. You end up inputting all the employee info anyway, unless it's CRA and endorsed by the government, better to use CRA calculator and make your cheques accordingly.
Penalty Box
User avatar
Dec 16, 2015
2805 posts
2481 upvotes
Toronto
tyeung951 wrote: hi there,

I started an ecommerce business last year and am incorporated. I'm looking for an accountant for my ecommerce store. I've messaged a few accountants in my area (Markham/Scarborough/Toronto) and have received quotes ranging from $3,000-6,000 for my entire fiscal year. Services would include corporate tax returns, T4/T5 slips, personal tax returns, sales tax returns. I would be doing the bookkeeping myself. Does this sound normal? I thought it was kind of pricey, but I'm not sure since this is my first time filing corporation taxes.

Additionally, could anyone recommend an accountant with experience in ecommerce?
Since ur already doing the bookkeeping, wouldnt there be a software to automatically generate the financial statement? For t2, just follow the software’s guide, not that harder than t1
To the moon
Member
Jun 6, 2014
267 posts
104 upvotes
Toronto, ON
Yeah the price sounds normal for incorporation.
Member
Jul 31, 2017
337 posts
362 upvotes
Toronto
We use Quickbooks with Payroll to do all of our own bookkeeping and our accountant charges us about $1200 at year end for the T1 and T5's QB has a bit of a learning curve but it does a good job of tracking HST payments and payroll submissions. Our bank allows us to make those payments online. I think it costs us about $90 a month for QB with payroll which is much more affordable than having someone else input expenses on our behalf and generate pay cheques. It also ties into our quotation tool and transfer invoices. If i felt that my time could be better spent growing the business i'd outsource in a heartbeat, but the minimal time it takes, and the confidence I know it is being done correctly is a good tradeoff for the low cost,
Member
User avatar
Jun 3, 2008
214 posts
220 upvotes
Newmarket
peteryorkuca wrote: Just be specific when you message the accountants near your area.

- T4 can be generated for free from cra business account
- personal tax you been doing since adulthood
- sales or HST remittance is pretty straight forward. Also can be done from cra business account. If not, pay the hst stub at your bank.
- source deduction if you have employees can also be done for free using cra online payroll calculator. Just need to handwrite cheques or use quickbooks or simply accounting software for computer generated cheques.

That leaves with T2 corp income tax. Just read few threads that people been talking about here to get an idea of the difficulty and cost of t2 yearly software. It sure isn't for everyone because of complexity unlike t1 software where you follow the wizard and be done. Avg t2 software being $200, 3k to 6k is tad alot for things you can do most yourself.
I agree.

Personally I'd rather do the simple filings (HST, payroll etc.) myself because (a) don't need to pay $200/hr for this expertise and (b) I'm more on top of my business than my accountant and less likely to miss a filing.
Deal Addict
Dec 13, 2007
1716 posts
164 upvotes
Toronto
If you are doing bookkeeping using something like QB online, outsourcing HST filing is just silly. It is so simple, I can train my dog do it. It is literally 10 min of my time once every 3 month ( or 1 or 12, depending on your filing interval).

Payroll is a bit more complex, but then again with $20/month for QB payroll it becomes relatively manageable.
Deal Addict
Dec 13, 2007
1716 posts
164 upvotes
Toronto
Oh and before QB I used payroll deduction calculator. Not as convenient, but for 2-3 employees still manageable.

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