Who and why does need accounting services? For organizations with the form of ownership of a limited liability company (LLC), accounting and tax accounting is mandatory, because it is required by law.
It is difficult to overestimate the importance of well-written accounting and tax reporting for any enterprise.
Nowadays, in the context of rapidly changing regulations from the tax legislation and the constant increase in penalties, the need for high-quality accounting services is increasing significantly.
But keeping a full-time employee for accounting is an unaffordable luxury for many firms.
The solution is to conclude an agreement for the provision of accounting services or accounting outsourcing. Today, an increasing number of small, medium, and large enterprises are coming to this option.
WTC is an accounting services Canada-based firm that works with businesses and individuals, providing them a wide range of accounting, tax, and bookkeeping services for businesses and individuals all over Canada.
Without accurate accounting, it is impossible to find out the current situation of the organization’s finances, liquidity indicators, profitability, and other important criteria, without which it is difficult to carry out not only strategic planning but also real-time management.
Proper bookkeeping makes it possible to feel calm before any inspection by regulatory authorities, to know that all taxes have been paid in full and on time.
The involved specialist, who knows all the nuances of accounting, will start working with full dedication, help identify additional resources, and provide a complete and clear picture of the organization’s management for making current and strategic management decisions.
Accounting services for individual entrepreneurs
Each individual entrepreneur, who independently decided to start his own business, at first, perhaps, can do without an accountant.
But if the business of such an individual entrepreneur is growing and going uphill, then with the growth of his income and turnover, it is simply impossible to do without an accountant or a company providing accounting services.
Why? Everything is very simple.
Firstly, it is rather problematic to conduct business on your own, negotiate deals with counterparties, control the delivery of goods and other organizational issues, and at the same time keep accounting records, draw up invoices, invoices, draw up contracts, go to the bank and pension funds.
All paperwork related to the preparation of primary accounting documents and the maintenance of accounting and tax records can be entrusted to one person – an accountant. You can also apply for services to firms providing accounting services and support.
And if you conduct business activities without the help of an accountant, and postpone matters related to the execution of primary documents for tomorrow, then such an attitude to business is simply not serious.
As a result, it will turn out that you will forget to draw up some documents, or draw up some incorrectly, as a result, at the end of the year, a situation may arise that you do not own the situation about income received, expenses incurred, and you cannot draw accurate conclusions about financial results.
But that’s not all. As you know, there is a tax inspectorate that constantly terrorizes taxpayers, demands, and requests documents, both from you and from your counterparties. As a result, it may happen that during the year you worked with organization “A”.
You provided her, for example, services for the delivery of goods. The tax inspectorate went to check the organization “A”, and in confirmation of the delivery of the goods or the transaction, they requested documents from you.
Well, you work alone, save on an accountant and accounting support for companies. As a result, the documents were not drawn up, they were not provided for their storage and accounting.
Much can be the result of such irresponsibility: from receiving penalties from the tax authority to you to the fact that the audited organization “A” will be denied a deduction or expenses incurred due to the fact that the transaction is not documented, and its counterparty is some kind of dubious accounting does not lead (that is, it is you).
Thus, you bear adverse consequences not only for yourself but also for those with whom you work.
The method of conducting accounting depends on the applicable taxation system. Of course, accounting for an individual entrepreneur is somewhat simpler, since it is possible not to keep some forms and accounting registers.
Thus, for the successful conduct of business, including by individual entrepreneurs, it is necessary to comply with the norms of both tax legislation and accounting law.
In this regard, if it is impossible to conduct accounting on your own, it is highly recommended to apply for accounting services from a company with extensive experience. Such accounting services for individual entrepreneurs will be performed with high quality, on time, and without errors and risks for the business.
Their experts will help beginners to understand the correct accounting, which will save time and money, and those who know – to revise or supplement an already operating business.