However, it is this position that helped us better understand the importance of this choice. You see, a lot of our clients came to us after another accounting firm made a mess out of their finances (or after they did it all on their own).

You might think that it’s a simple task – after all, there is no shortage of accounting firms in Toronto or the Greater Toronto Area. Right, but contrary to what you may be tempted to believe, this makes things harder, not easier.

Toronto is a magnet for new businesses. Its quality of life, along with easy access to qualified workforce and a lot of other factors make it a top destination for entrepreneurs.

Logically, when hundreds of new businesses open every year in the Greater Toronto Area, accounting firms soon follow. It’s the basic rule of demand and supply.

But this doesn’t mean all these accounting firms are worth their salt. Or that they are suitable for you objectively speaking. It just means that it’s harder for you to sift through the myriads of candidates.

So we thought we’d make it easier for you.

These are the top qualities to look for in a Greater Toronto Area accounting firm before you sign a contract with them.

1. Experience in Your Industry

Fashion and tech have very little in common. So do FMCG and B2B consultants. While it’s true that everything can be learned, do you really want your new accountants to learn at your (literal) expense?

We think not.

Ideally, you should look for an accounting firm that has experience in an area that’s at least similar to yours. This way, they will know from the very beginning what taxes you need to pay and what is the best way to secure your financial assets.

2. Certified Chartered Professional Accountants

You may think that whether your accountant is a CPA or not has little relevance to your business. That’s partially correct – the actual skills of your accountant are more important than any piece of paper.

Still, a CPA doesn’t just have completed degree-level study. They typically have more knowledge than non-certified accountants.

Furthermore, even if your business is rather small now and you don’t need a CPA for bookkeeping or tax preparation, you may soon need one. When your business grows, when you need a loan, when you are audited you will definitely need the help of a CPA.

So why not work with a company that hires CPAs from the very beginning?

3. Proactive Accountants

Most accounting firms in the Greater Toronto Area do little more than filing your tax return forms and managing your accounts. But the best accounting firms in the Greater Toronto Area have a pro-active, pre-emptive approach.

For instance, do you know what proportion of your operating costs you can offset against tax? It’s OK if you don’t, but your accounting firm should! Make sure you ask some similar screening interviews before you sign the contract.

At NS Accounting, we have spent years refining our systems and processes. This is how we can be sure we offer top accounting services in GTA. Give us a call or drop us a line to see if we are a good fit for your business!

The post How to Choose the Right Accounting Firm in the Greater Toronto Area first appeared on NS Accounting Firm.

Yes, we all pay taxes and we’ll all die someday. But no one wants to die today. Or pay too much in taxes.

When the latter happens, we tend to get frustrated and blame the CRA. Or the government for setting taxes that are much too high.

This isn’t the place for political controversy. And, even if it were, there is little you can do about the Canadian financial laws.

What you can do, however, is make sure that you don’t pay more than you have to.

After we’ve spent years helping businesses in the Greater Toronto area with their financial needs, we can easily spot the top three reasons why some companies pay too much in taxes.

Check them out:

1. You Hired the Wrong Accountant or Accounting Firm

A lousy accountant is one that appears to be working for the CRA, not you. You can easily spot them: they’re always grunting, telling you what you can’t do and shaking their head.

A good accountant, on the other hand, will always take a pro-active approach. They don’t wait for you to call them asking about tax advice. They tell you what you need to do to pay less in taxes.

At NS Accounting, we work side by side with our clients to figure out the best way to keep them compliant without over-burdening them with taxes. We know that filing paperwork quickly can mean less to pay in taxes and we also know which business category is exempt from which taxes.

This is what you should be looking in your accounting firm: willingness to help and the knowledge to do it!

2. You Don’t Plan Ahead

If you’re only meeting with your accountant a week before the end of the year, you’re not making the most out of their services.

Your accountant needs to know what is happening with your business and what new changes have appeared since you last spoke. If you last spoke a year ago, it may be too late for them to help you with your tax issues.

However, if you meet twice or thrice every year, your accountant can take a look at your quarterly data and make appropriate and timely suggestions. For instance, they can adjust your estimated taxes and help you reduce your tax liability. Better yet, a good accountant can easily spot potential liabilities before they turn into real problems.

If you meet with your accountant regularly, then they’ll have plenty of time to come up with the best taxation solution for you. If you only meet at the end of the year or during the busiest season, they won’t be able to do anything else than file your forms.

3. You Don’t Pay Enough Attention

Why should you care about taxes if you’re already paying someone to do it for you? Well, because they are your taxes.

We work with a lot of busy clients who don’t have time to spare. And we get that. In fact, we encourage them to take care of their core business while we help them with taxation and accounting issues. DIY never works well when you’re an entrepreneur wearing multiple hats.

But keep in mind that your accounting firm can’t be up to date with what’s happening in your company if you don’t inform them. Keep an open line with your accountants and make sure you know what taxes your company has to pay and when. That’s it! A good accountant will never ask you to do the paperwork yourself! You just need to pay a bit of attention.

All in all, reducing your tax burden is a responsibility that falls primarily on your accountant’s shoulders. But remember that success in this field is a two way street – saving money requires you to have a minimal involvement.

The post Three Reasons Why You Pay too much in Taxes first appeared on NS Accounting Firm.

As accountants, we have another superpower. We can read numbers.

That’s right – we can use today’s numbers and data to predict what will happen tomorrow. And this ability goes beyond financial projections (not that those aren’t extremely important!).

This exercise, however, is about something else. It’s about helping our clients plan their next few years strategically. It’s about empowering them with the information they need to make sound financial decisions that ensure the safety of their businesses and their personal assets.

Grab a cup of coffee (or tea, we don’t judge) and let’s find out what the future holds in store for accountants and business owners.

1. Smart Software Becomes the Norm, not the Exception

Still using the good ol’ Excel for accounting? Then you need an upgrade. And fast.

Cloud software is here to stay. You can use it to automate tasks, improve your workflow and make things easier for everyone – accounting firms and clients alike.

Endowed with intuitive features and easy navigation, cloud software is beginning to look like your favorite phone app. And it’s bound to improve even more in upcoming years.

Perhaps the most significant benefit of accounting software is its collaborative potential. You don’t need to exchange files and invoice via email anymore. Nor worry whether you have the latest version of that tax return file. All users who need this data can simply login to the software and pull the info they need quickly and from anywhere in the world.

2. Going Beyond Crunching Numbers

The future belongs to those who value client partnerships. Today and tomorrow’s accountants (at least the good ones) won’t be held up behind their keyboards crunching numbers ad nauseam. They will be valued partners who offer valuable services.

It’s been years since here at NS Accounting, we began to forge deeper partnership with our clients. More than accountants and bookkeepers, we are their trusted tax advisors and strategic financial planners. We offer personalized advice and custom-made services because we know that our clients’ future (and, consequently, ours) depends on this.

3. Focus on “Gigs”

In 2016, 34% of the American workforce was made up of freelancers or solopreneurs. This number is expected to grow to 43% by 2020. With Millennials starting to dominate the workforce, it’s no wonder that things are changing and that there’s a need for more flexibility in all fields, including accounting.

Plus, there are those who don’t freelance full-time, but “moonlight” as Uber drivers or AirBnB hosts. For them, accounting looks completely different.

We have helped a lot of customers set the bases of their start-ups while still maintaining their full-time job. We have also worked with freelancers and solopreneurs. We know all the challenges associated with liberal career choices and with corporations.

This is why we believe that the accountant of the future has to be flexible first and foremost. In order to accommodate changing needs and changing lifestyle, one has to allow “upgrades” on all levels.

What about you? How does the ideal accountant of the future look for you?

The post Top Trends in Bookkeeping and Accounting for 2018 and Beyond first appeared on NS Accounting Firm.

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