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If you have a small store or an ecommerce store, you will need to open a bank account in the name of your legally registered business. This is the first step towards getting started before availing our accounting service. After you open a checking account and savings accounts, it will make it easier for you to hire our accounting service. We suggest it is always good to have a separate business credit card and a personal credit card, so it will be easier to identify business and personal assets. Set aside some self employment fee for yourself and transfer this fee in your savings account.

Create a receipt system

Develop an invoice system so you stay organized. Document all the receipts made for personal and business expenses. Also, keep a track of the reasons behind each payment and receivables. Our accounting service can provide you free consultation on getting started with these procedures. Our accounting services also help you plan your personal finances and taxes as well. Whether you are a corporate or a home based business, you must always keep a record of all the personal and business expenses made.

Accounting methods

Since, we are the best accounting services you could hire from Montreal; we will help you decide your revenue models and accounting methods. Whether you want to go for the cash method or the accrual method, we will help your business set up this system. If you need accountant services as you grow your business, we have a list of experienced professionals who will provide these services for you. Our accountant services can be used to track and record your personal finances and taxes. With our accountant services, you can set up a payroll system for employees as well as contractors.

Payment methods

When starting a business, you must always decide a payment method. If you want to accept cash payment, online payment through payment gateways, credit card, and debit card payment, is up to you. Depending upon your business structure, our accountants will help you set up a payment method that best suits your business. You also need different kinds of sales tax registered when you start a business. There is always a limit set to start collecting taxes from your customers. Our accountants will provide you with all the information needed with regard to sales tax and payment methods, and help your business with the registration process.

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F.A.Q

Gross sales are defined as the sales / revenues including taxes (GST, HST, and QST). When we remove the sales tax from the sales / revenues that is called net sales.
Long Term debt is any loans, liabilities or financial obligations lasting over one year. These amounts will not become due within one year of the balance sheet date. They will be capitalized on the balance sheet.
The governement provides a six month grace period to submit your incorporation taxes and registered company taxes, so for example if your year end is December 31st, you have till June 30th to submit your taxes.
Personal taxes are due by April 30th.

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How to Avoid An Audit

No business likes an audit. Not only is it a highly-stressful experience, even if you know you have not committed any sort of fraud, but the whole process will take time away from the running of your business. Of course, some audits can’t be avoided.

About Us

Since 2004, 514 Accounting has provided start-ups, small and medium sized businesses all over Montreal, Quebec and Ontario with affordable, reliable, and professional accounting and consulting services.

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  •   info (@) 514accounting.com
  •   +514.712.3851
  •   +514.637.2019
  •   14B Rue Quinn DDO, Montreal, Quebec, H9B 1K6

 

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