Small Business Accounting & Bookkeeping

As a Chartered Accounting Firm, we offer a wide range of accounting services for your business. These include:

• Business Accounting Services: Business owners are often busy running their business and do not have the time to analyze the progress of their business. We provide them with the tools to make business decisions that will help their business prosper. Accurate data with proper reporting will help business owners monitor their business and help them address areas that need improvements. Quarterly reports provide previous year comparison and highlight improvements and weakness in revenue and expenses.
• Preparing Business Tax Returns: Our firm will provide your business with accurate corporate tax returns and tax returns for self-employed, that reflect the true picture of your business. Your business will take advantage of all the tax deductions that it is entitled to and we will provide you guidance that can save you tax. We will file on time to avoid any late filing penalties and interest . Once your return is filed, we can also handle any inquiries that CRA might have. We often provide the CRA with our phone and mailing address. We handle all inquires from the CRA so you can focus on your business.
• Preparing Personal Tax Returns: Our firm makes sure your returns are filed on time and accurately. We E-file your return at not extra charge to you which can provide you quick refunds and can handle any enquiries that CRA might have. This is all done for a fraction of the cost of some of the big tax preparation companies. We can even go into your CRA account and find out if you have any unfiled taxes, T Slips, or other issues.
• New Corporations Setup: Setting up a new corporation is extremely important in order to save you taxes and comply with government requirements. Our office can setup your corporation for a fraction of the price that some large law firms charge and at the same time setup your company with the proper CRA accounts such as HST, Payroll if needed. Our clients will also enjoy tax advice such as income splitting and future tax options.
• Articles of Incorporation: Articles of incorporation must be accurate in order to comply with government regulations. Corporations must regularly update their records and provide each shareholder a certificate of their ownership. Corporate resolutions will split the shares of each shareholder and assign directors and officers of the company. This must be all done with a proper tax plan and analysis of obligations and liabilities for each participant.
• Business Bookkeeping Services: Bookkeeping is an extremely important first step in providing business owners and the government with accurate numbers. Our bookkeeping staff ensure that your business records are brought up-to-date and are in constant communication with business owners to ensure the accuracy of the information we provide them. Bookkeeping records are stored either in-house or is cloud based .Our cloud-based software allows business owners to access their information and provide them with updated reports such as statement of income. This allows business owners to measure how their business is proceeding and allows them to make proper business decisions.
• Financial Statements: Having proper financial statements prepared by a Chartered Professional Accountant is extremely important not only for business owners but also for other users such as banks, suppliers, and many others. Proper financial statements can mean the difference between getting your loan approved or rejected. Also having a CPA prepared statements gives users the confidence in the numbers that appear on it. Financial statements provide a reflection of your business and should be prepared accurately and in a timely manner.
• Payroll Services: Our firm can provide your business with computerized payroll services that are accurate and prepared quickly. Business owners are provided detailed payroll records for each employee as well as their monthly tax deductions . Employees are provided with a detailed pay stub that outlines their earnings and tax deductions. We can also deposit payment directly into employee bank accounts. Finally, we advice business owners as to their tax obligations and deal with the CRA and WSIB on any issues. Records of employment and T4 slips are produced for employees as well as business owners.
• Human Resources: A business with employees has many obligations not only to the employees but also to the government. Our firm not only provides payroll services, but also provides proper guidance to make sure that your business is complying with the Ministry of Labour rules and regulations. Labour laws in Ontario are complicated but we can make it remarkably simple for you to follow by educating you and can explain the mistake that business owners often make when dealing with their employees. We can do it all, so you concentrate on running your business.
• Bank Loans & Business Plans: With over 23 years in preparing financial and business plans., we know what banks require from business owners in order to approve their loan. Our guidance can help you maximize your chance of being approved. While the final decision is made by banks, we will tell you quickly what kind of down payment, sales levels and cash flow projections that are required to get approved. In addition, we can refer you to trusted bankers who will give you valuable information and help your loan get approved. These bank account officers are experienced, smart and can often give you verbal guidance rather than waiting weeks, only to be rejected.
• CRA Audits & Reviews: Over the past 23 years, we have conducted many CRA audits and reviews. These include audits for HST, payroll, corporate, personal tax and WSIB. These audits or reviews should be handled with care in order to provide you business with the best possible outcome. This can make a big difference between what the CRA asks you originally to pay and what you end up paying when the audit is complete.
• WSIB & Employer Health Tax: WSIB and Employer Health Tax have become an essential part of have payroll in some cases. We will make sure that business are properly registered, and returns are filed on time and we will take advantage of every possible deduction in order to reduce your tax bill.
• Immigration Business Plans: We work with many individuals and immigration consultants and lawyers by providing them with professional business plans that not only are designed for Ontario but for other provinces as well. There are many government programs that are designed to bring businesses and individuals to Canada. Programs such as the OINP in Ontario, LMIA, LIMA Owner Operator or the self-employed require business plans that are professional prepared. We also work with your immigration consultant in order to maximize your chances of being approved to come to Canada.

We are highly experienced in all financial aspects and can assist you with any accounting, tax, and bank financing matters. We understand that your small business accounting requirements are and that small business owners require more than just a set of reports or financial statements. By becoming a client of Wade Halabi CPA, you will gain the benefit of regular access to our experienced staff that can provide you with financial advice and details behind the numbers and the statements.

Whether you operate a small or medium size business, our goal is to help you grow your business and make the best decisions possible.

Accounting information also provides valuable insight into operations, showing trends and opportunities that can help make your company more profitable. Tax reporting agencies such as the CRA require you to keep books at a minimum level that track income and expenditure. However, if you have the drive and interest, you can take your accounting processes to an entirely different level and use them to create a smarter and a more financially viable business.

Our advanced computerized accounting system provides bookkeeping, payroll, and financial reporting services. We also offer clients cloud-based accounting services so they can review their results on a regular basis. Our friendly professional staff provide your business with great advice and you never feel left alone to deal with the stress of running a business. We do it all so you concentrate on running your business.

Our goal is to help you and to explain the reports that you will be reviewing which will allow you to better manage your business.