GSPCPA is a certified public accounting firm that offers various business accounting services to help companies manage their financial records and operations. Their services include bookkeeping, financial statement preparation, accounts receivable and payable management, bank reconciliation, tax preparation and planning, financial consulting, and other business accounting functions.
Team of Certified Accountants at your Service
With a team of experienced and certified accountants, GSPCPA can help businesses comply with all relevant tax laws and regulations and provide valuable insights and advice to help businesses make informed financial decisions. Whether a business is looking to streamline its bookkeeping processes, improve its financial reporting, or get help with tax compliance, GSPCPA's business accounting services can provide the support and expertise needed to succeed.
Accounting Mistakes New Business Owners often make
While dealing with different business clients, our accountants have seen businesses make mistakes that cost them millions. Here are some accounting mistakes that new business ends up making:
Incorporating the business immediately
Incorporating a business can be an essential step for many companies. Still, some businesses may have better choices, especially for new owners, if the industry expects a loss in the first year. Incorporating a business involves significant legal and financial responsibilities and can impact the company's tax obligations.
Not registering for an HST number in the first year.
HST (harmonized sales tax) is a tax levied on goods and services in Canada. If a business makes more than $30,000 in taxable sales in four consecutive calendar quarters, it is required to register for an Hst account with CRA and should charge HST on its taxable sales. Failure to do so can result in significant fines and penalties.
Taking care of the books in-house
Bookkeeping is a critical function for any business but it can also be time-consuming and complex. New business owners may be tempted to handle their bookkeeping in-house, which can lead to mistakes and inconsistencies in their financial records.
Contact GSPCPA for Professional Business Accounting Services
Yes, if you are a new business owner and want to avoid making these common accounting mistakes, you can reach out to GSPCPA. As a professional accounting firm, they have the expertise and experience to help you navigate your business's financial and tax aspects and ensure that your financial records are accurate, up-to-date, and in compliance with all relevant laws and regulations.
Whether you need help with bookkeeping, tax planning and preparation, financial statement preparation, or any other accounting function, GSPCPA can provide the support and guidance you need to succeed. Contact us today to learn more about how we can help your business avoid these common accounting mistakes and thrive.
Offering Business Accounting Services to clients across Mississauga, Malton, Brampton, Etobicoke, Toronto, Milton, Stoney Creek, Binbrook, Hamilton, Downtown Toronto, Scarborough, Ajax, Richmond Hill, and the surrounding areas.
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