Kath Tax & Accounting

Business accounting is the process of keeping track of all financial transactions within a business, such as any money coming in and money going out. It also involves summarising, analyzing, and reporting these transactions to oversight agencies, regulators, and tax collection entities. Business accounting is important for a variety of reasons, such as record keeping, general business management, legal compliance, and tax purposes.
Business accounting can be done in-house by the business owner or a bookkeeper, or outsourced to an accounting firm. Business accounting differs from other types of accounting, such as financial accounting, in that it does not have to follow external standards and is more focused on internal tasks and decision-making.
Some common steps to manage business accounting include:
Record your transactions. This involves keeping track of everything, including receipts and invoices, for government regulations and tax purposes.
Separate your business and personal expenses. This helps to avoid confusion and potential legal issues when filing taxes or reporting financial information.
Choose an accounting method. This can be either cash-based or accrual-based, depending on how you want to record your income and expenses.
Set up a chart of accounts. This is a list of categories that classify your transactions, such as assets, liabilities, equity, revenue, and expenses.
Balance your books. This means making sure that your debits and credits match, and that your financial statements are accurate and complete.
Prepare financial statements. These are reports that show your business performance, such as income statement, balance sheet, and cash flow statement.
File and pay your taxes. This involves calculating your tax liability, filling out the required forms, and submitting them to the appropriate authorities.
Review and analyze your financial data. This helps you to monitor your business performance, identify problems, and make informed decisions.
Business accounting can be done using various software tools that can help you automate and simplify the process. Some examples of business accounting software are QuickBooks, Sage, Xero, and FreshBooks. These tools can help you record transactions, generate reports, manage invoices, track inventory, and more.

Taxes can have a significant effect on the operation of any business. Our firm will prepare both federal and provincial tax returns for any business entity. This service includes the calculation of tax instalments and the preparation of other monthly or quarterly GST/HST returns. Corporate tax services include but not limited to:

Advising on audits by the CRA and handling disputes with the CRA
Filing a Notice of Objection Transferring or selling your shares
Cash flow problems
Increasing profitability Paying less tax
Preparing a business plan
Methods of buying a business
We offer advice on an appropriate choice of software for your accounting system and implement installation, or work with your existing accounting systems. We enter your financial transaction billing, invoicing, accounts receivable, accounts payable, payroll and other information as required. We set up your chart of accounts and format your financial statements that are specific to your particular entity and industry. We also research specific tax issues regarding your company and provide you with the right answers. The steps preceding the filing of tax returns are of primary importance. We use tax reduction techniques in our financial planning strategies to help provide our clients with a bright financial future. Our services are confidential, affordable, in compliance with accounting industry standards and as always, guaranteed. With successful outcomes, we have acted as a valuable resource to clients for all of their tax needs, such as when they are in the process of having their claims audited by Canada Customs and Revenue Agency. Please feel free to contact us to benefit from any of these services or you would like to explore the possibilities.

As business grows, you hire more employees, which can result in increased payroll administration. Payroll can be complicated and labour intensive. Let us lessen your administrative burden and focus on the issues that are vital to the success of your business. Our firm not only takes care of payroll check printing but can also develop a payroll system. We will prepare all necessary payroll tax returns in a timely, reliable, efficient and effective manner. Whether you have one employee or hundreds, KTA has a reliable, accurate, and cost-effective payroll processing solution for your business. Depending on your needs, you choose the input method that works best for you, and we take care of the rest. Payroll input by phone or by Internet for small business customers (1 to 100 employees), powerful Web-enabled applications and user-friendly client-server applications for larger companies (100+ employees), and a variety of value-added solutions including online payroll preview application and reports to help reduce your administrative work even further. As part of KTA basic payroll offering, we provide a variety of services and features as below: Pay statements Payment by Cheques Payment by Direct deposits Standard and Analysis Reports Record of employment forms Government remittance services

Let us help you to minimise your taxes and expenses by carefully designing a tax plan that meets your personal and professional needs. Filing a Personal Tax Return is an annual event that the majority of Canadians dread. Let us take the stress out of your tax returns. We provide comprehensive tax reporting and tax planning services to individuals. A declaration of income must be completed annually and submitted to Canada Customs and Revenue Agency by April 30 of the following year. There is a substantial penalty for not complying within the specified time frame. Any additional taxes owing must also be paid by April 30 or interest will be charged on the overdue amount. Even if you are unable to pay the taxes that you owe, make sure you file your return by the April 30 deadline to avoid paying a penalty.