Why should I use an accounting firm?
As a small business owner or entrepreneur, hiring an accounting firm helps you focus on your core business operations without having to worry about minor fiscal issues like financial regulations and tax codes.
For the individual who needs help with their taxes, we recommend you get professional help from an accounting firm. Except you are related to an accountant or you are knowledgeable about fiscal matters.
Why should I choose Krishna & Associates
There are a number of accounting firms out there which provide great services but so few provide personalized services and this is what you get from doing business with us. We build bonds with our clients therefore, helping us provide the most efficient and effective accounting solutions for them.
What hours are you available?
We are available during normal business hours, which are 8:00 to 5:00, Monday through Friday.
How long have you been in business?
We are a corporation that has been in business for the past 10 years.
How do you keep up with the latest tax laws?
Tax laws are never static, they change constantly and that is why we update our knowledge via reading journals, newsletters and formal education when/where necessary.
Are you a member of any professional tax or accounting organizations?
Yes. Our principal is a member of the Registered Professional Accountants Association as well as The Professional Business Accountant’s Society of BC.
What size clients do you serve?
We serve individuals, start-ups and small and medium business.
Do you specialize in a particular type of accounting service?
Not exactly. We offer a range of services that we are experts at: Bookkeeping; tax preparation; tax consulting; payroll management; financial statements; web appeals; business setup and administration and, CRA appeals. So we are something like a jack of all trades and master of all. This also means that we can efficiently serve you on many fronts, depending on your needs at the time.
Why should I choose a monthly accountant vs. less frequent methods of accounting?
Monthly accounting services provide substantially more value than annual services. When your numbers are only seen once a year by your accountant, there is really little he can do by way of actionable advice. There is also no way to lower your tax liability. Monthly services do the following for you:
- You get regular business profitability advice
- It gives you the opportunity to make more proactive financial decisions
- You have peace of mind because your finances are in safe hands
- Your tax liability is reduced
When have I outgrown my current accounting firm?
As your business expands, so also do your financial concerns. When any or all three of the signs on the list occur, it’s time to get a new firm for your accounting
- They can’t help you when you need money to expand your business.
- They can’t provide constructive advice.
- They unable to handle complex accounting issues.
What are the advantages of outsourcing payroll to a service provider?
When you consider the factors involved, outsourcing payroll saves time and money because it is cheaper to have a service outfit process your payroll. You can also rest easy knowing that a payroll professional is taking care of things.
What do I do if I can’t pay the taxes that I owe?
If you can’t pay the full amount due, file your return and pay what you can by your deadline to avoid interest and penalties. The next step is to contact the authorities to discuss payment options. You might be offered a short-term extension to pay, a payment installation agreement, or a waive of penalties.
What is the best way to maintain accounting records?
These days, investments in digital record keeping technology like cloud accounting software provide ideal solutions to accounting challenges. Regular updates of saved, accounting records is the best form of maintenance. Digital records are accessible from anywhere. Unlike the physical counterpart, they are unaffected by mishaps (barring the digital kind).Physical records can be scanned to create digital copies which make sharing information with your accountant easier.
How much record keeping is necessary?
Accurate record keeping of your earnings and expenditures is the difference between a successful business and a struggling one. This includes but is not restricted to precise records of employee payroll, accounts receivable, purchases, and other expenses. These information help you gauge the growth of your company. You will also need to keep records of the receipts and bank statements that you need for filing your annual income taxes. You can be sure that there will be more record keeping as your company grows.
How does accounting enhance business decisions?
One of the benefits of having a professional accountant is the premium information that they can provide. With such actionable information you’ll never lack ideas on how to keep your business efficiently.
How could an accountant help my start-up business?
Starting a new business involves market research, product sourcing, branding, logo and business card design, getting a company name and networking among other tasks. Accountants steer you away from the distractions that make you forget the numbers. They can save you time, teach you the tricks of the trade and help you avoid mistakes that could be devastating to your startup.