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Accounting is not boring!

There is a common misconception that accountants are a bunch of math geeks who count beans, focus on crunching numbers and have zero communication skills. After years of working as an accountant, I’ve come to the realization that I rarely, if ever get bored with the profession.  And I am not the only one that feels this way. In a survey of more than 2,600 accounting professionals, nearly 7 out of 10 accountants said that they would stick with accounting if they could go back in time and choose a different career.

So what is so exciting about working in accounting?

Accountants are exposed to wide variety of career paths and solve complex problems. I will further delve into each of these points and and explore them separately.

Accountants are exposed to a wide variety of career paths

Accountants could make the profession their own.  Whether they choose to work for a government agency, school, charity, or professional agency to name a few, accountants could carve themselves a niche in the accounting industry. Michael Tumminia is one example of an accountant who did just that. Mr. Tumminia is an accountant who works  with top fashion models. He helps fashion models manage their financial lives and is the voice of reason and limits for the models. Mr. Tumminia says, “our job is to set up their life [models] in a way that is efficient, effective and allows them to focus on their careers.” Working with models such as Ashley Graham, Marquita Pring, Karlie Kloss, Toni Garn ”has made his ‘very programmatic, very technical job’ more fun and interesting”

Accountants may work full time for a given firm or they may take on multiple clients while being self-employed or as part of an accounting firm. Some accountants move vertically up the rungs of the accounting firm and some choose to move horizontally and may teach the profession.  There are some accountants that become high level managers, and others that start their own business using what they’ve learned during their time as accountants. For instance, “Mick Jagger may be known for his musical achievements and stage acrobatics, but did you know he could also rock a spreadsheet?”  “While studying accounting and finance at the London School of Economics on scholarship, Mick Jagger reunited with a childhood friend guitarist, Keith Richards” and pursued his interest in music.

Before they launched their music careers, Kenny G and Robert Plant of Led Zeppelin worked in accounting. Also, the person who invented the bubble gun was also an accountant.  Walter Diemer “was a fledgling accountant for the Fleer Chewing Gum Company in Philadelphia when he began testing recipes for a gum base – the part that makes gum chewy – in his spare time in 1928.  “He unwittingly created the first batch of bubble gum, making it pink because that was the only shade of food coloring on hand.” Now that’s something to chew on!

As you see there are a wide variety of career paths and many opportunities to explore different avenues and make accounting your own.

Accountants solve complex problems

Accounting is an intellectually challenging and even philosophical endeavor. Accountants employ a set of rules and concepts to prepare relatively simple financial statements that help capture and represent the financial truth of a company. Blogger Matthew Shaffer nicely articulates this: “The fundamental truth about a firm is actually fairly chaotic – a million different things of varying importance are going on at once -and we need to figure out rules for distilling some simple but accurate summary from this chaos.”

Another important point that blogger, Mr. Shaffer makes is that accounting is a ‘philosophical enterprise.’ “The world itself does not label things as ‘assets’ or ‘expenses’; rather, we humans decide which labels we apply to which things; and we set rules for doing so based off of imperfect intuitions and ideas that involve human social ideas like justice (i.e., we want accounting standards that will promote fair and beneficial outcomes for society as a whole via efficiency and transparency) and conservatism” (i.e., we want standards that will prevent managers of firms from being too optimistic when reporting the data).

Accounting helps companies distill useful trends and bring financial order to businesses. Joseph Rascoff, is one example of an accountant who is truly “intrigued by the challenge of bringing financial order to the [music] business”. Mr. Rascoff, was an accountant who displayed little passion for rock n’roll music. Yet, ended up becoming the powerful business manager and tour producer for music powerhouses such as the Rolling Stones, U2, and Paul Simon. “Although Mr. Rascoff preferred classical music, he immersed himself in the rock n’roll business and later in 2013 in electronic music because he was fascinated by the complexities of managing the business affairs of music artists.

Many accountants will agree that they rarely get bored with accounting. Perhaps this is because they have an opportunity to explore a variety of different career avenues and like detectives, they have an opportunity to piece complex things together in order to understand and decipher the bigger picture.

If you require consultation or have any questions related to accounting, please do not hesitate to contact us.

Polina Presman, CPA, CA

T- 416-371- 6017
F- 416-667-0404

Shani Marzin, CPA, CA

T- 416-731-9031
F- 416-667-0404

S&P Accounting Services LLP
2727 Steeles Ave. W. Suite 300
North York, ON, M3J 3G9
www.spaccountingservices.ca

Practical Information from North York Accountants

Useful information from North York Accountants

If you are living in North York, here is a list of CRA contact information (addresses, phone numbers) that will help you navigate your taxes more effectively.

Mailing your T1 form

If you are an Ontario resident living in either North York, Toronto Centre, Toronto East, Toronto North, Toronto West, Barrie, Sudbury and these other cities, mail your paper T1 to the following address:

Canada Revenue Agency

Tax Centre

1050 Notre Dame Avenue

Sudbury ON  P3A 5C2

Non-residents should mail their T1 return to the following address:

International and Ottawa Tax Services Office

Post Office Box 9769, Station T

Ottawa ON  K1G 3Y4

Canada

Where is the CRA drop box located in North York?

If you would like to drop off payments or correspondences, please visit the Toronto North -Barrie Tax Services Office:

Office/mailing address:

5001 Yonge Street

Toronto ON  M2N 6R9

Fax: 416-512-2558

If you have any tax inquires, you may call CRA. You may also call S &P Accounting Services. We are professional accountants with a firm in North York and will happily respond to any questions and/or requests that you have within 24 hours.

Please note that The Toronto North-Barrie Tax Services Office has a drop box only. Effective October 1, 2013, payment and inquiry services are no longer available at the Toronto-North Barrie Tax Services Office. An external drop box is available for correspondence and payments.

Drop boxes and late payment penalties

Here is an important note about the drop boxes which could help you file your return on time and avoid late payment penalties.

Drop boxes are typically emptied of their contents twice daily (more frequently during the personal tax filing season). The contents are stamped by the CRA mail operations the same day they are received. For the first clearance each morning, items are date stamped with the previous business day’s date.

So an important tax tip is even though you cannot pay your full balance owing on or before the due date (eg.,  April 30, 2017), you can avoid the late filing penalty by filing your return on time.  For instance, if you owed tax for 2016 and did not file your return for 2016 on time, CRA charged you a late-filing penalty. The penalty was 5% of your 2016 balance owing, plus 1% of your balance owing for each full month your return was late, to a maximum of 12 months.

If CRA charged a late-filing penalty on your return for 2013, 2014, or 2015 your late-filing penalty for 2016 may be 10% of your 2016 balance owing, plus 2% of your 2016 balance owing for each full month your return is late, to a maximum of 20 months.

Ensure your taxes are always filed on time

Forget about filing deadlines because from now on we will make sure that your taxes are always on time.

As professional Chartered Accountants, we are committed to excellent service so you could rest assured that we will file your taxes on time.
Our accounting firm is located in North York and we happily serve clients in North York, Toronto, Thornhill, Vaughan, Richmond Hill, Mississauga and other cities in the GTA.

Learn more about our accounting and bookkeeping services here.

Disclaimer:
We strive to ensure all information on our site is accurate and up to date. However, the contents of the site are naturally subject to change from time to time. That means, we can’t always guarantee the accuracy of all information on the site. YOU ARE RESPONSIBLE FOR CHECKING THE ACCURACY OF RELEVANT FACTS AND OPINIONS GIVEN ON THE SITE BEFORE ENTERING INTO ANY COMMITMENT BASED UPON THEM.

We offer bookkeeping services in the GTA

We offer bookkeeping services in the GTA

Whether you have a start-up business or a well-established business, S&P Accounting could provide you with professional bookkeeping to meet your business needs. We offer bookkeeping services to clients in the GTA which includes Toronto, North York, Thornhill, Vaughan and Richmond Hill.

We provide a full range of bookkeeping services 

Our bookkeeping services include:

  1. Books set-up,
  2. Data entry, banking, and reporting,
  3. Payroll setup, processing, monthly remittances and yearly tax reporting,
  4. HST, WSIB and Employer health tax filings….and more.

Our bookkeeping services are highly professional

In Canada, bookkeeping, unlike the accounting profession, is completely unregulated. This means that when it comes to bookkeeping, there are no criteria for educational credentials or for professional conduct. Virtually anybody with little to no education or training could call themselves a bookkeeper. Unfortunately, using the service of an unqualified bookkeeper, has had detrimental consequences for businesses. For instance, according to Edward Nagel, a forensic accountant,  unethical bookkeepers could create “large-scale misappropriation — from fictitious vendors and ghost employees to cheque fraud, and everything in between. And, since many bookkeepers and their employees often have no formal fraud-prevention training, this increases the likelihood of a fraud going undetected for months, if not years. ” Mr. Nagel proceeds to say that it’s important to stay clear of bookkeepers that profess to be knowledgeable in the profession, yet refuse to answer straight-forward accounting questions. That’s definitely a red flag!

At S & P Accounting Services, our Chartered Accountants perform the bookkeeping services.  This means that our high level of educational, professional and ethical standards ensures that our clients receive top level bookkeeping services. As our client, you could feel confident knowing that our Chartered Accountants will ensure that your books are properly maintained. We will accurately and proficiently perform all your bookkeeping services, as well as give you advice and answer any questions that you may have about your business’ finances. Our qualified bookkeepers are able to customize a bookkeeping solution around your financial and business needs.

We offer bookkeeping services in both QuickBooks and Simply Accounting, and we offer these services at your office or ours, whatever you prefer. Our office is conveniently located in the the GTA.

Our bookkeeping services are affordable and efficient

Our bookkeeping services are an affordable and efficient way to get small and large sized businesses up-to-date with their bookkeeping records. We regularly look over your file and help ensure that your books are properly and accurately maintained. By providing you with professional bookkeeping services, you will have more time to focus on what’s really important -running your business.

If you require additional consultation or a have any bookkeeping inquires, please do not hesitate to contact us. We serve clients in Toronto, North York, Vaughan, Thornhill, Richmond Hill, and all other GTA cities.

Polina Presman, CPA, CA

T- 416-371- 6017
F- 416-667-0404

Shani Marzin, CPA, CA

T- 416-731-9031
F- 416-667-0404

S&P Accounting Services LLP
2727 Steeles Ave. W. Suite 300
North York, ON, M3J 3G9
www.spaccountingservices.ca

Five income tax tips for small business tax preparation

Five key tips for reporting your income tax

Are you a small business owner? Congratulations! It takes a lot of passion and dedication to get to where you are. There are many standard challenges that businesses face today. These hurdles include hiring the right people, getting and attaining customers, work fatigue, increasing cash flow and profitability, etc.

One challenge that I will cover in this article is managing your business finances. As an accountant, I notice that individuals are sometimes hesitant to start a business because of fear that they won’t know how to properly prepare and file their taxes. Below I complied five key small business tax preparation tips that will hopefully give you the knowledge and confidence to run your business more smoothly and help you know that you’ve covered some essential tax preparation basics.

1.Report your income from any business you or your partner run

As a small business owner, you are obligated to report income from any business you run yourself or with a partner. Business income is defined as money you earn from a:

  • Profession
  • Trade
  • Manufacture or
  • an undertaking of any sort, an adventure or interest in the nature of trade, or any other enterprise you engage in for profit and there is proof to support that intention.

Please note that if you have a service business such as a restaurant, income from a service business is considered business income. However, business income does not include employment income, such as wages or salaries received from an employer.

2. Neglecting to report income may result in a penalty

Here is another important small business tax preparation tip. To calculate income for tax purposes, you must document and report all amounts of income. If you neglect to report all your income, you may be fined a penalty of 10% of the amount of income that you did not report.

3. It is crucial to keep your records detailed and complete

If you are a small business owner or are engaged in a commercial activity, it is crucial that your records are detailed enough and complete in order to calculate the tax you owe and to support any deduction or credit you are claiming. They also must be supported by original documents.

4. It is your responsibility to keep your supporting documents for six years

You must keep the supporting documents for six years after the end of the tax year to which they relate. Even if you are filing your return online or don’t have to affix specific supporting documents to your return, you must still keep the documents in case CRA reviews your return or audits your business. CRA may ask you to confirm your claims for deductions or credits with documents other than official receipts, like canceled cheques or bank statements.

5. Paying your income tax by installments

Here is a final small business tax preparation tip.  If you get income that has no tax withheld, or does not have enough tax withheld for more than one year, you may have to pay tax by installments. Some cases where this may occur are if you have rental, investment, or self-employment income, certain pension payments, or income from more than one job.

If you have any small business tax preparation questions or any other accounting related inquiries, we would be happy to assist you.

Polina Presman, CPA, CA

T- 416-371- 6017
F- 416-667-0404

Shani Marzin, CPA, CA

T- 416-731-9031
F- 416-667-0404

S&P Accounting Services LLP
2727 Steeles Ave. W. Suite 300
North York, ON, M3J 3G9
www.spaccountingservices.ca

 

Disclaimer:
We strive to ensure all information on our site is accurate and up to date. However, the contents of the site are naturally subject to change from time to time. That means, we can’t always guarantee the accuracy of all information on the site. YOU ARE RESPONSIBLE FOR CHECKING THE ACCURACY OF RELEVANT FACTS AND OPINIONS GIVEN ON THE SITE BEFORE ENTERING INTO ANY COMMITMENT BASED UPON THEM.