Bookkeeping | VJ Tax & Accounting

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Professional Bookkeeping Service

Your time and energy are precious. Working with VJ Tax & Accounting, a trusted and professional Bookkeeping Service in ontario, gives you the freedom necessary to focus on the most important aspects of your Personal and Professional Bookkeeping Service in Ontario Get in touch to learn more about how we can help.

All Services

Keeping your finances in order is crucial for the success of your business. At VJ Tax & Accounting, we understand that managing Professional Bookkeeping Service in Ontario can be time-consuming and overwhelming. That's why we are here to simplify your financial management process. With our comprehensive bookkeeping services, you can focus on what matters most – growing your business.

Why choose our AccuBooks service:

Expert Bookkeeping Team: Our team of skilled and experienced bookkeepers is well-versed in the latest accounting practices. Whether you're a small or medium-sized business, we have the expertise to handle your financial records with precision and accuracy.
Customized Solutions: We recognize that every business has unique financial needs. Our bookkeeping services can be tailored to fit your specific requirements, ensuring you get the level of support that aligns with your business goals.
Time-Saving Convenience: Outsourcing your bookkeeping tasks to VJ Tax & Accounting frees up valuable time for you to focus on core business activities. Leave the number crunching to us, and rest assured knowing your financials are in capable hands.
Organized Financial Records: With VJ Tax & Accounting, you'll have well-organized and up-to-date financial records at your fingertips. Access your financial reports whenever you need them, helping you make informed decisions for your business.
Budget-Friendly Solutions: Our cost-effective bookkeeping services offer you significant savings compared to hiring an in-house bookkeeper. Say goodbye to overhead costs and enjoy our affordable, transparent pricing.
Data Security & Confidentiality: Protecting your financial data is our top priority. We ensure your information remains secure and confidential.

Our AccuBooks service includes:

General ledger maintenance
Accounts payable and receivable
Bank and credit card reconciliations
Financial statement preparation
Expense tracking and reporting
Payroll processing and tax filings
Sales tax calculations and filings
Customized financial reports

Focus on growing your business while we take care of your financial health. Partner with VJ Tax & Accounting today and experience the ease and efficiency of professional bookkeeping services. We are committed to providing exceptional support and becoming your trusted financial partner.

Contact us now for a complimentary consultation, and let VJ Tax & Accounting help you achieve financial clarity and success. Your business deserves accurate bookkeeping - let us make it happen!

The key difference between accrual and cash-based accounting is the timing of when transactions are recorded. Accrual accounting focuses on recognizing revenue and expenses when they are earned or incurred, while cash-based accounting relies on actual cash inflows and outflows. The choice between these methods depends on factors like the size and complexity of the business, regulatory requirements, and the need for accurate financial reporting.

Incorporation vs Sole Proprietorship

Incorporation and sole proprietorship are two different business structures, each with its advantages and disadvantages. Understanding the differences between them can help you decide which option best suits your business needs A sole proprietorship is the simplest and most common form of business ownership. It is an unincorporated business owned and operated by one individual. Incorporation involves creating a separate legal entity known as a corporation. It is owned by shareholders and managed by a board of directors. The corporation is considered a distinct legal entity separate from its owners.
Liability

The owner of a sole proprietorship is personally responsible for all business debts and liabilities. There is no legal separation between the business and its owner, which means personal assets are at risk. Shareholders' liability is limited to the amount they invest in the company. Their personal assets are generally protected from business debts and liabilities. NOTE: There are times when directors can remain personally liable for a business's debt if certain preconditions are met. For example: > Unpaid employee wages and vacation pay. > Employee source dedications and remittances. > GST/HST remittances
Taxation

In a sole proprietorship, the business income is considered the owner's personal income and is reported on their personal tax return. There is no separate business tax return. Corporations file their own tax returns, and corporate profits are subject to corporate income tax. Shareholders also pay taxes on any dividends they receive.
Control

In sole proprietorship the owner has full control over the business and makes all decisions without having to consult other stakeholders. Corporations are managed by a board of directors, and major decisions are made collectively. Shareholders elect the board of directors and may have a say in certain decisions through voting rights.
Advantages

Sole Proprietor: Easy and inexpensive to set up, less paperwork and formalities, direct control over the business, and flexibility in decision-making. Incorporation: Limited liability, potential for easier access to funding, more credibility with customers and suppliers, and potential tax benefits.
What Business Structure Is Right For You?

Choosing between incorporation and sole proprietorship depends on factors such as the nature of your business, potential risks, tax implications, growth plans, and personal preferences. Many small businesses start as sole proprietorships due to simplicity, while others may choose incorporation for added protection and growth opportunities.