Tax accountants for start ups and ecommerce stores in Toronto GTA - Instaccountant (2024)

Instaccountant is proudly serving small and medium sized businesses in diversified industries. We provide remote accounting and tax services to clients in Toronto, GTA and all around Ontario.

Our goal is clear, ‘create ease for clients’ from client onboarding to ongoing services.Business owners have 1001 things to take care of every day (and night). We want to take bookkeeping and tax out of that list.

First thing, all business owners are super stars!

the people who have the courage and grit to build n chase their dreams. Instaccountant follows the same spirit.

We are your accountants, part of your team (just connected virtually) working towards success with you. That’s a win-win, we grow together. We provide following services and much more:

• Bookkeeping
• Accounts receivable and Accounts payable
• Accounting and financial statements
• Corporate Income tax returns (T2)
• GST/HST returns
• Monthly financial and management reports
• Payroll services
• CRA audits and review handling
• Corporation registration
• Tax planning and financial advisory

We do a lot more than those for businesses, like implementing ERP software solutions. Talk to us for details.

A virtual accountant (or remote accountant) is an accountant who provides accounting services remotely, using different modes of communication like; phone, internet, virtual meetings, video calls etc. They use technology to perform financial and accounting tasks and communication with individual and business clients. The businesses will not have them physically present in their premises (office, factory, warehouse etc.), but all their accountant related tasks and needs will be getting taken care of remotely.

Quality of resources

cost effectiveness

and less administrative hassles are the main benefits of having virtual accountants. For more read below.

Some of the services Instaccountant as virtual accountants provide your business with are:

>> Bookkeeping: Organizing and managing business transactions, accounts receivable and payable, and bank reconciliations.

>> Accounting: Making financials and maintaining your books as per accounting standards (ASPEs). Budgeting and forecasts, notice of reader accounts.

>> Tax Preparation and Filing: Preparing and filing income tax returns (sole proprietor and T2 corporate tax returns)

>> Tax and regulatory compliance: We help you with advising and complying with the tax and other regulatory requirements.

>> Financial and Management Reporting: Generating financial statements (balance sheet, income statement, and cash flow statement), monthly and periodic reporting for decision making and financial insights.

>> Payroll Services: Managing employee payroll, salary/wages, deductions (T4, T4A, Record of employment ROE, PD7A, CRA remittances).

>> Audit Support: Audit support for CRA tax audit and reviews or financials audits and reviews (statutory or special purpose).

>> Business Advisory: Offering financial advice and recommendations and supporting informed financial decisions.

>> Have an experienced accountant by your side at the fraction of cost: Businesses can save money on salaries, office space, and equipment.

>> Experience and Knowledge: Our virtual accountants have well rounded experience developed as result of working with many clients in various industries. You may have accountant often specialize in specific areas of accounting, allowing you to access specialized expertise that may not be available in-house.

>> Scalability, we grow together: We can scale our services according to your needs. You can adjust the level of service or the number of hours they work for you as your business grows or experiences seasonal fluctuations.

>> Time Savings: Hiring a virtual accountant will free up your time to focus on core business activities, rather than spending it on financial tasks and paperwork. This is very important.

>> Technology: We typically use the latest accounting software and relevant technology for the most practical and efficient outcomes. Rest assured we make tech serve our goals rather than become a burden to carry.

>> Reduced Errors: Virtual accountants often have a higher degree of accuracy in their work due to their reliance on digital tools and automation, reducing the risk of financial mistakes.

>> Security: Virtual accountants take data security seriously and use secure communication and storage methods.

>> Flexibility: We are available according to your schedules (most of the times).

>> Staffing Hassles: You don’t have to worry about recruiting, training, or managing in-house accounting staff, saving you time and effort.

>> Improved Insights and Reporting: Instaccountant’s virtual accountants can provide valuable financial insights and analysis that can help you make informed decisions to grow your business.

Some popular E-commerceseller types in Canada include:

Businessown website:Businesses that sell their own products or services on their own website have complete control over the look, feel, and functionality of their store.

Amazon Sellers:Amazon is the most significant online retailer in Canada, with over 40% of e-commerce sales.

Etsy Sellers:Etsy is a global marketplace, connecting creators and makers with customers. The website features handmade, vintage, and unique goods from around the world.

eBay Sellers:eBay is a well-known platform where buyers and sellers connect and sell anything from electronics, clothes, and jewelry.

Working with so many clients in the ecommerce sphere, we can identify the most common problems faced by E-commerce sellers.

Inventory management: 

It can be difficult to manage inventory when you’reselling online. You need to make sure that you have enoughinventoryto meet demand, but you alsodon’t want to overstock your inventory.

Multi-channel selling:

E-commerce sellers often need to sell their products on multiple channels, such as Amazon, Etsy, and their own website. This can be a challenge, as it requires them to manage multiple listings and inventory. Keeping track of all the inventory, sales and returns is a nightmare. This becomes bigger as the volumes go up.

Sales reconciliation:

If an e-commercebusiness is selling across multiple sales channels, keeping the sales records upto date is achallenge to cope with. Variousecommercehastheir own revenue transfer policies that (along with sales order volumes)becomevery difficultto betrackeddown and reconciled with the bank account.

Order management and shipping:

Shipping industry has evolved andadvancedenablingmillions of businessesworldwide.This advancementhas provided small businesses with wider options and cost-effectiveness.That comes with its toll;managing the orderhandling, packagingto dispatchis a set oftedious activities.

Working capital:

E-commerce sellers often need a lot of working capital to get their businesses off the ground. This is because they need to invest in inventory, marketing, and other expenses.

Cash flow management:

Cash flow can be a challenge for e-commerce sellers. This is because they often have towait for payment fromcustomersandsales platformsbefore they can pay their suppliers.

Remember,behind every successful small business owner,there’sa great teamof tax and accounting experts, keeping their financialsinshape.That’s where Instaccountant will help you.

We help startups, e-commerce stores and technology companies do what they are destined to do the best, while we take care of the end-to-end financials.

• Bookkeeping and accounting
• Income tax and sales tax preparation and advisory
• Business plans and financial forecasts
• Fractional CFO services.