Bookkeeping and accounting services
Accounting and Bookkeeping Services save Tax too!
Bookkeeping is one of the most important functions of business accounting. A strong Bookkeeping builds a reliable business foundation which all the major financial statements like profit and loss or balance sheets are derived.
Tax specialists rely heavily on the bookkeepers' records to support their figures when filing corporate tax returns. A proper and meticulous bookkeeping of each and every business transaction means businesses only pay the taxes they truly owe and not because unrecorded transactions overstated the net income.
There is a direct connection between proper bookkeeping, consequently accounting and tax savings. Taxes are calculated on net incomes of a business. When business expenses are ignored or omitted in absence of a proper bookkeeping and there are not professional accountant's in staff to review the financial statements for accuracy, regardless of the size of each individual transactions their accumulated figure over the course of a fiscal period can run into a large amounts which in turn the actual profits appear higher than what they are. Tax authorities will push the net income into a higher tax brackets and charge tax at higher rates. On one hand, business appears to be more profitable than it actually is and the managers may make decisions such as paying out bonuses based on an inaccurate financial statements and on the other hand, ended up paying more taxes than they really ought to. That is why it is very important to hire services of bookkeepers and accountants to prevent any inaccurate financial reporting
At MH Small Business Tax Services, we offer services of highly professional yet affordable Bookkeepers and accountants for your business. It is only a skilled and diligent bookkeeper who can truly understand as to how much of an expense is part of current year’s expenditure and how much of income ought to be considered to have accrued in current financial year. A seasoned bookkeeper will point out these features of business transactions right at the transaction recording stage and help more accurate financial reports. Our smart Bookkeeping will ultimately help you in your tax savings. Even the Canadian tax authorities expect businesses to maintain proper Bookkeeping records for better tax assessment.