Frequently Asked Questions
Do I need an accountant if I already use accounting software?
Accounting software helps record transactions, but it does not replace professional oversight. Many small businesses in Toronto use software like QuickBooks or Xero and still miss errors, compliance issues, or planning opportunities. An accountant ensures your books are accurate, tax-ready, and aligned with CRA requirements while also helping you make better financial decisions.
How can a small business prepare for tax season without last-minute stress?
The key is year-round preparation. This includes consistent bookkeeping, monthly reconciliations, accurate HST tracking, and early review of payroll and expenses. Working with a proactive accountant helps identify issues early, estimate taxes owed, and avoid surprises when deadlines approach.
What are the signs that my business bookkeeping is behind?
Common signs include missing receipts, unreconciled bank accounts, unclear cash flow, late HST filings, and uncertainty about profits. If tax season feels overwhelming or financial reports don’t make sense, your books are likely behind and need cleanup.
Is outsourced bookkeeping or accounting worth it for small businesses?
Yes, for many small businesses outsourcing is more cost-effective than hiring in-house staff. It provides access to experienced professionals, better systems, and consistent processes without the overhead. Outsourcing also reduces errors and ensures compliance while freeing up your time.
How often should a small business meet with their accountant?
Ideally, small businesses should have at least quarterly check-ins, with monthly support for bookkeeping and payroll. Regular communication allows for proactive tax planning, cash flow management, and better financial decisions throughout the year.
What should I do if my business is behind on taxes or filings?
The first step is not to panic. A qualified accountant can review your situation, organize your records, and communicate with the CRA if needed. Addressing issues early helps reduce penalties, interest, and long-term risk.
How do I know if I’m paying too much in taxes?
If you’re unsure which deductions apply, lack clear financial reports, or only speak to your accountant once a year, you may be overpaying. Proper tax planning, accurate expense tracking, and strategic advice help ensure you’re only paying what you legally owe.
Can an accountant help with cash flow problems?
Yes. Accountants help identify cash flow issues by analyzing income timing, expenses, accounts receivable, and payment cycles. Improving cash flow often involves better invoicing processes, expense control, and financial forecasting.
What is the difference between a bookkeeper, accountant, and business advisor?
A bookkeeper focuses on recording transactions and keeping books organized. An accountant ensures compliance, tax filing, and financial accuracy. A business advisor or CFO service goes further by helping with strategy, forecasting, and growth decisions. Many small businesses benefit from a combination of all three.
How do I know if Good Monday is the right accounting firm for my business?
Good Monday works best with small businesses that want proactive support, clear communication, and reliable financial systems. If you’re looking for more than just tax filing and want year-round guidance to stay compliant and grow with confidence, Good Monday is a strong fit.