ACCOUNTING AND BOOKKEEPING
SDG Accountant provides accounting and bookkeeping services for individuals and corporate clients residing in Canada and the United States. Whether you are a Toronto startup or have been in business for the past 20 years, proper accounting is crucial to the viability of your organization. Our CPAs have worked in accounting for a variety of different organizations in various industries. Whether it comes to the selection of accounting standards or setting up the chart of accounts, we are here to guide your Toronto business from start to finish. It is crucial that your advisor is well-versed in relevant accounting standards pertaining to your industry.
We specialize in daily, weekly, monthly, quarterly, and annual bookkeeping services:
- Clean up current books
- Accounting solution setup and maintenance
- Database design
- Accounting systems design and management
- Accounts payable – vendor bill pay and account management
- Accounts receivable – customer invoices and statements
- Bank deposits
- Payroll setup and management
- Financial reports, including profit and loss, balance sheets, and cash flow statements
- Benefit withholdings set up and management
- Bank and credit card reconciliation
- Weekly and monthly reports
- Sales tax return
- Annual preparation for tax return
- Filing and file storage
What are the Accounting Standards?
Essentially, they are a set of publicly accepted standards and they specify how transactions, events, and occurrences are to be categorized, measured, recorded, presented, and finally disclosed in the financial statements.
In Canada profit-oriented businesses have 3 options to select from:
- IFRS – International Financial Reporting Standards
- ASPE – Accounting Standards for Private Enterprises
- NON-GAAP – Cash Accounting or Accounting for Tax Purposes
A business should consider its future goals and vision when choosing to adopt reporting standards. I.e. If a start-up is planning an initial public offering in the next couple of years; it may be optimal to choose IFRS (as this is the required accounting standard for Public Companies). Although, since the U.S. has not adopted IFRS, they use their own set of standards known as U.S. GAAP. Therefore, if a start-up is trying to attract U.S. investment that should be taken into consideration as well.
Most businesses we deal with are small and medium-sized businesses across the Greater Toronto Area. In practice, these businesses are not actually obligated to use any of the 3 standards noted above, and they have the option to choose any standards they want. Practically, speaking most private businesses should use ASPE, aka private GAAP. ASPE is most likely the best choice for your Toronto-based business. This may make your business more credible in the long run if you consider selling, arranging to finance, raising equity capital, or even just complying with industry norms. Most importantly, your Toronto business should have a tailored approach and take these factors into consideration.
Small owner-managed businesses that are not required to be audited or have a review engagement may see it advantageous to prepare financials in accordance with tax purposes. Essentially, the financials would be prepared in the same format and structure that they would appear to be on your corporate tax return or sole proprietor return. There is minimal disclosure for external users, and these types of statements sometimes overlap with GAAP, although not in all aspects. Keep in mind, that if preparing statements for tax purposes it may be costlier to convert your statements to ASPE later down the road.
Tell us your goals and the expertise you need – and we’ll build it!
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“Timely, Reliable and Knowledgeable service. I filed my taxes with Sami and his team and they provided the Next Day service of my return, which is incredible. Also, with the highest refund, I have seen on my taxes to date. I attribute this to their diligence and attention to detail. Very thankful I chose to file my Taxes with them and the fact that they communicated with me along the way.”
“I switched from being an employee to an independent contractor and SDG was able to give me the right tax tips I needed… thanks team I will be coming back to you come tax time.”
“I would highly recommend SDG Accountant Ltd. as a complete and reliable tax filing return. The agency’s consistency and professionalism were far more superior then other firms I have dealt with before. Their attention to detail and commitment to each client is what sets them apart from other firms. I was very satisfied with their work ethic, and believe it would be very beneficial to any business or individual.”
“Sami and his firm have provided me with tax preparation and related tax counsel/advice for my business tax returns from 2013 through 2015 and maintaining my business books. He has been knowledgeable, reliable, efficient and demonstrated great integrity across the work he has done for me and my small business. He is also friendly and enjoyable to work with. I will continue to use Sami and his team for my tax and business needs and I highly recommend them.”
“SDG Accountant gets the job done quickly and with no hassles. When you want to maximize your return within the guidelines of the CRA, SDG is the right choice. They ask for all the information they’ll need up front, and once they have it, your return is ready in the next couple of days. Would highly recommend, I know where I’m going for tax year 2016!”
“I had an enjoyable experience with Sami and his team, while I was filing my taxes this past weekend. It was quick, professional, and worth the money as well. I filed them on Saturday and got my T4 summary emailed back to me the next day. I highly recommend SDG Accountant Ltd for your tax needs.”
“Sam, probably the most well dressed, professional, fast and easy accountant. He really did a great job at filing my taxes!”
“Sami at SDG Accountant was fantastic. He was very efficient and professional. He thoroughly answered all of my questions and was very knowledgeable. I would highly recommend him and the SDG CPA firm.”
“What a pleasant experience! So professional, timely and efficient. Sami was helpful and knowledgeable, he answered all my questions and concerns. Very happy with the outcome and will be returning!”
“SDG accounting is by far the best experience I have ever had. They are quick, knowledgeable and very efficient. I know that I will be going back to Sami and Andrew every year. They went above and beyond! I highly recommended anyone needing tax or accounting services to get in touch with these gentlemen.”
“Approached SDG for a CRA issue I was dealing with. I sat down at their downtown office and in a matter of a few weeks my issue was fully resolved. I cannot thank you enough for all of the help. I look forward to working with your team in the future if the need arises!!!”
“What Stands out about this firm is they’re very personable with their clients. As a dual citizen, I am limited in my options for firms who can handle both U.S. and Canadian returns and file them accurately. I approached SDG and they have a U.S. Tax lawyer on the team who works closely with their CDN office to ensure that foreign tax credits are being claimed properly. I am glad I found this firm as I will be looking forward to working with them for years to come!!!!”
“I approached SDG accountant for my accounting and tax needs. I run an online marketing company and wanted to get the best possible tax planning scenario. Sam sat down with me and listened to my goals and what I wanted to accomplish in the next few years. He worked out a strategy and gave me processes to help my business finances be more organized. As an owner of a small corporation, I can trust SDG to deliver professional services at a reasonable price. Thank you guys and I look forward to continued satisfaction.”
“Great Experience Working with SDG Accountant. Smooth Process with Effective, Timely and Professional Service. Would Highly Recommend them.”
“Amazing service!! I was impressed with the quality of service and professionalism. I would choose SDG Accounting over H&R Block any day… quick and easy nothing beats them!”
“The whole experience was amazing!! So timely, professional and efficient, Sami filed my taxes as soon as I had sent him all the necessary documents with zero hassles. He will certainly be my accountant in the next few years! Thank you!”
“SDG Accounting consistently helps me with my personal and small business accounting. It’s difficult to keep up with all my finances and I couldn’t appreciate the help more than I already do. Thanks a lot for the constant advice and returns.”
“I have been using the services from Sami as my accountant for years now, and he is an absolute lifesaver. He and his team at SDG Accountant helped me out of a messy situation from my previous accountant and my businesses are thriving now. Much more than just accounting, business and tax advice is second to none. I highly recommend SDG Accountant to anyone who is serious about their business and going to the next level.”
“Dear Sami and Andrew Thank you very much Gentlemen for being able to resolve my issues with the CRA. You’ll have been a very professional organization that treats clients’ issues very seriously and with respect. I am so glad that I found you’ll online, my previous company took so long and finally I just gave up on them. I and my wife thank you once again and wish you all the very best. Thank you once again.”
“By far the best tax experience I’ve had. SDG Accountant is an effective and efficient firm that offers professional yet personal service. They took the time and energy to make this an effortless process and got me back more than I could hope for. Very knowledgeable. I will be using them for years to come. Thanks!”
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