Accountant for entrepreneurs
They say your company is like your child. You’ve worked hard and put a lot on the line to see your business grow and flourish. You deserve an accountant that truly cares and doesn’t view you as just an another client.
Meet Farrukh Ahmed, an experienced CPA running an accounting practice in the Greater Toronto Area for 27+ years. He works directly one on one with all his clients and makes himself available for whenever you need help.
Did you know…
…early in Farrukh’s career, he had the opportunity of working as a tax auditor for the CRA. His tax expertise will be perfect for a business like yours. He knows the triggers to avoid becoming a victim of a tax audit, and ways to legally and ethically save money when it comes time to file your taxes.
Accounting Firm Est. 1993
Farrukh Ahmed’s accounting firm has been providing tax services in the Greater Toronto Area for the past 27+ years. He can service clients remotely but also has a physical office located in Mississauga for people who prefer face-to-face meetings. All this experience makes us confident he will be invaluable to you and your practice.
Professor At Sheridan College
In addition to Farrukh’s love for numbers and helping local businesses he teaches part time at Sheridan College. The course aims to help other bookkeepers and accountants on how to use the latest and greatest cloud accounting software.
Accounting or Tax Considerations for Entrepreneurs
Long term business success begins with proper financial planning and establishing a solid foundation. Here are few things to consider when launching your business off the ground. What may be best for one person may not be ideal for your situation. This is why we offer a free consultation and recommend calling Farrukh so together we can explore the different options available uniquely to you.
1. Registering the Business
On average 350,000 first time businesses in Canada register every year. There are a few different business models you can choose from and each has different advantages, disadvantages.
The sole proprietorship: Easiest to setup, simpler tax-return, less expensive, more liability and also harder to exit.
The partnership: Shared risk, simple tax-return, but shared decision making (no controlling interest), and risk of conflict.
The corporation: Limited liability, easier to raise capital, optimize tax situation with more personal tax deferral methods at your disposal, but harder to file taxes, more paperwork, and is more expensive to register.
The cooperative: Limited liability, owned and democratically controlled by the people who use its services, downside is slower decision making.
Develop a systematic way to keep track of business income and expenses. Too often we see people mix personal accounts with business, especially in the case of a sole proprietor. Advise to open separate business accounts making it easier to distinguish between personal and business expenses. For our clients we use complimentary cloud accounting software to manage bookkeeping online. This develops a process to automatically tag expenses, GST/HST, and allows for generating monthly snapshots of cash-flow. Being organized with tracking business finances is the least sexy part of running a business but cannot be downplayed.
3. Familiarize your tax duties as an owner
Do you plan on hiring employees? You’ll need to consider things like payroll and CPP. How will you pay yourself? Salary or dividend? What tax deferral methods are available to you and how can you legally minimize your taxes? How to file income tax and sales tax. These will also vary depending on the business structure you choose.
What to do?
If your business is in it’s beginning years all this can seem like a lot, especially when you’re sole focus has been to hit the ground running and finding a quick path to profitability. No great organization was built alone, (okay, maybe a few!) but most had a team of people on a mission together. Our accounting firm can be an extension to your team specialized in doing all the “boring” number stuff leaving you to do what you do best. Imagine the time saved, headache, not to mention the implemented tax-deferral and minimization that will end up saving you money in the long-run.
Our accounting services for Business owners
We do it all, including but not limited to…
- Accounts payable
- Bill payments
- Financial statements
- Payroll services
- Business tax return
- Business tax planning
- Personal income tax returns (T1)
- Tax minimization strategy
- Filing for tax refunds
- Tax representation in case of an audit
- Quarterly GST/HST filings
- Business advisory services
- Operating expense analysis
- Salary vs dividend consideration
If you’re unsure if we the service you need is not listed, give us a call and we’ll let you know.
As an entrepreneur, you know your reputation is everything. We are proud to say our clients love us! With over 50+ reviews and a perfect 5-star rating you should know you’re in good hands.
We would not hesitate to recommend his services to anyone. You’ll be in very good hands.
See Review on Google
He gives you the time of the day and doesn’t treat you like another invoice. Farrukh is also well informed – be it latest industry regulations or best practices. This ensures compliance for his clientele.
Farrukh and his team have our vote and we confidently recommend their services to those in the market for business or personal needs.
He is very responsive, one thing I have noticed being in Canada is it’s very hard to get hold of a professional when you need them. Farrukh is on the other end of this spectrum, he is always there when you need him.
He is kind and empathetic. Most of all he is very fair, reasonable and has great knowledge about CRA.
Thanks farrukh for being there with us when the tides were rough.