Find out how you can automate your construction business’s accounting practices with the help of cloud based accounting solutions Canada and business advisory services in Toronto, Canada.
Automating accounting processes is essential for any business these days. Manual bookkeeping and accounting can take on a toll on the company’s productivity.
One of the industries that could really benefit from modernizing their bookkeeping practices is construction. Here’s how automating the accounting process can help your business:
It Will Free Up Your Time
How much time does it take to shortlist, interview, and then train your accounting staff? It’s not a core function of your business, yet it takes a lot of time and energy to hire and manage all those people.
If you automate the process, you’ll free up time and resources to focus on increasing your bottomline without worrying about the accounting processes.
You Pay Less and Get More Expertise
Hiring an entire accounting team for your business means bearing the costs of salaries, medical benefits and other incentives. When you automate the process by working with a firm that provides Canadian tax and accounting services in Canada, your costs will go down as you pay the professionals a flat fee for their services.
You also have access to a bigger team with more expertise, which will ensure that your books and reports are better handled.
Tax Deductions
You may not even know how many of your expenses can be counted as tax deductibles. In some cases, the tax deductions can even impact your bottomline.
Expenses such as construction supplies, tools and equipment, rental equipment, storage, union dues, waste disposal, and many more can qualify for a deduction, but you’ll need to avail professional business advisory services toronto that can make the most of your tax deductions.
Payroll Management Becomes Easier
With all the union and part-time workers on your payroll, it can be a big hassle to calculate all their salaries and disburse them accordingly.
A bookkeeping company can help you by:
• making sure all the employees are in the payroll system
• following all the payroll laws and regulations for varied scenarios (vacations, overtime, etc)
• maintaining records of all the personnel working for your company
• reporting employees on T5018 tax slips who fit the criteria
Convenience of Use
Using cloud-based accounting solutions Canada will help you find any record instantly, instead of searching all the books for specific details.
You can also track the progress of payments and dues on all your projects, issue invoices, and use concise records to gather actionable intelligence for your business. This includes details such as the seasons when the business fluctuates and the clients that are late with their payments.
Get In Touch With Us Today To Get Accounting for Construction in Toronto
At Accounting Plus Financial Services, we have a great panel of CPA-qualified accountants and tax professionals that are passionate about working with clients to make their businesses more efficient and compliant with the laws and regulations.
Contact us today to get a free consultation and bring your construction business up to par with modern accounting standards. Visit our website to take a look at our range of services.
We are located in Thornhill, Ontario.
