Looking for a bookkeeper/accountant

[cornelius85]

I have a small reptile caging business. I have been incorporated for the last couple years and am needing help with the bookkeeping as well as someone to do the taxes for me. Up until this point I have done everything myself and my sister in law did the taxes and GST by reviewing all my stuff. I have been doing the accounting through quickbooks, and for the first couple of years I didn't fully know how to use the program, so balances aren't correct on accounts, and generally it is all a mess. I also didn't know how to input GST and tax payments, so those have never been put into the program. My sister in law doesn't have time, and I don't have time to keep up to date on all the inputs/expenses, so I am hoping to find someone to help me out.

If you know of any book keepers and/or accountants that have openings, please let me know.

I am needing help to correct my past mistakes, and get everything up to date/corrected and most likely continue on and have someone do all the bookkeeping and accounting for me.

Any help would be appreciated.

[00sir2]

I had a similiar situation, I was doing my own bookkeeping only to find out I was doing alot wrong. I had a bookkeeper clean up my books for cheap and I have an accountant to my year end taxes. Both are great and have reasonable pricing. I will PM you the info.

[cornelius85]

Thanks. That would be much appreciated.

[revelations]

Same, Im looking for an inc. ready accountant to look after a small business.

[heavyfuel]

Incorporating isn't even worth it unless you're making 500K+ yr dude. Accountants gouge the shit out of you when you're incorporated.

[cornelius85]

That may be the case, but in terms of personal risk it is better to be incorporated in case shit goes sideways. Nothing has ever happened touch wood, but I wouldn't want to risk losing my house etc over a hobby business either. $1000.00 for corporate taxes isn't the end of the world either, so it isn't really that hard of a pill to swallow.

[skandalouz_08]

Originally posted by heavyfuel
Incorporating isn't even worth it unless you're making 500K+ yr dude. Accountants gouge the shit out of you when you're incorporated.

Not true, if you're leaving any money in the business there can be advantages to incorporating if you're only making $50K a year. For many where they work a full time job and the company they own is a hobby incorporating can protect them personally and keep them in a lower tax bracket.

[kvg]

I have used Albert Ng for my personal taxes for years and many of my friends have as well. He also does business accounting as well, I would highly recommend him as he really knows his write offs.

http://www.yellowpages.ca/bus/Alberta/Calgary/Albert-Ng-Certified-General-Accountant/3625767.html

[cornelius85]

Originally posted by skandalouz_08


Not true, if you're leaving any money in the business there can be advantages to incorporating if you're only making $50K a year. For many where they work a full time job and the company they own is a hobby incorporating can protect them personally and keep them in a lower tax bracket.

I was going to mention that as well. The taxes I paid through the company last year were 1/3 of what I would have paid as a sole proprietor.

[heavyfuel]

Originally posted by cornelius85


I was going to mention that as well. The taxes I paid through the company last year were 1/3 of what I would have paid as a sole proprietor.

Ya then factor in what the accountants want, plus all the headaches and hassles, not worth it. I'd rather just pay the little extra as sole prop. and stay off the inc'd radar with the govt.

[revelations]

I was advised that Inc. is worth the extra effort and cost if one uses a vehicle and needs better mileage writeoffs.:dunno: (plus reasons mentioned above).

[A790]

I use Norm with "No Bull Bookkeeping" (www.nobullbookkeeping.com). He comes every two weeks and helps keep me on track :)

[heavyfuel]

GST, personal AND corporate taxes.... annual returns, CRA up your ass all the time, so not worth it. I was inc'd in 2007-2008, biggest nightmare of my life. Mileage shmileage, 2/3 trucks are paid for 2 for work 100% writeoff 1 for personal 0% writeoff. In my line of work I can easily deduct 40-60% of my income so for me, it's just not worth it.

[barmanjay]

Originally posted by heavyfuel
Incorporating isn't even worth it unless you're making 500K+ yr dude. Accountants gouge the shit out of you when you're incorporated.


???? I don't get you,...

I don't post much, but the more I read your posts, the more I feel compelled to post replies. (no comment on my thoughts)

Thanks for bringing me out of my annual lurking.



I have a Tax Lawyer in the office next to me.

In fair-weather conversation with him a while ago:

"when you hit $130k/yr, incorporate yourself. Personal taxes start going over 30% where as corporate tax is only 10%. the write offs can still be the same. A little more paperwork but you can save yourself thousands of dollars"

In brief, doing the extra paperwork (be it an extra 10-15 hrs/yr? maybe?) could save you 10-15k,... that's $1000/hr as I see it.


Sorry I can't help finding an accountant or bookkeeper, but anyone needs a tax lawyer. My office neighbor is one.

[Red@8]

If you're still looking:

Ladha, Moen & Associates. Ask for Mariam or Jason. 403-284-9671

[Myrrinda]

Originally posted by heavyfuel


Ya then factor in what the accountants want, plus all the headaches and hassles, not worth it. I'd rather just pay the little extra as sole prop. and stay off the inc'd radar with the govt.

Not sure which accountant you were raped by, but an NTR with a tax return generally runs about $3000, give or take a few hundred depending on your business and the amount of work required. That's hardly anything when you consider the amount of tax you save, as well as all of the other benefits previously mentioned. Small businesses are taxed way less than sole proprietorships or partnerships, especially when they make UNDER $500k because then they get the small business deduction. I can't even begin to understand why anyone would not incorporate. I would incorporate even if I shoveled sidewalks for a living.

[LADHA&MOEN PROF CO]

Original Post Removed. (Please read the Forum Rules and Terms of Use (http://forums.beyond.ca/articles.php?action=data&item=1) before posting again, or risk getting banned).

[InRich]

good thread. i'm gonna call some of these. how busy are you guys right now?

[heavyfuel]

Originally posted by Myrrinda


Not sure which accountant you were raped by, but an NTR with a tax return generally runs about $3000, give or take a few hundred

I'd rather give my money to the govt than an individual. $3000 compared to less than $500, is just sickening to me to pay somebody that.

[heavyfuel]

Originally posted by LADHA&MOEN PROF CO
We re professional Accountants with home based business specialized in small businesses.

Please feel free to contact us at 403-284-9671 between 8am to 6pm Monday to Friday and Saturday by appointments.

Thx

Wtf is with the advertising? I got hanged for that on here a few years back.

[heavyfuel]

Originally posted by barmanjay



???? I don't get you,...

I don't post much, but the more I read your posts, the more I feel compelled to post replies. (no comment on my thoughts)

Thanks for bringing me out of my annual lurking.



I have a Tax Lawyer in the office next to me.

In fair-weather conversation with him a while ago:

"when you hit $130k/yr, incorporate yourself. Personal taxes start going over 30% where as corporate tax is only 10%. the write offs can still be the same. A little more paperwork but you can save yourself thousands of dollars"

In brief, doing the extra paperwork (be it an extra 10-15 hrs/yr? maybe?) could save you 10-15k,... that's $1000/hr as I see it.


Sorry I can't help finding an accountant or bookkeeper, but anyone needs a tax lawyer. My office neighbor is one.


100 k/ yr = $5000 gst collected

In my case minus 50 k expenses, hence minus $2500 in gst.

according to http://www.cra-arc.gc.ca/tx/ndvdls/fq/txrts-eng.html

15% on the first $43561 equals $6534.15
22% on the remaining $6439 equals $1416.58

10% in Alberta equals another $5000

throw in $3000 for any other bullshit I might have missed, plus maybe $500 to the accountant.

Total with gst comes to, $16450.73 taxes paid on 100k income. Considering most salaried people making 100k gross give half of it the the govt, I'm more than happy to pay what I'm paying.

Of course now I'm only netting 32k and change on paper, but my rent, internet, phone bill, most of my fuel, and a lot of other things are all partially deducted too and I mysteriously have almost zero debt and money saved.

Why the fuck would I wanna pay a pencil pusher $3000 for that????

[KappaSigma]

Originally posted by heavyfuel



100 k/ yr = $5000 gst collected

In my case minus 50 k expenses, hence minus $2500 in gst.

according to http://www.cra-arc.gc.ca/tx/ndvdls/fq/txrts-eng.html

15% on the first $43561 equals $6534.15
22% on the remaining $6439 equals $1416.58

10% in Alberta equals another $5000

throw in $3000 for any other bullshit I might have missed, plus maybe $500 to the accountant.

Total with gst comes to, $16450.73 taxes paid on 100k income. Considering most salaried people making 100k gross give half of it the the govt, I'm more than happy to pay what I'm paying.

Of course now I'm only netting 32k and change on paper, but my rent, internet, phone bill, most of my fuel, and a lot of other things are all partially deducted too and I mysteriously have almost zero debt and money saved.

Why the fuck would I wanna pay a pencil pusher $3000 for that????

Im going out on a limb and saying your playing the grey area and deducting more than you should. Even if you are claiming non business margin items like home office stuff your margin earnings on the business would still be high. So you say $50K of expenses...well from that $50K how much is recitely related to the business revenue? IE - materials, advertising, meals, insurance etc? There is NO way the majority of that $50K is from writeopffs such as a business portion of home office interest, utlities, etc.

[KappaSigma]

Originally posted by KappaSigma


Im going out on a limb and saying your playing the grey area and deducting more than you should. Even if you are claiming non business margin items like home office stuff your margin earnings on the business would still be high. So you say $50K of expenses...well from that $50K how much is recitely related to the business revenue? IE - materials, advertising, meals, insurance etc? There is NO way the majority of that $50K is from writeopffs such as a business portion of home office interest, utlities, etc.

What I am getting as is for those salaried employees making $100K vs you; they are taking home $100K for the most part versus you are taking home much less. Your $100K in income isnt take home pay due to direct expenses.

[sabad66]

Originally posted by heavyfuel



100 k/ yr = $5000 gst collected

In my case minus 50 k expenses, hence minus $2500 in gst.


I'm no expert, but if you collect 5k in GST from your customers for 100k in sales, then I'm pretty sure you should be paying all of that 5k to the govt. regardless of what your expenses were.

If I buy a mcdonalds meal for $10 and they collect .50 GST, they don't keep half of it since their food costs were $5 out of the total $10.....

Someone feel free to correct me if i'm wrong.

[KappaSigma]

Originally posted by sabad66

I'm no expert, but if you collect 5k in GST from your customers for 100k in sales, then I'm pretty sure you should be paying all of that 5k to the govt. regardless of what your expenses were.

If I buy a mcdonalds meal for $10 and they collect .50 GST, they don't keep half of it since their food costs were $5 out of the total $10.....

Someone feel free to correct me if i'm wrong.

You pay or get back the net difference. $5K less expenses where GST was paid. In this case youd assume the $50K expenses all had GST on them....

[sabad66]

Interesting. I guess that makes sense so that the don't get paid for GST multiple times on a single item.

[heavyfuel]

Originally posted by KappaSigma


Im going out on a limb and saying your playing the grey area and deducting more than you should. Even if you are claiming non business margin items like home office stuff your margin earnings on the business would still be high. So you say $50K of expenses...well from that $50K how much is recitely related to the business revenue? IE - materials, advertising, meals, insurance etc? There is NO way the majority of that $50K is from writeopffs such as a business portion of home office interest, utlities, etc.

In my line of work, a $500 job can easily cost me $150-$200 to execute. Plus I paid off truck # 2 of 3 this year so although on a regular year 50k would be high, this year it will be close.

[heavyfuel]

Originally posted by KappaSigma


What I am getting as is for those salaried employees making $100K vs you; they are taking home $100K for the most part versus you are taking home much less. Your $100K in income isnt take home pay due to direct expenses.

100k gross, salaried folk, are lucky to see half of that net. NOW pay your rent/mortgage, bills, and whatever else.

I'll stick with what I got thanks.

[KappaSigma]

Originally posted by heavyfuel


100k gross, salaried folk, are lucky to see half of that net. NOW pay your rent/mortgage, bills, and whatever else.

I'll stick with what I got thanks.

What are you talking about? A slaried employee at $100K take home net pay after taxed (federal and AB, plus CPP/EI) is just over $71K for 2012. With an effective total income tax rate of ~28.5%.

So the income is much more than your "net" take home pay of $50K before taxes...$50K of taxble income is about $38K for 2012....

I hope your manual labour skills are better than your math/accounting skills. :eek:

[heavyfuel]

Originally posted by KappaSigma


What are you talking about? A slaried employee at $100K take home net pay after taxed (federal and AB, plus CPP/EI) is just over $71K for 2012. With an effective total income tax rate of ~28.5%.

So the income is much more than your "net" take home pay of $50K before taxes...$50K of taxble income is about $38K for 2012....

I hope your manual labour skills are better than your math/accounting skills. :eek:

Yes, yes they are.

[ExtraSlow]

Necro-bump, but I didn't feel like making a new thread.

At what point do you think it's worth hiring a bookkeeper instead of doing it yourself? Is the "output" any different?

[Masked Bandit]

Originally posted by ExtraSlow
Necro-bump, but I didn't feel like making a new thread.

At what point do you think it's worth hiring a bookkeeper instead of doing it yourself? Is the "output" any different?

I use the same analysis when thinking about a house cleaner, ya I could do it myself for cheaper, but I would rather be doing ANYTHING else...lol.

If your situation isn't very complicated your book keeping costs will be low. I only spend about $1200 a year and for me that's EASILY worth it. Everything is handed to the accountant at the end of the year on a silver platter in perfect order so I'm sure that saves me a bunch of money on his tax filing fees.

I just started working with an outfit by the name of S & J Management down in Okotoks after being with another company for five years. They seem to have their act together.

[ExtraSlow]

Hey, just thought I'd update since my year-end is finished now. There were folks tossing around numbers like $3000 for the costs to file year end taxes though an accountant. Now my business is super simple this year, but my costs was right around $1000. I'm getting GST refund of a couple hundred bucks too. Nice.

Never did get a bookkeeper, decided I should handle it myself for the first year to make sure I had a handle on what was happening.

Happy small businessing everyone.