When running an incorporated company, there’s much more involved than just being an expert in your field. All of a sudden you may find yourself responsible for things like payroll including T4 slips, WSIB, cash flow, corporate tax returns and tax planning, plus many other financial systems than you may not be fully capable of dealing with.
It is expected that an incorporated company have professionally prepared financial statements. It provides insight into a companies viability as well as forecasting future performance. This is important to investors or banks when determining a business’s ability to repay a debt. Financial statements are also required by CRA (Canada Revenue Agency) for filing a corporate tax return.
Deciding when to go from being a sole proprietor to an incorporated company is a big step. Making sure the transition is as smooth as possible requires the knowledge of an accountant who can give you the best qualified advice. James Walker will provide all of the necessary accounting services to make your business a success.