Instaccountant is proudly serving small and medium sized businesses in diversified industries. We provide remote accounting and tax services to clients in Toronto, GTA and all around Ontario.
Our goal is clear, ‘create ease for clients’ from client onboarding to ongoing services. Business owners have 1001 things to take care of every day (and night). We want to take bookkeeping and tax out of that list.
First things first, all business owners are superstars! You’re the ones with the courage, creativity, and grit to chase your dreams and build something amazing from the ground up. At Instaccountant, we share that same entrepreneurial spirit.
We are your accountants for startups and eCommerce businesses in Canada, working as part of your team, virtually connected, fully committed, and focused on helping your business grow. It’s a true partnership where your success is our success.
Our online and virtual accounting services for startups and eCommerce stores include:
Bookkeeping and financial management
Accounts receivable and accounts payable tracking
Accounting and financial statement preparation
Corporate income tax returns (T2)
GST/HST filing services
Monthly management and financial reporting
Payroll services for small businesses
CRA audit support and review handling
Business and corporation registration in Canada
Tax planning and financial advisory for eCommerce owners
We do even more for our clients, including ERP software implementation and cloud accounting system setup to streamline your operations. Talk to us today to see how our virtual tax accountants for startups can help you simplify your finances, save on taxes, and scale your business confidently.
A virtual accountant (or remote accountant) is a professional who provides accounting and bookkeeping services online using various communication tools such as phone, email, cloud platforms, and virtual meetings. They rely on technology to handle financial management, tax filing, and client communication for both individuals and businesses. While they are not physically present at your office, warehouse, or workspace, all your accounting needs are managed remotely with the same efficiency and accuracy.
Quality of expertise, cost-effectiveness, and reduced administrative workload are the key benefits of hiring virtual accountants in Canada. For more details about how online accounting works, continue reading below.
Bookkeeping: Organizing and managing business transactions, accounts receivable and payable, and performing online bank reconciliations through secure cloud-based systems.
Accounting: Preparing financials and maintaining your books according to accounting standards (ASPE). Includes budgeting, forecasting, and notice-to-reader financial statements.
Tax Preparation and Filing: Preparing and filing personal (T1 for sole proprietors) and corporate (T2) income tax returns efficiently through our online tax filing platform.
Tax and Regulatory Compliance: Advising and assisting with CRA compliance, tax planning, and meeting all federal and provincial filing requirements.
Financial and Management Reporting: Preparing financial statements such as balance sheets, income statements, and cash flow reports, along with monthly and quarterly performance summaries for better business insight.
Payroll Services: Handling employee payroll, salaries, deductions, and filings including T4, T4A, ROE, PD7A, and CRA remittances with online accuracy and compliance.
Audit Support: Providing professional support for CRA tax audits, financial reviews, and special-purpose audits to ensure compliance and peace of mind.
Business Advisory: Offering strategic financial advice and virtual consulting to support informed decisions and long-term business growth.
Instaccountant as your virtual accountant leverages various accounting software and cloud-based tools. This makes it easy and secure for us (as accountants) and the client to share financial data, collaborate, and deliver our services remotely. We make sure that clients (who are not so tech savvy) are not burdened with technology, rather we hold your hand through this journey.
>> Have an experienced accountant by your side at the fraction of cost: Businesses can save money on salaries, office space, and equipment.
>> Experience and Knowledge: Our virtual accountants have well rounded experience developed as result of working with many clients in various industries. You may have accountant often specialize in specific areas of accounting, allowing you to access specialized expertise that may not be available in-house.
>> Scalability, we grow together: We can scale our services according to your needs. You can adjust the level of service or the number of hours they work for you as your business grows or experiences seasonal fluctuations.
>> Time Savings: Hiring a virtual accountant will free up your time to focus on core business activities, rather than spending it on financial tasks and paperwork. This is very important.
>> Technology: We typically use the latest accounting software and relevant technology for the most practical and efficient outcomes. Rest assured we make tech serve our goals rather than become a burden to carry.
>> Reduced Errors: Virtual accountants often have a higher degree of accuracy in their work due to their reliance on digital tools and automation, reducing the risk of financial mistakes.
>> Security: Virtual accountants take data security seriously and use secure communication and storage methods.
>> Flexibility: We are available according to your schedules (most of the times).
>> Staffing Hassles: You don’t have to worry about recruiting, training, or managing in-house accounting staff, saving you time and effort.
>> Improved Insights and Reporting: Instaccountant’s virtual accountants can provide valuable financial insights and analysis that can help you make informed decisions to grow your business.
E-commerce is growing at a rapid pace in Canada, and it is essential for small business owners to take advantage of this growth opportunity. E-commerce platforms enable small business owners to reach a broader audience and sell their products beyond their physical location. Additionally, e-commerce is an affordable way for small businesses to increase their revenue without incurring the cost of brick-and-mortar stores.
Some popular E-commerce seller types in Canada include:
Business own website: Businesses that sell their own products or services on their own website have complete control over the look, feel, and functionality of their store.
Amazon Sellers: Amazon is the most significant online retailer in Canada, with over 40% of e-commerce sales.
Etsy Sellers: Etsy is a global marketplace, connecting creators and makers with customers. The website features handmade, vintage, and unique goods from around the world.
eBay Sellers: eBay is a well-known platform where buyers and sellers connect and sell anything from electronics, clothes, and jewelry.
Working with so many clients in the ecommerce sphere, we can identify the most common problems faced by E-commerce sellers.
Inventory management:
It can be difficult to manage inventory when you’re selling online. You need to make sure that you have enough inventory to meet demand, but you also don’t want to overstock your inventory.
Multi-channel selling:
E-commerce sellers often need to sell their products on multiple channels, such as Amazon, Etsy, and their own website. This can be a challenge, as it requires them to manage multiple listings and inventory. Keeping track of all the inventory, sales and returns is a nightmare. This becomes bigger as the volumes go up.
Sales reconciliation:
If an e-commerce business is selling across multiple sales channels, keeping the sales records up to date is a challenge to cope with. Various ecommerce has their own revenue transfer policies that (along with sales order volumes) become very difficult to be tracked down and reconciled with the bank account.
Order management and shipping:
Shipping industry has evolved and advanced enabling millions of businesses worldwide. This advancement has provided small businesses with wider options and cost-effectiveness. That comes with its toll; managing the order handling, packaging to dispatch is a set of tedious activities.
Working capital:
E-commerce sellers often need a lot of working capital to get their businesses off the ground. This is because they need to invest in inventory, marketing, and other expenses.
Cash flow management:
Cash flow can be a challenge for e-commerce sellers. This is because they often have to wait for payment from customers and sales platforms before they can pay their suppliers.
Remember, behind every successful small business owner, there’s a great team of tax and accounting experts, keeping their financials in shape. That’s where Instaccountant will help you.
We do implementation and training.
We make it possible for small businesses get a world class ERP solution at affordable costs.
We help startups, e-commerce stores and technology companies do what they are destined to do the best, while we take care of the end-to-end financials.
* Please note, these fees are not final. Fees will be finalized after our detail call.
