Frequently Asked Questions
Your questions about accounting, taxes, and CFO services answered by the experts at Orbit Accountants.
Bookkeeping
Bookkeeping is possible and normally done manually in the form of ledgers or spreadsheets, however it is time-consuming and error-prone. A lot of establishments use automated systems for error checking and operational streamlining.
The three types of bookkeeping are:
- Single-entry bookkeeping: Simple method, suitable for small businesses.
- Double-entry bookkeeping: More complex, ensuring balance by recording each transaction twice.
- Virtual bookkeeping: Cloud-based bookkeeping for real-time, remote financial management.
Bookkeeping services include the maintenance of transaction records, account matching, handling of invoices, and producing financial statements. These activities provide for the accuracy, adequateness, and preparedness of your financial history for the decision-making of your business.
Getting started with Orbit Accountants is easy. Simply contact us through our website or give us a call, and our team will schedule a consultation to discuss your bookkeeping needs.
Hiring a professional bookkeeper ensures your financial records are accurate, organised, and compliant with regulations. Their expertise helps prevent costly mistakes and penalties, saving you time and money. With bookkeeping services, you can focus on growing your business, knowing that your finances are well-managed and up-to-date.
Your books should be updated regularly, ideally on a monthly basis, to ensure accuracy and avoid errors. Regular updates from a professional bookkeeper ensure compliance and provide clear financial insights. With online bookkeeping services, you can easily track your financials in real-time, making adjustments as needed.
Bookkeepers provide a range of services, including tracking daily transactions, reconciling bank statements, and preparing financial reports. They handle accounting & bookkeeping services, ensuring your records are accurate and up-to-date. Additionally, they assist with online bookkeeping, offering real-time access to your financial data, which helps streamline your business operations.
Bookkeeping is the process of recording and managing a business’s financial transactions, ensuring all income and expenses are tracked accurately. It includes tasks such as reconciling bank statements and preparing financial reports. Professional bookkeeping services help businesses stay organised, save time, and ensure compliance with tax regulations and financial standards.
Choose Orbit for business bookkeeping because we provide accurate, timely, and professional bookkeeping services tailored to your needs. Our team uses expert online bookkeeping tools, ensuring real-time access to your financial data from anywhere. With our expertise, you can focus on growing your business while we manage your finances efficiently and securely.
Yes, Orbit can easily scale our bookkeeping services as your business grows. Whether you’re a small startup or a larger enterprise, we offer flexible solutions to meet your evolving needs. Our expert team will always ensure that your finances are always organised, accurate, and ready to support your business’s growth.
The cost of our bookkeeping services depends on your business’s size and complexity. We offer flexible packages that can be customised to fit your needs. Whether you require basic online bookkeeping or comprehensive accounting support, we ensure you receive excellent value while maintaining accuracy and efficiency in managing your finances.
Hiring a bookkeeper is essential for ensuring accurate financial records and saving time. A professional bookkeeper helps manage daily transactions, prepare reports, and ensure tax compliance. With expert bookkeeping services, you can focus on growing your business while leaving the financial details to a trusted professional.
Orbit stands out because we offer comprehensive bookkeeping services tailored to meet the unique needs of your business. Our team of experts ensures accuracy and compliance, giving you peace of mind. You’ll also have real-time access to your financials, allowing you to focus on growth while we handle the details.
Catch Up Bookkeeping
Yes! We provide clients with access to their financial records during the catch-up bookkeeping process. You can track progress and ensure everything is aligned with your business needs.
No problem! Whether you’re behind for a few months or several years, we have the expertise to handle multi-year catch-up bookkeeping and ensure your records are accurate, compliant, and ready for tax filing.
Absolutely! Once your catch-up bookkeeping is complete, we can easily transition to handling your ongoing bookkeeping needs, ensuring that your finances remain organized and up-to-date.
Contact us for a free consultation to discuss your specific bookkeeping needs and how we can help you get back on track.
Absolutely. We offer ongoing bookkeeping after catch up bookkeeping services to keep your financial records current and accurate, providing continuous support for your business.
Compliance with CRA regulations is important to avoid penalties, interest charges, and legal complications. It also ensures that your financial reporting and tax filings are accurate. With catch up bookkeeping services, you can quickly bring your books up to date, ensuring timely and compliant filings without stress.
The catch up bookkeeping price depends on the amount of work needed for your business. We provide customized solutions to meet your specific needs, ensuring transparent and affordable pricing.
The duration of the process depends on how far behind your books are. Our team works efficiently to get your books up-to-date as quickly as possible with our catch up bookkeeping services. We aim to minimize the time and effort required, ensuring your finances are compliant and accurate in the shortest time frame possible.
Yes, our catch up bookkeeping services include assistance with back taxes, ensuring compliance with CRA regulations and minimizing potential penalties. Our team helps you get your financial records in order while also addressing any outstanding tax issues, so you can focus on your business with confidence and peace of mind.
You will need bank statements, sales data, expense receipts, and other financial documents relevant to your business transactions. With catch up bookkeeping services in Canada, we assist in organizing these documents efficiently, ensuring your financial records are accurate and up-to-date for tax filing and compliance.
Catch up bookkeeping services provide a clear and accurate picture of your financial situation, ensuring compliance with CRA regulations, avoiding penalties, and improving cash flow management. These services help bring your finances up to date, making it easier to stay on track with taxes and overall business operations, while minimizing any potential issues with tax authorities.
Catch up bookkeeping involves updating and reconciling your financial records to ensure accuracy and currency. It’s essential for businesses that have fallen behind on their bookkeeping tasks. Our catch up bookkeeping services help you get your finances up-to-date, ensuring compliance with tax regulations and avoiding penalties while improving your overall financial management.
Tax Compliance
Expanding or relocating your business can trigger changes in tax rates, state-specific regulations, and potential new filing requirements. Orbit Accountants can guide you through these transitions, helping you understand and plan for any tax impacts.
Yes, Orbit Accountants provides expert representation and support during IRS audits. We help you navigate the audit process, ensure all necessary documentation is in order, and work to resolve any issues on your behalf.
Tax laws are always evolving. Regularly reviewing your financial situation with a professional, staying informed on legislative changes, and planning for tax impacts in advance can help you manage and adapt to new regulations efficiently.
Missing the tax filing deadline can result in penalties, interest, and potential audits. It’s essential to file as soon as possible to minimize these consequences. Orbit Accountants can assist you in addressing late filings and minimizing any penalties.
Small business tax filing helps you stay compliant with tax laws, claim eligible deductions, and avoid penalties. It also allows for proactive tax planning, which can significantly reduce your tax burden and set your business up for long-term success.
Corporate tax returns typically need to be filed annually, but the specific timing depends on your business structure and fiscal year. For most corporations, the deadline falls on the 15th day of the 4th month after the end of your fiscal year.
To ensure ongoing compliance with corporate tax requirements, it’s important to file your taxes on time and stay updated on tax laws. We offer tax filing services that keep you on track with timely filings and reminders. Our expert team helps you avoid penalties and ensures your business remains compliant with all tax regulations through our reliable tax filing service.
Small business tax filing offers several advantages, including staying compliant with regulations, identifying deductible expenses, and positioning your business for growth. By using our tax filing services, you ensure your filings are handled accurately and efficiently. Whether you need tax filing near me or online tax solutions, our team is here to simplify the process and help your business thrive.
To ensure your business remains compliant, corporate tax returns must be filed annually. Our expert team helps you stay on track, offering precise tax filing services and meeting all deadlines. Avoid penalties by trusting our efficient approach to file taxes on time, whether you need tax filing near me or online filing solutions.
Choosing Orbit Accountants for tax filing services in Canada ensures professional and reliable service. Our team specializes in corporate tax, small business filings, and strategic tax planning. With our experience and focus on accuracy, you can rely on us for efficient tax filing services that comply with all regulations, so you can focus on growing your business.
Corporate tax filing is the process of preparing and submitting a tax return to report a business’s income, expenses, and other relevant financial details to the CRA. It ensures compliance with tax laws and helps businesses fulfill their legal obligations.
Payroll Management
Expanding or relocating your business can trigger changes in tax rates, state-specific regulations, and potential new filing requirements. Orbit Accountants can guide you through these transitions, helping you understand and plan for any tax impacts.
Yes, Orbit Accountants provides expert representation and support during IRS audits. We help you navigate the audit process, ensure all necessary documentation is in order, and work to resolve any issues on your behalf.
Tax laws are always evolving. Regularly reviewing your financial situation with a professional, staying informed on legislative changes, and planning for tax impacts in advance can help you manage and adapt to new regulations efficiently.
Missing the tax filing deadline can result in penalties, interest, and potential audits. It’s essential to file as soon as possible to minimize these consequences. Orbit Accountants can assist you in addressing late filings and minimizing any penalties.
Small business tax filing helps you stay compliant with tax laws, claim eligible deductions, and avoid penalties. It also allows for proactive tax planning, which can significantly reduce your tax burden and set your business up for long-term success.
Corporate tax returns typically need to be filed annually, but the specific timing depends on your business structure and fiscal year. For most corporations, the deadline falls on the 15th day of the 4th month after the end of your fiscal year.
To ensure ongoing compliance with corporate tax requirements, it’s important to file your taxes on time and stay updated on tax laws. We offer tax filing services that keep you on track with timely filings and reminders. Our expert team helps you avoid penalties and ensures your business remains compliant with all tax regulations through our reliable tax filing service.
Small business tax filing offers several advantages, including staying compliant with regulations, identifying deductible expenses, and positioning your business for growth. By using our tax filing services, you ensure your filings are handled accurately and efficiently. Whether you need tax filing near me or online tax solutions, our team is here to simplify the process and help your business thrive.
To ensure your business remains compliant, corporate tax returns must be filed annually. Our expert team helps you stay on track, offering precise tax filing services and meeting all deadlines. Avoid penalties by trusting our efficient approach to file taxes on time, whether you need tax filing near me or online filing solutions.
Choosing Orbit Accountants for tax filing services in Canada ensures professional and reliable service. Our team specializes in corporate tax, small business filings, and strategic tax planning. With our experience and focus on accuracy, you can rely on us for efficient tax filing services that comply with all regulations, so you can focus on growing your business.
Corporate tax filing is the process of preparing and submitting a tax return to report a business’s income, expenses, and other relevant financial details to the CRA. It ensures compliance with tax laws and helps businesses fulfill their legal obligations.
Fractional CFO
When looking for a fractional CFO for fundraising support, focus on their experience in preparing financial documents, creating investor presentations, and identifying the right funding sources. Ensure they have a proven track record in helping businesses secure funding, especially in your industry. Their expertise will drive successful outcomes for your fundraising efforts.
A fractional CFO helps with investor relations by managing financial communication, preparing reports, and ensuring transparency. They also assist in developing presentations for investors and addressing their concerns. By providing accurate financial insights and forecasts, a fractional CFO builds trust with investors and strengthens the company’s position for future funding.
For fundraising, essential financial documents include a detailed business plan, income statement, balance sheet, and cash flow projections. Additionally, investors typically require a capitalization table showing ownership, a budget, and a use of funds document. These documents provide transparency, build trust, and help demonstrate your business’s financial health and growth potential.
A fractional CFO can support your fundraising efforts by preparing key financial documents, creating investor presentations, and identifying suitable funding sources. They also help craft a compelling financial narrative, ensuring that investors understand your business’s potential. With their expertise, a fractional CFO improves your chances of securing the capital needed for growth.
A fractional CFO from Orbit Accountants can help your business by offering expert financial leadership without the full-time commitment. We provide tailored strategies for cash flow management, budgeting, performance tracking, and fundraising. Our guidance enables better decision-making, sustainable growth, and effective financial planning, empowering your business to reach its full potential.
Fractional controller services offer businesses access to experienced financial leadership without the cost of a full-time hire. These services typically involve overseeing financial reporting, managing accounting systems, budgeting, and ensuring compliance. A fractional controller helps businesses maintain accurate financial records and streamline processes while offering insights to improve efficiency and profitability.
The cost of fractional CFO pricing can vary depending on factors like the scope of services, business size, and level of expertise required. Generally, fractional CFO pricing can range from a few thousand dollars per month to more comprehensive packages. Typically, it is more cost-effective than hiring a full-time CFO, offering flexibility based on your specific needs. It’s important to find a solution that aligns with your business’s financial goals and growth stage.
Hiring a fractional CFO allows businesses to access high-level financial expertise without the commitment of a full-time hire. They help with financial strategy, cash flow management, forecasting, and investor relations, providing tailored support to meet specific business needs. This flexible service is ideal for growing businesses seeking expert financial guidance to drive success and growth.
A fractional CFO is a part-time financial expert offering businesses high-level financial services, including CFO accounting, budgeting, cash flow management, and financial reporting. They provide strategic financial insights without the need for a full-time hire. This flexible service is perfect for growing businesses that need expert guidance but at a cost-effective rate.