Bowmanville 289 927 6363
Peterborough 705-742-7310
Hunt Solutions Group Inc.
Welcome to Hunt Solutions Group: Your Trusted Accounting Firm in Peterborough
Are you searching for reliable accounting services in Peterborough? Hunt Solutions Group is here to guide you through every step of your financial journey. Whether you're a business owner, a professional, or an individual seeking personal tax assistance, our expertise can help you achieve financial clarity and long-term success.
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Managing payroll is more than just issuing paychecks it involves compliance with employment laws, tax regulations, and pension requirements.
Payroll Management
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Whether for regulatory compliance, investor relations, or strategic planning, accurate financial statements are essential.
Financial Statement Preparation
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Bookkeeping forms the backbone of sound financial management. We take this essential function off your plate.
Advanced Bookkeeping services & management accounting
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Planning for the future is critical to achieving your goals. Our financial forecasting and budgeting services provide the insights you need to anticipate challenges.
Financial Forecasting and Budgeting
Tax regulations in the UK are complex and constantly evolving, making it challenging to stay compliant while minimizing liabilities.
Tax Accounting and Compliance
Whether you’re an individual navigating personal finances or a business striving for sustainable growth, our comprehensive accounting services are designed to simplify the complexities of financial management while empowering you to make informed decisions. Here’s an in-depth look at what we offer
List Of Our Comprehensive Accounting Services in Peterborough
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Cloud Based Accounting for Real Time Results
Technology has revolutionized the accounting world, and we’re proud to leverage the best tools available. Our cloud-based accounting services offer:
Real Time Data Access:
Monitor your financial performance anytime, anywhere.
Automated Processes:
Simplify bookkeeping, invoicing, and payroll with intelligent automation.
Enhanced Security:
Protect your sensitive data with robust encryption and backup solutions.
Dentists
Entertain businesses
Retail stores
Contractors
Private education
Spas
Real Estate Agents
Work from home professionals
Single person corporations
Health
Specialized Services for Industry Specific Needs
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Empowering Startups and Entrepreneurs
Launching a business is both exciting and challenging. We simplify the financial side of things by
Setting up accounting systems tailored to your startup’s needs.
Advising on legal structures like sole proprietorships, partnerships, or limited companies.
Preparing robust financial models to attract investors and secure funding.
Helping you navigate tax incentives, such as R&D tax credits.
The Role of a Modern Accounting Firm
In a world of evolving regulations, competitive markets, and technological advancements, a modern accounting firm must offer more than traditional bookkeeping and tax filing.
At Hunt Solutions Group, we deliver:
Strategic Financial Insights:
Our accountants analyze your financial data to identify growth opportunities and potential risks.
Tailored Advisory Services:
From tax planning to cash flow management, our advice is designed to align with your goals.
Technology-Driven Solutions:
Leverage cutting-edge tools for real-time financial tracking and reporting.
Proactive Support:
We don’t just react to problems; we anticipate them, helping you stay ahead of challenges.
Hiring an in-house accountant can be expensive. With us, you gain the expertise of an entire team at a fraction of the cost.
Cost Savings
As your business grows, our services adapt to meet your evolving needs, from basic bookkeeping to advanced financial planning.
Scalable Solutions
Free up valuable time and resources by delegating complex financial tasks to our experts. We manage your accounts so you can focus on growing your business.
Enhanced Efficiency
Mistakes in financial management can be costly. We ensure accuracy, compliance, and transparency, protecting you from penalties and legal complications.
Risk Reduction
Outsourcing your accounting needs to Hunt Solutions Group offers distinct benefits, including:
The Role of a Modern Accounting Firm
An accountant handles basic financial tasks like bookkeeping, tax returns, and payroll. A chartered accountant has advanced qualifications, allowing them to offer expert advice on strategic financial planning, auditing, and complex business transactions
A bookkeeper is responsible for managing and recording the financial transactions of a business. Their duties typically include:
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Recording Transactions: Bookkeepers accurately record all financial transactions, such as sales, purchases, receipts, and payments, into the company’s accounting system.
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Maintaining Financial Records: They ensure that all financial records are organized, up-to-date, and comply with regulatory requirements.
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Reconciling Accounts: Bookkeepers regularly reconcile bank statements and accounts to ensure that the financial records match the actual money coming in and going out.
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Managing Accounts Payable and Receivable: They track invoices, payments, and outstanding bills, ensuring that the company pays its obligations on time and receives payments from customers.
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Preparing Financial Reports: Bookkeepers often prepare basic financial reports, such as balance sheets and profit-and-loss statements, to provide business owners with a clear picture of their financial status.
In essence, a bookkeeper helps maintain the financial health of a business by keeping detailed and accurate records of all its financial activities.
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A bookkeeper is essential for keeping your business’s financial records accurate and organized. They manage day-to-day transactions, track expenses, and ensure that your accounts are always up to date. With a professional bookkeeper, you can avoid costly errors, stay on top of tax deadlines, and maintain a clear picture of your cash flow. This allows you to make informed business decisions and focus on growth rather than paperwork. Bookkeepers also help in preparing financial statements, which are crucial for tax filings and securing loans. Having a bookkeeper ensures compliance with financial regulations, reducing the risk of audits and penalties. Ultimately, a bookkeeper saves you time and stress, giving you peace of mind to concentrate on running your business.
The cost of a bookkeeper or accountant in Ontario can vary depending on the services you need and the complexity of your business. Bookkeepers/Accountants typically charge between $30 to $300 per hour. Some businesses opt for monthly packages, which can range from $150 to $2,500, depending on the size and scope of work. Investing in a bookkeeper or accountant saves you time, reduces errors, and ensures compliance with tax laws, making it a valuable expense. The right professional can help you identify cost-saving opportunities and improve your business's financial health. While the cost may seem significant, the peace of mind and financial clarity they provide are well worth it. Ultimately, the price you pay depends on the level of expertise and the services your business requires.
At Hunt Solutions Group we are happy to offer a free consultation to learn more about your business and you of us. We want you to hire the right firm for your needs.
Deciding whether to do your own taxes depends on your financial situation and comfort with tax laws. If your taxes are simple, with just a few income sources and standard deductions, doing them yourself could save you money. However, if you have multiple income streams, investments, or run a business, the tax process can become complex, increasing the risk of errors and missed deductions. Professional tax services ensure accuracy, maximize your refunds, and help you navigate ever-changing tax laws. They can also provide valuable advice for tax planning and future savings. While doing your own taxes might seem cost-effective, the expertise of a professional often pays off in both time and money saved.
Deciding whether to incorporate your small business in Ontario is a significant step that can offer many benefits. Incorporation provides limited liability, meaning your personal assets are protected from business debts and legal actions. It also opens up tax advantages, such as income splitting and access to lower corporate tax rates, which can save you money as your business grows. Additionally, incorporating can enhance your business's credibility and make it easier to secure financing or attract investors. However, incorporation comes with added responsibilities, including more complex accounting, annual filings, and administrative tasks. The costs associated with incorporation, such as legal fees and ongoing compliance, should also be considered. If your business is growing, has employees, or if you’re looking to minimize personal risk, incorporation might be a wise choice. It's essential to weigh the benefits against the costs and consult with a professional to determine if incorporation is right for you. Ultimately, the decision depends on your long-term business goals and financial situation.
Paying yourself as the owner of a small corporation in Ontario can be done through a salary, dividends, or a combination of both. Taking a salary provides you with a steady income, allows you to contribute to the Canada Pension Plan (CPP), and makes it easier to prove income for personal loans or mortgages. Dividends, on the other hand, are payments made from the company’s profits and are taxed at a lower rate than a salary, which can result in tax savings. However, dividends don’t contribute to CPP and may lead to unpredictable income. Many business owners choose a mix of salary and dividends to balance steady income with tax efficiency. When deciding how to pay yourself, consider your personal financial needs, tax situation, and long-term business goals. It’s wise to consult with an accountant or tax professional to structure your payments in the most beneficial way for both you and your business.
In Ontario, small businesses can deduct a variety of expenses to lower their taxable income. Salaries and wages paid to employees are fully deductible, as are employer contributions to benefits like CPP and EI. Rent or lease payments for your business premises, including home office expenses, can also be deducted. Office supplies and equipment purchases, such as computers, printers, and software, are eligible for deductions. Utilities like electricity, heat, and internet used for business operations can be deducted proportionately if you work from home.
Vehicle expenses, including gas, maintenance, and insurance, can be partially deducted if you use your personal vehicle for business purposes. Advertising and marketing costs, such as online ads, print materials, and website expenses, are fully deductible. Professional fees for services like accounting, legal advice, and consulting are also eligible for deduction. Interest on business loans and related bank charges can be written off. Lastly, business travel expenses, including meals, accommodation, and transportation, are deductible, though some limitations apply to meal costs.
It's essential to keep accurate records and consult with a tax professional to ensure you claim all eligible deductions while complying with tax regulations.
Yes, you can pay your spouse if you own a small business in Ontario, but there are specific rules to follow. The salary you pay your spouse must be reasonable and reflect the actual work they do for the business. This means the amount should be comparable to what you would pay someone else with the same skills and responsibilities. Paying your spouse can be beneficial for income splitting, potentially lowering your overall family tax burden.
However, the Canada Revenue Agency (CRA) closely monitors these arrangements to ensure they are legitimate. If the CRA finds the salary unreasonable or if the spouse isn't performing real work, they could disallow the expense, leading to tax penalties. It’s important to keep detailed records of the work performed and the compensation provided. Consulting with a tax professional can help ensure compliance and optimize tax benefits when paying your spouse through your business.
Frequently Asked Questions
Advanced Tax Planning and Optimization
Taxes don’t have to be a burden. Our tax planning strategies are designed to maximize your savings while ensuring full compliance. We specialize in:
Corporate Tax Planning: Reduce liabilities and retain more profits.
Personal Tax Returns: Optimize deductions and credits to minimize your tax bill.
HST Services: Manage HST registration, calculations, and filings seamlessly.
Our proactive approach ensures you’re not just reacting to tax deadlines but planning ahead for long-term benefits.
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