| Accountants are licensed in Canada, and therefore | | | | A similar role is played by small business |
| in Toronto as well, by organizations such as | | | | accounting Toronto, but at a much lower level, |
| Certified Management Accountant, Certified | | | | since it deals with small businesses. It provides |
| General Accountant. A commonwealth country, | | | | help regarding various activities such as: present a |
| Canada recognizes both the certified and | | | | business project to potential investors, establish |
| chartered accounting bodies. Most of the | | | | the financial record-keeping system, prepare |
| corporate accounting Toronto and small business | | | | budgets and cash-flow statements, deal with the |
| accounting Toronto in Canada are Chartered | | | | Canada Revenue Agency (CRA), anticipate the |
| Accountants. Nevertheless, Certified General | | | | income tax return, or establish the payroll |
| Accountants are also allowed by legislation to | | | | deductions. Selling and acquiring are usually done in |
| perform corporate accounting and small business | | | | collaboration with the accounting entity. |
| accounting all through the Canadian territories, | | | | Representatives of small business accounting |
| including Toronto. | | | | Toronto are also in charge with providing |
| Corporate accounting Toronto includes personnel | | | | information or advice on any financial possibilities |
| who deals with accounting activities in business | | | | regarding future projects. Financial forecasts |
| corporations; it refers to operational and financial | | | | regarding the budget are also under the |
| audits and to corporate functions such as import | | | | responsibility of the small business accounting. At |
| functions, treasury, credit card services, various | | | | request the entity can identify issues, |
| operational projects. Corporate accounting | | | | opportunities and key metrics of performance. |
| Toronto represents a part of the financial | | | | When looking for such an accounting expert the |
| department of the corporation and is in tight | | | | local Small Business Enterprise Centre (SBEC) in |
| collaboration with other members of the financial | | | | Toronto appointed by the government can be |
| department. Like any other department, the | | | | checked for more information. |
| accounting department is led by a manager who | | | | There is an official on-line Regulatory Registry |
| sees to a professional way of dealing with tasks. | | | | appointed by the government, meant to provide |
| Aspects that have to be taken into consideration | | | | information regarding corporate accounting and |
| in this case are: meeting the requirements for the | | | | small business accounting. This way businesses |
| Canadian legal entities, certifying the accounting | | | | find it easier to keep the accounting departments |
| department's conformity with the policies of the | | | | or the accountants informed about all regulatory |
| corporations, ensuring appropriate accounting | | | | proposals or approvals. Therefore, the role of the |
| internal control. The accounting department also | | | | Regulatory Registry is to intermediate the |
| participates at any initiative, plan or strategy of | | | | exchange of information between government |
| the corporation in order to provide any | | | | regulations and businesses regarding regulatory |
| information or advice on the financial resources. | | | | terms and consequences on small businesses |
| The corporate accounting is involved in enacting | | | | accounting Toronto as well as on corporate |
| quality level financial and operational analysis to | | | | accounting. Official regulators watching the |
| approve business decisions and initiatives. | | | | well-going of corporate accounting and small |
| Corporate accounting is responsible for validating | | | | business accounting are TSC, TSFI, MFDA, AMF. |
| corporate overhead forecasts and plans. Another | | | | All in all, there are similarities as well as differences |
| function is reporting conformity or non-conformity | | | | between corporate accounting and small business |
| with the Canadian General Accepted Accounting | | | | accounting. Similarities are of content and function, |
| Principles (GAAP) which is checked monthly, | | | | while differences refer to form of performing |
| quarterly, and annually. It is a key link between a | | | | these functions. Also, regulations (both national and |
| corporate entity and Corporate Accounting and | | | | local - Toronto, in this particular case) make a |
| Treasury which deals with annual testing of | | | | difference between the two. |
| businesses. | | | | |