Best Accounting Firms in Ontario, Canada in 2024

Onyema Donald

Best Accounting Firms in Ontario, Canada

It is almost impossible for businesses to survive without the right accounting practices. There are some accounting tasks that business owners in Ontario can't handle themselves.

They need to outsource to one of the best accounting firms in Ontario to handle. Moreover, when you outsource accounting services in Ontario, you will get peace of mind and ensure that your account is in order.

So what are these accounting services that your business should outsource? Read on!

Services Offered by Accounting Firms in Ontario, Canada

Here's the list of services offered by accounting firms in Canada:

Tax Preparation and Planning: Helping you with taxes, from filing to minimizing liabilities.
Financial Statement Preparation: Crafting income, balance sheet, and cash flow statements for businesses.
Auditing and Assurance: Ensuring accurate financial statements and regulatory compliance.
Bookkeeping: Keeping financial records tidy, reconciling accounts, and data management.
Payroll Processing: Calculating salaries, deductions, and handling payroll taxes.
Business Advisory and Consulting: Offering strategic financial guidance and planning.
Forensic Accounting: Investigating financial irregularities and fraud.
Estate and Succession Planning: Minimizing tax impact during asset transfer.
Budgeting and Financial Forecasting: Creating budgets and forecasts for better financial management.
Risk Management: Assessing and mitigating financial risks.
Technology and Software Solutions: Setting up and training on accounting software.
Specialized Industry Services: Tailored services for specific sectors.
Mergers and Acquisitions: Providing financial analysis for business transactions.

Benefits of Outsourcing Accounting Services in Ontario, Canada

Here are the advantages of outsourcing accounting services in Ontario CA:

Outsourcing accounting saves money by not hiring in-house accountants.
You get help from professionals who know Canadian accounting rules.
Outsourcing accounting services in Ontario means you can concentrate on your main business while experts handle accounting.
You can easily make adjustments to accounting services as your needs change.
Outsourcing means fewer errors and compliance problems with experts.
You will get financial reports on time for better decision-making.
Use advanced accounting tools without buying them.
Your financial data is kept secure.
Accounting experts can help you pay less taxes.

10 Best Accounting Firms in Ontario

1. Deloitte

Deloitte is one of the largest professional services firms in the world. They offer a wide range of services including audit, tax, consulting, and advisory services. Deloitte has a significant presence in Ontario, with offices in major cities like Toronto, Ottawa, and more.

2. PricewaterhouseCoopers (PwC)

PwC is another global leader in accounting and professional services. They provide services in areas such as auditing, consulting, and tax advisory. PwC has a strong presence in Ontario with offices in cities like Toronto, Mississauga, and Waterloo.

3. Ernst & Young (EY)

EY is known for its auditing, tax, and advisory services. They have a substantial presence in Ontario, serving clients from cities like Toronto, Ottawa, and Hamilton. Furthermore, Ernst & Young is one of the Big 4 accounting firms, alongside KPMG, PricewaterhouseCoopers, and Deloitte.

4. KPMG

KPMG is a global network of professional firms providing audit, tax, and advisory services. In Ontario, KPMG has offices in various locations including Toronto, Ottawa, and London.

5. BDO Canada LLP

BDO is one of the largest national accounting and advisory partnerships in Canada. They have a strong presence in Ontario, with offices in multiple cities across the province. Furthermore, they provide audit, tax, and advisory services.

6. Grant Thornton LLP

Grant Thornton is a leading accounting and advisory firm with offices throughout Ontario, including Toronto, London, and Kitchener-Waterloo. They provide a wide range of services to businesses of all sizes.

7. MNP LLP

MNP LLP, formerly known as Meyers Norris Penny, is one of the largest full-service accounting and consulting firms in Canada. They offers services in areas like audit, tax, and consulting. Furthermore, they have offices in various Ontario cities, including Toronto, Ottawa, and Kingston.

8. RSM Canada LLP

RSM provides audit and assurance, consulting, and tax services. They have a presence in Ontario, serving clients from offices in Toronto and other locations. Small businesses in Ontario spoke highly of RSM and the services they offer.

9. Crowe MacKay LLP

Crowe MacKay is an accounting and advisory firm with offices in several Canadian cities, including Toronto. They provide services to clients in various industries. Their major services in the city include tax filing, audit and assurance, advisory and many more.

10. Collins Barrow (now part of Baker Tilly Canada)

Collins Barrow, which has since become part of Baker Tilly Canada, was an accounting firm with offices in Ontario. Baker Tilly continues to provide accounting and advisory services across the country.

How to Choose the Right Accounting Firms in Ontario

Ensure the firm's accountants are certified professionals.
Choose a firm with expertise in the services you need.
Research their reputation and seek client references.
Decide between a large or small firm based on your preferences.
Opt for convenience or virtual services as needed.
Understand their fee structure and ensure it aligns with your budget.
Check if the firm uses modern accounting technology.
Assess their responsiveness and availability.
Look for firms with experience in your industry.
Choose a firm that prioritizes your needs.
Confirm that they communicate in an understandable manner.
Confirm that they have professional liability insurance for accountants in Ontario, which can protect both you and them in case of errors.

Conclusion: Best Accounting Firms in Ontario

The best Ontario accounting firms will help you with all your accounting needs, no matter how complicated they are.

Ontario's dynamic business environment demands expertise and dedication, qualities that only the top-notch accounting firms can offer.

Our list contains the names of the best firms. However, I still need you to investigate the firm you will work with. You can look at things like their popularity, expertise and if they've done a good job before to make good decisions.