Paul Gupta and Associates

BACKGROUND

Introduce your business and what you do there.

I’m the president and one of the two owners of Oncor Solutions. We own equity of a number of smaller companies and are split up into numerous things, but, first and foremost, we are a marketing agency.

OPPORTUNITY / CHALLENGE

What challenge were you trying to address with Paul Gupta and Associates?

We needed to understand the tax system where we were based so that we could set it up and pay regularly. We also needed to know how to register an LLC, as well as structure our business to ensure that we weren’t overpaying taxes and that we could withdraw money properly. My side of the business also had to be set up differently from my partner because he has children and I don’t. 

I was taught to always have access to a good accountant, especially when starting a business because trying to do it on our own was really difficult. We wanted someone who didn’t just do everything himself, but could understand and explain the situation, so we hired Paul Gupta and Associates.

SOLUTION

What was the scope of their involvement?

Paul Gupta and Associates helps us settle our company’s corporate tax and HST (harmonized sales tax) as well as our, and our spouse’s, personal taxes. They also provide financial advice for when we need to make an investment or do anything related to the business. We usually hold meetings to discuss what we plan to do in a year.

What is the team composition?

I work with Paul (Owner) and a minimum of three other people that he has on my account.

How did you come to work with Paul Gupta and Associates?

A long-standing friend of mine, who is also an accountant, introduced me to Paul because they went to school together. Paul was living close to me, but we just didn’t know each other. It has been more than 15 years and I’ve since referred a lot of people to his business. 

How much have you invested with them?

We’ve spent just over $50,000.

What is the status of this engagement?

We started our partnership in February 2005 and they’re still working with us today.

RESULTS & FEEDBACK

What evidence can you share that demonstrates the impact of the engagement?

The tax code in Canada changes on a regular basis and is very complex. Paul Gupta and Associates has been helping us understand what we can do around it, where we could take advantage, and what we could write off. They’ve kept us from overpaying or underpaying and have supported us so much on tax savings alone.

I’ve also developed a good relationship with Paul from doing business with him for 15 years. He and his staff are always able to pick up the phone when I’ve got a question and have the resources and the network that I need. Having an accountant is massively important not just for my business, but for all aspects of my life

How did Paul Gupta and Associates perform from a project management standpoint?

When we started out, Paul Gupta and Associates really got to know who our partners were and what type of corporation we were going to set up, asking the right questions and gathering everything that was needed. 

Our communication and the exchange of documents are typically done in person, but we also send secure PDFs over email. 

What did you find most impressive about them?

There is a difference between somebody who is just an accountant and somebody who is both an accountant and a business owner. Paul Gupta and Associates, being the latter, understands law and taxation firsthand. Paul owns multiple companies and knows exactly what I’m thinking of and can make decisions as a business owner would, which is one of the biggest advantages of working with him. 

Are there any areas they could improve?

It’s tough to get in a conversation or have an appointment with them during tax season because it can get really busy during those times. We’ve learned to just have everything done way ahead of time to not put ourselves in that kind of situation.

Do you have any advice for potential customers?

You’ve got to be an open book. You will do yourself a disservice by being embarrassed and unsure or if you hide something in terms of your personal or business finance.

The more open and upfront you can be, the better Paul Gupta and Associates can serve you based on your end objectives, whether you’re looking to sell your business or just making sure that there are no red flags in your taxes.