Bookkeeping, accounting, record keeping, call it what you will, is an inherited necessary evil that we all must face when trying to run any business. Being self-employed, a “sole proprietor” as Revenue Canada calls you, does not mean that your business is any less important than a corporation. You must still keep accurate records and provide proper receipts if the CRA ever requests them. It is critical to know your costs and determine if all your hard work is paying off.
Business Start-up Bridge Plans
Let us help you with all the questions you have before you start your business. What expenses can I deduct? What government registrations are required? Do I need to register for HST and how do I calculate it?
What information will the bank request before they provide me with any funding? Let us educate you and help you decide how to organize the paperwork for your great ideas. The red tape should not cause you stress, when you have so many other things to concentrate on.
Record Keeping Bridge Plans
Come across for a free “meet and greet” consultation. We need to know you and what type of business you are running. Some simplified methods may be used if you only have a few transactions a month, or perhaps we should think about using a computerized accounting software program. Always remember that any time you plan to use a business expense as a tax deduction, you have to document the purchase and retain a receipt.
Train yourself to always ask for a receipt, no matter how small the purchase. Of course there are always exceptions, let us educate you on what you can and can’t write off.
Computerized Accounting Software Programs
Let us help you set up and maintain your accounting records. We are skilled with most accounting programs from Microsoft Excel, to QuickBooks (online or desktop). A properly set up chart of accounts can save you money and time when you need to file your tax returns. Don’t leave your accounting until the last minute.
Better organization results in a clearer picture to help you increase your business.