It’s amazing how many entrepreneurs and small enterprises attempt to do their accounting themselves to save money. However, it usually leads to overlooking rebates, missing out on tax-saving tips, and losing time that could have been used. This is because entrepreneurs usually have to focus on other vital areas in the business in addition to their finances.

Bookkeeping is a significant occupation because it is a requirement for everyone to have their books in order so they can thoroughly account for the tax amounts they have to pay. Depending on the amount that came in the account and the scale of the work done, businesses and individuals have to make sure they have bookkeepers to prepare for tax season.

When it comes to taxation, everyone has to handle it whether they are an individual, an independent company, or a thriving business. There are a few rules that they have to get through to make sure everyone is on the same page, and while these might be similar across the board, there are a few variations when it comes to getting through the process. 

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Getting through the entire process of bookkeeping and taxation can be quite challenging but is something that everyone needs to handle. If not handled properly, there could be penalties and fines that people would have to get through. Canada Revenue Agency has a system allowing people to work on filing their taxes themselves if they know how to get through the process. If errors occur in the calculations, and amounts mentioned are incorrect, there could be fines and penalties for adjustments.

When starting a new enterprise, it’s essential to keep your costs down to ensure a steady stream of cash flow. It will greatly help to smooth you over while establishing your name in the market.

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Article Written By:  Valencia Higuera

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Original Article Posted on:  2021-04-14

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Bookkeeping is an integral part of financial management that keeps track of your finances. When your books are in order, it’s easy to draw reports and make crucial decisions. However, when it comes to bookkeeping, we are often asked how regularly bookkeeping should be performed. There are two options you have when it comes to bookkeeping frequency. You can either do it on a monthly or quarterly basis or at the end of the year.

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Article Written By:  Kathryn Hatter

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As a small business owner, you may understand the basic financial aspects needed to run your business, but if you want to track the progress of your business and feel more confident about your business’s future, it is advisable to enlist the services of a bookkeeper. 

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Article Written By:  Michelle Strait

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Link to Original Article:  https://smallbusiness.chron.com/bookkeeping-benefits-24041.html

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Article Written By:  Christopher Liew, CFA 

Original Article Posted on:   January 4, 2021

Link to Original Article:  https://www.fool.ca/2021/01/04/cra-2021-update-dont-forget-to-claim-the-500-digital-news-tax-credit/

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When running a business, the paperwork must be all in order so that it can be properly run. Most people who start and run businesses are good at coordinating between a team and working on the product or service, which is the core of the establishment they are running, but are not always aware of all the paperwork they have to coordinate.

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Article Written By:  George N. Root III

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Original Article Posted on:  2020-11-23

Link to Original Article:  https://www.canada.ca/en/revenue-agency/services/subsidy/emergency-rent-subsidy/cers-expenses-claim.html

Original Article Source Credits:   Yahoo News , https://ca.news.yahoo.com/

Article Written By:  Christopher Liew, CFA

Original Article Posted on:  October 21, 2020

Link to Original Article:  https://ca.news.yahoo.com/canada-revenue-agency-3-little-120027054.html

Original Article Source Credits:   CTV News , https://www.ctvnews.ca/

Article Written By:  Patricia Lovett-Reid

Original Article Posted on:  September 16, 2020

Link to Original Article:  https://www.ctvnews.ca/business/pattie-lovett-reid-the-good-and-bad-news-of-a-growing-economy-1.5106888