As the year is coming to a close, as a business owner, it’s time to focus on your year-end business planning. This includes preparing your end-of-year accounts, statements, and financial reporting. However, as the end of the year is so hectic, it’s not always easy to keep up with all the end-of-year preparations. And we at ALL-PRO Bookkeeping & Consulting Ltd. understand the stress involved to get your year-end processes complete.

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.

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.

Whether you run a small start-up or a large corporation, it’s essential that you keep your books in order. It will help maintain a steady cash flow, pay taxes on time, and optimize business performance. It could also be the difference between survival and turning a tidy profit. However, When it comes to bookkeeping, there are many questions clients have but often find it tricky to get all the answers they’re seeking. To ensure you have all your doubts cleared and arm you with the most accurate information available, ALL-PRO Bookkeeping & Consulting Ltd. has answered some of the most frequently asked questions about bookkeeping.

Small businesses learn to make the most of the resources they have. As an entrepreneur, you’re used to wearing multiple hats. However, it may be time to take a step back when it comes to aspects related to bookkeeping, accounting, and tax preparation if you aren’t a professional in these areas. Bookkeeping is an essential part of your business, so you need to make sure it’s done right. To help you understand how things could go wrong if you do them yourself, the experts at ALL-PRO Bookkeeping & Consulting Ltd. have explained in detail two reasons why you shouldn’t DIY posting journal entries.

Original Article Source Credits:   Global News , https://globalnews.ca/

Article Written By:   Erica Alini

Original Article Posted on:  December 17, 2020

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I’m Valerie Mellof, the proud owner of ALL-PRO Bookkeeping & Consulting Ltd.

I look forward to sharing my story. I hope that you will enjoy getting to know me better.

Original Article Source Credits:  CPA Canada , https://www.cpacanada.ca/

Article Written By : ETHAN ROTBERG

Original Article Posted on : 6.29.2020

Link to Original Article:  https://www.cpacanada.ca/en/news/canada/2020-06-29-covid-19-crisis-impact