Download
1 / 2
20 likes | 27 Views
It won't be a thrilling aspect for Canadian small businesses more often, but maintaining a financial record is crucial. The period for keeping records of all your business activities is usually six years. For financial statements, you must keep records of income statements, balance sheets, and cash flow forecasts to make those statements.
E N D
How Should Canadian Entrepreneurs Keep Their Accounting Records? It won't be a thrilling aspect for Canadian small businesses more often, but maintaining a financial record is crucial. The period for keeping records of all your business activities is usually six years. For financial statements, you must keep records of income statements, balance sheets, and cash flow forecasts to make those statements. Accounting Records to Keep For a Canadian Business Accounts Payable- How much and for how long do you owe? To whom do you owe it? Accounts Receivable: How much and how long do they owe you? Who owes you? Inventory: When did you purchase it? How much did you buy and the amount of money spent? The way you account for your inventory affects the cost of goods sold. Payroll-Deductions, payroll taxes, and total salaries that are given to employees. Businesses that have an income of greater than $30,000 each year must collect and submit the federal government's goods and services tax that depends on where your business operates: harmonized sales tax or provincial sales tax. Cash: Cash outflows and inflows must be recorded to keep proper control of cash. Fixed Assets: How much did you spend? What did you buy and when did you buy it, along with depreciation amounts? Other records: investments, insurance, and leases.
Castlemore Accounting Services can help you maintain the accounting, bookkeeping, and corporate tax return Caledon that every small business needs. You can get their accountant's advice on which program would be best for you and your business. Though software can be helpful, precise accounting and bookkeeping must be followed for your small business to succeed. Accountants usually come across businesses in various industries that help them manage and understand the financial health of any company. Plus, they can make you stress-free with their accurate financial details. Contact: Thami Rajalingam Castlemore Accounting Services 251 Consumers Road Parkway Place, Suite 1200, Toronto, ON, M2J 4R3, CAN +1(416) 814-7427 info@castlemoreaccounting.ca https://www.castlemoreaccounting.ca/caledon/corporate-tax-return/
