Bookkeeping Category

The latest bookkeeping information to help your business.

For many small and medium sized businesses, the decision to relieve themselves of their bookkeeping tasks is a major milestone. The decision of when to outsource these tasks can be difficult, as hiring a freelance bookkeeper or a bookkeeping firm cuts into their revenues as an additional cost. On the other hand, allowing for a qualified professional to step in and take over these tasks gives the management team an opportunity to focus more on the day-to-ay activities, and more importantly, how to take their business to the next level.

Contrary to popular belief, small businesses do have decent success rates. The U.S. Bureau of Labor Statistics reports that nearly 50 percent of new businesses are still open after five years. To further your odds of being among them, avoid the three common pitfalls that cause small business owners to lose money:

Irrespective of the form of business in which you operate, if you are going to have employees then you will have to contend with payroll deductions and remittances. The brief summary that follows will give you some guidance in the rules and regulations of the various taxing authorities.

A Corporation's first tax return is very important. Several elections are made which will dictate the way the corporation is taxed for many years to come. Some of the more significant elections that may need consideration are outlined below:

There are only two certainties in life, death and taxes. Once you start your new business, you will have to deal with income taxes. The Canadian Income Tax Act is extensive and it can take years of study and training to master many of its rules and regulations. The following discussion is not an all-encompassing discussion of the tax issues and compliance issues you and your business might face. It does, however, aim to provide guidance on complying with the laws and regulations within the Income Tax Act.

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