When you work somewhere, you don’t have to worry about your tax obligations to the CRA, as your employer will primarily remit all the payroll related tax liabilities to the CRA. All you need to do is to file your personal income tax return every year and fill out all the data of T4 Slips…

The basic purpose of a bank reconciliation is to protect your business from unauthorized transactions that may appear on your bank statement or that may also appear anywhere in your internal books of accounts. When you reconcile your bank statement, you should compare every transaction of your cash book and other accounting ledgers with a…

Small business owners who do not have a professional accountant often try to hire a freelance bookkeeper to manage their books. They set aside all their bills in a box and speak to tell themselves that at the end of the year they’ll find an expert to put them in order. It seems that now…

External accountants are normally held responsible for a company’s financial operations, day-to-day funds management, preparation of financial records, and submission of tax documents. External accountants help business owners in making business decisions by using their financial intelligence. The financial performance of your company is primarily dependent on the informed decision making of your external accountant.…

Small business owners often consider bookkeeping activity as an unnecessary evil. Everyone knows that accounting is crucial and necessary for all businesses, yet the vast majority do not take it seriously. Without good accounting management practices, you may have a distorted view of reality and the financial affairs of your business. There are many mistakes…

Bookkeeping is one of the difficult tasks that a small business owner would never want to do themselves. It is important to have an insight into your bookkeeping complexities. When you do the business bookkeeping yourself, you will not find it so interesting but when you want someone to do it for you, the fear…