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Accounting tips for small business Canada by Accountant Oakville and Mississauga

We are located in Mississauga and Brampton, Ontario, servicing these and surrounding areas of the Greater Toronto Area (GTA) such as Milton, Oakville, Georgetown, Etobicoke, and Vaughan. We can prepare for you any documents you need to file with various government departments regarding income tax, harmonized sales tax, workplace safety insurance, and payroll.

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Accounting tips for small business Canada by Accountant Oakville and Mississauga

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  1. Accounting tips for small business Canada by Accountant Oakville and Mississauga

  2. 1 Always keep your business finances separate from your personal finances. Don't give the tax auditor a reason to audit both. Learn to pay yourself first and run your business on the remaining cash. This means setup an automatic payment to your personal account twice a month (1st & 15th or 10th & 25th) like a regular pay cheque.

  3. 2 File all your tax compliance reports on time File all your tax compliance reports on time to avoid penalties, even if you can't pay the amount owing.  However if you begin the habit of putting money aside in a separate account to pay your taxes, you will never have this problem. Start today. Put 15% of all cash received by your business into a separate account.

  4. 3 Keep Organized Develop a method for handling all your paperwork . Entering your bookkeeping data in batches . Actively managing your cash flow . Review your bank statement and financial reports monthly.

  5. 4 Audit proof your records. Keep all your receipts, no matter how small the amount and make sure they are legible. Receipts you must keep include debit receipts and credit card receipts. Deposit all your business cash flowing into the business ... so you can prove what was income (taxable) and what was contributions or loan proceeds (not taxable).

  6. 5 Whenever possible, don't go into debt to run your business. Run your business on your existing cash flow. Not enough cash flow to cover expenses? Figure out where to cut your expenses and consider not offering credit to your customers because you are not a bank. Keep a business journal to diarize your logic for your business ventures. It will help show you incurred the expenses with the expectation of profit.

  7. Contact us for Detail Information 9058580775 handt@handt.ca www.handt.ca

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