![]() ![]() It has a lot of vocabulary specific to it. While this seems like a simple task, there’s a bit more to it. All financial transactions and events need to be documented by a bookkeeper. Steps for Getting Acquainted with Small Business Bookkeepingīookkeeping is the act of record keeping for a business. We’re covering all of the bookkeeping basics for small businesses. If you’re looking to maintain the financial health of your business, keep reading. This is where the bookkeeping process comes in. However, a small-business owner should also understand the financial records of their company. Understanding your business’s financial statements is great. If there’s one thing all business owners should be familiar with, it’s bookkeeping. Send invoices, track time, manage payments, and more…from anywhere. Set clear expectations with clients and organize your plans for each projectĬlient management made easy, with client info all in one placeįreshBooks integrates with over 100 partners to help you simplify your workflows Track project status and collaborate with clients and team members Tax time and business health reports keep you informed and tax-time ready Reports and tools to track money in and out, so you know where you standĮasily log expenses and receipts to ensure your books are always tax-time ready Quick and easy online, recurring, and invoice-free payment optionsĪutomated, to accurately track time and easily log billable hours Payroll – Getting information and forms associated with amounts you withhold from the remuneration and other income amounts you pay, setting up a new employee, and determining payroll deductions.Wow clients with professional invoices that take seconds to create Liaison Officer service – The Canada Revenue Agency ( CRA) offers a free Liaison Officer service to owners of small businesses to help them understand their tax obligations. Keeping records – Knowing what you need to keep, and for how long. Import and export – Getting information about importing and exporting goods. How to register for a business number or Canada Revenue Agency program accounts – Explains the different ways to register for a business number or Canada Revenue Agency program account. When to file ( GST/HST) – Getting information about filing your GST/HST returns. You, your employee, or representative can file your returns, make payments, determine entitlement to credits, register for direct deposit, and do much more. About My Business Account – Dealing with the CRA from a secure online portal on various business accounts, including GST/HST, payroll, corporation income tax, excise tax, and excise duties.īringing assets into a businesss – Information about buying or expanding a business, including how to determine fair market value and the effects on GST/HST, and transferring assets.īusiness audits – What you need to know if you've been selected for a business audit.īusiness income tax reporting – Reporting your business earnings and paying income tax on those earnings.Ĭhanges to your business and Canada Revenue Agency program accounts – Information on what to do for common types of business changes: how to make updates online, inform the CRA of changes, and other related actions you should take.Ĭorporation income tax returns – Information on corporation income tax returns and who needs to file them.ĭigital services for businesses – Making it faster and easier with our online services to handle your business tax matters. ![]()
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