Due to the pandemic, many enterprises are using online tools to transform their processes which is enhancing communication and operations. Another area where virtual technology has played a favorable role after the outbreak of COVID-19 is accounting.
Right now, DIY activities are all the rage as they offer a sense of accomplishment and great savings. People are making all kinds of home décor, skin care products, and even performing services themselves, which they would normally pay for. However, as the DIY trend continues to grow, many individuals feel that they can do just about anything on their own.
Establishing a business, even a small one, involves several requirements like registering the company, opening new bank accounts and credit cards, managing payroll and contractors, etc. In addition to this, you need to set up operational and administrative systems for success, separate your personal funds from business money, and obtain CRA-WCB-PST requirements.
For most business owners, maintaining financial records and preparing accounts and taxes is one of the top priorities. However, with no grounding in accounting and bookkeeping, many of them find it difficult to efficiently manage their accounts. This prompts them to overlook the little things and commit mistakes that can have a huge impact on their business.
While building a business from scratch can be exciting and rewarding, there are several challenges and complexities involved in the process of starting a new business. Careful planning and exceptional execution are imperative to avoid these problems and ensure the growth of your business.
People usually receive direct phone calls and emails from the Canada Revenue Agency (CRA) when there are issues with their tax declaration or incase the CRA finds discrepancies in their income and tax statements. This tends to entail punitive action, which often causes fear and stress.
Balancing the books and taking care of the accounting needs of a business is not everyone’s cup of tea. Moreover, with the ever-changing guidelines and regulations, it can be difficult for a layperson to stay on top of the rules of accounting and manage the financial aspect of their business in an optimal manner. Therefore, it’s best to hire a professional bookkeeper and accountant to look after the finances of your business.
As a firm offering top of the line bookkeeping and accounting services in Richmond, BC, at Real Balance Accounting Services Ltd., we’re running a special discount on our services to help existing and new clients save a few dollars.
Accounting and bookkeeping are integral parts of a successful business as they are linked to every financial aspect of your business. For this reason, how your books are prepared and maintained can significantly impact your business operations and your taxes. If you have an experienced accountant on your side, you can conveniently draw up your financial figures to meet the guidelines of the government. At the same time, your accountant will help you manage your funds and adequately structure your financial moves for higher chances of success.
We are delighted to announce the launch of our new website!
Our new website provides our existing and prospective clients a simple yet interactive view of our work and the services we offer. Stay tuned to our blog for new ideas! Sign uphere so you never miss an update.