![]() These transactions are further broken down into various Business Accounts. These transactions would be items like Expense, Revenue (sales), Liability (Loan) type Transactions and Sales Tax (Federal + State / Provincial) Collection / Deductions. In your new start-up business venture, you likely will generate somewhere between 10 to 30 accounting transactions per month. Both the hardcopy columnar pad and an electronic spreadsheet version of my financial books were accepted by Revenue Canada.) BTW the audits disclosed more ways for me to claim back additional taxes for the previous three years! Now that's my type of audit!) This simple spreadsheet account stood the test of multiple audits by Revenue Canada (CRA and Revenue Canada Goods and Services Tax. ![]() Up until then using a simple spreadsheet template served my business accounting needs for over ten years. My accountant did not insist on using Quick Books software for my business accounting. Only as part of incorporating Bizfare Enterprise Inc in 2005 was it a requirement to engage an accountant. For this small business start-up, you will not need to buy fancy accounting software, like Quick Books or AccPac to track your business. ![]() If your business is a sole proprietorship, whether it be a Canadian Proprietorship or a US-based Proprietorship, you do not require an accountant to submit your company financials (books) to the IRS (USA) or Revenue Canada.) Your business revenue and losses are reported as part of your annual personal income tax. Starting a small business out of your home, offering products or services like business consulting, photography, selling on the web or a MLM? You are now faced with tracking all your expenses and revenues for your business and you certainly do not have the money yet to engage a bookkeeper or accountant. ![]()
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