The Current Best Accounting Practices for Small Businesses in Canada | Rebecca C Penner

Want to make sure your small business is keeping up with the latest accounting practices? Here's where you can find out!

There are a lot of things to think about when you're running a small business. One of the most important, but often overlooked, aspects of business is accounting. If you're not keeping up with the latest accounting practices, you could be putting your business at risk! In this blog post, we'll discuss the current best accounting practices for small businesses. We'll also provide tips on how to stay compliant with the law and keep your books in order.

What You Need to Know

As a small business owner, it's important to have a solid understanding of accounting principles, or if like most business owners you don't have the time then hire someone that does. This will ensure that you're able to make sound financial decisions for your business. It will also help you comply with the law and avoid penalties or fines. The Canadian government has several resources available to help small businesses with their accounting needs.

Click the link for more information from, the CRA: ==>  https://www.canada.ca/en/revenue-agency/services/tax/businesses/small-businesses-self-employed-income/checklist-small-businesses.html

Below are just a few tips, from Rebecca, to help you get going:

-Hire an accountant and make sure they're familiar with Canadian accounting standards.

-Keep good records of all your financial transactions. This includes sales, purchases, receipts, invoices, and payments.

-File your taxes on time! Make sure you are aware of your filing deadlines to avoid any interest and penalties from the government.

By following these tips, you'll be well on your way to keeping your small business compliant with the latest accounting practices in Canada. Stay tuned for our next blog post, where we'll discuss tips for staying organized and keeping your books in order. Thanks for reading!

Contact Rebecca today for a free consultation to learn more:==> https://rcpenner.com/contact

Thanks for reading, and we hope this information helps you!

Thank you for taking the time read my blog.

Sincerely,

Rebecca C Penner CPA, CGA