Accounting is a crucial part of running a successful business. It helps you keep track of your financial information, report on the performance of your business, and make informed decisions about the future.

As a business owner, it is easy to get caught up in the excitement of running and growing your business. However, it is crucial to pay attention to the accounting and bookkeeping aspect of your business as well. In fact, nine out of ten businesses fail due to financial mismanagement, often because they don't properly plan for growth or keep accurate records of their transactions.

As a business owner, it is important to keep thorough and organized documentation supporting all business transactions to comply with Canada Revenue Agency (CRA) requirements. In case of audit, having credit card statements showing business expenditures is not sufficient for the CRA.

Maximize tax deductions with Capital Cost Allowance (CCA) for business assets. Learn about asset eligibility, CRA calculation, and proper record-keeping.

Comparing Accountants vs Bookkeepers: Differences in Education, Services, and Expertise