It’s amazing how many entrepreneurs and small enterprises attempt to do their accounting themselves to save money. However, it usually leads to overlooking rebates, missing out on tax-saving tips, and losing time that could have been used. This is because entrepreneurs usually have to focus on other vital areas in the business in addition to their finances.

Bookkeeping is a significant occupation because it is a requirement for everyone to have their books in order so they can thoroughly account for the tax amounts they have to pay. Depending on the amount that came in the account and the scale of the work done, businesses and individuals have to make sure they have bookkeepers to prepare for tax season.

When it comes to taxation, everyone has to handle it whether they are an individual, an independent company, or a thriving business. There are a few rules that they have to get through to make sure everyone is on the same page, and while these might be similar across the board, there are a few variations when it comes to getting through the process. 

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Getting through the entire process of bookkeeping and taxation can be quite challenging but is something that everyone needs to handle. If not handled properly, there could be penalties and fines that people would have to get through. Canada Revenue Agency has a system allowing people to work on filing their taxes themselves if they know how to get through the process. If errors occur in the calculations, and amounts mentioned are incorrect, there could be fines and penalties for adjustments.

ALL-PRO Business & Bookkeeping Corp. wishes you a very Merry Christmas, a joyous holiday season, and a happy, healthy, and peaceful New Year 2022!

As a small business owner, keeping up with your bookkeeping processes can help you be consistent with your financial management and growth. However, as your business expands, keeping up with the bookkeeping processes turns into a tedious and mundane task. Eventually, you give it less importance, start losing focus, and eventually jeopardize the whole accounting process. Moreover, if you don’t catch bookkeeping errors early on, it could hamper the entire business. To help manage your finances accurately and effectively without committing errors, ALL-PRO Business & Bookkeeping Corp. has compiled a list of the most common mistakes people make with bookkeeping that you should avoid.

Whether you run a small start-up or a large corporation, it’s essential that you keep your books in order. It will help maintain a steady cash flow, pay taxes on time, and optimize business performance. It could also be the difference between survival and turning a tidy profit. However, When it comes to bookkeeping, there are many questions clients have but often find it tricky to get all the answers they’re seeking. To ensure you have all your doubts cleared and arm you with the most accurate information available, ALL-PRO Business & Bookkeeping Corp. has answered some of the most frequently asked questions about bookkeeping.

Small businesses learn to make the most of the resources they have. As an entrepreneur, you’re used to wearing multiple hats. However, it may be time to take a step back when it comes to aspects related to bookkeeping, accounting, and tax preparation if you aren’t a professional in these areas. Bookkeeping is an essential part of your business, so you need to make sure it’s done right. To help you understand how things could go wrong if you do them yourself, the experts at ALL-PRO Business & Bookkeeping Corp. have explained in detail two reasons why you shouldn’t DIY posting journal entries.

When starting a new enterprise, it’s essential to keep your costs down to ensure a steady stream of cash flow. It will greatly help to smooth you over while establishing your name in the market.

Original Article Source Credits:   Yahoo Finance , https://ca.finance.yahoo.com/

Article Written By:  Puja Tayal

Original Article Posted on:  May 31, 2021

Link to Original Article:  https://ca.finance.yahoo.com/news/canada-revenue-agency-crb-extension-125127636.html

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Article Written By:  Susan Ward

Original Article Posted on:  January 23, 2021

Link to Original Article:  https://www.thebalancesmb.com/guide-to-canadian-payroll-deductions-2948427

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Article Written By:   Staff, Canadian Press

Original Article Posted on:  May 27, 2021

Link to Original Article:  https://www.advisor.ca/tax/tax-news/government-to-reimburse-self-employed-workers-who-repaid-cerb/

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Original Article Posted on:  2021-04-14

Link to Original Article:  https://www.canada.ca/en/revenue-agency/services/tax/businesses/small-businesses-self-employed-income/checklist-small-businesses.html

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Article Written By:  SOPHIE NICHOLLS JONES

Original Article Posted on:  5.6.2021

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Article Written By:  Jared Lewis

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Bookkeeping is an integral part of financial management that keeps track of your finances. When your books are in order, it’s easy to draw reports and make crucial decisions. However, when it comes to bookkeeping, we are often asked how regularly bookkeeping should be performed. There are two options you have when it comes to bookkeeping frequency. You can either do it on a monthly or quarterly basis or at the end of the year.

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Article Written By:  Kathryn Hatter

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Link to Original Article:  https://smallbusiness.chron.com/benefits-outsourced-bookkeepers-39200.html

Original Article Source Credits:   The Motley Fool , https://www.fool.ca/

Article Written By:  Puja Tayal 

Original Article Posted on:  March 15, 2021

Link to Original Article:  https://www.fool.ca/2021/03/15/cra-2020-tax-filing-how-to-reduce-your-income-tax-bill-in-3-easy-steps/