You have a lot to think about when running your business. After all, owning a business is not only a big lifestyle decision, it’s a big financial decision as well. Hopefully, setting up an organized approach to managing your finances is at the top of your to-do list. When moving from a manual accounting process, new Sage 50 customers achieve an average time savings of 47%1 on their accounting, giving businesses more freedom to focus on the things that are most important to them.
For your business to be successful, the numbers have to add up.
To establish healthy cash flow and profitability, you’ll need an accounting system to track your income, expenses, and more. On top of that, others will want to see your numbers. For example, to qualify for a loan, lenders will need to see organized financial data that proves your business is worth the risk. The good news is you don’t have to be an accounting expert to keep your finances safely under control.
Accounting is an essential task. Read up on Understanding Key Financial Terms.
For your business to be successful, you need to focus on what you do best.
That means finding customers and doing the things that make them happy. Fine-tuning your products, delivering services, and managing business processes to bring in more revenue and cut expenses are all part of the experience. Business is a learning process, and your accounting system is a valuable tool to help you understand it better. Of course, since you’ll be busy with customers, making accounting easier and faster is important.
To get a head start, tap into these Key Practices for Business Success identified by the experts.
The Canadian Revenue Agency has rules and regulations.
All Canadians are required to pay income taxes. Incorporating your business makes that a bit more complicated. Sales taxes need to be collected and paid on a regular basis. Employees come with tax responsibilities, too. The rules and rates change frequently and rules are enforced with penalties. Having federal and provincial tax rules built right into your accounting system really boosts confidence.
It’s a good idea to learn about Tax Basics and Your New Small Business.