How Automated Should You Go With Your Accounting?
As a business owner your tax season has either ended or is drawing to an end. Some companies have a more stressful time than others at this time of year, and a lot of it has to do with being organized.
Running a business even as the boss is time consuming and in many ways comes with a lot more responsibility than being an employee does. Your day doesn’t end at five o’clock most days. Once the operational tasks of the business have been attended to there are the administrative tasks, and the more you can do to cut down the work involved with this the better, and is why you may be considering going automated with your accounting.
It is imperative to the success of your business that you keep your financials in good order. Not only do you need these figures to complete your year end taxes, but you can also rely on them throughout the year to tell you how your business is growing or where the financial weak spots are.
Going automated includes using software for your accounting, using other business resources that are done automatically, and even filing and dealing with the tax department electronically.
If you are good with computers then you are way away of the learning curve in some respects. You will find that you can buy a variety of accounting software online that will give you an automatic download of the program. The next step is then to learn the system you have bought. If your business is small or you don’t have at least some basic accounting knowledge then you want to go with a simple accounting package. Just be sure to research it to see that it contains everything you need to assist you automatically with your business. For example, if you have a payroll then purchase software that allows for the payroll tasks. The same if you have inventory. Also, make sure that it is a Canadian version accounting package and one that you can update each year.
Then you have the job of learning everything you need to use within the accounting software. Once you have mastered this you will be most pleased at how much it can speed up your accounting requirement, and how valuable it is come next tax season.
When it comes to be automated with the CRA they have several programs that you can register in but you can open an account where you can carry on your dealings with them online. You can even arrange it so you can do automated banking if you have regular payments that need to be made to them.
While automating your accounting is a good thing, it does not replace the need for a quality accountant that is going to make sure that your financials are accurate, that you are taking advantages of tax breaks, and that you are going to file properly. You may want to give Sam Seidman, at TorontoAccountant.CA a call for this.