Bookkeeping For Small Business

  If a start-up or a corporation registers its business with the CRA (Canada Revenue Agency), it has to  file HST . Start-ups or corporations need to file it using the regular method, that is, simple. By doing it, they can claim for their ITCs (Input Tax Credits) against collected HST. Another method to file Harmonized Sales Tax (HST) is a Quick Method that has some restrictions. For example, accountants cannot use this way to calculate HST if the sales are over $ 400,000. Who Can Use Quick Method of Accounting in Canada to Calculate HST?   Usually, independent contractors are eligible to use the Quick Method to add more income to their business. The reason is that they remit 88% of the HST they collect and cannot claim HST they pay on purchases except capital assets. 12% is, in fact, the ‘Sundry Income.’ It creates a win-win situation for independent contractors. Consequently, the Quick Method is a source of income for businesses incurring a small amount of taxable expenses owing to f

  If your business grows, you will feel the need for a professional to manage your bookkeeping and accounting. As a business owner, you have to decide whether to hire a bookkeeper to work in-house or outsourced bookkeeping services. The choice is all yours; still, outsourcing is less costly than hiring a full-time bookkeeper. Outsourcing has become a popular way of utilizing necessary accounting services due to businesses’ time-saving needs and budgets. Moreover, outsourcing is highly effective in tough economic times for survival. You can easily find the best accounting firm to outsource bookkeeping services online using the keyword bookkeeping services near me . Benefits of Outsourcing Bookkeeping Services:- Here are the advantages of outsourcing bookkeeping services: Cost-Effectiveness: Outsourcing bookkeeping service is cost-effective than in-house services to manage your finances. Through outsourcing, you remain worry-free about the recruitment costs, dealing with payrolls, and em