Edmonton Small Business Accounting
Posted On: 23/06/16 - 0

An Introduction To Business Accounting

Edmonton small business accounting can assist you in the operation of your business.  Learning a little about the process of accounting will empower you as a business owner. It is worth the time and effort to better understand what accounting can do for you.  This article will help you to turn accounting from a dreaded task into something that can give you more control over your day-to-day activity.  While it’s realistic to say that you may not actually enjoy it, it should become part of your monthly routine.

Accounting Is All About Understanding The Numbers. 

The process of accounting allows comparisons of such activities as advertising, banking, sales and the buying of inventory. This process provides you with valuable information about the financial health of the business. Accounting also allows other parties to better understand how financially healthy your business is.  These other parties could be bankers, suppliers, and shareholders.

The Importance Of Keeping Track of Business Transactions

The process of recording transactions achieve three main goals. First goal, assuring that transactions are accurate. Second goal is that they are complete. And finally, the third goal. Recording all of these transactions helps to ensure that all transactions have been authorized. The ideal scenario would be a customer walking in, the owner recording that particular sale and then depositing the cash. These transactions provide you with facts about your business.

Financial Statements

Financial statements show the results of every decision you have made in the past. This helps you to make informed decisions about the future. Other uses of that information is to assist you in filing a tax return. You can also use these statements to seek additional funding with your lender to expand the business. Or, to eventually attract a buyer or investor in your business in the future.

We have discussed the very basics of business accounting and why it needs to happen.  We realize that you need more information, and that may be looking to partner with outside experts. If you are looking for an accountant that specializes in small business accounting, give us a call today.

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Edmonton, Alberta.
T5M 1Y9

Call us:
780.482.7297

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