Small Business Accounting Basics
Posted On: 12/09/23 - 0

Alberta small business owners have shown an incredible ability to adapt to what has been a very rough few years in business. They have faced issues like rising inflation, labour and supply chaim shortages. This is after dealing with all of the challenges that came with the pandemic. What is even more unbeleivable is that Alberta entrepreneurs not only survived but have been thriving throughout all of these challenges. Alberta small business posted the highest employment annual growth 2021 vewrsus 2020 (statscan). Alberta also has the second highest amount of small businesses per capita in all of Canada. All of this doesn’t happen without great small business accounting.

Why It’s Important To Have An Accountant On Your Side

Building a small business is challenging always, but to build one in a tough economy is over the top stressful. It is essential to align your business with an experienced accountant who understands small business accounting. One that owns their own business. Our team at Padgett understands just how busy you are running the business, that there is very little time to do the bookkeeping and accounting.

Business Owners Need Accurate And Up To Date Accounting

It is critical to the success of any business to have accurate records. This will allow entreprenerus to make key decisions based on facts and real time information with confidence. This will tell you about the financial health of your business at any given time.

Have A Separate Corporate Bank Account

This ensures that personal and business transactions are kept spearate for a true financial picture. It makes everything easier to understand and avoids confusion. In the end, this will help simplify accounting, bookkeeping and taxation processes in the business.

Track Your Income And Expenses Properly

This is an important practice that helps business owners to be fully aware of their profitability and helps with important tasks such as tax preparation and filings of G.S.T. returns. Fortunately, there are plenty of software programs that are available to track these transactions. Especially, if you are not at the place yet to outsource accounting services.

Develop A Bookkeeping System

This is the first step in the financial reporting process. Bookkeeping is the foundation on which accounting is built on. It starts with recording of all financial transactions including income and expenses. This helps to understand where the money is going, when it left and how much is owed.

Hiring The Right Accounting Professional

Even with the best systems in place in your business, it is always wise to align with an accountant. Especially for those who do not have an accounting background. You do not have to figure out accounting on your own. Call our office to book a no charge consultation.

We provide accurate, timely and affordable small business accounting services to businesses across Alberta and B.C. Our team is reliable and experienced when it comes to small business. We have been in business ourselves for 17 years. We have a proven successful track record. If you need assistance with your business accounting, bookkeeping, taxation or payroll services, call the professionals at 780-482-7297. Ask for Cheryl.

12203-107 Avenue.
Edmonton, Alberta.
T5M 1Y9

Call us:
780.482.7297