Accounting & tax

Why Accounting and taxes are important for any business ?

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After setting up new business, it is mandatory for every business to keep record of their business transactions and file income taxes according to regulation required by the government of country in which business is operating.

What is importance of the accounting?

An important part of any business or organization is, arguably, the money that comes in and the money that goes out. The accounting department typically monitors this closely by recording transactions, analyzing transaction patterns and dealing with all kind of Income & Expenses.

Every firm pays tax on its profit at the end of the year. The payable amount is determined using the submitted tax return. For this reason it is essential to include all expenditures and revenues to ensure a low taxation. Furthermore, it is helpful to know of all possible deductions and tax planning to help minimize the payable amount.

If your business is operated from Canada and you are looking to do payroll for your employees one of the effective way to do the payroll is on the CRA Website

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