Accounting & tax

Why Accounting and taxes are important for any business ?

0
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 the 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 things like payroll and taxes.
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 tricks to help lower the payable amount.
““““““““““““““““““““““““““““““““““““““““““““““““““““““““““““““““““““““““““““““““““““““““““““““““““““““““““““““““

What is the meaning of tax accounting?

 

Tax accounting consists of accounting methods that focus on taxes rather than the appearance of public financial statements. Tax accounting is governed by the Internal Revenue Code which dictates the specific rules that companies and individuals must follow when preparing their tax returns.

Payroll

When it comes to business, payroll processing might seem like one of the least interesting topics there is—that’s a large part of why it’s a vastly ignored process. Since it’s rarely part of core operations, yet at the same time vital, it’s often overlooked when it comes to improvement, efficiency, and risk management.

Generally, both payroll and human resources are the most expensive aspects of business, despite being generally delegated to the background. That means, whether it’s exciting or not, changing the way you do your payroll may be one of the most important business decisions you make.

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 

 

Other Employee benefits

Each country has different benefits for the employees and it’s employers responsibility to keep all records of their benefits to make sure they take advantage of benefits when needed as employee is an integral and important part for any business organization.

““““““““““““““““““““““““““““““““““““““““““““““““““““““““““““““““““““““““““““““““““““““““““““““““““““““““““““““

 

DISCOVER THE ACCOUNTANT WHO CAN GROW YOUR

BUSINESS AND SAVE YOU MONEY

RELIABLE. SAVE TAX. INCREASE PROFITS. 

 

Please click on the following link to visit the services offer by us in our accounting office

Shabudin Nathoo & Associates.

 

 

 

 

 

Leave Your Comment

Your Comment*

Your Name*
Your Webpage