Simply Bookkeeping knows how busy year end can be. In fact, one of the services we offer as part of bookkeeping for small businesses, is to help organizations be organized and prepared for year end – it is a big job! If your company’s year-end is coming up on June 30, we hope you’ve already been working away at preparing all the financial and tax documents you’ll need to file on time.
We can offer the following advice when it comes to getting your tax returns in place:
Get started! Even though you have 180 days to file your taxes after your year-end date, you might as well get started. You don’t want to incur any penalties for late payments on money owed and you
also don’t want to increase your stress level if you are feeling strapped for time as the deadline looms. Tax planning should really be a year round process, but it is not too late to start.
As mentioned, hopefully you have been diligent about keeping your financial records up to date. If not, the best use of your time may be to hire someone that specializes in bookkeeping for small businesses. A company like Simply Bookkeeping can bring your accounting records up to date so that you are ready with the required tax filing data.
Know what statements, forms, pay stubs and any other tax documents you will need and start checking them off as they come in. This way, you will be aware of any missing or late documents that you might need to follow up on which will help you avoid filing late.
Once you have all the forms, statements and records up to date, complete the necessary tax filing documents and then take a copy of everything. Once your taxes are filed, add the confirmation document, any correspondence from a bookkeeper, accountant or the Canada Revenue Agency (CRA) and store it all together for future reference.
Once your corporate taxes have been filed - get started on next year’s taxes! Consider getting an external audit done to make sure you are CRA compliant and to see if there are process improvements that can be done to streamline your record keeping and financial processes. Prepping for the following tax year can also mean finally hiring someone that excels in bookkeeping for small business to keep you on track.
In addition to tax preparation, bookkeeping for small businesses allows business owners to focus on running their business and not being caught up in the administrative tasks that are important, yet time consuming too.
Simply Bookkeeping helps small businesses in the Oakville, Milton, Burlington and Mississauga area manage their books. We can provide financial clarity so that you will always know how your business is doing. Call us at 647-668-9363 to discuss how we can work together and help your business grow.