Did you know that the word “tax” is from the Latin taxo, meaning “I estimate?” No matter what kind of business you run, choosing an accountant can be difficult. This is even more so the case when you run a small business because the budget you have for finding an accountant for a small business is likely to be quite a lot smaller. You will not have the extra money that can cover mistakes in hiring, so it is important to make the best hiring decision the first time around. Here are a few important facts you should know before you actually go about choosing an accountant for your small business.
In the last fiscal year, the Canadian government collected roughly three times more personal income taxes than it did corporate income taxes. One of the reasons for this seemingly disproportionate number stems from the fact that a lot of government programs in Canada are funded through personal income tax. For instance, a significant portion of their medical care is funded this way.
According to the most recent archaeological data, there is no known civilization that did not tax. Even the very first known civilization, the Sumerians, recorded their tax history on clay cones and people have been looking for good accountants ever since. When you need to find an accountant for small business, keep in mind that you are just another person in an astoundingly long line of new business owners who have had to get help with the complicated nature of taxes.
Accounting is by far, one of most important aspects of starting and operating a business. Though there are a lot of new small business owners that might think that hiring an accountant is just needed for tax season, it is important to have a professional helping you every step of the way. The principles of accountancy are applied to business entities in three divisions of practical art, named accounting, bookkeeping, and auditing. It is the best way to avoid costly mistakes. For more information, read this website.