Many small business owners (myself included) tend to focus on the more glamourous aspects of their business - sales, marketing and product/service development. As a result, accounting (poor misunderstood accounting) does not get the attention it deserves. In addition to the perception that an accounting system does not necessarily add value, it can also be a little intimidating. However, there are numerous benefits to setting up an accounting system and it can actually be fairly straightforward especially if you have some help with setting it up. A good accounting software tends to handle most of the complexity of accounting as long as the data is entered accurately.
The primary steps in setting up an accounting system are represented below:
Ronika Khanna is a Montreal accountant who can help you set up or organize your accounting system. Please do not hesitate to contact her to set up a complimentary consultation. You can also receive regular updates of articles pertaining to small business, accounting, tax and other topics of interest to business owners you can sign up here (we promise to never disclose your email address). You can also follow her on Facebook or Twitter.