Small business owners have many different responsibilities - to themselves, to their customers, to their employees, to their home town and province, and to many others. In fact, you could write a whole book about the mass of responsibilities all mindful business owners, farmers and agribusiness professionals need to fulfill.
Today, we'll just focus on a few of them: we've detailed four of a small business owner's biggest responsibilities below, ranging from their local government offices to the paychecks that they give their employees.
1. Registering Your Business Name
When you operate your own business, you need to register it with your local branch of government. It doesn't matter how low or high your revenue is - your business needs to be registered so that it can make its tax payments, obtain whatever permits are needed to carry out work and more.
2. Setting Up Payroll
You also need to pay your employees! Of course, you can do this the old fashioned way, with cold hard cash. Yet that will make bookkeeping a continued challenge - and as we'll detail below, it may also create issues in regards to your documents and financial records. So your best bet is to invest in employing a payroll service to help keep these salaries straight.
3. Maintaining Documents
The CRA retains the right to audit any business, at any time, for any reason. If they do, you may be called on to produce documents or financial statements that are four or five years old. That's going to be a major problem if you've been handling everything with cash, and "off the books." For this reason, businesses of all sizes should consider employing the help of an accounting and tax services firm. Not only will that confirm that all your documents will be kept up and maintained, it will get you access to audit representation should the CRA ever demand that you allow them access to those documents.
4. Filing for Deductions and Other Tax Breaks
Here's something else an accounting firm can help you with: when you're running your own business, it's your responsibility to make sure that you never miss out on potential savings. You've got to be keeping an eye open for every possible tax deduction you can take advantage of. There's one easy way to do that, and to make sure all of your businesses financial responsibilities are met: by calling on the help of a firm that specializes in bookkeeping for small businesses.