As the manager of a company, you have many obligations and responsibilities, including that of having careful and regularly updated accounting, especially for all that is bookkeeping, payroll service and corporate income tax reporting.
Find out everything you need to know about this with the Calcul Concept accounting office, located in Saint-Jérôme and offering a business accounting service in Mirabel, Laval and Montreal areas.
Many rules to follow daily
In Quebec, the government stipulates that “when you operate a business, you must meet certain legal requirements related to accounting management, in particular with regard to bookkeeping and record keeping”. From the start of the business and at each stage of its development, it is therefore important to pay particular attention to its accounting to follow the law.
Bookkeeping consists of noting all the transactions carried out daily in the company. It is a mandatory register through which it is possible to know the past and current financial state of a company and possibly to predict the future. This therefore allows you to facilitate decision-making, while meeting the legal obligation to monitor registers.
About record keeping, this is simply an obligation to keep income tax returns, payroll and tax records, paper or electronic receipts, and expense and sales logs.
An annual tax return to take care of
Business accounting also includes the famous corporate income tax return. In fact, just like individuals, companies must declare their taxes annually. It is a complex task that requires solid accounting and management know-how, regardless of the size of your business.
The corporate income tax return, also known as the T2 return, is mandatory even if your business does not yet generate any income or is not taxable. A lot of documents and a lot of data are needed to complete the tax return for your business. It is therefore strongly recommended that you perform it with care, to avoid the risk of missing tax credits or incurring penalties.
To learn more and have more details on the corporate income tax return, do not hesitate to consult the guide issued by Revenu Québec and the guide produced by the Canada Revenue Agency.
Support needed to simplify your life
Running a business requires a lot of time and personal investment. To allow you to focus on its growth and your goals for success, it is advisable to delegate all accounting tasks to an accountant.
First, it will save you time spent on bookkeeping, payroll service, and corporate income tax reporting. This will certainly require you to set up a budget dedicated to accounting, but it will quickly pay off since you can then devote yourself entirely to the development of your company.
Another advantage of using an accounting firm is that you can rest assured that your bookkeeping is going to be fair. Indeed, an accountant who offers services to companies is perfectly familiar with the tax laws specific to companies and has reliable and efficient software.
Are you looking for an experienced and reputable accounting firm to entrust your business accounting to? If you are near Saint-Jérôme, Mirabel, Laval or Montreal, choose Calcul Concept for your bookkeeping, your payroll service or your corporate income tax return. You will thus benefit from personalized support from a seasoned accountant. For any information request, call (450) 712-2300 or send an email by filling out form on our contact page.