The future of your business should not be left to chance. As a responsible business owner, it is imperative that you take the guesswork and wishful thinking out of the equation and start preparing for specific business situations.

Has your business ever been audited? Most business owners would agree that being audited by the IRS is a tedious and complicated matter. On top of making sure that all your business financial records are in order and that you are conforming to the rules of accounting for small business, you should also be able to explain the records on your own.

Automation is an outcome of modern technology which has unquestionably helped many people from all walks of life in in improving the quality of their day-to-day activities. Through automation, tasks can pick up speed and thus, help save time and energy for the stakeholders. Such is also the case when you go for computerized accounting systems. To date, more and more business owners and accountants alike are opting to automate their bookkeeping functions. Here’s why:

As a business owner, keeping tabs on your inventory is an important responsibility that should always be your top priority. By effectively managing your inventory, you can easily reap significant financial benefits. Such benefits typically include tracking the costs of your inventory, monitoring profits, predicting inventory and forecasting changes in the prices of goods for sale.

  In its simplest form, a business audit in Canada is defined as a systematic assessment of a company’s financial resources - these include the thorough examination of various financial statements, purchase transaction records and inventory. The Canadian Revenue Agency (CRA) conducts such audits on a random basis. So for business owners like you, the best way to keep out of trouble is to be prepared. Here are some small business accounting tips to help you stay on top of an unexpected business audit:

As your SME moves into a more advanced phase, your critical business numbers will inevitably go along with it. More than anything else, this means you need to pay closer attention to your business finances. You can do this through an internal financial audit. A financial audit works well in keeping profit initiatives in check, ensuring compliance with accredited accounting regulatory bodies and protecting you from fraudulent business transactions. If you want to take a dip into financial audit, here’s a basic checklist that can serve as a guide: