Starting an accounting firm is a task easier said than done. The risks associated with stepping out of your cozy accounting firm and setting up your own independent shop are high, considering that you’ll be using your hard-earned money to start your firm. While the move may seem frightening, the trade-off will be surely worth it. To help you turn your dream accounting business into reality, here are five pieces of advice in starting an accounting business.

As your business grows, unforeseen challenges that you have hardly prepared for will crop up. For instance, your transactions increase requiring you to increase the time and effort you put into bookkeeping.

Financial internal audits can be intimidating to business owners and finance executives alike. However, both should understand that internal audits are not something to fret, especially when your company comes in prepared.

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:

  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: