Author: Carl Chesal
Starting a small business out of your home, offering products or services like business consulting, photography, selling on the web or a MLM? You are now faced with tracking all your expenses and revenues for your business and you certainly don't have the money yet to engage a bookkeeper or accountant. If your business is a sole proprietorship, whether it be a Canadian Proprietorship or a US-based Proprietorship , you do not require an accountant to submit your company financials (books) to the IRS (USA) or Revenue Canada). Your business revenue and losses are reported as part of your annual personal income tax. For this small business start-up, you won't need to buy fancy accounting software, like Quick Books or AccPac to track your business.
1 comment:
Nice and informative post. I want to run my own business soon, so I'll keep this in mind. There are so many options to running a business that lately I've been thinking about buying a business instead of starting one from scratch. I'm not sure what kind of format though. Franchise? Non-franchise? Home-based? I don't know. Do you have any suggestions or advice? Thanks.
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