How This New Accounting Trend Could Affect You
During the pandemic, many businesses have switched to using online software to communicate with customers, which has made processes more efficient. It’s enabled enterprises to enhance productivity, scale-up, and increase profitability. However, not all new technology is proving beneficial. For example, cloud accounting encourages business owners to manage their books in-house, even without knowing what they are doing or understanding the latest legislation to file taxes accurately.
Unfortunately, large software companies that have recently entered the business are promoting the ease of using cloud products. When considering accounting software, it’s essential to keep in mind that learning how to use them does not make you an accountant. Moreover, these cloud products are expensive to use, and secondly, if you make a wrong calculation, it may lead to a costly mistake on your tax returns. It could even put you out of business if you don’t budget properly.
So, to avoid an adverse situation cropping up, we recommend that you don’t spend your refund, as you may have to pay some or all of it back to the Canada Revenue Agency. Also, we suggest working with a small accounting company that will give you personal attention and save you time which will result in peace of mind.
If you need assistance analyzing your financial statements and filing your returns, then get in contact with us today. With over twenty-one years of experience, Account on Fullerton will help you with your accounting needs. As a tax accountant and financial planner in North Bay, Ontario, we offer business and bookkeeping services to small and medium-sized enterprises.
Our services include financial planning, personal tax, and corporate tax. We also assist clients with starting a business and interpreting government tax changes. We serve clients across North Bay, Kipawa, Bonfield, Marten River, Mattawa, French River, Temagami, and the surrounding areas.