The accounting system has imperative importance for your business regardless of what you do. Even if you don’t rely on accounting it is still an essential tool in your business management process. Accounting enables you to look at your business through different lenses: how much the revenues are, what the profit is, how much to reserve, etc. So having an effective accounting system is very important for your business, regardless of what service you provide or product you sell.
We look at the accounting system as a process of continuous improvement. Your accounting is a pure reflection of your business. The accounting system has to be dynamic; it should evolve with your business as your services change and as the value you offer your clients change. These things change constantly. We recommend looking at your accounting system periodically and asking yourself – at this moment, does it reflect my business? If not, then it’s probably harming your business because it does not provide the information that reflects your business. We recommend to ask us what aspects of your accounting system should be updated or upgraded. It’s vital not only to implement a new accounting system but also to adapt it to your business functionality.
Feel free to contact us about any questions on selecting an accounting system for your business.
Once you register for e-mail notifications from the Canada Revenue Agency (CRA), you will be notified about important changes on your account. So, compared to the traditional mail, you get notified right away.
For instance, you will receive an email when:
you have new CRA mail to view in My Account
your address is changed
your banking information for direct deposit is changed
your marital status is changed
your authorized representative information is changed
mail sent to you by the CRA has been returned, meaning you need to update your mailing address
you give Employment and Social Development Canada consent to share your information and it is updated with the CRA
Which Mail Will You Receive Electronically?
Some examples of CRA mail you can currently receive online include:
notices of assessment and re-assessment
benefit notices and slips
T1 adjustment notices
for some programs, letters asking for information and documentation