Importance of Accounting System

Attention, business owners!

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.

Authorizing Representative

1. Log-in into your CRA MyAccount. Your screen should look something like this:

2. On a bottom right pane click on Authorize representative(s) link.

CRA MyAccount Landing Page

3. On a following screen you will need to specify your representative RepID. Enter it in an appropriate text box and proceed to the next step.

4. Specify Level of Authorization and weather or not to grant Online Access.

CRA MyAccount Representative authorization

5. Finally, review representative and level of authorization that you have granted access to your information. If everything is correct – tick check box, and click Authorize button.

CRA MyAccount Representative Review
Ottawa-Gatineau Corporate Accounting Private Accounting Practice

Go Paperless. Register with CRA Online Services.

Why Register?

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
  • installment reminders
  • for some programs, letters asking for information and documentation

Where to Register?

  • Go to MyCRA page following this link.
  • Click on CRA Register button. It will take you to Identity Validation step.
Have your SIN, address, and copy of filed T1 ready.

After successfully following the instructions, you should get to the notice saying that your access code was sent by mail, and you should be able to log-in to your CRA MyAccount page.

Adopted from Email notifications from the CRA – Individuals.