Why Small Businesses Need Accounting

How to do your taxes

Accounting is undoubtedly, by far one of the most important aspects of both starting and operating a business. Especially in terms of accounting for small businesses, the importance cannot be understated. Small business account services can help budget and even help businesses with small business tax write offs.

Double entry bookkeeping first emerged in northern Italy in the 1300s, where trading ventures began to require more many than a single person was able to invest. Many years later, tehre are many accounting consulting firms that help businesses with their finances in a similar manner.

Interestingly, celebrities like Janet Jackson, Mick Jagger, Bob Newhart and John Grisham all studied or practiced accounting before moving on to their high profile celebrity careers. Regardless, people who did become accountants can help businesses by teaching business owners how to write off business expenses and manage their funds and budgets effectively.

Small business accounting firms are very important for small businesses because they allow the business owners and workers to focus on the important parts of the business rather than having to crunch numbers and translate a budget. One of the most important parts of accounting for small businesses is the tax help they offer.

One of the contributing factors to the French Revolution was a tax called the gabelle. It was a salt tax and was known as one of the most hated taxes of all time, similar to the Stamp Act and taxes levied on Colonial Americans by the British Empire in the years leading up to the American Revolution.

In the last fiscal year, the Canadian government collected roughly three times more personal income taxes than it did corporate income taxes. At the end of the day, small business accountants can help with all aspects of finances for businesses, including taxes and budgeting. Reference links.

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