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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. Only as part of incorporating Bizfare Enterprise Inc in 2005 was it a requirement to engage an accountant. My accountant did insist on using Quick Books software for my business accounting. Up until then using a simple spreadsheet template served my business accounting needs for over ten years. This simple spreadsheet accounting stood the test of multiple audits by Revenue Canada (CRA and Revenue Canada Goods and Services Tax.
Bookkeeping software can be as simple as a home produced spreadsheet but with additional facets that can have significant financial benefits to the business. Bookkeeping software produced on spreadsheets would normally be a series of spreadsheets with the columns preset and titled and formulae written into the sheet to automatically add up each column. In addition the columns used would normally be restricted to general headings to include a full analysis of all items. Small businesses that might produce their own spreadsheet would often do this on an annual basis. Bookkeeping software is much more likely to provide these bookkeeping spreadsheet templates on a monthly basis to enable a degree of financial control to be exercised by the small business.
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In particular I have been a litigation law clerk for over 21 years. I have been in business for over 15 years as a business consultant. I know what it feels like to be frustrated to start-up your own business. At EDL Consulting Services we are here to assist you with all your business needs. Have you ever had to use a spreadsheet that was hard to follow or crammed with numbers? If you have you will begin to appreciate the importance of good design and layout. The other day an acquaintance sent me an Excel spreadsheet that he had created for his own use and thought might be useful to others.