Small businesses have specific challenges and needs that are very different from larger more established companies. Budget is typically a concern as small businesses and startups work to get their revenue streams established. There is an additional challenge addressing the technical aspects of dealing with CRA – something many small business are just not able to do.

Here are some common issues:

Lack of understand of what is a deductible expense
Not understanding how GST works
Creating invoices that are not compliant with CRA
Recording revenue and expenses using Cash accounting methods.
Using old and outdated techniques in their business because of lack of awareness of better tools
Using the wrong business structure for their company (ie: incorporating too soon or too late)
Tracking vehicle expenses
Maintaining proper documentation for expenses
Missing or not understanding filing deadlines.
Not tracking personal injections or withdrawals of cash in their business
Using a personal account to run their business
Not registering for GST when required