Business bookkeeping duties can be the source of a lot of hassle for business owners. The piles of paperwork and stress over possible errors can add to big-time pressure, all created by common bookkeeping mistakes. How can you reduce tension and improve productivity at your workplace where bookkeeping is involved? What are the most common accounting errors? Equally important: How can accounting mistakes be corrected?

The advantages of hiring the services of an efficient and professional accountant are innumerable. Whether it is maximizing your tax savings or better organization of your financial records, professional accountants maintain track of your business’ income, assets, and liabilities, thereby allowing you to concentrate on growing your business. Accountants prepare and look into financial records and assist with tax filing, bookkeeping, and payroll services. They provide tax advice, prepare financial statements, and may also help with critical business decisions.

A New Standard for Compilation Engagements (CSRS 4200) was introduced in Canada to replace the Notice to Reader for year ends after December 14, 2021. The new amendment is expected to create more consistency among tax practitioners.

Michael H. Keltz Chartered Professional Accountant wishes you and your family a wonderful Holiday Season and a happy, healthy, and peaceful New Year 2022!

Accounting plays a critical role in business functions as it helps keep track of income and expenditures, ensures compliance, and provides quantitative financial information to make important business decisions. So when your financial records are clean and up-to-date, it ensures that there will be no halts with the growth of your business.

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