To start a business requires expertise and herculean efforts. It is not only enough capital investments. Starting a business does not mean you can have a corporate enterprise by just having millions of funds. There are basic steps to follow before a business start up – steps that will ensure the prosperity of the undertaking. Your purpose in setting up an enterprise is to gain profit – monetary. And to ensure proper monitoring of the progress of your new business you need perfect accounting records. Everything about starting business, you would need an accountant.

The accountant already has an expertise not only in the preparation of your book of accounts. This person is knowledgeable in the process of securing the proper government permits for your organization.

How do you start a business? The first step is finding the name of your company. This will be included in processing the incorporation of the company. There are legal aspects – the filling up all the data and the signing of persons concerned. Although these are legal forms, the accountant is tasked to oversee the proper content of the articles of incorporation. Herein, the purpose of the business will be identified and proposed. Having all the pages of the articles of incorporation prepared, the next step is for the incorporators and would be officers of the business organization to sign the duly prepared incorporation documents.

The first step to the formalities of business establishment has been completed and approved by concerned government agency. The ensuing steps still need the guidance of the business accountant. Other requirements of the corporation will be done by this same person. The corporation would need minutes book to record all minutes of the meeting of company directors. The business needs federal registration number (BN) and/or Provincial registration number (IC) in order for the business to be legally established. Other requirements that the accountant secures for the newly established corporation are the GST and QST numbers, the federal and provincial deduction at source numbers and the CSST number.

The business is now ready to launch initial operations. However before this is done, setting of the books of accounts is needed. This is very vital because this will be the basis for business performance. The accountant will now prepare your balance sheet. This financial record will present all the assets, liabilities (if any) and capital position. There should be a balance between the assets and the liabilities + capital portion. The income statement will be prepared soon as operation begins. Your business accountant will set up this income statement and the cash flow position. As this is now the advent of computers, the accounting system will be prescription cialis generic computerized. This will be an easy way of entering all transactions. The entries can be done by a bookkeeper and checked and audited by the accountant.

Your business is ready to reap profits. But even if the start-up has been set-up, the accountant is still needed from then on and onwards. Your business accountant will be needed in preparing your government duties and compliance. Your accountant will present the company financial condition.

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