Small businesses can operate as a sole proprietorship, partnership or as an incorporated company (check out our article on the pros and cons of sole proprietorship vs incorporation).

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Small business accounting involves the process of tracking, recording and analyzing the financial transactions of your business. It translates numbers into a comprehensible statement about the profitability of your business.

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Accounting may be a more tedious aspect of running a business, but it is also necessary to avoid cash flow snafus and piles of paperwork.
It is a massive topic, but for small businesses, it essentially boils down to:

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• Bookkeeping (recording financial transactions)

• Creating financial reports

• Filing tax returns

 

Accounting helps you gauge the health and value of the company. However, a good accountant helps you decipher these reports and make better decisions about short- and long-term success so you can reach your goals.

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Many accounting firms in Penticton and area state they deal with small business, however their idea of ‘small business’ is annual gross revenues between $1M – $10M and accounting fees for a basic compilation engagement for an incorporated small business start at $2,500 a year without any consulting or other services included. At Long-Haggerty Chartered Professional Accountant, we focus on the true small businesses with gross revenues on a MUCH smaller scale and help them grow. Our rates are much more affordable, starting at $2,000 a year but includes other services (proprietorship rates are based on personal tax rates).  Being a small business ourselves, we have a much lower overhead with our company structure so we can share the savings with you.

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What we love about small business is the extra love and attention owners give to the products and services they sell and to the customers or clients who they serve: the type of feeling you can’t get with a larger organization or company. Just like you provide tailoring to meet the needs of your market, so do we. We take extra time and care with our clients to ensure our services are meeting your needs.

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Small businesses in Penticton and surrounding Okanagan Valley are the keystone of our economy. There are small businesses in almost every industry in the area, so we do our best to focus on the accounting and tax rules for some of the key areas such as agriculture, viticulture, trades, retail, professional services and entertainment. Our staff undergo continuous professional development to ensure we are on top of any industry changes so we can continue to provide the best quality services to our clients.