For Business Sake

Lenders and vendors along with the Canada Revenue Agency (CRA) also known as the “tax man” require us to provide proof of our income and expenses through income statements.  Lenders and vendors want to know that we can pay them back while the CRA wants to determine our taxes payable.  As such it is critical to have an organized set of books.  Books are broken down in 5 key areas: What we have (Assets), what we owe (liabilities), how much we make (income), how much we spend (expenses), and of course how much tax we owe if any.  In order to achieve this we need to total our activities, make some assumptions, and break them down into categories that satisfy the acceptable format also known as GAAP (Generally accepted accounting principles).  This action of collecting and sorting the information is known as accounting services and we, at For Business Sake, specialize with this.