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Disclaimer The information provided in this blog is for general informational purposes only and reflects observations and recommendations related to outsourced accounting. Basis 365 Accounting is not a CPA firm and does not provide tax advice, taxpreparation, or filing services.
Where, at first, these effects were mostly felt in communication and research, the turn of the century and the first decade of the 2000s saw firms more rapidly embrace suites of integrated tax, accounting and firm management systems. Instead also provides an all-in-one platform for accounting firms called Instead Pro.
Many small businesses get into trouble when taxes come due because they didn’t include them in their accountingsystem. Closing Accounting Periods. QuickBooks does not require businesses to close accounting periods, but businesses should consider performing a formal month-end and year-end closing process.
What type of accountingsystem should you use? If you plan to do this yourself you usually have two choices – 1) you can either go the spreadsheet route or 2) you can use accounting software. The code is available as a dropdown in most taxpreparation software. See our article on CRA rules for electronic documents.
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