#Accounting101

[priyakhurana]

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[sophia0025]

Unlock financial clarity with a deep dive into Accounting Principles and Concepts. Master double-entry bookkeeping, accruals, and matching principles for precise transaction recording. Explore the importance of consistency and materiality concepts in shaping transparent financial statements. Perfect for beginners or those curious about business, these principles are key to informed decision-making. Empower yourself with the essentials and navigate the accounting landscape with confidence.

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[dearwall]

Accounting 101 For Small Business Series EP04 - Government Compliance Ba...

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[minifeet-blog]

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[smallbusinessacountant-blog]

What Happens When You Get Audited? 

Getting audited by the CRA (Canadian Tax Revenue) is scary. Here is everything you should know about getting audited.

Audit Reasons

There are tons of reasons you could be getting audited. Cash businesses such as restaurants get audited more frequently than others. Businesses that claim to make more than the industry average for the year are also at a higher risk of being audited. The CRA also has audit projects, where they will target certain industries that have a higher non-compliance rate.

You could also be audited because of a something called a secondary review. That is when the CRA audits you because you are a spouse, investor, and supplier of a company or individual that is undergoing a main audit. This is done so that your records match the ones of the main audit. The CRA will also do random audits. Always make sure you are compliant because being resistant will only make things worse.

Audit First Steps

The first thing that will happen during an audit is that you will be contacted by the CRA. Make sure you receive a written notice to make sure it’s a legitimate audit and not a scam. Ask them for a list of documents they want and work on compiling them. Make sure to contact your Toronto chartered accountant to get their aid with this.

Documentation

Certain documents will be required during a CRA audit. Sometimes all of them are requested and other times it's only specific ones. Receipts, bank statements, income forms and other documents will be requested. Work with your accountant and bank to make sure you get everything they ask for.

Addressing Problems

The CRA should be clear about what issue they want to resolve with an audit. Maybe they disagree with you about income or expenses you claimed. Maybe the car expenses you claimed aren’t accurately documented. The key to a smooth audit is to show valid reasons and support for your claims.

Results

All issues will be resolved at the end of an audit. You might have to pay a balance or you might not owe anything else. The CRA will send you a document letting you know. You and your accountant will have some time to decide if you accept their results or if you want to challenge them.

Conclusion

Stay calm and honest. The best thing to do is consult your small business accountant at every step of the way. 

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[ariel19]

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[perahacksfinance]

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[priyakhurana]

Lay the foundation for a successful career in finance and business with Kiya Learning online accountancy classes. Learn essential bookkeeping, financial reporting, and auditing concepts. Accountancy classes equip you with the knowledge and skills necessary to manage the financial affairs of individuals and organizations.

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[doourhomework]

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[phungthaihy]

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[dearwall]

Accounting 101 For Small Business Series EP03 - Basic Accounting Terms P...

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[thebetterarod]

@AaronRodgers12: Financial tip: Don't spend more than you earn. #accounting101

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[minifeet-blog]

Summer 2018 🌞 #Accounting101 (at Jenerick Resort)

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[freeonlineclasses-blog]

Accounting101: Learn Accounts Receivable From A to Z

http://bit.ly/2JJNrYe Accounting101: Learn Accounts Receivable From A to Z - http://bit.ly/2JJNrYe