Accounting for Your Practice
|5 months before
Open a business bank account
You will need your business registration papers for this step.
Purchase a bookkeeping system or interview and hire a bookkeeper
| There are accounting packages that are inexpensive and make accounting quite fun. Quickbooks and Accpac are two of the most widely used, although you should spend three-four hours getting your head around them before turning them over to your bookeeper. With Quickbooks, you can log in to go to their site as a teacher (use code: education) and download the software. You will have to call 1-888-829-8689 to register the product, but it is free to use for 12 months. There isn't a version for Macs, but some run a simulated version of DOS which can be used. It may also work with a program called Boot Camp
Apply for a GST #
Set up an account with Canada Revenue Agency/IRS for withholding tax if you have employees
Your bookkeeper should also be able to handle this for you.
Set up account with province/state for sales tax