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A Professional Accountant\’s View on Starting a Small Business in New Brunswick – Part 2
by
sophielavo3297
To recap part 1, we talked about the first two steps in setting up a small business. First step was to seek out a
professional accountant
and/or a tax accountant. Step two, decide on a business structure. Once you have determined a business structure, we can proceed to step 3.
3. Prepare a
Business Plan
– having a well laid out business plan, including a marketing plan, can be a huge benefit especially if you are looking to apply for financing. There are many basic templates available on the internet, but the strength of a successful business plan is in the details and professional judgment. Typically, if you require a business plan, it would be worth the investment to have a professional accountant assist with the process to ensure it is realistic, accurate and objective.
4. Register your Business
a. Choose a name- select a variety of potential names for your business and prioritize by order of preference
b. Get name search done and secure name (NUANS)
c. Register your name and business with the province of New Brunswick. This also gives you a business number with Canada Revenue Agency.
5. Register for Sales Tax – Depending on the jurisdictions you will do business in, register for the appropriate sales tax
a. Harmonized Sales Tax (HST) and Goods and Services Tax (GST)(Federal) -NB,NS, NFLD, ONT, BC. The number is a federal number and can be used for HST and GST together.
b. Provincial Sales Tax (PST) – Manitoba, Saskatchewan, Prince Edward Island – this is a provincial tax and must be registered with the province in which you are doing business.
c. Quebec Sales Tax(QST) – Register with the province of Quebec if doing business in Quebec
6. Register for Payroll – If you are employing at least one person, you must register for payroll with the federal government and/or the province of Quebec if employees in Quebec.
7. Select Accounting System- Depending on your type of business, you may find it easier with an industry specific software package that caters to your particular needs. Most small businesses use an off the shelf software package which is fairly inexpensive. For example, QuickBooks or Sage Simply Accounting are both user friendly and can be purchased for around $300. Most accountants use these packages so collaborating with your accountant provides for seamless integration.
As overwhelming as it may seem, taking the process one step at a time and having a trusted advisor, enables you to focus on the business operations and frees your mind to creativity. Best of luck in your new business venture, it is a rewarding experience for the right entrepreneur.
To view the article in its entirety, read it on
Accountants Corner.
http://www.jonescga.com/
Article Source:
ArticleRich.com