Elements often overlooked in company accounting management

When it comes to managing company accounts, there are several often overlooked elements that can have an impact on tax deductions and the company's overall financial situation. Here are seven of these frequently overlooked elements:

1. Research and development (R&D) tax credits

Expenditure on research and development of products or technologies can qualify for substantial tax credits. Properly documenting these expenses and including them in your accounting records is crucial if you are to benefit from these advantageous tax deductions.

2. Professional training expenses

Employee training and skills development costs can be deducted as operating expenses. This includes training costs, travel expenses and expenses related to acquiring new skills for employees. It is important to keep track of these expenses so that they can be included in the accounts.

3. Deductions for pension plan contributions

Contributions to employee pension plans can be deducted as a business operating expense. It is essential to ensure that contributions comply with current legislation and are correctly included in the accounts.

4. Deductions for advertising and promotional expenses

Expenses incurred to promote the business, such as advertising costs, marketing costs, website design costs, etc., are generally tax-deductible. It's important to keep track of these expenses and include them in your accounting.

5. Teleworking expenses

With the rise of telecommuting, expenses related to home office equipment, Internet connectivity and personal use of utilities may be partially tax deductible. It is essential to document these expenses and include them correctly in your accounting.

6. Deductions for business travel and meals

Business travel expenses, such as transportation, lodging and meals, may be tax deductible. It's important to keep receipts, and to document the details of business travel.

7. Deductions for charitable donations

Donations made by SMEs to recognized charities may be tax deductible. It is crucial to keep donation receipts and to ensure that the recipient organizations are eligible for tax purposes.

It is strongly recommended that you consult an accounting or tax professional for advice tailored to your specific situation, and to ensure that you benefit from all the tax deductions for which your SME is eligible.

How can you make sure you never forget any expenses in your accounts?

Accountants are the best people to help you ensure that you never overlook your tax deductions, and that your finances are optimized. So don't hesitate to contact us if you'd like to find an accountant tailored to your entrepreneurial reality to help you through the process. https://www.bankeo.ca/