Whether you’re a proprietorship, partnership or incorporated small business we’re here to help you build your dreams.
Small Businesses Accounting
Sole Propietors & Corporations
Small businesses can operate as a sole proprietorship, partnership or as an incorporated company (check out our article on the pros and cons of sole proprietorship vs incorporation).
Small business accounting involves the process of tracking, recording and analyzing the financial transactions of your business. It translates numbers into a comprehensible statement about the profitability of your business.
Accounting may be a more tedious aspect of running a business, but it is also necessary to avoid cash flow snafus and piles of paperwork.
It is a massive topic, but for small businesses, it essentially boils down to:
- Bookkeeping (recording financial transactions)
- Creating financial reports
- Filing tax returns
Accounting helps you gauge the health and value of the company. However, a good accountant helps you decipher these reports and make better decisions about short- and long-term success so you can reach your goals.
Many accounting firms in Penticton and area state they deal with small business, however their idea of ‘small business’ is annual gross revenues between $1M – $10M and accounting fees for a basic compilation engagement for an incorporated small business start at $2,500 a year without any consulting or other services included. At Long-Haggerty Chartered Professional Accountant, we focus on the true small businesses with gross revenues on a MUCH smaller scale and help them grow. Our rates are much more affordable, starting at $2,000 a year but includes other services (proprietorship rates are based on personal tax rates). Being a small business ourselves, we have a much lower overhead with our company structure so we can share the savings with you.
What we love about small business is the extra love and attention owners give to the products and services they sell and to the customers or clients who they serve: the type of feeling you can’t get with a larger organization or company. Just like you provide tailoring to meet the needs of your market, so do we. We take extra time and care with our clients to ensure our services are meeting your needs.
Small businesses in Penticton and surrounding Okanagan Valley are the keystone of our economy. There are small businesses in almost every industry in the area, so we do our best to focus on the accounting and tax rules for some of the key areas such as agriculture, viticulture, trades, retail, professional services and entertainment. Our staff undergo continuous professional development to ensure we are on top of any industry changes so we can continue to provide the best quality services to our clients.
CURRENT DRIVES & DONATIONS
WE ARE GETTING READY FOR OUR FILL-A-BACKPACK CAMPAIGN! This drive runs mid July throug August each year. We accept new backpacks, lunchkits, thermoses, water bottles, school supplies, shoes, clothing and cash and then match the donations!
Come check us out at our new location: 479 Winnipeg Street or cheque out the foundation's website www.lhrcommunityfoundation.ca
Our official launch of this program in 2022 was extremely successful, beating our target of 50 backpacks and hitting 75! The backpacks were disbursed to local families and school to help families with the cost of going back to school.
This year we are looking to fill 100 backpacks!
We are also looking to expand the program to ensure families have access all year and not just at the beginning of the school year.
If you would like to donate or sponsor OR if you know a family that could use our help please contact us at: firstname.lastname@example.org
3RD ANNUAL TOY & PJ DRIVE
WITH YOUR HELP, WE PROVIDED 16 FAMILIES WITH FULL CHRISTMAS HAMPERS INCLUDING GIFTS FOR ALL FAMILY MEMBERS AND GIFT CERTIFICATES FOR FOOD.
IN ADDITION WE WERE ALSO ABLE TO PROVIDE INDIVIDUAL ITEMS TO OTHER INDIVIDUALS AND ORGANIZATIONS WITHIN OUR COMMUNITY.