A small business is an enterprise that is small in scale in terms of sales revenues and employees. A majority of the businesses in Toronto are small businesses. These businesses are normally registered as a sole proprietor, which means one individual owns it, or a partnership, meaning two or more people own the business. Accounting is one of the common problems faced by these businesses. Often, the owner is tasked with running the business and dealing with regular accounting requirements of the company at the same time. That is why they are often penalized by the government for late payment of taxes, late submission of tax papers, and non-submission of
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