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Starting a Small Business — BEWARE of Your Accountant!

143 views · Published 26 December 2016 · 5:16 · Indexed 24 October 2026

Channel: Mike Martins · 2016 · Howto & Style

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YouTubers, Mike Martins here with another installment in my series about starting, operating and maintaining your own small business. This episode deals with something I consider one of the most important parts of running a business: your accountant and your responsibility for your company's books and taxes.

I've operated businesses for years, and I've gone through several accountants during that time. One lesson I've learned is that you cannot simply hand somebody your paperwork, pay them and assume everything is being handled correctly.

Your business is ultimately your responsibility.

In this video, I explain my experience going through multiple accountants before finding someone I trust. My current accountant handles complicated files and understands exactly what needs to be filed and when. For my business, that means staying on top of corporate taxes, employee T4s, payroll deductions and remittances, GST, PST and the other paperwork involved in operating a retail business.

The big message of this video is simple:

PAY ATTENTION TO YOUR ACCOUNTING.

Don't assume that because someone calls themselves an accountant, everything they're doing is automatically correct. Ask questions. Look at the paperwork. Know what is being filed. Know your deadlines. Understand what taxes your company collects and what money needs to be remitted.

When looking for an accountant, I recommend talking to other established small-business owners. Ask them who handles their books and whether they're satisfied with the service. Don't automatically choose somebody because they're inexpensive or because they promise they'll magically save you enormous amounts of money.

A good accountant should help you understand your obligations and keep your company organized, not make you forget that those obligations exist.

I'm also planning another episode specifically covering the different taxes and filings I deal with as a small-business owner, including GST, PST, payroll remittances, T4s and corporate taxes.

If you're thinking about starting a retail business, don't overlook accounting. Inventory, advertising, sales and customers might be more exciting, but paperwork can become one of the most important parts of keeping your business alive.

Let me know about your experiences with accountants and running a small business.

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