Businesses in Canada are now required to charge GST on all taxable goods and services. This can be a bit confusing for business owners, as it is a new tax that is being introduced. However, a GST calculator can help make calculating and filing your GST returns much easier.
Helpful With Audits?
One benefit of using a GST calculator is that it can help you prepare for audits. The CRA may audit your business to ensure that you are correctly charging and remitting GST.
A GST calculator can help you keep track of your transactions and ensure that everything avoids any surprises during an audit.
This blog post will discuss the benefits of using a GST calculator!
Benefits:
- The first benefit of using a GST calculator is that it can help you save time. When you are charging GST on your products and services, you need to keep track of the amount you charged and the amount of GST that you collected. This can be a lot of work, especially if you have a lot of sales transactions. A GST calculator can automate this process for you so that you can quickly and easily calculate your GST totals.
- The second benefit of using a GST calculator is that it can help ensure accuracy. When calculating your GST totals, it is important to ensure that all the calculations are correct. A GST calculator will do all the math for you, so there is less chance for error.
- The third benefit of using a GST calculator is that it can help you keep track of your GST refund. When you file your GST return, you may be entitled to a refund if you have collected more GST than you owe. A GST calculator can help you keep track of your refund to know how much money you will get back from the government.
- The fourth benefit of using a GST calculator is that it can help simplify your bookkeeping. When charging GST, businesses must keep track of their sales and the amount of GST they collected. This information must then be reported on their GST return. A GST calculator can help simplify this process by keeping track of all the information for you in one place.
- The fifth benefit of using a GST calculator is that it can help you save money on accounting fees. If you hire an accountant to prepare your GST return, they will likely charge you by the hour. A GST calculator can do all the work for you to don’t have to pay for accounting services.
The Best Part!
Another benefit of using a GST calculator is that it can help reduce paperwork. When charging GST, businesses must keep track of paperwork, such as sales invoices and receipts.
A GST calculator can help you reduce the amount of paperwork you have to deal with to focus on running your business.
Last Words:
In conclusion, there are many benefits of using a GST calculator. If you are a business owner, we recommend that you consider using one to help simplify your GST reporting.
