Does anyone run a small business but not have an accountant ...

You definitely need to accountant for all your business activity and transactions! If you do not have an accountant or bookkeeper, you need to do the bookkeeping yourself by saving all your receipts and expense transactions so you can record your fixed and variable costs against your income. If you do not and you get audited by the IRS or CCRA, they may just decide what you made and access you for any taxes that they feel that you owe them, and you will be defenceless! You need to record all your transactions relating to your business activities! Depending on your annual income and the way your business is defined, you may need to hire a public accountant to do your financial statements once a year for your creditors, the government, shareholders, and users of your financial statements (are you a sole proprietorship- by yourself, or a corporation?). I would recommend that if you know nothing about accounting software and taxes, hire a bookkeeper, and administrator, or a public accountant to save you all kinds of hassles and trouble! Have you used Quick Books, Simply Accounting, or other accounting packages? Have you used Excel Spreadsheets before? These are great software packages to get you started. Are you familiar with break even analysis- (price x quantity- costs x quantity to get what?s called your gross margin to see if your variable costs are being covered by your revenue from the prices that you have set on your products sold? And, then you need to take this marginal revenue and subtract what are called your fixed costs [like rent, electricity, Internet, salaries, janitorial cleaning services, and so on]. Once you have determined all your inventory costs, fixed costs, and other business costs, after subtracting these costs, you have, hopefully, net income because you need it to continue on in business. This is just a ?nutshell? summary of the things you will need to handle while being business- I have over 7 years of experience in accounting, administration, computer IT, and other areas of business. I also went to university for over 7 years to get my BBA while working on the side ? trust me, I know a lot about business from both education and experience. Take some accounting courses on the side if you can afford it so you can learn why accounting is important. It sounds like you know a bit about marketing and economics if you know how to set your prices, but you must keep track of all your business transactions so you can weigh your costs against income in order to know how well you are doing!

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