Did you know that October is Small Business Month in Canada? As of December 2012, there were 1.2 million small businesses recognized in Canada, which meant there were over a million companies with fewer than 100 employees each, eagerly striving to build our economy. You might not realize this, since its all done behind-the-scenes, but many of the bloggers that you read daily/weekly are small businesses, and since our industry is so new, it can be hard to figure out exactly what we can/can’t claim during tax time. We need accounting specialists in our back pockets that will tell us if we should keep track of our travelling expenses to events, or what percentage of our data plans can be claimed at the end of the tax year. Running a small business can be difficult, especially as you start out and wear all the hats, as CEO, Marketer, Accountant, even Janitor. No matter what industry you’re in, new or old, Sage 50, a leading Canadian company in accounting software wants to celebrate all of your hard work with you!
The rise of small businesses in Canada has quite the effect on the number of jobs in the country. Industry Canada reported 100,000 new businesses were developed each year between 2002 and 2008. The growth in these companies created 77.7 percent of all private-sector jobs between 2002 and 2012. Small businesses account for a large chunk of Canada’s workforce. In fact, 5.1 million people, nearly 50 percent of the country’s employable citizens, work for small businesses, according to Startup Canada. While many of these established companies have had an effect on Canada’s workforce, so have startups.
Startup entrepreneurs forge their own path
Taking a look at some statistics, it’s easy to see that new small businesses are succeeding in Canada. According to the 2015 “State of the Startup” survey by Sage, startups are usually created by a single founder and only have five employees or fewer upon their initiation. About 80 percent of these entrepreneurs were first-timers, meaning they had no prior experience in the field. While 41 percent of business owners said creating their enterprise was somewhat or extremely difficult, these entrepreneurs also decided to handle some business responsibilities on their own. More than half did not create a business plan and 68 percent funded their startup with no outside investors. With the rise of small businesses in Canada, it’s important to ask: What are the reasons for starting your own company?
Small business intentions
Starting a company is not an easy task, but the rise of so many small businesses means entrepreneurs must have their reasons for doing so. Many want to be a leader at every step of the operation, others want to create a more personal company for customers, according to The Houston Chronicle. Entrepreneurial endeavors give business owners a sense of accomplishment, along with a tool for creating financial stability. Although some company leaders only started their own company for reasons relating to money, others created a business out of passion and a strong idea for a good or service.
The country seems to be a hospitable ground for small businesses to flourish for several reasons. As of December 2014, Forbes found Canada to be in the top ten countries to start a business, coming in at No. 6 behind Denmark, Hong Kong and Ireland, among others. But that ranking isn’t the only reason to begin an endeavor in the country. Along with a large pool of skilled workers, Canada also offers lower business costs than countries like the U.S., according to KPMG. Additionally, due to the North American Free Trade Agreement, Canada has access to business with both Mexico and the United States.
Sage understands that one size doesn’t fit all when it comes to small businesses. A champion of small business and provider of the No.1 accounting software in Canada, (based on independent surveys of 279 Canadian small businesses (conducted 2/13) and 407 Canadian accountants who work with small business clients (conducted 9/14).)
With Sage 50 you decide how to manage your business accounting and bookkeeping tasks with a solution that gives you an awesome amount of freedom and flexibility to manage expenses, create invoices, track inventory and stay on top of your financials. Maintain full control of your data on the desktop while managing invoicing, banking and expenses from your mobile device. Collaborate with your accountant or bookkeeper online and do it all on your terms with one complete solution.
- Full accounting solution including advanced features like inventory and projects
- Mobile task management of invoicing and payments
- Cloud data access to collaborate with your accountant or bookkeeper
- Includes unlimited customer support
Celebrating with a Contest!
Enter now for a chance to win Sage 50 Pro Accounting 2016, a $250CDN value, so that you can start keeping your small business’ finances on the right track. Sage 50 Pro Accounting has been made in Canada, for Canadians, by Canadians for 30 years, so you know this software was made with you in mind.