Nothing is small in this world except the mentality of a person. Every small thing has its own worth, charm and attraction and that is why small business industry is growing rapidly now a days. Small business is getting worth in Calgary, Canada as in all over the world. Thus the number of and need of small business accountants is also increasing in Calgary. It looks like small business accountants have to work very little, no doubt that their work is comparatively lesser than large scale business accounts work but it is totally wrong perception that they have no work burden. The fact is that they have to face the real challenges. As they own the responsibility of handling all accounting matters, thus they are facing new challenges every day. In Calgary, the small businesses have invoices with immaterial amount and the surpluses of these invoices make them material for small business accountant.
If a small business is based on the partnership of some friends or family members then they share profit and loss of small business according to the agreement. So, these businesses slightly follow the accounting rules and regulation. This creates an ease in making accounting transactions and maintenance of accounting records as it is free from complex concepts. The small business accountant creates a proper accounting format of all the sales and purchase transactions which he has noted in the day book. He prepares financial statements according to the owner’s requirements. All the accountants have to follow the accounting standards of their specific accounting territory. Because they differ from a state to another but the small business accountant in Calgary is in no need to get all the specific accounting standards for him the basic accounting knowledge is enough.