Nix the Cash Bonus: Reward Your Employees While Reducing Your Tax Bill

By | April 23rd, 2020|Accounting, Business, Taxes|

Good employees can be hard to find. When you do find them, you want to keep them as long as possible. It can be tempting to pay a cash bonus to show your appreciation. Everybody loves cash. Accept accounts! Here’s why . . . What’s Wrong with a Cash Bonus? Of course accountants love cash too, but paying cash bonuses can make for a bookkeeping nightmare! When you pay employees with cash, there’s no paper trail. There’s no way to prove to the Canada Revenue Agency (CRA) that you incurred those expenses.  As much as you want to show your appreciation [...]

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I’ve Linked My Bank Feed to Xero: Why Isn’t It Reconciled?

By | April 16th, 2020|Accounting, Xero|

One of the amazing time-saving features in Xero is the ability to connect your bank feed. This allows you to see the transactions from your bank account in Xero live in real time.  But what happens when you’ve connected your bank feed to Xero, and Xero is telling you that your bank account isn’t reconciled?  While accounting apps are designed to save you time, they aren’t designed to be completely automatic. They still require a human touch. There are three essential things you need to do when it comes to working with bank feeds in Xero. 1. Reconcile Your Bank Feed [...]

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Creative Entrepreneurs in the Face of COVID-19

By | April 9th, 2020|Business, Business Coaching|

Creative entrepreneurs are coming out of the woodwork in the face of COVID-19. Life as we know it has changed dramatically. But that doesn’t mean your business has to close. Things are challenging now, but the entrepreneurial life is one that’s always been full of challenges.   Entrepreneurs in many different industries are pivoting so they can continue working. Here are some examples we love. Eat-In to Delivery With government requirements still in place to remain socially distant, businesses that rely on social activities have been forced to close. But that isn’t the case for all businesses in the entertainment industry.  Many [...]

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Inventory Tracking Matters

By | April 2nd, 2020|Accounting, Business, Technology|

If you own a product-based business, keeping tabs on your inventory is more important than you might think. Not paying attention to depleting inventory levels can cost you sales which costs you money.  Here are some important reasons you should be keeping an eye on your inventory levels. Understand your customers’ needs By keeping an eye on your inventory levels, you develop a good understanding of what products your customers are purchasing. You’ll also be able to maintain inventory levels so you have enough product on hand to meet your customers’ demand.  If a product isn't moving, you may want to [...]

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