Why You Should See Your Accountant More Than Once a Year

By | May 27th, 2020|Accounting, Business, Taxes|

It’s important to see your accountant more than once a year—during tax season. The health of your business could depend on it. Accountants help with so much more than filing your taxes, yet businesses rarely seem to take advantage of this. Not only will you have a better idea of how your business is doing financially, but when you have regular business checkups with your accountant, you also have the ability to make necessary changes to improve business processes, increase profit, and save tax.   There’s No Time Like the Present to See Your Accountant It’s really difficult to plan for tax [...]

Need a Controller but Not Ready to Hire? Try Virtual Controllership

By | May 15th, 2020|Accounting, Business|

Just like we go through awkward stages as humans, as your business grows, it will go through awkward stages too. One of those stages is needing more staff but not yet having the cash flow to hire a full-time (or even part-time) employee to do the work.  While a good employee is well worth it, they can also be expensive. Not only will you pay them wages, but you’ll also pay the company portion of payroll deductions and benefits. In many cases, there’s also the extra time it takes to train someone. That’s where a virtual controller can help. They are [...]

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Correcting Bookkeeping Errors in Xero

By | May 1st, 2020|Accounting, Xero|

Even Xero, one of our favourite accounting apps, makes mistakes sometimes. Because of this, it’s important to check your books, even if you’re using automatic bank feed downloads. There are many parts of the Xero bookkeeping process that are manual, so human error is still a possibility.  Because Xero uses live bank feeds, you can’t simply make a journal entry to the bank account to fix errors. Here are three ways to correct bookkeeping errors in Xero. The method you use will depend on what the error is.   Delete Sometimes Xero shows duplicate transactions coming from bank or credit card feeds. [...]

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