About Michelle Cornish

Michelle Cornish is an author and former CPA from Enderby, BC.

How to Use Xero’s Business Snapshot Feature

By | July 15th, 2020|Accounting, Business, Xero|

Xero has recently added two new features to help you during this period of the COVID-19 pandemic. Today, we’d like to share an introduction to the Business Snapshot feature. To find the Business Snapshot feature click on the business tab then select “Business Snapshot.” It should be second from the top in the business menu. Besides providing you with a valuable analysis of your business, if you’re a visual person and like graphs, this is a fun feature to use. Some of the things you can view on the business snapshot are income, expenses, profit or loss, efficiency, overall cash position, [...]

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Our Favourite Xero Integrations to Help You Run Your Business from Home

By | July 6th, 2020|Accounting, Business, Xero|

An important part of doing business from home is ensuring you’ve got the right tools. Xero cloud-based accounting software is one of those tools. With the option to add Xero integrations, there’s nothing you can’t do.  Whether you want to get paid faster, process payroll, or track profitability based on specific jobs, you can do it all with Xero. What are Xero Integrations? A Xero integration is an app that works in conjunction with Xero so you can do more. With integrations, you can work more efficiently, because the integration saves the time it takes for you to go back to [...]

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9 Signs It’s Time for a Virtual Controller

By | June 30th, 2020|Accounting, Business|

Sometimes it’s hard to know when you need help in your business. Other times, you know you need help, but you’re nervous about hiring the wrong person. Or maybe you’re not sure you can afford to hire someone. That's where a virtual controller can help. A virtual controller is the perfect solution. They can take on all the things keeping from the work you love at a fraction of the cost of hiring a full-time employee. Here are nine signs you might need a virtual controller. 1. You’re Constantly Behind When the paperwork is piling up, it’s difficult to get to the [...]

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Your Guide to Sales Taxes in Canada

By | June 14th, 2020|Accounting, Business, Taxes|

When you first start your business, you have no way of knowing the things you don't know. So it makes it easy to miss things. One thing that is commonly missed (or done incorrectly) by new business owners is sales taxes. Either business owners don't realize they should be charging sales tax, or they aren’t doing it correctly. If this is you, don’t worry! There are volumes and volumes of information written by federal and provincial governments about our sales taxes in Canada. They can get extremely complicated, and we recommend you consult with a professional who understands your business and [...]

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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 [...]

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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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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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