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Quick Tips: Starting Up and Starting Strong

Start lean. Spend smart and be flexible. If you don’t spend much at the start you won’t have to make a bundle to get out of the red. This makes it much easier to start a successful business. Start with Xero Accounting Software. Okay, we are biased here as Xero experts.  But with discounts for new sign ups and reasonable monthly fees, there is no excuse for tracking your finances on a spreadsheet. Let Xero do the heavy lifting!  You can take pictures of receipts on the go and match them to your credit card transactions. You can also invoice and [...]

By | March 28th, 2019|Accounting|Comments Off on Quick Tips: Starting Up and Starting Strong

Do I charge GST / HST on my remote services?

We work with a lot of consultants and the question often comes up “Do I need to charge GST / HST on my consulting services that I perform for clients in another country (usually the USA)?” The simple answer is no! In Canada, the Canada Revenue Agency deems the place of supply for services to be the location that your client is based even if you perform the work remotely (in Canada). However, there are some exemptions and it does depend on the type of service you are providing. On the Canada Revenue Agency website, they clearly indicate that most goods and services [...]

By | March 8th, 2019|Accounting|Comments Off on Do I charge GST / HST on my remote services?

Top 3 Goals for Your Business in 2019

Happy new years! As we embark on a new year, it is a great time to reflect but also to gear up to make a difference in 2019. If you are looking to make a difference in your business in 2019. Take a look at these top recommendations to start your goals and planning on the right track. Goal 1: Automate For every task you do, you should think, how can I automate this? Yes – it will require up front WORK but the time saved will result in more time you can devote to earning $. A few of my favorites [...]

By | January 1st, 2019|Business Coaching|Comments Off on Top 3 Goals for Your Business in 2019

How to Check your Published Xero Reports – New Dashboard

Are you looking for your published reports on the new Xero dashboard? Check out this video on how to find them. If you are new to Xero and landed on this page - connect with us - Xero Accountants to get a Xero Advisor on your side.  

By | December 6th, 2018|Uncategorized|Comments Off on How to Check your Published Xero Reports – New Dashboard

Why churn rates and burn rates don’t matter unless you use what you know and how to do that

As the head of an accounting firm, I talk a lot of about KPI’s in my day-to-day dealings with clients. But I meet a lot of clients who are just really gearing up for growth and financing who tell me stories about having to google what a KPI “Key Performance Indicator” even is. So this blog is all about KPI’s. KPI’s are great but there is no reason to track them if you are not going to use them. It is like having a mountain bike that sits there taking up space. If you want to get in shape you have [...]

By | November 19th, 2018|Business Coaching, Technology|Comments Off on Why churn rates and burn rates don’t matter unless you use what you know and how to do that

Small business accounting tv – Episode 1 to 3

Hello, Did you hear that we have launched Small Business Accounting TV to be able to provide answers to your common questions? Check out our YouTube channel to get the latest episodes: Episode 1 - Intro to Small Business Accounting tv Episode 2 - What is amortization? Episode 3 - Common deductions that business owner's miss. Let us know if you have idea's for future content. You can comment here or send idea's directly to info@vhaccounting.ca. Or, do you just like what you see? Let us know, so we can keep doing it! Virtual Heights Accounting is a CPA and business [...]

By | July 31st, 2018|Small business accounting tv|Comments Off on Small business accounting tv – Episode 1 to 3

Five Reasons Your Start-Up Needs a Part-time Virtual CFO

I work with a variety of clients, who may have great bookkeepers, but their operations grow beyond that of basic bookkeeping. If you have a fast-growing business or have large aspirations, there are five main reasons you should consider having a part-time CFO. Keep fixed costs low - cash flow is always an issue for every start-up or small business. Hiring a part-time CFO allows you to keep your costs low and scale your services as you scale your business. Not only will you save on the salary (including source deductions and benefits) of a full time CFO but you also save [...]

By | July 19th, 2018|Accounting, Business Coaching|Comments Off on Five Reasons Your Start-Up Needs a Part-time Virtual CFO

When do non-resident businesses have to file tax returns in Canada?

We get a lot of calls from non-resident businesses that sell in Canada and are wondering what their tax considerations are. If you sell products / services in Canada and are over certain thresholds you will be required to charge sales tax (GST/HST which is the federal tax and there are also provincial sales taxes in certain provinces).  If you are looking for more information on sales tax and the thresholds check out this previous post: Canada Sales Tax Sheet. The next question is what about tax on the income? The question is actually harder to answer than you may imagine. [...]

By | May 14th, 2018|Accounting|Comments Off on When do non-resident businesses have to file tax returns in Canada?

How to set up your FBA Amazon Tax Settings for Canada – Video

Happy Pink Shirt Day! You will see I am sporting a pink shirt and my fav CPA toque! We have to keep warm here in Canada. https://youtu.be/tYWAmlboIUs Virtual Heights Accounting is a CPA and Business Coaching firm located in Rossland, BC. We are a virtual firm focused on using cloud based technologies to reduce the administrative burden of business owners. Focusing on bookkeeping, accounting, business coaching and development with a tech focus. www.vhaccounting.ca.  This blog is intended for general use and understanding on sales tax set up in Amazon. Direct professional advice is always recommended to ensure you are getting [...]

By | February 28th, 2018|Accounting|Comments Off on How to set up your FBA Amazon Tax Settings for Canada – Video

The Hype Around Blockchain

An Explanation for the Observer Anything blockchain and cryptocurrency is getting lots of hype right now. Investors seem to be pouring in money worried they will miss the big payout. Warnings of a bubble are everywhere. As an techy Accountant, I like to stay on top of these things. This made me realize that maybe I should explain what I have learned about it in a blog. I am far from an expert on blockchain, but do keep up with some of the more well-known podcasts and articles on the subject. Thus have learned a lot in a short time. So [...]

By | February 7th, 2018|Technology|Comments Off on The Hype Around Blockchain