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Why You Should See Your Accountant More Than Once a Year

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 [...]

By | May 27th, 2020|Accounting, Business, Taxes|0 Comments

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

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 [...]

By | May 15th, 2020|Accounting, Business|Comments Off on Need a Controller but Not Ready to Hire? Try Virtual Controllership

Correcting Bookkeeping Errors in 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. [...]

By | May 1st, 2020|Accounting, Xero|Comments Off on Correcting Bookkeeping Errors in Xero

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

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 [...]

By | April 23rd, 2020|Accounting, Business, Taxes|Comments Off on Nix the Cash Bonus: Reward Your Employees While Reducing Your Tax Bill

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

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 [...]

By | April 16th, 2020|Accounting, Xero|Comments Off on I’ve Linked My Bank Feed to Xero: Why Isn’t It Reconciled?

Creative Entrepreneurs in the Face of COVID-19

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 [...]

By | April 9th, 2020|Business, Business Coaching|Comments Off on Creative Entrepreneurs in the Face of COVID-19

Inventory Tracking Matters

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 [...]

By | April 2nd, 2020|Accounting, Business, Technology|Comments Off on Inventory Tracking Matters

COVID-19 Provincial Tax Measures to Help Taxpayers

With everything that has been going on as a result of the COVID-19 pandemic, provincial governments have been acting quickly to put measures in place to help ease the financial burden on taxpayers.  COVID-19 Provincial Tax Measures Summary Many provinces are also offering utility and property tax payment deferrals. Check with your provider if this applies to you. Read about the Federal government tax measures in this post.  As these measures continue to change daily, please see these provincial websites for the latest information: BC Ministry of Finance Alberta Treasury Board and Finance Government of Ontario Click here for the latest [...]

By | March 26th, 2020|Business, Taxes|Comments Off on COVID-19 Provincial Tax Measures to Help Taxpayers

COVID-19 and Taxes: Important Updates

It’s crazy times right now among this COVID-19 outbreak. We want to remind you that we are here for you at Virtual Heights Accounting. The government announced some significant economic measures to support Canadians during this COVID-19 crisis over the past few weeks. The full economic plan is covered here in detail: https://www.canada.ca/en/department-finance/news/2020/03/canadas-covid-19-economic-response-plan-support-for-canadians-and-businesses.html  Here is a brief summary of measures that may be relevant to you.  Personal Tax Extension of payment deadlines for personal incomes taxes to September 1, 2020; Extension of filing deadlines for personal income tax (T1) returns to June 1, 2020 (we should still file if you have [...]

By | March 23rd, 2020|Business, Not for profit, Taxes|Comments Off on COVID-19 and Taxes: Important Updates

I Haven’t Filed My Corporate Taxes in Three Years: What Should I Do?

Sometimes life gets in the way. It prevents you from meeting your responsibilities as a business owner or the director of a charitable organisation. It happens, and if you find yourself behind on your taxes (or maybe you’ve never filed a tax return), it’s always best to get caught up then try your best to stay on top of things.  The Canada Revenue Agency (CRA) has a number of programs available to help make getting caught up a little easier.  Voluntary Disclosure The CRA Voluntary Disclosure Program provides an opportunity for taxpayers to correct a misfiled return or file a return [...]

By | March 15th, 2020|Accounting, Business, Not for profit, Taxes|Comments Off on I Haven’t Filed My Corporate Taxes in Three Years: What Should I Do?