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How to Get Financial Help for Your Business

By | March 9th, 2021|Uncategorized|

Starting and running a business can be challenging financially if you don’t have the savings you need or don't know where to look for financial help. Thankfully, there are a number of initiatives specifically for Canadian businesses to help you get off the ground or keep your business going during difficult times. 4 Places You Can Get Financial Help for Your Business It can be hard to know where to look for financing for your business thanks to numerous online scams. Here are four legitimate sites you can check to see if your business qualifies for any of their funding or [...]

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Why have I been asked to fill out a W-8 BEN-E form?

By | November 29th, 2019|Uncategorized|

If you are Canadian Company providing services to US Companies that has been asked to fill out a W-8 BEN-E form you may be wondering why. You may also be wondering how to complete it. This article walks an active business and Canadian corporation in Canada offering consulting services to a US company on completing this form. This is only relevant to non-financial entities such as a management consultant. What is it? The W-8 BEN-E form is provided by the IRS (the US Federal Tax Agency similar to the Canada Revenue Agency). It is used by foreign entities to document their [...]

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Getting your Personal Finances in order with Xero

By | November 12th, 2019|Uncategorized|

Have you ever thought of using Xero to manage your personal finances? Well you are not alone. I have a few clients who have loved Xero so much that they have decided to us it to manage their personal finances as a personal finance app. If you have decided to do this, I have a few recommendations on how to optimize what you are getting from it. Talk to your accountant about a reduced price plan. Xero partners have access to accounts not available to the public which have reduced functionality but may fit your needs. The basic Xero account is [...]

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Going Paperless through Cloud Accounting 

By | November 5th, 2019|Uncategorized|

Go paperless in your small business. Set it up the right way using cloud accounting software you will come to love.   Step 1) Get off the desktop solution and sign up to a cloud accounting software like Xero and Quickbooks Key advantages: Access invoicing on the go and connect your bank accounts for an automated download of your transactions. You can also easily add a pay button to your invoices. This will get you paid faster and save you time while also getting better clarity on your business. Step 2) Stop using cheque’s - Look for other payment methods like credit [...]

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The new CIBC Smart Banking Platform and the new Xero bank feed connection (as well as other benefits)

By | October 28th, 2019|Uncategorized, Xero|

We in the Xero community have been waiting years for a direct bank feed. Many other countries around the world already had this and we were jealous. For the average business owner and user of Xero, there are a few key things they may like to be aware of. These include: multi-user options; domestic EFTs; and Xero direct bank feed. There are many other services offered in the platform but we have focused on these as the most beneficial. Multi-User Well the new platform offers some benefits (other than the bank feed), including multi-users which allows for permissions and better process. The [...]

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A Letter to My Kids – 3 Things I Hope to Teach My Kids About Debt and Finances

By | May 27th, 2019|Uncategorized|

A letter to my children on what I see wrong in the world with finances and debt and how I hope to teach them to do better. Dear Kids, I realize now I was lucky. Grandma and Grandpa taught me a lot about finances without really realizing it. They taught me how to save and how to never spend more than you can afford. Grandpa hated any kind of debt (still does!). That rubbed off on me in a big way. Now I see and chat with a variety of people who weren’t as lucky and are learning finances the hard [...]

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How to Check your Published Xero Reports – New Dashboard

By | December 6th, 2018|Uncategorized|

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.  

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Xero for the Amazon Seller – FBA Accounting in Canada

By | January 17th, 2018|Uncategorized|

Are you an Amazon seller looking to streamline your accounting for your Canadian corporation? There are a lot of great cloud accounting software to choose from. As a Canadian cloud accountant based in BC, I have seen Xero work great for a variety of online retail companies.  It is a great choice for the Amazon FBA (Fulfillment by Amazon) Seller. Why Xero for Amazon Sellers? Xero integrates with A2X – A2X provides simple automated Amazon accounting by importing your Amazon transactions directly into Xero for easy reconciliation. Xero has multi-currency to satisfy your reporting requirements in Canada if you have both [...]

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What is ERP?

By | October 25th, 2017|Uncategorized|

When explaining the benefits of cloud accounting, I often tell people that with cloud accounting you can build your own ERP system as you grow. So the obvious next questions is what is ERP? ERP stands for Enterprise Resource Planning and is the systems in place that facilitate the processes that make your business work as you grow and scale. When I implement an ERP system for a client, I start with the accounting software. Then I incorporate other systems and processes based on the needs of the business. For example, maybe you require a project management software for your business [...]

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Do I have to Charge Hotel Tax in BC on my AirBnB?

By | September 20th, 2017|Uncategorized|

UPDATE*** -  The 2018 BC Budget announced changes for accomodation providers including eliminating exemption for those with less than four units. Check out the updates here: https://www2.gov.bc.ca/assets/gov/taxes/sales-taxes/publications/notice-2018-004-pst-mrdt-accommodaton-providers.pdf   With the changes we have deleted this article for the moment. Check out the publication from the Ministry for more information or give us a call. 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. The [...]

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