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3 Common Financial Mistakes Small Business Owners Make (and How to Avoid Them)

By |2022-10-28T04:04:29+00:00October 28th, 2022|Accounting, Business|

Being a small business owner is tough enough without having to worry about money troubles. Unfortunately, financial difficulties are all too common for small businesses—but they don't have to be. In this blog post, we'll discuss three of the most common financial mistakes small business owners make and what you can do to avoid them. Mistake #1: Not Keeping Track of Expenses One of the most common financial mistakes small business owners make is not keeping track of their expenses. It's easy to let expenses get away from you when you're busy running your business, but it's important to keep a [...]

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Alberta’s Interactive Digital Media Tax Credit

By |2022-10-27T19:03:38+00:00October 27th, 2022|Taxes, Technology|

The Alberta Interactive Digital Media Tax Credit (IDMTC) is for eligible registered IDM corporations that develop interactive digital media credit products in Alberta after April 1, 2018. The credit is calculated at 25% of eligible salary and wages incurred in the tax year and is FULLY refundable. That means you are required to first apply it to income taxes payable but if you clear that balance you will still get the amount of the credit as a refund! Eligible corporations that hire under-represented populations may qualify for an additional 5% through the Diversity and Inclusion program component. Here is an example, [...]

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BC’s Interactive Digital Media Tax Credit

By |2022-10-27T18:39:16+00:00October 27th, 2022|Taxes, Technology|

The Interactive Digital Media Tax Credit (IDTMC) is for eligible registered corporations that develop interactive digital media credit products in B.C. after August 31, 2010, and before September 1, 2023 (CURRENT deadline). The credit is calculated at 17.5% of eligible salary and wages incurred in the tax year and is FULLY refundable. That means you are required to first apply it to income taxes payable but if you clear that balance you will still get the amount of the credit as a refund! Here is an example, if you have $200,000 in eligible salaries and wages, you may be entitled to [...]

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How to Stay Organized While Running a Small Business

By |2022-10-21T03:34:16+00:00October 21st, 2022|Business, Xero|

If you're like most entrepreneurs, you wear a lot of hats while running your small business. From managing employees to keeping up with inventory to dealing with customers, it's easy to let things slip through the cracks. One of the most important things for any business owner is to keep detailed records of income and expenses. Fortunately, there are plenty of accounting apps out there that can make your life a lot easier. In this blog post, we'll give you some tips for staying organized while running a small business, as well as how the Xero accounting app can help. Set [...]

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The Many Benefits of Working With a Virtual Accountant

By |2022-10-15T16:43:32+00:00October 15th, 2022|Accounting, Technology|

For small business owners, keeping on top of their finances can be a full-time job in and of itself. That's where virtual accounting services come in. Virtual accountants can handle all of the nitty-gritty financial details of your business so you can focus on growing your company. Here are just a few of the many benefits of using a virtual accountant. Virtual Meetings With a virtual accountant, you can hold meetings online or over the phone instead of in person. This can be a huge time-saver, especially if you have clients or employees who are located in different cities or provinces. [...]

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5 Scary Things About Running a Business (and How to Fix Them)

By |2022-10-07T02:58:40+00:00October 7th, 2022|Business|

Happy (almost) Halloween, small business owners! This time of year can be pretty scary, especially if you're running your own business. But don't worry, we're here to help. Here are five of the scariest things about running a business (and how to fix them.) 1. You're never sure if you're doing things right.  This is a big one. Especially if you're a first-time entrepreneur. As a business owner, you have a lot of responsibility, and there's a lot riding on your success. It's natural to second-guess yourself from time to time. The best way to combat this fear is to surround [...]

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