As a small business owner, it’s important to know how to audit your own financial records. We don't mean "audit" in the Canada Revenue Agency (CRA) sense. We mean taking a good look at your numbers. That's really all CRA is doing when they audit your tax information anyway. Knowing how to properly audit and assess your business finances is essential for successful budgeting and forecasting. In this blog, we’ll go over some of the basics of auditing your business financials and discuss why it’s so important. Let’s dive in!  Why Audit Your Business Financial Records?  Auditing your business financial records [...]

You’re looking at your bank balance in Xero, and for some reason it doesn’t match your bank statement. How is this possible? Once a bank feed is set up, Xero is supposed to import all your transactions, isn’t it?  Xero is an amazing accounting app, but sometimes random things happen, and the app doesn’t import all the line items from your bank statement like it should. At Virtual Heights Accounting, we recommend you compare your Xero bank balance to your bank statement at least monthly so you can easily stay on top of these types of occurrences. What are bank feeds? [...]