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So far Virtual Heights has created 118 blog entries.

Productivity Strategies for Small Business Owners in 2023

By |2023-01-27T03:20:41+00:00January 27th, 2023|Business, Technology, Xero|

Small business owners need to develop productivity strategies in order to stay competitive. As technology rapidly advances, so do the expectations of small business owners. In the age of digital transformation, it’s more important than ever to stay competitive and increase productivity. But how can small business owners do that in 2023 and beyond? Here are some productivity strategies to help you make the most of your time and resources.  1. Automate Tasks Where Possible  One way to free up your time is by automating certain tasks. You can use automated solutions or third-party services to streamline processes like billing, customer [...]

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Strategies for Growing Your Customer Base in 2023

By |2023-01-19T03:43:08+00:00January 19th, 2023|Business|

Today businesses must stay competitive in order to succeed. But what does that mean? One way to do that is by growing your customer base. To do that you need to anticipate customer needs and trends before they arise, then find ways to capitalize on them. In this blog post, we'll be discussing strategies for growing your customer base in 2023 and beyond.  Know Your Customers  The first step towards growing your customer base is understanding who your customers are and what they expect from you. You should have a clear picture of their preferences, interests, purchasing habits, and more. This [...]

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Setting Business Financial Goals for the New Year

By |2023-01-09T02:50:42+00:00January 9th, 2023|Accounting, Business|

The new year is a great time to set some financial goals for your small business. Whether you're looking to save money, boost revenue, or improve your bottom line, setting specific and achievable business financial goals is a crucial first step. But where do you start? And how can you make sure your goals are realistic and attainable? In this blog post, we'll share some tips and resources to help you set strong financial goals for your small business in 2023. Read on to learn more! 1. Define what you want to achieve. When it comes to goal setting, it's imperative [...]

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Auditing Your Small Business Financials: What You Need to Know

By |2022-12-28T03:58:47+00:00December 28th, 2022|Uncategorized|

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 [...]

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How to Import Missing Bank Feed Statement Lines in Xero

By |2022-12-24T03:22:31+00:00December 24th, 2022|Uncategorized|

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? [...]

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Leveraging Technology to Automate Your Financial Processes

By |2022-12-21T04:06:20+00:00December 15th, 2022|Business, Technology|

Technology has made our lives easier in many aspects. One of the most important areas where technology can be leveraged is in finance. Automating financial processes can help small business owners save time, money, and energy while ensuring accuracy and compliance. Here are some tips on how to leverage tech to automate financial processes.  Integrate Your Systems  The first step when leveraging technology for automated financial processes is to integrate your systems. This includes any program or software you use to manage your finances such as an accounting system, invoice management system, payroll system, etc. By integrating these systems, you'll be [...]

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How to Analyze Your Business Financial Statements

By |2022-12-15T15:04:07+00:00December 7th, 2022|Accounting, Business|

Have you ever wanted to analyze your business? Every business owner needs to have an understanding of their financial statements. This is especially true at the end of an accounting cycle, such as year end. Learning to read financial statements is essential for making informed decisions about the future of your business. This also helps you stay on top of expenses. Understanding the importance of your financial statements is the first step to gaining comprehensive insights into where your business is and where it's headed. Analyzing Your Financial Statements  When analyzing your financial statements, start by looking at your total income [...]

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Understanding the Difference Between Spend Money and Bills in Xero

By |2022-11-30T23:14:57+00:00November 30th, 2022|Accounting, Xero|

As a small business owner, it’s important to keep track of your expenses and pay all your bills on time. One of the most popular accounting apps for small businesses is Xero. This app offers two features—Spend Money and Bills—to help you manage your finances. But what is the difference between these two features? Let’s break them down so you can make sure you are using them correctly.  Spend Money  The Spend Money feature allows you to enter individual transactions into your Xero account. This feature lets you quickly enter expenses that do not need a bill or invoice. For example, [...]

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How to Keep Your Business Afloat During Its First Year

By |2022-11-23T03:39:51+00:00November 23rd, 2022|Business|

The first year of business is often the most challenging. You're trying to find your footing, establish yourself in the market, and make a profit. It's no wonder that many businesses don't make it through their first year. In fact, statistics show that nearly 20% of businesses fail within their first year. So, how can you ensure that your business isn't one of them? By following the simple tips outlined below. 1. Make a realistic budget and stick to it. One of the biggest mistakes new business owners make is underestimating their expenses. When you're putting together your budget, be sure [...]

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Should I Charge GST/HST on My Remote Work?

By |2022-11-17T04:41:56+00:00November 17th, 2022|Accounting, Taxes|

We work with a lot of consultants, and we find this question coming up a lot: “Do I need to charge GST/HST on the services I perform for clients in another country?” Usually, they are referring to clients in the US. The simple answer is no! Place of Supply In Canada, the Canada Revenue Agency (CRA) deems the place of supply for services to be the location where your client is based. This holds true even if you perform the work remotely from your office in Canada. However, there are some exemptions to the place of supply rules. Whether the exceptions [...]

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