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Organize Your Business Paperwork with Hubdoc

How often have you said something along the lines of, “If only I was more organized,” when talking about your business paperwork? Most likely this comes as a result of looking for a document for your accountant or trying to find a bill you need to pay before the deadline. When your business paperwork is organized, you don’t have to waste your precious time hunting for documents. Not only that, but if you use Xero and Hubdoc together, your accountant can access your documents without having to bother you. Why Hubdoc for business paperwork? Hubdoc is an app that can help [...]

By | July 18th, 2021|Business, Technology, Xero|0 Comments

What is Cloud Accounting?

If you have a business and you've been looking for an efficient way to manage your books and records, you've probably heard about cloud accounting. QuickBooks Online and Xero are two of the most popular online accounting programs. If you haven't heard the term cloud accounting then it’s likely you’ve heard of either one of these programs. Something that's often not discussed in relation to cloud accounting is what it means to have your accounting in the cloud. And what are the benefits of doing this? Before we get into the benefits, let's talk about what it means. The Cloud is [...]

By | July 5th, 2021|Accounting, Technology, Xero|Comments Off on What is Cloud Accounting?

How to Evaluate Your Business Idea

How do you evaluate your business idea? The fact that you're asking this before jumping into business is a great sign. Many entrepreneurs start their business on a whim only to fail a few years later. While it’s impossible to guarantee that your business will succeed, taking the time to evaluate your business idea before opening your doors to customers will give you a boost when it comes to making sales.  Four Ways to Evaluate Your Business Idea There are endless ways to evaluate your business idea. This post will focus on four. Two of these ideas focus on you, the [...]

By | June 20th, 2021|Business, Business Coaching|Comments Off on How to Evaluate Your Business Idea

Year End Questions: Why Does My Accountant Ask so Many?

If you’re new to working with an accountant, it can feel a bit off-putting to have to answer so many business year end questions. However, without asking all these questions, your accountant can’t do their job properly and in compliance with industry standards.  Frustrations around answering questions can be eliminated by understanding why your accountant is asking these questions. Once you understand why your accountant is asking all these questions, you will also be more prepared for meetings. Below, we discuss some of the questions your accountant may ask you and why. Initial Consult Just like when you meet anyone for [...]

By | June 8th, 2021|Accounting, Business, Taxes|Comments Off on Year End Questions: Why Does My Accountant Ask so Many?

Standardized Financial Statements: What this Means for You

How we prepare your financial statements is changing soon. The Chartered Professional Accountants Organization of Canada is implementing standardized financial statements for year ends ending on or after December 14, 2021. Currently, financial statements are prepared as what’s called a Notice to Reader (NTR). This is sort of like a buyer beware in sales terms. Starting this December, accountants across Canada are required to prepare a compilation engagement when preparing financial statements. The change is CPA Canada’s way of standardizing financial statements while making sure they are accurate and not misleading. Here’s what you need to know. What are Standardized Financial [...]

By | May 29th, 2021|Accounting|Comments Off on Standardized Financial Statements: What this Means for You

2021 Federal Budget Implications for Corporate Tax

The Canadian government introduced the 2021 Federal Budget in April. This year’s focus is on ending the fight against COVID-19 and ensuring economic recovery by creating jobs and growth in Canada. Business related budget themes include job creation, small businesses, and growth.  What does this mean for you as a business owner? Here are some budget highlights worth considering as they relate to you and your business.  Immediate Expensing of Certain Property Canadian-Controlled Private Corporations can now expense certain eligible capital property. In the past, capital property was expensed over the useful life of the asset, allowing only a portion of [...]

By | May 22nd, 2021|Business, Taxes|Comments Off on 2021 Federal Budget Implications for Corporate Tax

All You Need to Know About the GST Quick Method

Have you heard of the GST Quick Method? It’s a faster way to calculate the amount of GST or HST you owe the Canada Revenue Agency (CRA). Of course, it comes with a catch—a few, actually. You can only use this method to calculate your GST owing if you meet the CRA’s criteria. Read on to learn more about the GST Quick Method and if it’s right for you and your business. What is the GST Quick Method? The CRA implemented the quick method of accounting for GST/HST to help small businesses reduce paperwork. Rather than having to report every dollar [...]

By | May 12th, 2021|Accounting, Business, Taxes|Comments Off on All You Need to Know About the GST Quick Method

Sole Proprietor, Partnership, or Corporation: Which is Best?

Unfortunately there isn’t a simple answer to the question, “Should I set my business up as a sole proprietor, partnership, or corporation?” As with many accounting and income tax considerations, the answer depends on your unique situation.  Of course, if it’s just you in the business, then you won’t be able to use the partnership structure. Each of these three main ways to structure a Canadian business has their own advantages and disadvantages. Let’s take a quick look at all three.  Sole Proprietor A sole proprietor is the easiest form of business to set up. There’s really nothing you need to [...]

By | April 30th, 2021|Accounting, Business|Comments Off on Sole Proprietor, Partnership, or Corporation: Which is Best?

Things to Consider When Running Your Business from Home

Running your business from home has some fantastic tax saving opportunities. But depending on your business, this might not be enough to make it worth your while. Working from home can impact your life more than you might think. If you have a family, it will also impact the lives of your family members.  Here are a few things to consider when thinking of running your business from home.  Type of Work Many services are easily done from home, especially those that only require a computer and some software for you to be able to do your work. Unless you have [...]

By | April 20th, 2021|Accounting, Business|Comments Off on Things to Consider When Running Your Business from Home

How to Get Started with Xero

Have you been looking into accounting apps, but you don’t know where to start? We love and recommend Xero, because of its ease of use and high functionality. With Xero, you can do everything from sending invoices to monitoring your company’s key performance indicators.    We’re also a Xero Certified Partner, so if you want to save even more time, skip to the bottom for a major shortcut to getting started with Xero! Choose a Plan Xero currently has three levels of plans available to the general public. The plan you choose will depend on your needs. For example, the Starter Plan [...]

By | April 7th, 2021|Accounting, Business, Xero|Comments Off on How to Get Started with Xero