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

A Virtual Controller: 8 Ways They Can Help Your Business

It might be time to consider working with a virtual controller if you're ready to grow your business, but you’re not sure how. Or maybe you’d like to focus on the reason you started your business in the first place instead of all the numbers and analysis. If you could use a little help but aren't ready for another full time employee, a virtual controller is a great option. What is a virtual controller? A controller is someone who manages daily accounting operations such as general accounting, bookkeeping, payroll, accounts receivable, and accounts payable. With all the technology that’s available today, [...]

By | March 31st, 2021|Accounting, Business|Comments Off on A Virtual Controller: 8 Ways They Can Help Your Business

Corporate Tax Planning for Your Business

Once your business is incorporated, it is a separate entity for tax purposes. This means extra paperwork for you and your accountant. It also means more opportunities as far as corporate tax planning is concerned.  Paying yourself a wage rather than living off the profits of your business like you do when you’re a proprietor is one of the opportunities available when your business is incorporated. But how do you know how much to pay yourself or even if you should? That’s where strategizing and tax planning comes in. What is corporate tax planning? Corporate tax planning is developing strategies that [...]

By | March 19th, 2021|Business, Taxes|Comments Off on Corporate Tax Planning for Your Business

How to Get Financial Help for Your Business

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 [...]

By | March 9th, 2021|Uncategorized|Comments Off on How to Get Financial Help for Your Business

What is Business Coaching?

If you're an entrepreneur there's a good chance you've heard about business coaching, you know a business coach, or someone you know has worked with a business coach. But do you know what this service is and how your business can benefit from it? There are all kinds of business coaches. A business coach can help you with anything from clarifying your vision for the business to running its day-to-day operations. The coach you hire and the services you need depend on you, your business, and your goals. Business Coaching Benefits The benefits of working with a business coach are as [...]

By | February 24th, 2021|Accounting, Business Coaching|Comments Off on What is Business Coaching?

Why Don’t You Love Your Business Anymore?

Remember when you first started your business? You were so excited about it that you were constantly telling people about it, and you jumped out of bed, eager to start your day. But somewhere along the way, that excitement turned into a sense of obligation. Right now, you don't love your business, you wish you could get a break from it.  This is totally normal, and happens more often than you think. Many entrepreneurs start their businesses with a lot of hope and positivity. Once they see all the things that go into running a successful business, they realize it’s much [...]

By | February 14th, 2021|Accounting, Business, Business Coaching|Comments Off on Why Don’t You Love Your Business Anymore?

Do You Need to Issue a T2200?

Have you heard the news about the special opportunity for employees working from home to claim home office expenses this year? As an employer, it’s important you know about these updates. You may need to help your employees by issuing a T2200, if necessary. A T2200, Declarations of Conditions of Employment, is a form that employers usually fill out so employees can claim certain out of pocket expenses. However, given the major move to work-from-home status due to the COVID-19 pandemic, the Canada Revenue Agency (CRA) is simplifying things for employers and employees for the 2020 taxation year.  T2200 Highlights for [...]

By | February 5th, 2021|Accounting, Taxes|Comments Off on Do You Need to Issue a T2200?

Working with an Accountant Can Do These 5 Things for Your Business

As a business owner, you’re probably aware that you should be working with an accountant. But did you know accountants can help you with more than just tax and financial statement preparation?  In addition to helping you with the usual tax and accounting work, working with an accountant can save you time and money, help you reach your goals and reduce stress, as well as point out strengths and weaknesses in your business. Here’s a more in-depth look at how working with an accountant is good for your business.  1. Save Money People are sometimes reluctant to hire an accountant because [...]

By | January 25th, 2021|Accounting, Business|Comments Off on Working with an Accountant Can Do These 5 Things for Your Business

Your Year End Business Checklist

As an entrepreneur with an incorporated business, you likely know you get to choose your year end date. This year end business checklist information is useful at any time of year, not just the end of a calendar year. It’s intended to help you organize your books and records to make sure your year end financial statement and corporate tax return preparation goes smoothly.  First of all, let’s back up a bit and discuss your year end date, in case you’re a new entrepreneur and haven’t gotten that far yet. What Date Should You Choose for a Year End? Not December. [...]

By | January 15th, 2021|Accounting, Business|Comments Off on Your Year End Business Checklist

New Year Resolutions for Your Business

The start of a new year is often when business owners take stock of what went well during the previous year and what they'd like to improve during the upcoming year. Many people make New Year's resolutions for personal habits such as eating better and saving more money, but it’s fun to make new year resolutions for your business too. 4 New Year Resolutions for Your Business Here are a few things we commonly hear our clients saying they'd like to do differently as part of their new year resolutions for business. Open those brown envelopes from the Canada Revenue Agency [...]

By | January 5th, 2021|Accounting, Business, Business Coaching|Comments Off on New Year Resolutions for Your Business