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Understanding the Difference Between Spend Money and Bills in 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, [...]

By |2022-11-30T23:14:57+00:00November 30th, 2022|Accounting, Xero|0 Comments

Where did all the Volunteers go?

“I hope we get some new faces at the Annual General Meeting to fill some of these open positions.” Have you ever heard that or said it? It is unfortunately common with not-for-profit and community organizations of all types. This is true whether you’re a larger economic not-for-profit organization or a regional softball association. Where did all the volunteers go? (And how can we bring them back) I have heard numerous explanations and they all make logical sense. The basic answer from various articles and research I have done: In the past, there was more volunteer time in the home. This [...]

By |2022-11-23T18:51:23+00:00November 23rd, 2022|Not for profit|0 Comments

How to Keep Your Business Afloat During Its First Year

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 [...]

By |2022-11-23T03:39:51+00:00November 23rd, 2022|Business|0 Comments

Should I Charge GST/HST on My Remote Work?

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 [...]

By |2022-11-17T04:41:56+00:00November 17th, 2022|Accounting, Taxes|Comments Off on Should I Charge GST/HST on My Remote Work?

Do You Need to Fill Out a W-8 BEN-E Form?

If you own a Canadian company providing services to US Companies, you may have been asked to fill out a W-8 BEN-E form. What is the W-8 BEN-E form and why do you need to complete it? In this article, we'll answer these questions and show you how an active business and Canadian corporation in Canada offering consulting services to a US company would complete this form. This is only relevant for non-financial entities such as management consultants. What is the W-8 BEN-E Form? The W-8 BEN-E form is provided by the Internal Revenue Service (IRS), a federal tax agency similar [...]

By |2022-11-09T03:59:38+00:00November 9th, 2022|Uncategorized|Comments Off on Do You Need to Fill Out a W-8 BEN-E Form?

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

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 [...]

By |2022-10-28T04:04:29+00:00October 28th, 2022|Accounting, Business|Comments Off on 3 Common Financial Mistakes Small Business Owners Make (and How to Avoid Them)

Alberta’s Interactive Digital Media Tax Credit

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, [...]

By |2022-10-27T19:03:38+00:00October 27th, 2022|Taxes, Technology|Comments Off on Alberta’s Interactive Digital Media Tax Credit

BC’s Interactive Digital Media Tax Credit

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 [...]

By |2022-10-27T18:39:16+00:00October 27th, 2022|Taxes, Technology|Comments Off on BC’s Interactive Digital Media Tax Credit

How to Stay Organized While Running a Small Business

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 [...]

By |2022-10-21T03:34:16+00:00October 21st, 2022|Business, Xero|Comments Off on How to Stay Organized While Running a Small Business

The Many Benefits of Working With a Virtual Accountant

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. [...]

By |2022-10-15T16:43:32+00:00October 15th, 2022|Accounting, Technology|Comments Off on The Many Benefits of Working With a Virtual Accountant
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