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Are you getting all your tax credits as a brewery in BC?

Our firm serves a variety of industries. However, one of our concentrations of clients is in craft breweries. In helping craft breweries with their tax and accounting needs we were speaking with some tax specialists these past few weeks. We became aware that many craft breweries may be missing a tax credit that they are entitled to. We wanted to write a blog to ensure we spread the word about this missing tax credit which relates to the markup they pay to the BC  Liquor Distribution Branch (BCLDB). This example is specific to craft breweries in British Columbia. However, if you [...]

By |2023-03-20T19:10:33+00:00March 23rd, 2023|Taxes|0 Comments
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Five Apps to Streamline Operations in your Small Business

As a cloud accounting firm, we are always looking for ways to help our clients increase productivity and streamline operations. There are now countless apps available to help businesses achieve these goals. It can be a little overwhelming to look at them all. In this blog, we will be showcasing just five tech apps that we believe will make you more productive in your Canadian small business. Slack Slack is a popular communication app that allows teams to chat, share files, and collaborate on projects in real time. This app is especially useful for businesses with remote employees as it makes [...]

By |2023-02-05T17:39:22+00:00March 9th, 2023|Technology|Comments Off on Five Apps to Streamline Operations in your Small Business
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Managing cash flow in your small business

Cash flow is critical to the success of any business, big or small. As a small business owner, tracking cash flow is essential to ensure that you have enough money to pay bills, invest in growth, and prepare for unexpected expenses. Here are some tips to help you track your cash flow and why it’s important. 1. Monitor your income and expenses regularly Keeping a close eye on your income and expenses is key to understanding your cash flow. This means tracking all the money coming in and going out of your business on a regular basis. You can use tools [...]

By |2023-02-05T16:54:05+00:00February 16th, 2023|Uncategorized|Comments Off on Managing cash flow in your small business
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How Chat GPT can be used in your small business

As a cloud accounting firm, we have seen firsthand the impact that technology can have on small businesses. With the rise of artificial intelligence (AI), small business owners now have the opportunity to streamline their administrative tasks, freeing up more time and energy to focus on growing their business. Now there is a new technology on the scene that is set to transform the way we all work. That technology is Chat GPT. Chat GPT, or Generative Pre-trained Transformer is an AI-powered chatbot that can automate repetitive administrative tasks. By leveraging natural language processing (NLP) and machine learning algorithms, Chat GPT [...]

By |2023-02-10T22:36:50+00:00February 9th, 2023|Technology|Comments Off on How Chat GPT can be used in your small business
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Productivity Strategies for Small Business Owners in 2023

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 [...]

By |2023-01-27T03:20:41+00:00January 27th, 2023|Business, Technology, Xero|Comments Off on Productivity Strategies for Small Business Owners in 2023
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Strategies for Growing Your Customer Base in 2023

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 [...]

By |2023-01-19T03:43:08+00:00January 19th, 2023|Business|Comments Off on Strategies for Growing Your Customer Base in 2023
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Setting Business Financial Goals for the New Year

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 [...]

By |2023-01-09T02:50:42+00:00January 9th, 2023|Accounting, Business|Comments Off on Setting Business Financial Goals for the New Year
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Auditing Your Small Business Financials: What You Need to Know

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 [...]

By |2022-12-28T03:58:47+00:00December 28th, 2022|Uncategorized|Comments Off on Auditing Your Small Business Financials: What You Need to Know
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How to Import Missing Bank Feed Statement Lines in Xero

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? [...]

By |2022-12-24T03:22:31+00:00December 24th, 2022|Uncategorized|Comments Off on How to Import Missing Bank Feed Statement Lines in Xero
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Leveraging Technology to Automate Your Financial Processes

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 [...]

By |2022-12-21T04:06:20+00:00December 15th, 2022|Business, Technology|Comments Off on Leveraging Technology to Automate Your Financial Processes
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