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Charitable Donations in Canada: How to Save the Most Tax

As a business owner in Canada, you may be wondering the best way to make charitable donations. Should you make charitable donations through your corporation or personally? There are specific guidelines when it comes to both options. Tax credits and deductions can only be claimed if you adhere to those guidelines.  In this blog post, we'll explore the ins and outs of making charitable donations, through your corporation or personally, and help you decide which option is best for you. What is the charitable donation tax credit? The charitable donation tax credit is a non-refundable tax credit you can claim on [...]

By |2022-07-20T02:02:38+00:00July 3rd, 2022|Business|Comments Off on Charitable Donations in Canada: How to Save the Most Tax

How to Use the Xero Accounting App to Choose a Business Strategy

As a small business owner, you have to make tough decisions when it comes to your finances. Should you reinvest in the business? How can you ensure that your money is working for you? Xero is an accounting app that can help you answer these questions and more. In this blog post, we will discuss how Xero can help you choose the right financial strategies for your business. Xero makes it easy to keep track of your expenses, revenue, and cash flow so you can make informed decisions about the future of your company! Let's take a closer look at how [...]

By |2022-06-24T01:19:19+00:00June 24th, 2022|Accounting, Business, Xero|Comments Off on How to Use the Xero Accounting App to Choose a Business Strategy

How to Create and Customize a Chart of Accounts in Xero

If you are running a business, then you will need to understand accounting basics, including what a chart of accounts is. Xero is a great cloud-based accounting software that makes it easy to create and customize your chart of accounts. In this blog post, we will walk you through the steps of creating and customizing a chart of accounts in Xero. Let's get started! What is Xero? Xero is a cloud-based accounting software that helps small businesses manage their finances. Xero offers a wide range of features, including invoicing, bank reconciliation, and reporting. Xero also makes it easy to connect with [...]

By |2022-07-11T13:49:41+00:00June 14th, 2022|Accounting, Xero|Comments Off on How to Create and Customize a Chart of Accounts in Xero

How to Use Xero for Canadian Payroll: Integrating the Wagepoint App

Xero is a great online accounting software for businesses of all sizes. It offers a variety of features that can help you manage your business finances effectively. If you are looking for a way to streamline your Canadian payroll process, then you may want to consider integrating the Wagepoint app with Xero. In this blog post, we will tell you how to do just that! What is the Xero accounting app? Xero is a cloud-based accounting software that offers a variety of features to help businesses manage their finances effectively. It is suitable for businesses of all sizes, from small businesses [...]

By |2022-06-09T03:07:16+00:00June 9th, 2022|Accounting, Payroll, Xero|Comments Off on How to Use Xero for Canadian Payroll: Integrating the Wagepoint App

Complete Your Sales Tax Returns Using Xero Reports and Never Miss a Deadline Again

Do you dread completing your sales tax returns every month? Are you unsure where to find the information you need? If you use Xero, you can save yourself the headache. You can use Xero’s sales tax reports to quickly and easily complete your tax returns. All that’s left after that is making sure you file them before the deadline. With so many compatible integrations, Xero can help with deadlines too. Continue reading to learn how to complete your sales tax returns with Xero reports and get them filed before the deadline.  Which sales tax returns can I complete using Xero reports? [...]

By |2022-08-16T15:45:05+00:00May 31st, 2022|Taxes, Xero|Comments Off on Complete Your Sales Tax Returns Using Xero Reports and Never Miss a Deadline Again

What Financials are Needed for a Commercial Lease (and how to print them in Xero)

Before signing a commercial lease, you must understand what financials are needed. You should also question whether the landlord has a right to ask for them. The financials needed to run a business are similar to the ones needed to run an individual's home. This means you should have enough income during the year to cover all of your expenses as well as any other monetary obligations that come up throughout the year.  It’s important for you to make sure taking on a lease isn’t going to put a financial burden on your business. Depending on mortgage rates and other specifics, [...]

By |2022-07-11T14:07:21+00:00May 24th, 2022|Accounting, Business|Comments Off on What Financials are Needed for a Commercial Lease (and how to print them in Xero)

How will inflation affect my business

Inflation is a big topic right now. How will inflation affect my business? Well, let's start with a basic explanation. What is inflation? Inflation is the decrease in purchasing power of money. It means that if inflation is high then $1.00 today will buy you less next week. We see this in the rising fuel prices, grocery bills, and other expenses at home and in our businesses as well. You may have already seen supplies for your business increasing. Inflation also tends to push up wages as you may end up having to pay your staff more to keep them. This [...]

By |2022-08-16T15:46:48+00:00May 19th, 2022|Business, Business Coaching|Comments Off on How will inflation affect my business

Identifying Financial Trends in Your Business Using Xero Reports

. Your business records produce patterns in financial data known as  financial trends. Identifying financial trends in your business using Xero reports can tell you the direction in which your business is going. This is important so you know if you’re on track or if you need to rethink your current strategy.  A business is nothing without its financial reports. They are a representation of the business's health and will help you make important decisions. To properly analyze your business's financial reports, you must know what you are looking for. There are five key metrics to examine on a regular basis. [...]

By |2022-05-18T03:26:12+00:00May 10th, 2022|Accounting, Business, Xero|Comments Off on Identifying Financial Trends in Your Business Using Xero Reports

What is SRED and How Do I Track It?

Have you ever heard the term SRED and wondered what it was all about? The Canadian government provides tax-reducing incentives to companies conducting qualifying Scientific Research and Experimental Development (SRED) work. It is important to understand the various tax credits available to support SRED work, so that you may take advantage of them. These tax credits are often overlooked. Businesses don’t know they exist or they don’t realize they qualify for them. The Canada Revenue Agency (CRA) has made a number of changes in recent years. One of these changes was to the SRED program. The SRED program allows businesses to [...]

By |2022-05-06T18:04:34+00:00April 27th, 2022|Taxes|Comments Off on What is SRED and How Do I Track It?

How to Choose the Best Tech Stack for Your Business

Technology is constantly advancing and changing. The best way to stay ahead of the curve and be on the cutting-edge of what your customers want is to stay up to date with the latest tech trends. However, this is easier said than done. Choosing the best tech stack for your business can be more challenging than it seems.  In this post, we’ll share a few tips for making this process easier. We’ll also explore some of the newest tech trends and give you a few ideas for incorporating them into your business. 1. What is a tech stack? A tech stack [...]

By |2022-08-16T15:48:33+00:00April 17th, 2022|Business, Technology|Comments Off on How to Choose the Best Tech Stack for Your Business
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