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How to Do Your Own Bookkeeping – Part 2

Now that you understand some basic accounting terminology, let's talk about the next step in how to do your own bookkeeping. Because you want to do your own bookkeeping, we are also assuming you want to save money on software. This post explains how to set up spreadsheets, which are readily accessible via Google Sheets or Microsoft Excel, in order to do your own bookkeeping. Setting up Your Spreadsheets The first worksheet you will create is called a synoptic. This worksheet is where you will record your daily operating activities. On the sheet you'll need to make sure you have equal [...]

By |2022-03-04T04:14:20+00:00February 16th, 2022|Business|Comments Off on How to Do Your Own Bookkeeping – Part 2

How to Do Your Own Bookkeeping – Part 1

Have you ever wondered about how to do your own bookkeeping? Understanding how to do this yourself can be a valuable skill if you’re a solopreneur or if you are interested in saving money on business expenses. Before we get into how to do your own bookkeeping, there are a few terms and concepts you must be familiar with. The Foundation of Bookkeeping - Double-Entry Accounting Double-entry accounting is a method of recording transactions that requires every bookkeeping entry to have an opposite transaction. This method of accounting ensures your books and records are always balanced.  Having accounts that are in [...]

By |2022-03-04T01:03:08+00:00February 9th, 2022|Uncategorized|Comments Off on How to Do Your Own Bookkeeping – Part 1

How to Stick to Your Business Resolutions

The new year is a popular time to make resolutions to improve our health or finances, but what about business resolutions? Have you ever thought about making resolutions for your business? Even if your fiscal year end isn’t January, the beginning of the year can be a great time to take stock of what has happened in your business. For the things that didn’t go so well, you can resolve to change them.  Resolutions can be a great way to get you back on track to reaching your goals. Below, we discuss some common business resolutions as well as what you [...]

By |2022-01-27T03:09:55+00:00January 27th, 2022|Business, Business Coaching|Comments Off on How to Stick to Your Business Resolutions

7 Tips for Business Productivity

With all you have to do in a day, have you ever wondered how you can improve your business productivity?  All entrepreneurs are busy. If you're a small business owner, especially if you're working on your own, you have a lot to do. Between managing emails, helping customers, and making sure everything is running smoothly it’s no wonder you end most days wishing you had more time.   The key to being productive in business isn't just about having more time. By managing your time more effectively, you will accomplish more. Here are seven tips to help you manage your time and [...]

By |2022-01-20T22:02:59+00:00January 13th, 2022|Uncategorized|Comments Off on 7 Tips for Business Productivity

Should I Have Business Plan?

There are many great reasons to have a business plan. When you are just getting started in business, the time and effort you put into a plan can help you know if your idea is viable. If you will be applying for financing, a business plan is required as part of your application. A business plan also serves as a great starting point to conduct an annual performance analysis on your business. It can be used as a basis for setting and reaching goals in your business. It’s also a handy reminder of where you started and can be easily adjusted [...]

By |2021-12-23T23:37:22+00:00December 23rd, 2021|Business, Business Coaching|Comments Off on Should I Have Business Plan?

TD1 forms: How to fill out

Have you been asked to fill out a federal or provincial TD1 form? This video shows you how to complete it. In this example, we use the BC form. You will complete the provincial form that your employer is a resident. That means if you are a remote employee that works from BC but you work for an Ontario company then you will have to complete an Ontario TD1 form. Also, remember to provide your employer with the email address that you would like to receive notification of e-pay stubs to (if they offer that) and also a void cheque. Side [...]

By |2022-05-16T15:17:31+00:00December 21st, 2021|Uncategorized|Comments Off on TD1 forms: How to fill out

Do I Need Payroll Software?

We answer the question, “Do I need payroll software?” with a hard YES!!! Sorry for shouting, but it really is that important, and we’ll show you why. Payroll software allows you to keep track of all your payroll information in one place and create reports in just a few clicks. If you haven't been using payroll software in your business up to this point, we hope this article shows you how you can save time and make your life easier by doing so. What Payroll Software Does that Online Calculators Can’t Everything in One Place It's easy to find a number [...]

By |2021-12-23T23:13:11+00:00December 13th, 2021|Business, Payroll|Comments Off on Do I Need Payroll Software?

Mandatory Paid Sick Leave Comes to BC

Earlier this year, the BC provincial government surveyed employers and employees to determine if paid sick leave should be legislated in BC. The BC government set out to determine whether workers and employers would mutually benefit from a paid sick leave requirement. The surveys asked questions about current employer sick leave programs. Questions for employers included whether they provided paid sick days, and how many days paid sick leave are acceptable. Workers were asked how many days of paid sick leave they would need in order to be comfortable staying home sick rather than going to work because they couldn’t afford [...]

By |2021-12-13T17:01:56+00:00December 6th, 2021|Business, Payroll|Comments Off on Mandatory Paid Sick Leave Comes to BC

Do I Need a Corporate Lawyer?

Unless you are a lawyer yourself and understand corporate law, then yes, you need a corporate lawyer. A main advantage to incorporating your business is the corporate structure. You need someone who understands how this works. While there are many legal documents you can file yourself, incorporation documents should be handled properly by a lawyer. What does a corporate lawyer do? When we say you need a corporate lawyer, we don’t mean you need a lawyer on staff. While that may be the best option for some companies, most businesses only need a lawyer periodically.  One of the first things a [...]

By |2021-11-27T19:58:31+00:00November 27th, 2021|Business, Taxes|Comments Off on Do I Need a Corporate Lawyer?

Is the Profit First Way Right for You?

Profit First isn’t just a book by Mike Michalowicz, it’s a whole business lifestyle that even includes a certification. The book was first published in 2014. Since then there have been iterations created for specific industries like dentists, micro gyms, contractors, and e-commerce sellers. Michalowicz has reframed the equation sales, minus expenses, equals profits so that it reads: Sales, minus profits, equals expenses. This is the gist of Profit First. Profit before expenses. It’s an alternative way of looking at a budget. You take the profit out of your sales then force yourself to budget your expenses based on what’s left. [...]

By |2021-11-25T03:13:27+00:00November 25th, 2021|Uncategorized|Comments Off on Is the Profit First Way Right for You?
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