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Grow Your Business with Shopify

At its simplest level, Shopify is a platform that allows you to sell your products online and in person. But this platform can help you with so much more than that. We thought we’d share more about all the things you can do with this robust platform. In this article, the folks at Shopify say that when you partner with Shopify, you get the core functions of running a business. More specifically, you get a storefront, a payment processor, a shipping partner, a back office, and a marketing platform.  Read on to learn how one platform can offer all this. Shopify [...]

By |2021-10-24T09:52:59+00:00August 20th, 2021|Business, Technology|Comments Off on Grow Your Business with Shopify

Wagepoint: The Friendliest Payroll App

Wagepoint is a payroll app that lets you pay employees and contractors. There’s no need to mess around with spreadsheets or use manual calculations. In fact, when you do these things, you run the risk of preparing inaccurate payroll records. Inaccurate payroll records can result in audits for you as the business owner and tax return adjustments for your employees. No Complicated Calculations When you use an app like Wagepoint, the app does the heavy lifting for you. You enter your employees’ personal information, including their wage or salary, and personal tax credits. With Wagepoint, you can pay employees directly through [...]

By |2021-10-24T09:52:59+00:00August 9th, 2021|Accounting, Payroll, Technology|Comments Off on Wagepoint: The Friendliest Payroll App

How to Process Customer Payments in the Digital Age

With so many apps and programs available to run your business online and in-person, how do you choose the best way to process customer payments? Without question, you’ll want to choose the app that meets your needs the best.  At Virtual Heights Accounting we have experience with three of the most common payment processing options. Read on to learn more about these options and why we like them. Payment Processing Options For the most part, gone are the days where clients pay you by mailing a cheque. This is a good thing. Speeding up payments means more money to you in [...]

By |2021-10-24T09:52:59+00:00July 30th, 2021|Business, Technology|Comments Off on How to Process Customer Payments in the Digital Age

Does the Canada Revenue Agency Accept Digital Documents?

Have you ever wondered if the Canada Revenue Agency (CRA) will accept your digital documents in the event you are audited? Given all the business that’s conducted online these days, it’s not surprising the CRA has a policy on electronic record keeping. It’s a fairly lengthy and thorough document, so we’ve included the main points below. If your office is paperless or you are thinking about going paperless, you’ll want to read on! Acceptable Digital Documents The short answer to the question posed as the title of this post is, yes! The CRA does accept digital documents. But you’ll want to [...]

By |2021-10-24T09:52:59+00:00July 24th, 2021|Business, Technology|Comments Off on Does the Canada Revenue Agency Accept Digital Documents?

Organize Your Business Paperwork with Hubdoc

How often have you said something along the lines of, “If only I was more organized,” when talking about your business paperwork? Most likely this comes as a result of looking for a document for your accountant or trying to find a bill you need to pay before the deadline. When your business paperwork is organized, you don’t have to waste your precious time hunting for documents. Not only that, but if you use Xero and Hubdoc together, your accountant can access your documents without having to bother you. Why Hubdoc for business paperwork? Hubdoc is an app that can help [...]

By |2021-10-24T09:52:59+00:00July 18th, 2021|Business, Technology, Xero|Comments Off on Organize Your Business Paperwork with Hubdoc

What is Cloud Accounting?

If you have a business and you've been looking for an efficient way to manage your books and records, you've probably heard about cloud accounting. QuickBooks Online and Xero are two of the most popular online accounting programs. If you haven't heard the term cloud accounting then it’s likely you’ve heard of either one of these programs. Something that's often not discussed in relation to cloud accounting is what it means to have your accounting in the cloud. And what are the benefits of doing this? Before we get into the benefits, let's talk about what it means. The Cloud is [...]

By |2021-10-24T09:52:59+00:00July 5th, 2021|Accounting, Technology, Xero|Comments Off on What is Cloud Accounting?

How to Evaluate Your Business Idea

How do you evaluate your business idea? The fact that you're asking this before jumping into business is a great sign. Many entrepreneurs start their business on a whim only to fail a few years later. While it’s impossible to guarantee that your business will succeed, taking the time to evaluate your business idea before opening your doors to customers will give you a boost when it comes to making sales.  Four Ways to Evaluate Your Business Idea There are endless ways to evaluate your business idea. This post will focus on four. Two of these ideas focus on you, the [...]

By |2021-10-24T09:52:59+00:00June 20th, 2021|Business, Business Coaching|Comments Off on How to Evaluate Your Business Idea

Year End Questions: Why Does My Accountant Ask so Many?

If you’re new to working with an accountant, it can feel a bit off-putting to have to answer so many business year end questions. However, without asking all these questions, your accountant can’t do their job properly and in compliance with industry standards.  Frustrations around answering questions can be eliminated by understanding why your accountant is asking these questions. Once you understand why your accountant is asking all these questions, you will also be more prepared for meetings. Below, we discuss some of the questions your accountant may ask you and why. Initial Consult Just like when you meet anyone for [...]

By |2021-10-24T09:52:59+00:00June 8th, 2021|Accounting, Business, Taxes|Comments Off on Year End Questions: Why Does My Accountant Ask so Many?

Standardized Financial Statements: What this Means for You

How we prepare your financial statements is changing soon. The Chartered Professional Accountants Organization of Canada is implementing standardized financial statements for year ends ending on or after December 14, 2021. Currently, financial statements are prepared as what’s called a Notice to Reader (NTR). This is sort of like a buyer beware in sales terms. Starting this December, accountants across Canada are required to prepare a compilation engagement when preparing financial statements. The change is CPA Canada’s way of standardizing financial statements while making sure they are accurate and not misleading. Here’s what you need to know. What are Standardized Financial [...]

By |2021-10-24T09:52:59+00:00May 29th, 2021|Accounting|Comments Off on Standardized Financial Statements: What this Means for You

2021 Federal Budget Implications for Corporate Tax

The Canadian government introduced the 2021 Federal Budget in April. This year’s focus is on ending the fight against COVID-19 and ensuring economic recovery by creating jobs and growth in Canada. Business related budget themes include job creation, small businesses, and growth.  What does this mean for you as a business owner? Here are some budget highlights worth considering as they relate to you and your business.  Immediate Expensing of Certain Property Canadian-Controlled Private Corporations can now expense certain eligible capital property. In the past, capital property was expensed over the useful life of the asset, allowing only a portion of [...]

By |2021-10-24T09:52:59+00:00May 22nd, 2021|Business, Taxes|Comments Off on 2021 Federal Budget Implications for Corporate Tax
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