No-Code Accounting: What It Is and Why You Should Use It

By |2022-07-27T17:28:46+00:00July 20th, 2022|Accounting, Business, Technology|

No-code accounting is a term that you may have heard floating around the internet lately. But what does this mean? Simply put, no-code accounting is an approach to accounting that doesn't require any coding skills.  You may be thinking, but I have never had to know how to code when bookkeeping before. You are right, individual software does not require coding. The term "no-code" refers to building connections between apps that are not already connected.  This can be a huge advantage for small business owners who don't have time to learn how to code or don't want to spend the money [...]

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The Best Year End Date for Your Canadian Corporation: Why December Isn’t the Best Choice

By |2022-07-23T20:06:22+00:00July 12th, 2022|Accounting, Business, Taxes|

When it comes to choosing a year end date for your Canadian corporation, there are a few things you need to take into account. Many business owners choose December 31st as their year end date. They think it will be convenient because it is the end of the calendar year, but this isn't always the best choice when it comes to tax planning. Continue reading to learn what you should consider when choosing a year end date for your corporation. The Best Year End for Tax Planning In Canada, your year end date is set when you file your first corporate [...]

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

By |2022-06-24T01:19:19+00:00June 24th, 2022|Accounting, Business, Xero|

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 [...]

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How to Create and Customize a Chart of Accounts in Xero

By |2022-07-11T13:49:41+00:00June 14th, 2022|Accounting, 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 [...]

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

By |2022-06-09T03:07:16+00:00June 9th, 2022|Accounting, Payroll, Xero|

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 [...]

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

By |2022-07-11T14:07:21+00:00May 24th, 2022|Accounting, Business|

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, [...]

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Identifying Financial Trends in Your Business Using Xero Reports

By |2022-05-18T03:26:12+00:00May 10th, 2022|Accounting, Business, Xero|

. 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. [...]

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Streamline the Grant Application Process with Xero’s Tracking Categories

By |2022-05-16T14:21:07+00:00April 10th, 2022|Business, Not for profit, Xero|

You have a great idea, and you're ready to take your business to the next level. You've spent hours of your time researching, planning, and building, but you’re in need of funds. Where can you get a grant?  Luckily, there is a solution. In this post we will share a few tips on how to find grants that are right for your organization. We'll also share how to track the money’s use once you receive a grant. 1. Grants for Your Business Grants are one way to obtain funding for your business. They are awarded to qualified organizations and individuals that [...]

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What is a Virtual Accountant?

By |2022-04-02T02:04:37+00:00April 2nd, 2022|Accounting, Business, Taxes|

The short answer is, a virtual accountant is the same as any other accountant. Accountants choose to work virtually due to a variety of reasons. Here at Virtual Heights Accounting, we see the value of technology to save time and money, so we’ve been one-hundred percent virtual since day one.  There are many types of accountants. Some work in public practice at an accounting firm. Others work for companies as controllers, CFOs, or any number of aptly named positions. The lingo for this type of accountant is one who works in industry. The main difference between public practice and industry is [...]

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Virtual Heights Accounting Earns Xero Gold Partner Status

By |2022-03-12T05:10:14+00:00March 12th, 2022|Accounting, Xero|

Virtual Heights Accounting is excited to share that we are officially Gold Partner status with Xero. From day one, Xero has been our go-to accounting app, so we are excited to achieve this milestone and pass along some great benefits to our clients in the process. Xero is the go-to app for real-time accounting. When your books and Records are accurate and up-to-date (in real time), you can make informed and effective decisions now, not six months from now. This offers you the benefits of reaching your business goals faster and the ability to pivot if necessary. What is a Gold [...]

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