Have You Thought About Selling Your Business?

By | September 29th, 2021|Accounting, Business, Taxes|

Now that you’ve completed a checkup on your business, if you’re close to retirement age or just looking for a change, you may want to consider selling your business. Depending on your business, selling could earn you a nice lump sum of cash.  Among the top reasons business owners don’t sell are that they didn’t know they could or it seemed too confusing. It may be confusing, and sometimes it can be a lot of work to sell your business, but depending on your goals, it can also be worth it. Read on to learn more about selling your business.  Before [...]

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A Back to School Business Checkup

By | September 15th, 2021|Accounting, Business, Xero|

Whether you’ve been in business for a while or you’re just starting out, a business checkup is a great way to stop and see where you’re at in relation to your business goals. September will always feel like back to school here at Virtual Heights Accounting. But that’s a good thing. It means it’s time to pause, take stock, and recalibrate if necessary.  A business check up can look like a number of different things. You will likely have a sense of where you have gone off track. Maybe you need to finally file that paperwork you’ve had sitting on your [...]

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Wagepoint: The Friendliest Payroll App

By | August 9th, 2021|Accounting, Payroll, Technology|

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 [...]

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What is Cloud Accounting?

By | July 5th, 2021|Accounting, Technology, Xero|

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 [...]

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

By | June 8th, 2021|Accounting, Business, Taxes|

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 [...]

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Standardized Financial Statements: What this Means for You

By | May 29th, 2021|Accounting|

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 [...]

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All You Need to Know About the GST Quick Method

By | May 12th, 2021|Accounting, Business, Taxes|

Have you heard of the GST Quick Method? It’s a faster way to calculate the amount of GST or HST you owe the Canada Revenue Agency (CRA). Of course, it comes with a catch—a few, actually. You can only use this method to calculate your GST owing if you meet the CRA’s criteria. Read on to learn more about the GST Quick Method and if it’s right for you and your business. What is the GST Quick Method? The CRA implemented the quick method of accounting for GST/HST to help small businesses reduce paperwork. Rather than having to report every dollar [...]

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Sole Proprietor, Partnership, or Corporation: Which is Best?

By | April 30th, 2021|Accounting, Business|

Unfortunately there isn’t a simple answer to the question, “Should I set my business up as a sole proprietor, partnership, or corporation?” As with many accounting and income tax considerations, the answer depends on your unique situation.  Of course, if it’s just you in the business, then you won’t be able to use the partnership structure. Each of these three main ways to structure a Canadian business has their own advantages and disadvantages. Let’s take a quick look at all three.  Sole Proprietor A sole proprietor is the easiest form of business to set up. There’s really nothing you need to [...]

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Things to Consider When Running Your Business from Home

By | April 20th, 2021|Accounting, Business|

Running your business from home has some fantastic tax saving opportunities. But depending on your business, this might not be enough to make it worth your while. Working from home can impact your life more than you might think. If you have a family, it will also impact the lives of your family members.  Here are a few things to consider when thinking of running your business from home.  Type of Work Many services are easily done from home, especially those that only require a computer and some software for you to be able to do your work. Unless you have [...]

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How to Get Started with Xero

By | April 7th, 2021|Accounting, Business, Xero|

Have you been looking into accounting apps, but you don’t know where to start? We love and recommend Xero, because of its ease of use and high functionality. With Xero, you can do everything from sending invoices to monitoring your company’s key performance indicators.    We’re also a Xero Certified Partner, so if you want to save even more time, skip to the bottom for a major shortcut to getting started with Xero! Choose a Plan Xero currently has three levels of plans available to the general public. The plan you choose will depend on your needs. For example, the Starter Plan [...]

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