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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A Virtual Controller: 8 Ways They Can Help Your Business

By | March 31st, 2021|Accounting, Business|

It might be time to consider working with a virtual controller if you're ready to grow your business, but you’re not sure how. Or maybe you’d like to focus on the reason you started your business in the first place instead of all the numbers and analysis. If you could use a little help but aren't ready for another full time employee, a virtual controller is a great option. What is a virtual controller? A controller is someone who manages daily accounting operations such as general accounting, bookkeeping, payroll, accounts receivable, and accounts payable. With all the technology that’s available today, [...]

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What is Business Coaching?

By | February 24th, 2021|Accounting, Business Coaching|

If you're an entrepreneur there's a good chance you've heard about business coaching, you know a business coach, or someone you know has worked with a business coach. But do you know what this service is and how your business can benefit from it? There are all kinds of business coaches. A business coach can help you with anything from clarifying your vision for the business to running its day-to-day operations. The coach you hire and the services you need depend on you, your business, and your goals. Business Coaching Benefits The benefits of working with a business coach are as [...]

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Why Don’t You Love Your Business Anymore?

By | February 14th, 2021|Accounting, Business, Business Coaching|

Remember when you first started your business? You were so excited about it that you were constantly telling people about it, and you jumped out of bed, eager to start your day. But somewhere along the way, that excitement turned into a sense of obligation. Right now, you don't love your business, you wish you could get a break from it.  This is totally normal, and happens more often than you think. Many entrepreneurs start their businesses with a lot of hope and positivity. Once they see all the things that go into running a successful business, they realize it’s much [...]

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