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Setting Business Financial Goals for the New Year

By |2023-01-09T02:50:42+00:00January 9th, 2023|Accounting, Business|

The new year is a great time to set some financial goals for your small business. Whether you're looking to save money, boost revenue, or improve your bottom line, setting specific and achievable business financial goals is a crucial first step. But where do you start? And how can you make sure your goals are realistic and attainable? In this blog post, we'll share some tips and resources to help you set strong financial goals for your small business in 2023. Read on to learn more! 1. Define what you want to achieve. When it comes to goal setting, it's imperative [...]

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How to Analyze Your Business Financial Statements

By |2022-12-15T15:04:07+00:00December 7th, 2022|Accounting, Business|

Have you ever wanted to analyze your business? Every business owner needs to have an understanding of their financial statements. This is especially true at the end of an accounting cycle, such as year end. Learning to read financial statements is essential for making informed decisions about the future of your business. This also helps you stay on top of expenses. Understanding the importance of your financial statements is the first step to gaining comprehensive insights into where your business is and where it's headed. Analyzing Your Financial Statements  When analyzing your financial statements, start by looking at your total income [...]

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Understanding the Difference Between Spend Money and Bills in Xero

By |2022-11-30T23:14:57+00:00November 30th, 2022|Accounting, Xero|

As a small business owner, it’s important to keep track of your expenses and pay all your bills on time. One of the most popular accounting apps for small businesses is Xero. This app offers two features—Spend Money and Bills—to help you manage your finances. But what is the difference between these two features? Let’s break them down so you can make sure you are using them correctly.  Spend Money  The Spend Money feature allows you to enter individual transactions into your Xero account. This feature lets you quickly enter expenses that do not need a bill or invoice. For example, [...]

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Where did all the Volunteers go?

By |2022-11-23T18:51:23+00:00November 23rd, 2022|Not for profit|

“I hope we get some new faces at the Annual General Meeting to fill some of these open positions.” Have you ever heard that or said it? It is unfortunately common with not-for-profit and community organizations of all types. This is true whether you’re a larger economic not-for-profit organization or a regional softball association. Where did all the volunteers go? (And how can we bring them back) I have heard numerous explanations and they all make logical sense. The basic answer from various articles and research I have done: In the past, there was more volunteer time in the home. This [...]

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Should I Charge GST/HST on My Remote Work?

By |2022-11-17T04:41:56+00:00November 17th, 2022|Accounting, Taxes|

We work with a lot of consultants, and we find this question coming up a lot: “Do I need to charge GST/HST on the services I perform for clients in another country?” Usually, they are referring to clients in the US. The simple answer is no! Place of Supply In Canada, the Canada Revenue Agency (CRA) deems the place of supply for services to be the location where your client is based. This holds true even if you perform the work remotely from your office in Canada. However, there are some exemptions to the place of supply rules. Whether the exceptions [...]

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3 Common Financial Mistakes Small Business Owners Make (and How to Avoid Them)

By |2022-10-28T04:04:29+00:00October 28th, 2022|Accounting, Business|

Being a small business owner is tough enough without having to worry about money troubles. Unfortunately, financial difficulties are all too common for small businesses—but they don't have to be. In this blog post, we'll discuss three of the most common financial mistakes small business owners make and what you can do to avoid them. Mistake #1: Not Keeping Track of Expenses One of the most common financial mistakes small business owners make is not keeping track of their expenses. It's easy to let expenses get away from you when you're busy running your business, but it's important to keep a [...]

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The Many Benefits of Working With a Virtual Accountant

By |2022-10-15T16:43:32+00:00October 15th, 2022|Accounting, Technology|

For small business owners, keeping on top of their finances can be a full-time job in and of itself. That's where virtual accounting services come in. Virtual accountants can handle all of the nitty-gritty financial details of your business so you can focus on growing your company. Here are just a few of the many benefits of using a virtual accountant. Virtual Meetings With a virtual accountant, you can hold meetings online or over the phone instead of in person. This can be a huge time-saver, especially if you have clients or employees who are located in different cities or provinces. [...]

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Dividends or Wages: Which is Better?

By |2022-09-12T03:40:04+00:00September 12th, 2022|Accounting, Taxes|

Did you know the tax treatment of dividends and shareholder wages differs? In Canada, dividends are considered investment income, whereas wages are employment income and subject to payroll taxes. There are advantages and disadvantages to both. In this blog post, we'll explore the differences between dividends and wages, and help you decide which is better for you. Dividends are payments made to shareholders of a company out of its profits. The amount you receive depends on the number of shares you own. Wages, as you are probably already aware, are payments made to employees for their work. As a shareholder, you [...]

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What are Eligible and Non-Eligible Dividends?

By |2022-08-28T23:27:10+00:00August 29th, 2022|Accounting, Taxes|

When it comes to dividends, there are two main types: eligible and non-eligible. Eligible dividends are those that meet specific criteria in the Canadian Income Tax Act (ITA). To the contrary, non-eligible dividends do not meet those criteria. This can be confusing for business owners and investors. Let's take a closer look at what makes a dividend eligible or not. Eligible Dividends Eligible dividends are paid by a corporation to its shareholders from its "general rate income pool" (GRIP). To be considered part of the GRIP, earnings must come from business activities in Canada. Usually these dividends are paid by public [...]

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What is a Shareholder Loan?

By |2022-08-20T22:36:18+00:00August 15th, 2022|Accounting, Taxes|

If you have a company, you may have heard the term shareholder loan. You may even know the current balance of what your company owes you. If you have no idea what a shareholder loan is or whether you have one, that’s okay. In this post, we’ll explain what a shareholder loan is and why the money you withdraw from it isn’t always tax free. What is a shareholder loan? A shareholder loan is, simply put, a loan that a shareholder makes to their corporation. The Canada Revenue Agency (CRA) doesn’t consider this money as income for the corporation, so there’s [...]

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