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. [...]

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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The Canada Media Fund: What You Need to Know

By |2022-04-02T01:57:30+00:00March 25th, 2022|Business, Technology|

If you’re looking for help funding your digital media project, check out the Canada Media Fund. This Fund helps with projects in the audiovisual entertainment space. With several programs grouped into two main streams, there’s a good chance the Fund has something for your project. Read on to learn more. History of the Canada Media Fund Funded by the Federal government in connection with Canadian cable, satellite, and IPTV distributors, the Canada Media Fund (CMF) was started in 2010. According to Unesco, aligning with the priorities of the Government of Canada, the Fund’s goals include providing financing for the “sustainable production [...]

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How to Do Your Own Bookkeeping – Part 2

By |2022-03-04T04:14:20+00:00February 16th, 2022|Business|

Now that you understand some basic accounting terminology, let's talk about the next step in how to do your own bookkeeping. Because you want to do your own bookkeeping, we are also assuming you want to save money on software. This post explains how to set up spreadsheets, which are readily accessible via Google Sheets or Microsoft Excel, in order to do your own bookkeeping. Setting up Your Spreadsheets The first worksheet you will create is called a synoptic. This worksheet is where you will record your daily operating activities. On the sheet you'll need to make sure you have equal [...]

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How to Stick to Your Business Resolutions

By |2022-01-27T03:09:55+00:00January 27th, 2022|Business, Business Coaching|

The new year is a popular time to make resolutions to improve our health or finances, but what about business resolutions? Have you ever thought about making resolutions for your business? Even if your fiscal year end isn’t January, the beginning of the year can be a great time to take stock of what has happened in your business. For the things that didn’t go so well, you can resolve to change them.  Resolutions can be a great way to get you back on track to reaching your goals. Below, we discuss some common business resolutions as well as what you [...]

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Should I Have Business Plan?

By |2021-12-23T23:37:22+00:00December 23rd, 2021|Business, Business Coaching|

There are many great reasons to have a business plan. When you are just getting started in business, the time and effort you put into a plan can help you know if your idea is viable. If you will be applying for financing, a business plan is required as part of your application. A business plan also serves as a great starting point to conduct an annual performance analysis on your business. It can be used as a basis for setting and reaching goals in your business. It’s also a handy reminder of where you started and can be easily adjusted [...]

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Do I Need Payroll Software?

By |2021-12-23T23:13:11+00:00December 13th, 2021|Business, Payroll|

We answer the question, “Do I need payroll software?” with a hard YES!!! Sorry for shouting, but it really is that important, and we’ll show you why. Payroll software allows you to keep track of all your payroll information in one place and create reports in just a few clicks. If you haven't been using payroll software in your business up to this point, we hope this article shows you how you can save time and make your life easier by doing so. What Payroll Software Does that Online Calculators Can’t Everything in One Place It's easy to find a number [...]

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Mandatory Paid Sick Leave Comes to BC

By |2021-12-13T17:01:56+00:00December 6th, 2021|Business, Payroll|

Earlier this year, the BC provincial government surveyed employers and employees to determine if paid sick leave should be legislated in BC. The BC government set out to determine whether workers and employers would mutually benefit from a paid sick leave requirement. The surveys asked questions about current employer sick leave programs. Questions for employers included whether they provided paid sick days, and how many days paid sick leave are acceptable. Workers were asked how many days of paid sick leave they would need in order to be comfortable staying home sick rather than going to work because they couldn’t afford [...]

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Do I Need a Corporate Lawyer?

By |2021-11-27T19:58:31+00:00November 27th, 2021|Business, Taxes|

Unless you are a lawyer yourself and understand corporate law, then yes, you need a corporate lawyer. A main advantage to incorporating your business is the corporate structure. You need someone who understands how this works. While there are many legal documents you can file yourself, incorporation documents should be handled properly by a lawyer. What does a corporate lawyer do? When we say you need a corporate lawyer, we don’t mean you need a lawyer on staff. While that may be the best option for some companies, most businesses only need a lawyer periodically.  One of the first things a [...]

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