Do You Need to Fill Out a W-8 BEN-E Form?

By |2022-11-09T03:59:38+00:00November 9th, 2022|Uncategorized|

If you own a Canadian company providing services to US Companies, you may have been asked to fill out a W-8 BEN-E form. What is the W-8 BEN-E form and why do you need to complete it? In this article, we'll answer these questions and show you how an active business and Canadian corporation in Canada offering consulting services to a US company would complete this form. This is only relevant for non-financial entities such as management consultants. What is the W-8 BEN-E Form? The W-8 BEN-E form is provided by the Internal Revenue Service (IRS), a federal tax agency similar [...]

Comments Off on Do You Need to Fill Out a W-8 BEN-E Form?

How to Add Conversion Balances in Xero

By |2022-09-30T20:27:09+00:00September 30th, 2022|Uncategorized|

So you’ve decided you’re going to use Xero to record all of your business transactions. Adding conversion balances is an important part of getting started with Xero. However, if you’ve just started your business and you have not done any bookkeeping yet, you don’t need to worry about conversion balances.  What are conversion balances? These are the balances on your trial balance at the date you convert from another accounting app or software program to Xero. It’s important that these are accurate so your books and records can continue on from where you left off. Entering Conversion Balances  In order to [...]

Comments Off on How to Add Conversion Balances in Xero

How to Reconcile Your Bank Account Using the Xero Accounting App

By |2022-09-26T15:02:46+00:00September 26th, 2022|Uncategorized|

If you're using the Xero accounting app to manage your finances, then you'll need to know how to reconcile your bank account. This process ensures that the transactions in your bank account are accurately reflected in Xero. In this blog post and accompanying YouTube video, we will walk you through the steps of reconciling your bank account in Xero. Confirm Bank Statement Transactions From within the bank account you want to reconcile, go to the bank statements tab. Check to make sure the unreconciled transactions that have been imported are from your current statement. While in this screen, you can also [...]

Comments Off on How to Reconcile Your Bank Account Using the Xero Accounting App

How to Do Your Own Bookkeeping – Part 1

By |2022-03-04T01:03:08+00:00February 9th, 2022|Uncategorized|

Have you ever wondered about how to do your own bookkeeping? Understanding how to do this yourself can be a valuable skill if you’re a solopreneur or if you are interested in saving money on business expenses. Before we get into how to do your own bookkeeping, there are a few terms and concepts you must be familiar with. The Foundation of Bookkeeping - Double-Entry Accounting Double-entry accounting is a method of recording transactions that requires every bookkeeping entry to have an opposite transaction. This method of accounting ensures your books and records are always balanced.  Having accounts that are in [...]

Comments Off on How to Do Your Own Bookkeeping – Part 1

How to Get Financial Help for Your Business

By |2021-10-24T09:53:00+00:00March 9th, 2021|Uncategorized|

Starting and running a business can be challenging financially if you don’t have the savings you need or don't know where to look for financial help. Thankfully, there are a number of initiatives specifically for Canadian businesses to help you get off the ground or keep your business going during difficult times. 4 Places You Can Get Financial Help for Your Business It can be hard to know where to look for financing for your business thanks to numerous online scams. Here are four legitimate sites you can check to see if your business qualifies for any of their funding or [...]

Comments Off on How to Get Financial Help for Your Business

Why have I been asked to fill out a W-8 BEN-E form?

By |2021-10-24T09:53:15+00:00November 29th, 2019|Uncategorized|

If you are Canadian Company providing services to US Companies that has been asked to fill out a W-8 BEN-E form you may be wondering why. You may also be wondering how to complete it. This article walks an active business and Canadian corporation in Canada offering consulting services to a US company on completing this form. This is only relevant to non-financial entities such as a management consultant. What is it? The W-8 BEN-E form is provided by the IRS (the US Federal Tax Agency similar to the Canada Revenue Agency). It is used by foreign entities to document their [...]

Comments Off on Why have I been asked to fill out a W-8 BEN-E form?

Getting your Personal Finances in order with Xero

By |2021-10-24T09:53:15+00:00November 12th, 2019|Uncategorized|

Have you ever thought of using Xero to manage your personal finances? Well you are not alone. I have a few clients who have loved Xero so much that they have decided to us it to manage their personal finances as a personal finance app. If you have decided to do this, I have a few recommendations on how to optimize what you are getting from it. Talk to your accountant about a reduced price plan. Xero partners have access to accounts not available to the public which have reduced functionality but may fit your needs. The basic Xero account is [...]

Comments Off on Getting your Personal Finances in order with Xero

Going Paperless through Cloud Accounting 

By |2021-10-24T09:53:15+00:00November 5th, 2019|Uncategorized|

Go paperless in your small business. Set it up the right way using cloud accounting software you will come to love.   Step 1) Get off the desktop solution and sign up to a cloud accounting software like Xero and Quickbooks Key advantages: Access invoicing on the go and connect your bank accounts for an automated download of your transactions. You can also easily add a pay button to your invoices. This will get you paid faster and save you time while also getting better clarity on your business. Step 2) Stop using cheque’s - Look for other payment methods like credit [...]

Comments Off on Going Paperless through Cloud Accounting 

The new CIBC Smart Banking Platform and the new Xero bank feed connection (as well as other benefits)

By |2021-10-24T09:53:15+00:00October 28th, 2019|Uncategorized, Xero|

We in the Xero community have been waiting years for a direct bank feed. Many other countries around the world already had this and we were jealous. For the average business owner and user of Xero, there are a few key things they may like to be aware of. These include: multi-user options; domestic EFTs; and Xero direct bank feed. There are many other services offered in the platform but we have focused on these as the most beneficial. Multi-User Well the new platform offers some benefits (other than the bank feed), including multi-users which allows for permissions and better process. The [...]

Comments Off on The new CIBC Smart Banking Platform and the new Xero bank feed connection (as well as other benefits)

A Letter to My Kids – 3 Things I Hope to Teach My Kids About Debt and Finances

By |2021-10-24T09:53:15+00:00May 27th, 2019|Uncategorized|

A letter to my children on what I see wrong in the world with finances and debt and how I hope to teach them to do better. Dear Kids, I realize now I was lucky. Grandma and Grandpa taught me a lot about finances without really realizing it. They taught me how to save and how to never spend more than you can afford. Grandpa hated any kind of debt (still does!). That rubbed off on me in a big way. Now I see and chat with a variety of people who weren’t as lucky and are learning finances the hard [...]

Comments Off on A Letter to My Kids – 3 Things I Hope to Teach My Kids About Debt and Finances
Go to Top