Your payroll frequency is the frequency at which you pay your employees. For example, whether you pay them every other week, on the 15th of

The cash flow of a business is the movement of money into and out of it. To be able to run an effective business you will need

Conversion costs are crucial to understanding the financial position of your company if your business involves production and inventory. Conversion costs refer to the cost

As a business owner you may receive a variety of reports from your bookkeeper and/or accountant. One of these reports might be the Cash Flow

As a business owner you must wear many different hats. You might be the sole employee at your company and do it all yourself, or

Opening your own business is a big job and the benefits of owning a virtual business can be substantial. Below we highlight the benefits we

A bookkeeper deals with sensitive information every day. From your company’s financials to your employees’ personal information, we are expected to maintain confidentiality in all

Mixing personal and business expenses This means using your personal accounts and credit cards to pay for business expenses or vice versa. Even if you

They are both QuickBooks, so what’s the difference? The most obvious difference between QuickBooks Online and QuickBooks Desktop is that QuickBooks Desktop is downloaded and

1. Quickbooks Online (QBO) This can be used as the central app for your companies’ books. All of your sales, expenses, assets and liabilities can

The Combination Journal, or the Combined Journal, can be used in the place of the Special Journals (Sales Journal, Purchases Journal, Cash Receipts Journal, and

Being contacted by the CRA can be intimidating. For many of us it can leave our hearts racing at the thought of what could possibly

A Balance Sheet, sometimes called a Statement of Condition, is a report comparing your business’ total Assets to its total Liabilities and total Equity. By

When setting up your QuickBooks Online account for your business, you may have noticed the option to turn the multicurrency feature on. The only reason

An Income Statement is the same as a Profit and Loss (P&L) Statement. These financial reports compare a company’s total revenue and total expenses, the

It can be frustrating when you have completed work and you have to wait for your client or customer to pay. It is even worse

A General Ledger and a General Journal sound very similar and can be easy to mix up if you are new to bookkeeping. Both are

It is inevitable that at some point in time your business will receive some type of audit from the CRA. This is because we live

A Trial Balance is a financial report which lists all the Accounts from the General Ledger at a certain point in time. Trial Balances have

If you are making enough profit in your business, a great way to give back is by donating to a charity. To encourage charitable giving,