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Eco-friendly Bookkeeping: Moving Towards a Paperless Office

As businesses around the world increasingly recognize the importance of sustainability, Canadian small and medium enterprises (SMEs) are uniquely positioned to lead the charge in eco-friendly practices. A key area of this transformation is in the realm of bookkeeping. Transitioning from traditional, paper-intensive methods to digital bookkeeping not only aligns with environmental goals but also …

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Mastering Accounts Receivable: Tips for Small Businesses in Canada

Optimizing Cash Flow: Mastering Accounts Receivable for Canadian Small Businesses Mastering Accounts Receivable (AR) is crucial for the financial health and success of Canadian small businesses. Effective AR management goes beyond just collecting payments; it’s about maintaining a healthy cash flow, building strong client relationships, and fostering sustainable growth. Navigating AR can be challenging, with …

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An image of a person holding a sticky notes that reads "Track your Spending" in front of a desk with a calculator and several American bills on it.

How to Deal with Meals and Entertainment Expenses

Meals and entertainment expenses are vital to some businesses but often these are not recorded in an appropriate way. For clarity, the meals category includes expenses incurred in the consumption of food and beverages, and entertainment includes tickets and entrance fees to an entertainment or sporting event. To be deductible these expenses must have only …

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What Are Conversion Costs?

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 of production required to convert the raw materials into a finished product to sell. This can be broken down into labour costs and manufacturing overhead costs, where manufacturing overhead costs …

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