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, the government provides a corporation with a tax deduction when the corporation makes a donation to a registered charity. If you want to donate on a personal level, you can …
Why transition? Cloud-Based Accounting is easy to use and allows for seamless collaboration between members of your financial team. Transitioning to the cloud allows your team to use automations within cloud accounting software to eliminate tedious tasks and allows your team to access their work from anywhere in the world. Check out our blog post …
You may have heard of depreciation in your personal life, particularly when discussing vehicles and how they depreciate (lose value) so quickly. In business, depreciation is what happens when a business asset loses value over time, since you are not allowed to expense the whole cost of an asset in one year, you must instead …
A contra account is an account that has a balance opposite to what the normal balance is for its category within the Chart of Accounts. What does this mean? Within the Chart of Accounts there are five categories: Assets, Liabilities, Equity/Capital, Revenue, and Expenses. Each of these categories have what is called a “normal balance” …
When to hire an accountant: As you start your business you may feel the need to get advice from an accountant for things like business structure, which can affect the way you do taxes for your business, but it is also a good idea to consider bringing an accountant on as a part of your …
In this article we talk about the five most important things to consider when choosing a new bookkeeper to join your team.
A Chart of Accounts is a list of all the business’ financial accounts as found in the General Ledger. The Chart of Accounts features both the account number and the account name and provides an overview of all areas of your business. These accounts are broken down into 5 separate categories: assets, liabilities, equity, revenue, …
A lot of people think bookkeepers and accountants complete the same tasks, however that is not the case. A bookkeeper records your day-to-day transactions including sales, expenses and payroll. They make sure all your data is entered so that they can produce accurate financial reports for your business usually on a monthly basis. They will …
In this article we talk about the several benefits of outsourcing your bookkeeping.
In this article we discuss the top 3 ways to reduce the chance of an audit from the CRA, at the end of the article we also feature an app that makes this process a breeze!
In this article we talk about bank reconciliations, what they are and why they are important. We also include some tips for when performing bank reconciliations.
In this article we discuss the difference between cash and accrual basis accounting, the advantages and disadvantages of both, and which option we recommend.
In this article we discuss five reasons to consider using cloud accounting systems.