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10 COMMON PROBLEMS OF E-COMMERCE BOOKKEEPING

Bookkeeping can be a challenge for e-commerce business owners, as it involves tracking numerous transactions and financial data. Here are 10 common bookkeeping problems that e-commerce business owners often encounter: 1. Inaccurate Records: Errors in data entry can lead to inaccurate financial records, making it challenging to understand the financial health of the business. 2. Sales Tax Compliance: E-commerce businesses often sell to customers … Read more

IS YOUR SOCIAL GATHERING ELIGIBLE FOR TAX DEDUCTIONS?

Invite you to review the guidance from the Canada Revenue Agency (CRA) on the tax implications of your corporate social events. Understanding the Distinction: Social Gatherings vs. Hospitality Functions A social gathering encompasses free parties, including holiday celebrations, seasonal functions, company picnics, and various other communal get-togethers. In contrast, a hospitality function pertains to events where you provide meals or other hospitality services within … Read more

BOOSTING YOUR ACCOUNTING BUSINESS: IMPORTANT MONEY MEASURES

In the world of accounting, knowing how much money you make is really important. But it’s not just about the big number. It’s about how quickly it comes in, what you might be losing, and where the important money stuff happens. To understand how well your accounting business is doing financially, focus on three key numbers. 1. Monthly Recurring Money (MRR) What is it? … Read more

IS MY COMMUTE TO WORK TAX-DEDUCTIBLE?

In Canada, the general rule is that the cost of commuting from your home to your place of work is not tax-deductible. Commuting expenses are considered personal expenses and are not eligible for tax deductions. This means that the expenses related to driving from your home to your regular place of work are typically not deductible for tax purposes. However, there are some exceptions … Read more

PREPARING FOR YEAR END

We are now only a month away from Christmas and it’s important to start preparing your business for the year end. Having a process in place along with checklists will help your business be organized and ready for the new year. Here are some tips: Forms: At the year-end you should be reconciling your payroll amounts. This means adding up Employment Insurance, Canada Pension … Read more

PAYROLL REMITTANCES 101

Payroll remittances are mandatory payroll deductions on your employee’s income that are sent to the CRA. It is your responsibility to remit the CPP contributions, EI premiums, and income tax (this is on top of your share of CPP contributions and EI premiums). Not doing this, can result in penalties and being late is not preferred either. Here are some useful tips: How often? … Read more

PAYROLL TIPS FOR BUSINESS OWNERS

Payroll can be complicated for a lot of new business owners as it requires you to be well versed in a variety of areas such as law, technology, accounting, and more. Having a professional consultant who is experienced can help you organize your business, help you stay compliant and on point with your employees. Here are some useful tips: Be on top of your … Read more

Benefits of Virtual Bookkeeping

Virtual bookkeeping can ensure your day-to-day transactions are properly recorded, your bills and invoices are paid, keep track of your taxes and reconcile your bank statements.

Best practices for new business owner

If you started a new business this year, congratulations! Here are some best practices for new business owner

Payroll and remote employees

Need for remote employees The pandemic has shaken up the traditional workplace arrangements and more people are now considering remote jobs. This means as employers you also have to adjust and explore the possibility of having employees that are not physically located at your company. Remote employees bring changes to payroll and taxes. Here is a quick guide on what you need to think … Read more

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