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Bookkeeping is a business function that’s not only difficult to understand but also challenging to conduct. The good news is there's a way you can get your bookkeeping in order and make it easier than ever. Continue reading this article to learn more about bookkeeping. The Basics Of Bookkeeping Bookkeeping is a way to keep track of your company’s financial health. It can help you ensure your company is compliant with Canadian business law . Bookkeeping is the process of recording and analyzing financial transactions, such as sales, expenses, credit card customer payments, and bank deposits. Importance Of Bookkeeping Wondering why your competitors are focusing on bookkeeping? It’s because it helps you stay on top of your corporate finances. Bookkeeping will give you a better idea of how much money you have in the bank, what bills need to be paid, and how much profit or loss there has been during the year. It also helps with making decisions about future projects and investments. It ...

Paying your taxes is your duty as a Canadian. However, some individuals may avoid paying taxes to save money. But is that a good idea? We don’t think so! Tax evasion  is a crime, and the Canadian Revenue Agency (CRA)  can penalize you for it. The sooner you file your tax, the greater your refund and the less money you'll be required to pay. In addition to avoiding penalties, there are other benefits of filing early. Continue reading this article to learn all about it. Avoid Penalties If you file your tax return late, there's a high chance the CRA will assess a penalty against you. The amount of the penalty depends on how many days are left before the end of your original due date. Get A Bigger Refund Filing your tax return on time can help you get a bigger refund than if you filed late or didn't file at all. If you have a few hundred dollars in tax refunds coming to you, those funds can go towards paying off credit card bills and debt repayments. If the amount is larger, co...

Are you a small business owner who’s thinking about doing bookkeeping  on your own? Or perhaps you've been busy bookkeeping but are unsure if you're doing it correctly. Either way, there are a lot of myths about bookkeeping, and it's crucial to separate fact from fiction. Here are four common myths about bookkeeping you should know about. Myth1: Tracking Expenses Isn't Necessary If you're not tracking your expenses, how do you know where your money is going? Not keeping tabs on your spending is a recipe for financial disaster. You need to know where every dollar is spent to make informed decisions about your company’s finances. With deteriorating financial circumstances , especially for small businesses in Canada, it’s crucial for your firm to closely track every expense. Bookkeeping can also help you identify unnecessary costs and help you cut down your bills. Myth2: Bookkeeping Is Time-Consuming Another common myth about bookkeeping is that it's too...

Are you thinking about starting your own business? If so, there are a few tax planning tips you should know about. After all, taxes can take a big chunk from your profits if you're not careful. Rather than neglecting tax payments, it's better to make a tax payment plan beforehand to minimize your costs. It’s no surprise that tax evasion  is a financial crime in Canada, and you'd want to avoid financial and legal trouble to maintain your company's reputation. Continue reading this article to learn more about tax planning.   Learn The Ins And Outs Of The Tax Code The more you know about the tax code, the better equipped you'll be to make decisions that will save you money. There's a lot of information out there, so take some time to research or talk to a professional who can help you understand the Canadian tax laws . The tax code is constantly changing, so it's crucial to stay up to date on any new developments that could impact your taxes. It includes chang...

  It ’s no secret that many Canadian businesses who ignore financial management can end up drowning in debt. If you're running a business, you’d know about the significance of financial planning . But what if you don't have the time or knowledge to do it yourself? That's where a bookkeeper comes in. A bookkeeper can handle your financial record-keeping, from tracking expenses to preparing tax returns. But how do you know which bookkeeper is right for your business? Continue reading this article to learn about three tips to help you select the right bookkeeper in Canada for your corporate needs. Excellent Communicator One important quality to look for in a bookkeeper is excellent communication skills. This is crucial because you will need to rely on your bookkeeper to keep you updated on your financial situation. Furthermore, good communication will ensure that there are no misunderstandings about your financial records. It is also important that your book...

  Are you struggling to keep up with the quickly changing Canadian tax laws ? If your answer’s yes, it might be time to hire a tax advisor. Top-quality tax advisory services can help you save money by ensuring that you take advantage of all the deductions and credits. Tax accountants can also help you plan for your future by advising you on the best way to structure your finances. Continue reading this article to learn more about the benefits of hiring a reliable tax advisor in Canada. Stay Updated With Changes In Canadian Tax Laws It's no secret that Canadian tax laws are frequently changing. If you're having trouble keeping up with the complex legal regulations, it might be time to hire a tax advisor. A tax advisor can help you stay on top of the latest changes and pay taxes on time. Help You Get Tax Benefits An experienced tax advisor can help you get tax benefits according to Canadian law. They can also assist you in planning for your future by advising ...

  You’ll be surprised to know that Canadians pay more taxes than Americans , and it's estimated that the tax to GDP ratio will increase to 34.4% in 2020 . Many Canadians are happpy to pay more taxes every year because their government provides top-quality services using the tax revenue. However, it's no secret that tax evasion is a crime in the country. This is why we suggest you learn about the types of taxes you must pay every year. Let's find out more about Canadian taxes. Property Taxes Do you own a residential or commercial property in Canada? If yes, you must pay property taxes. Property taxes help the government provide various services, including fire safety, garbage disposal, snow removal, and policing. Income Taxes You’ll be liable to pay income taxes if you live in Canada from 1 st January to 31 st December. The deadline for the income tax payment is 30 th April every year, and you must submit the tax to the Canadian Revenue Agency . You...

Did you know that ninety percent of startups failed in Canada in 2019? One of reasons why new businesses can fail is they don't focus on business accounting. Managing your company's accounts can help you evaluate your firm's financial health and can prevent audits and penalties from the Canadian Revenue Agency (CRA). Keep reading this article to learn more about business accounting. Assists In Filing Tax Claims As a business owner, do you think filing taxes can be hectic? If your answer's yes, you should focus on business accounting. Collecting all your financial records beforehand can make the tax filing process smoother. You can also navigate the CRA audits if you've done your due diligence and maintained all your financial accounts. Make Staunch Business Strategies Is your business not growing? You must look for innovative strategies to get ahead of your corporate competitor. Business accounting can help you analyze the loopholes in your exi...

  According to research, businesses that prepare and evaluate their plans on a regular basis expand at a rate 30 percent faster than those that don't. These companies not only expand more quickly, but they also improve their performance and reduce their chances of failure. With a company plan in place, you can apply for a commercial loan or raise capital from investors. This guide will give some pointers to ensure that you get the most out of your document and avoid typical pitfalls . Define the Purpose of Your Business Plan The purpose of your business plan will help you select how you approach your planning project. The same business plan template won’t apply to every organization. Think carefully about why you're drafting a business strategy and what you hope to gain from it. If you're developing a business plan solely for internal use within your company, you can exclude the part about your management and organizational structure. If you're trying ...

  A growing number of business owners are turning to outsourcing for various tasks, from social media management to bookkeeping. Bookkeeping is essential for a firm’s financial health . You save time and money by delegating some of the responsibility to trusted professionals. Let's dispel some of the myths around outsourcing bookkeeping services and how they benefit your business. Anyone Can Do It A bookkeeper's duties extend beyond simple data input. Bookkeeping experts keep track of accounts, invoices, payments, and other financial information. Another key responsibility that a bookkeeping service can handle for you is projecting the future and identifying the financial problems of your company. Bookkeeping Services are Expensive Paying for a third-party bookkeeping service or an additional team member may seem like an unnecessary expense. However, when tax season rolls around, you'll realize how much time and effort you saved by investing in a tax plan...