In our last blog post, we took a closer look at one of the two most important financial reports in your business: the balance sheet. We looked at some of the basic types of accounts that you’ll see on your balance sheet – assets, liabilities and shareholder’s equity –...
The world of small business bookkeeping and accounting can get a little confusing and overwhelming. When crediting an asset actually decreases its value, but to decrease the value of a liability you have to apply a debit, it’s easy to get lost and make mistakes that co...
Many businesses require their employees to travel around their local community, whether its sales reps, service technicians or delivery people. CRA has created a strict set of guidelines defining what can and cannot be claimed as business expenses, and understanding CR...
For many businesses, summer can be a slow time of the year. With the kids out of school, vacations and a host of other things to keep us busy, a lot of businesses experience a brief slowdown during the summer months. If you’re in this position, you can take advantage o...
Most small business owners feel lucky to turn their passion into a profitable business. Working on something you love every day is certainly a perk of being an entrepreneur but the role also comes with a long list of lack lustre tasks, like bookkeeping, that need to be...
If you’re a small business owner, you might just be getting over filing your year-end tax return. But don’t rest on your laurels for too long: the deadline for quarterly HST/GST returns for businesses with a December 31 year end is at the end of July! You’re required t...
You decided that you need to start using a professional accounting software package, either because you’re just starting a new business or because the way that you used to do it just isn’t good enough. You’ve researched the best accounting software packages and found Q...
