We’re pretty deep into bookkeeping. It’s what we’re trained in, it’s what we deal with day in and day out with our clients, and we dream about it at night (okay, maybe that’s a stretch). Bookkeeping might not be the most exciting topic in the world, so we try to talk about the value that bookkeepers can provide business owners: helping them understand and manage their business finances effectively. But we also see that we use some terms that some people might not be so famili
You’ve started a business and run it successfully. But what will happen when you find yourself ready to move on? Whether you’ve been in business for one year or 20 years, entrepreneurs need to think about their end goal plan – do you eventually want to take on a partner, do you want to sell your business? We’ve talked about the ways that small businesses can grow by outsourcing their bookkeeping and now we want to share information about how outsourcing your bookkeeping can a
If you are a small business owner, we know you’ve probably wondered if you can afford to hire a bookkeeping service. In addition to the immediate tasks you know a bookkeeper would take care of - keeping track of sales and purchases, payments and receipts – our team at Simply Bookkeeping wants to tell you about all the other ways that quality bookkeeping can help our business grow. 1. Financial Forecasting: Keeping up to date accounting journal ledgers is critical for a succ
With the holiday season upon us, many business owners start to think about all of the necessary year-end bookkeeping and accounting tasks again. And while this is possibly one of the busiest seasons for your business, it's also important to accurately close the current books, and start preparing for the upcoming year. That said, you can make these tasks less onerous by breaking down your year-end accounting tasks into three steps: 1. Bring Your Books Up-To-Date As the year co
According to how businesses operate tax season is considered to be in March and April. However, businesses that plan well and thrive keep their Tax season, at least with their bookkeeper, in November & December. Come Tax time you want to be filing your income tax return and paying the taxes that you owe. But without planning the income you are taking, that may not always be the best approach. Good bookkeeping will put you in a more focused tax situation. What does this mean?
For many businesses, December 31 marks the end of not only the calendar year but also their fiscal year.The Canada Revenue Agency has mandated this for proprietorships, partnerships and other unincorporated businesses and even though incorporated businesses can set their year-end whenever they want, many use December 31 out of convenience and because it aligns with the personal tax year. Whenever your year-end is, there are some important things you need to consider when it c