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 could affect the important financial decisions that you make in your business. While we’re not trying to write a textbook on bookkeeping terminology, we thought we’d break down some bookkeeping terms for beginners
If you’re approaching the deadline for filing your year-end, you might be wondering how much of your vehicle expenses you can write off against the revenue generated in your business. Some answers are pretty clear cut – the cost of service or delivery vehicles can be entirely expensed, for example. But if you use your vehicle for both business and personal use then things can get a little trickier. Is it Better To Own Your Vehicle Personally or in Your Company? As with many t
If you’re a small business owner, you probably dread when your HST return form arrives in the mail from the Canada Revenue Agency. How do you file your HST remittance? What options are there for paying? How do you know if you owe HST or if you’re due for a refund? In the post we explore the process of filing and paying your HST returns. A Little Bit About HST HST is a harmonized sales tax. In Ontario, it is made up of the 5% federal GST (goods and services tax) and the 8% PS
This post continues our six-part series about starting a new business in Ontario. In the previous posts, we have described the different types of business structure and the advantages and disadvantages of setting up an unincorporated sole proprietorship and partnership. In this post we continue by describing the pros and cons of setting up a corporation and a cooperative. Corporations are more work to setup and maintain but offer more protection to the owners. Cooperative
Where do you see your business in the next five years? Have you written down what you would like to accomplish and how you are going to grow your business? If you haven’t taken the time to forecast your growth, chances are you may wake up five years from now and find your business in the very same spot. Forecasting growth will allow you to make a plan that considers all the elements required to achieve the growth you’ve got your eye on. We know that planning and executing a p
Regardless of the industry, small businesses face the same common problems that prevent them from growing and succeeding. Entrepreneurs are hard pressed to be effective in all areas of their business and this can lead to weak processes, errors and missed opportunities. When we take a look at the top problems that plague small businesses, it is easy to see why hiring a professional bookkeeping service or at least a part-time bookkeeper is a viable solution for these problems.
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