"Why is that income on the P&L when I haven't been paid for it?" - FAQ

Sometimes the terms Platform, Gig, and Underground Economies are used interchangeably. But what exactly do they mean? In simple terms…

One of the best benefits of being a self-employed Canadian, or Business Owner, is the tax-saving benefits! Read here for a detailed list of 21 eligible business deduction categories in Canada along with some tips on how to automate and simplify your life when it comes to your bookkeeping!

Auditing refers to the examination of a business’s or person’s accounts, financial statements, etc. to determine that everything is in order.

We are going to talk about two kinds of auditing today, in-house/internal and external. So, what is the difference? Well, to understand that, first, you must understand what they are, to begin with.

The Government of Canada describes the job of a bookkeeper/accountant as follows:

“Accounting technicians and bookkeepers maintain complete sets of books, keep records of accounts, verify the procedures used for recording financial transactions, and provide personal bookkeeping services. They are employed throughout the private and public sectors, or they may be self-employed.”

Sounds simple enough, right? The real questions are, what do those duties entail? What can they do for your business? What is their work like? Keep on reading if you’d like those questions answered!

Accounting can seem really confusing when you don’t know much about the terminology used. It’s much simpler than you think once you know what you’re talking about. So, let’s dive in and do some learning.

What are accounts, bank recs, and closing the books? Are there three things I should do right now to make my life easier? ABC, 123. This is a good place to start.