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.

Some business owners show their employees their appreciation through gifts and bonuses, but how do you account for them? What’s taxed and what’s not?

This blog is here to answer all those questions and more.

So, how do you account for employee gifts/bonuses?

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 be complicated. It’s not uncommon for businesses to make mistakes, but no one actually wants to make mistakes.

So, how do you avoid them? Here are some of the most common mistakes businesses make in their accounting.

Once you know them, then you can learn how to avoid them!

As an entrepreneur, I’m always looking for ways to make my life easier/better. Automation, learning, time, etc. Any of these kinds of gifts bring value to my life immensely. I’m not one for ‘things’ but rather intangible goodies. However, you might spot a few things on my list and it’s only because it either makes my life easier or has a clear function (bonus if it does more than one thing!).

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.

When hiring people for your business, one of the biggest questions a business owner may have is if they should pay either hourly or have them on salary.

I am writing this blog to help you decide which is best for your business and your employees.

Let’s be honest, keeping your books organized is hard! When running an entire business, keeping on top of your bookkeeping seems impossible. Keeping your books all neat and organized is the last thing on your mind. Even so, you need to keep it organized.

So, what can you do about it? Well, here are some tips and tricks that just might be the solution to helping you to keep your books organized.

It takes a lot of time and effort to run a small business. Atop of everything you have to do, keeping up with your bookkeeping can seem like a frustrating burden you have to bear. It doesn’t have to be that way! If you want an easier time with your bookkeeping, why not give online bookkeeping services a try?

Still haven’t sold you on it yet? Well then here are some benefits of hiring online bookkeeping services that are sure to convince you to give it a try!

It can often feel like your business is paying a lot of money in taxes, that’s why it’s your responsibility to learn what you can do to reduce them when possible. As a business owner, you want to do what you can to help your business thrive, even during tax season. So, here are some of the best tax reduction practices you can learn for your business.

If you run a business, one of the first things you might think about when tax season rolls around is your deductibles. If you run a business from home, there’s, even more, you can deduct from your taxes, but how do you figure out what’s a deductible and what’s not?

We’re here to help! So what can Canadian business owners deduct from their taxes when they run their business from home?

In the past year and a half, more people than ever before have been working from home. With so many people new to the working from home lifestyle, a lot probably aren't aware of what you can and can’t use as a deductible on their taxes. This blog is here to help!

When it comes to running a business and doing its taxes, there is a lot to figure out. - What’s the difference between GST and HST? - When do you start charging GST/HST? - What do you do with the GST/HST that you’ve collected?

Read on for answers to all these questions! The blog is here to guide you through GST and HST for businesses.

A question I get almost weekly is how to collect GST/HST and if a business should be collecting PST. To answer that properly, you’ll have to take a few things into consideration. This blog is here to help with that.

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.

Chart of Accounts helps you stay organized and prepares you for taxes. The CRA requires that you keep records plus tracking your revenue and expenses assists with business decisions. Get a free Chart of Accounts Template at the bottom of this post!

Fixed costs, variable costs, sale price. All of these things go into finding your break-even point. I talk about how to find it and how to find it with a product mix where you offer more than one product for sale.

Here are four ways to get your business online, even if you’re a brick and mortar store. Whether it’s through simplifying processes or using different software, these tips will help you on your way to getting cloud-based.

Stop waiting to get paid and get paid faster.

Reduce costs, plan for big expenses, and don’t stress about large cash outflows with these three tips.