Disclaimer: Please note this article is not financial advice. The purpose of our blog is purely educational, so please consult a professional accountant or financial advisor before making any financial decision.
Once you begin your business, plenty of questions will occupy your mind, a typical situation for any start-up. Among all them, prioritize discovering the answers to the questions that will directly affect your business finances.
In this article, let us introduce you to the basic but essential information about the Canada Revenue Agency (CRA), taxes, and penalties when you do not pay.
The CRA is the department responsible for collecting taxes from individuals and businesses in Canada. They are the law-enforcing body ensuring that everyone religiously follows the country’s tax act so that the government will have funds for their projects. The CRA is also tasked to go after individuals and corporations not paying taxes on time or at all.
So, you must be thinking, “What happens if I don’t pay my taxes?”
Here’s a straightforward answer: if you do not pay your taxes, the CRA will come after you, and these are some of the things they can do.
Although the CRA strictly imposes these penalties, you can set up a meeting with them if the tax debt is beyond your capacity to pay at the moment. Create payment arrangements that will not hinder you from supporting your cost of living while still paying your taxes.
Some of the deals you can have with the CRA are the following:
During the meeting, ensure that you inform them of your financial situation to get an arrangement that is fair to the government and yourself.
Avoid being in this situation again or ever by following these suggestions.
Paying taxes is a bit complicated, but familiarizing yourself with the laws and working with trained professionals will make the task less of a burden.
These are the answers to some basic tax questions you may have as a business owner. As you grow your business and hire more individuals to work for you, you will also be in charge of paying for their taxes, but that will be the next step. For now, keep in mind these facts so that you can steer clear of penalties and avoid drowning in tax debt.It would also help to have a trained bookkeeper to assist you with basic income tax preparation. We at Unloop can help you with this. Give us a call so that we can discuss all our offers with you.
Disclaimer: Please note this article is not financial advice. The purpose of our blog is purely educational, so please consult a professional accountant or financial advisor before making any financial decision.
Once you begin your business, plenty of questions will occupy your mind, a typical situation for any start-up. Among all them, prioritize discovering the answers to the questions that will directly affect your business finances.
In this article, let us introduce you to the basic but essential information about the Canada Revenue Agency (CRA), taxes, and penalties when you do not pay.
The CRA is the department responsible for collecting taxes from individuals and businesses in Canada. They are the law-enforcing body ensuring that everyone religiously follows the country’s tax act so that the government will have funds for their projects. The CRA is also tasked to go after individuals and corporations not paying taxes on time or at all.
So, you must be thinking, “What happens if I don’t pay my taxes?”
Here’s a straightforward answer: if you do not pay your taxes, the CRA will come after you, and these are some of the things they can do.
Although the CRA strictly imposes these penalties, you can set up a meeting with them if the tax debt is beyond your capacity to pay at the moment. Create payment arrangements that will not hinder you from supporting your cost of living while still paying your taxes.
Some of the deals you can have with the CRA are the following:
During the meeting, ensure that you inform them of your financial situation to get an arrangement that is fair to the government and yourself.
Avoid being in this situation again or ever by following these suggestions.
Paying taxes is a bit complicated, but familiarizing yourself with the laws and working with trained professionals will make the task less of a burden.
These are the answers to some basic tax questions you may have as a business owner. As you grow your business and hire more individuals to work for you, you will also be in charge of paying for their taxes, but that will be the next step. For now, keep in mind these facts so that you can steer clear of penalties and avoid drowning in tax debt.It would also help to have a trained bookkeeper to assist you with basic income tax preparation. We at Unloop can help you with this. Give us a call so that we can discuss all our offers with you.
Disclaimer: Please note this article is not financial advice. The purpose of our blog is purely educational, so please consult a professional accountant or financial advisor before making any financial decision.
Filing an income tax return is not your average everyday tax work. It requires focus and time to file the correct form and information that the Canadian government needs to evaluate your claim. As a result, many would skip the option of filing one to avoid the stress and hassle of dealing with data and taxes. However, failure to file income tax returns in Canada may lead to a big loss for you and your business.
Income taxes, in general, can be a confusing topic for business owners. But don't worry, we're here to help! With the recent changes in Canada’s income tax return law, it's more important than ever that you understand what this is and how it impacts your business. So please read on as we tell you everything you need to know about income tax returns and why they are necessary for entrepreneurs like yourself.
An income tax is a record of your earnings and expenses throughout the year. This includes your personal income, income received in other means, business profit, and many more. Any business owner or individual who earns an annual salary of C$40,000 minimum must file an income tax to report their total income earned during the previous calendar year.
Income Tax Return is when the government returns excess money that you overpaid earlier that year. The Canadian Revenue Agency will review the income tax that you or your company filed on your behalf to check if they need to return money to you. However, most of the returns that the government owes you will go unnoticed unless you file them yourself. In some cases, the government will file it for you; however, this is not a guarantee.
No matter which industry you work in, whether you're in e-commerce or a traditional business, filing your yearly income tax claim is important. Not only will this allow you to report your total earnings, but it will also let you reduce your taxable income and take back the money that’s rightfully yours. Filing taxes allows business owners to claim tax-deductible expenses against their total earnings for the year. It's also important to note that not all of these expenses can be claimed at once—only those already paid or incurred during the fiscal period being reported on.
Filing income tax returns in Canada is easy with an accountant or a software program. Of course, you can check on the CRA website to find out which tax forms to fill and submit, but it can be confusing without the help of somebody more experienced or knowledgeable, like a bookkeeper or accountant.
If you want to save money on your taxes, hiring an accounting firm that specializes in income tax return filing will allow you to focus more on running your business and less on filing taxes. Professionals will be doing the hard work for you.
The earliest you’ll get the money is two weeks after you file the income tax refund online. The latest will be up to eight weeks if you choose to file it via paper. Two weeks to eight weeks are expected, assuming you have sent the claim on or before the due date. If you are a nonresident and no longer living in Canada, it may take 16 weeks for you to receive your claim.
In some cases, the Canadian Revenue Agency will delay the return by reviewing your claim or holding your money entirely for the following reasons:
While you do want to be a responsible citizen in Canada by paying tax and filing the proper tax forms the government requires, the truth is, handling money and taxes is difficult. This is especially true if you are balancing a job or a personal business alone or without a tax preparer. If you work in E-commerce, you might also face new questions on which of your online transactions can be included.
People who already have online businesses have a lot of data to deal with every day, and some of those might be tax data that might get buried and end up unaccounted for by the end of the year. This is why you need an e-commerce bookkeeping service like Unloop—combat these concerns and have your finances regularly managed and tax returns correctly filed.
Unloop consists of trained professionals offering online accounting services to make sure you are well-informed of the expenses you make. The goal is to professionally handle your finances, resulting in less or no income tax return by the end of the year, which is ideal. In addition, Unloop ensures you enjoy the money you earn now and get the refund that is rightfully yours.
Book a call and talk to one of our professional CPAs today!
Disclaimer: Please note this article is not financial advice. The purpose of our blog is purely educational, so please consult a professional accountant or financial advisor before making any financial decision.
Filing an income tax return is not your average everyday tax work. It requires focus and time to file the correct form and information that the Canadian government needs to evaluate your claim. As a result, many would skip the option of filing one to avoid the stress and hassle of dealing with data and taxes. However, failure to file income tax returns in Canada may lead to a big loss for you and your business.
Income taxes, in general, can be a confusing topic for business owners. But don't worry, we're here to help! With the recent changes in Canada’s income tax return law, it's more important than ever that you understand what this is and how it impacts your business. So please read on as we tell you everything you need to know about income tax returns and why they are necessary for entrepreneurs like yourself.
An income tax is a record of your earnings and expenses throughout the year. This includes your personal income, income received in other means, business profit, and many more. Any business owner or individual who earns an annual salary of C$40,000 minimum must file an income tax to report their total income earned during the previous calendar year.
Income Tax Return is when the government returns excess money that you overpaid earlier that year. The Canadian Revenue Agency will review the income tax that you or your company filed on your behalf to check if they need to return money to you. However, most of the returns that the government owes you will go unnoticed unless you file them yourself. In some cases, the government will file it for you; however, this is not a guarantee.
No matter which industry you work in, whether you're in e-commerce or a traditional business, filing your yearly income tax claim is important. Not only will this allow you to report your total earnings, but it will also let you reduce your taxable income and take back the money that’s rightfully yours. Filing taxes allows business owners to claim tax-deductible expenses against their total earnings for the year. It's also important to note that not all of these expenses can be claimed at once—only those already paid or incurred during the fiscal period being reported on.
Filing income tax returns in Canada is easy with an accountant or a software program. Of course, you can check on the CRA website to find out which tax forms to fill and submit, but it can be confusing without the help of somebody more experienced or knowledgeable, like a bookkeeper or accountant.
If you want to save money on your taxes, hiring an accounting firm that specializes in income tax return filing will allow you to focus more on running your business and less on filing taxes. Professionals will be doing the hard work for you.
The earliest you’ll get the money is two weeks after you file the income tax refund online. The latest will be up to eight weeks if you choose to file it via paper. Two weeks to eight weeks are expected, assuming you have sent the claim on or before the due date. If you are a nonresident and no longer living in Canada, it may take 16 weeks for you to receive your claim.
In some cases, the Canadian Revenue Agency will delay the return by reviewing your claim or holding your money entirely for the following reasons:
While you do want to be a responsible citizen in Canada by paying tax and filing the proper tax forms the government requires, the truth is, handling money and taxes is difficult. This is especially true if you are balancing a job or a personal business alone or without a tax preparer. If you work in E-commerce, you might also face new questions on which of your online transactions can be included.
People who already have online businesses have a lot of data to deal with every day, and some of those might be tax data that might get buried and end up unaccounted for by the end of the year. This is why you need an e-commerce bookkeeping service like Unloop—combat these concerns and have your finances regularly managed and tax returns correctly filed.
Unloop consists of trained professionals offering online accounting services to make sure you are well-informed of the expenses you make. The goal is to professionally handle your finances, resulting in less or no income tax return by the end of the year, which is ideal. In addition, Unloop ensures you enjoy the money you earn now and get the refund that is rightfully yours.
Book a call and talk to one of our professional CPAs today!
Disclaimer: Please note this article is not financial advice. The purpose of our blog is purely educational, so please consult a professional accountant or financial advisor before making any financial decision.
Marketing, business strategies, partnership, and planning—these are just a few things that you need to do as a business owner. Of course, you also have to focus on the numbers your business generates.
As an entrepreneur, it is vital to ensure you do everything in your power to manage your finances. In addition to having a bookkeeping service that handles all your accounting needs, you should also have an accountant specializing in eCommerce sales tax and compliance. When selecting the best eCommerce CPA for your company, there are several criteria that need to be considered before making a final decision.
Read on as we will review these criteria so that you can hire the correct one for your business!
When you look for the ideal, you have a list of things that you want to see in that person or thing. Setting a standard means that you don't have to waste your time with people who do not meet your qualifications. When you talk about business, you don't want to settle for less, right? You are a true winner once you get more than what you pay for.
That said, here are the things you should consider when finding the right eCommerce accounting firm for your business:
Don't forget to search for customer testimonials because feedback is an important determinant in making your shortlist. Written and verbal feedback says a lot about the accounting firm you plan to hire.
You have to know first if the firm is working with a team of certified professionals who became experts in their field because of continuous practice and development. The firm must also conform to legal standards like securing complete business permits and a detailed list of services.
The accounting firm must have already worked with business owners who have online stores because they know what needs to be done and how it should be handled. One good example is being highly knowledgeable in Amazon international accounting since Amazon is today's largest eCommerce site. Also, an accounting service provider must come up with frequent updates regarding the business landscape.
Every business owner knows that the accounting service charges are always a concern. With this, you should ask for an estimate of how much it will cost to use their services and compare other firms that offer lower rates or have flexible price plans tailored to your budget requirements. You need to know if there is already a free trial period so that you can fully assess the things a firm can contribute to your company.
It really matters when an accounting firm can exceed your expectations even during the free trial period.
The advent of technology led to the unstoppable development of accounting software. These include cloud-based accounting applications that are very useful for online retail accountants and financial experts. In addition, data security tools have proven to be highly essential because they protect data from unwanted intruders like hackers. Quickbooks, Xero, and Sage are just a few samples of popular applications commonly used by the leading accounting firms today.
It is essential for you to find an accounting firm that utilizes automated accounting tools to save you money and provide you with an accurate financial report. Plus, you have to ensure that all of your data are secured and confidential.
As a business owner, your time is gold, and you have to hire a team who can give you an immediate response to address your queries and other concerns. You can also build an assessment of how the firm communicates with their clients and how they respond, whether they are friendly and accommodating, or you are just another typical client to them.
It is up to you if you hire an accounting firm near you or a remote one. With the help of the internet, you can find many eCommerce accounting firms you can look into and compare. Most of them are competitive, and their websites can also help you with the final decision.
Typically, a website reflects the firm's legitimacy, and all you have to do is navigate and conduct a little research. If the company is a good one, their website should contain the information you need to know, including their services and feedback from their clients.
When you start a business, make sure that you have a budget for an eCommerce accountant. Managing a business is like having a baby because it demands most of your time, focus, and energy. And just like caring for a toddler, you have to do everything just to ensure that you give the best for your business—this includes talking to other professionals for help. Without bookkeepers and accountants, you will never have a clear and complete diagnosis essential to the plans you want to execute and the goals you need to achieve.
If you want to know more about finances, you can read Track Your Business Finances: A Deep Dive Into Amazon Seller Accounting, written by Michael Pignatelli, one of our CPAs here in Unloop.
Disclaimer: Please note this article is not financial advice. The purpose of our blog is purely educational, so please consult a professional accountant or financial advisor before making any financial decision.
Marketing, business strategies, partnership, and planning—these are just a few things that you need to do as a business owner. Of course, you also have to focus on the numbers your business generates.
As an entrepreneur, it is vital to ensure you do everything in your power to manage your finances. In addition to having a bookkeeping service that handles all your accounting needs, you should also have an accountant specializing in eCommerce sales tax and compliance. When selecting the best eCommerce CPA for your company, there are several criteria that need to be considered before making a final decision.
Read on as we will review these criteria so that you can hire the correct one for your business!
When you look for the ideal, you have a list of things that you want to see in that person or thing. Setting a standard means that you don't have to waste your time with people who do not meet your qualifications. When you talk about business, you don't want to settle for less, right? You are a true winner once you get more than what you pay for.
That said, here are the things you should consider when finding the right eCommerce accounting firm for your business:
Don't forget to search for customer testimonials because feedback is an important determinant in making your shortlist. Written and verbal feedback says a lot about the accounting firm you plan to hire.
You have to know first if the firm is working with a team of certified professionals who became experts in their field because of continuous practice and development. The firm must also conform to legal standards like securing complete business permits and a detailed list of services.
The accounting firm must have already worked with business owners who have online stores because they know what needs to be done and how it should be handled. One good example is being highly knowledgeable in Amazon international accounting since Amazon is today's largest eCommerce site. Also, an accounting service provider must come up with frequent updates regarding the business landscape.
Every business owner knows that the accounting service charges are always a concern. With this, you should ask for an estimate of how much it will cost to use their services and compare other firms that offer lower rates or have flexible price plans tailored to your budget requirements. You need to know if there is already a free trial period so that you can fully assess the things a firm can contribute to your company.
It really matters when an accounting firm can exceed your expectations even during the free trial period.
The advent of technology led to the unstoppable development of accounting software. These include cloud-based accounting applications that are very useful for online retail accountants and financial experts. In addition, data security tools have proven to be highly essential because they protect data from unwanted intruders like hackers. Quickbooks, Xero, and Sage are just a few samples of popular applications commonly used by the leading accounting firms today.
It is essential for you to find an accounting firm that utilizes automated accounting tools to save you money and provide you with an accurate financial report. Plus, you have to ensure that all of your data are secured and confidential.
As a business owner, your time is gold, and you have to hire a team who can give you an immediate response to address your queries and other concerns. You can also build an assessment of how the firm communicates with their clients and how they respond, whether they are friendly and accommodating, or you are just another typical client to them.
It is up to you if you hire an accounting firm near you or a remote one. With the help of the internet, you can find many eCommerce accounting firms you can look into and compare. Most of them are competitive, and their websites can also help you with the final decision.
Typically, a website reflects the firm's legitimacy, and all you have to do is navigate and conduct a little research. If the company is a good one, their website should contain the information you need to know, including their services and feedback from their clients.
When you start a business, make sure that you have a budget for an eCommerce accountant. Managing a business is like having a baby because it demands most of your time, focus, and energy. And just like caring for a toddler, you have to do everything just to ensure that you give the best for your business—this includes talking to other professionals for help. Without bookkeepers and accountants, you will never have a clear and complete diagnosis essential to the plans you want to execute and the goals you need to achieve.
If you want to know more about finances, you can read Track Your Business Finances: A Deep Dive Into Amazon Seller Accounting, written by Michael Pignatelli, one of our CPAs here in Unloop.
Disclaimer: Please note this article is not financial advice. The purpose of our blog is purely educational, so please consult a professional accountant or financial advisor before making any financial decision.
As a business owner in the bustling city of Victoria, it is your main goal to provide quality products and services that will lead you to greatness and financial stability. You are probably so busy promoting your business with various marketing strategies that you have no time for bookkeeping and business accounting because they are not your primary goals. But one of the reasons for a failing business is the lack of an accurate accounting system. There are bookkeeping services in Victoria, B.C. that can help you determine how your business is performing.
The absence of an accounting system that aims to track your income and expenses leads your business to failure. Keep scrolling and learn more about the effects of the lack of bookkeeping in your business.
Do not expect your small business to become an empire if you don't have the proper business accounting to generate financial reports vital to your business decisions. As early as now, you have to be aware of the consequences of not having a proper bookkeeping system in place. Read below and know the effects of not having proper bookkeeping.
Victoria City is an economic hub fostering multiple diverse industries such as tourism, technology, education and food products. As a business owner in this part of British Columbia, bookkeeping is necessary so you can study your cash flows, income statements, and expenses. Having all those important reports allows you or your advisers to make the right moves for the future of your business. Without accurate and organized bookkeeping, you will never find out the real score of your business. Victoria City is a promising city, but you have to get your financial information accurate for a better business direction.
Suppose your business is not earning enough revenue and is on the verge of collapse. Bookkeeping in Victoria, B.C. will help you determine how much more you need to earn to keep your business afloat and help you decide whether you need to reduce the number of employees and apply extensive cost-cutting measures. Aside from that, you can also decide whether your business is worth pursuing, as Victoria is a very competitive city and a negative cash flow can be difficult to overcome.
In case your business is doing well, bookkeeping will tell you if you are ready to expand your business and take it to a whole new level.
Your business will never function without the help of utilities and manpower. Without proper small business bookkeeping in Victoria, B.C., you might delay utilities and other payments that can give you a bad credit rating. Bookkeeping also helps you organize your payroll. To live comfortably in Victoria City, you must be paid on time and have a decent income. You don't want your employees to experience delays nor inaccuracy in the computation of their salaries because it will place them in crucial situations.
Aside from the expenses, you need to know the revenue your business generates. There might be patrons who owe you money, and without a proper record, there is a great chance that you won't be able to collect the amount you are entitled to accumulate. Money moves fast in Victoria and you have to be on time to bill those who owe you money.
Federal and provincial taxes are the two kinds of taxes you need to pay the Canadian government. It means that you need to prepare two different tax computations. Federal and provincial taxes have different computations. Without proper bookkeeping, you won't have guidance on how to compute your business taxes and your employees' taxes.
Tax preparation is tedious, and with a competent bookkeeper, you will not only get the accurate amount of taxes you owe the government, but you will also finish your tax preparation ahead of time. Remember that late filing and payment of taxes have corresponding penalties.
A bookkeeper will keep you away from possible illegal activities. There is a chance that one of your employees is cunning enough to see the lack of a proper accounting system within your company and use the chance to defraud your business and commit questionable activities. Hiring a bookkeeper protects you from people who have bad plans for your business, as they can accurately track where and how your cash is being allocated.
Hiring a professional bookkeeper will cost you money, but think of it as an investment in your growth. Having a bookkeeper in your team gives you confidence as a business owner. A bookkeeper will do all the computation for you, including tax preparation. With those crucial tasks handled, you can allot time to closing deals and think of more effective marketing strategies instead. If you do not have a bookkeeper or an accounting system in your business, you should get one as soon as you can to be more aware of how your business performs.
Connect with Unloop today, and get the best bookkeeping services for your business in Victoria!
Disclaimer: Please note this article is not financial advice. The purpose of our blog is purely educational, so please consult a professional accountant or financial advisor before making any financial decision.
As a business owner in the bustling city of Victoria, it is your main goal to provide quality products and services that will lead you to greatness and financial stability. You are probably so busy promoting your business with various marketing strategies that you have no time for bookkeeping and business accounting because they are not your primary goals. But one of the reasons for a failing business is the lack of an accurate accounting system. There are bookkeeping services in Victoria, B.C. that can help you determine how your business is performing.
The absence of an accounting system that aims to track your income and expenses leads your business to failure. Keep scrolling and learn more about the effects of the lack of bookkeeping in your business.
Do not expect your small business to become an empire if you don't have the proper business accounting to generate financial reports vital to your business decisions. As early as now, you have to be aware of the consequences of not having a proper bookkeeping system in place. Read below and know the effects of not having proper bookkeeping.
Victoria City is an economic hub fostering multiple diverse industries such as tourism, technology, education and food products. As a business owner in this part of British Columbia, bookkeeping is necessary so you can study your cash flows, income statements, and expenses. Having all those important reports allows you or your advisers to make the right moves for the future of your business. Without accurate and organized bookkeeping, you will never find out the real score of your business. Victoria City is a promising city, but you have to get your financial information accurate for a better business direction.
Suppose your business is not earning enough revenue and is on the verge of collapse. Bookkeeping in Victoria, B.C. will help you determine how much more you need to earn to keep your business afloat and help you decide whether you need to reduce the number of employees and apply extensive cost-cutting measures. Aside from that, you can also decide whether your business is worth pursuing, as Victoria is a very competitive city and a negative cash flow can be difficult to overcome.
In case your business is doing well, bookkeeping will tell you if you are ready to expand your business and take it to a whole new level.
Your business will never function without the help of utilities and manpower. Without proper small business bookkeeping in Victoria, B.C., you might delay utilities and other payments that can give you a bad credit rating. Bookkeeping also helps you organize your payroll. To live comfortably in Victoria City, you must be paid on time and have a decent income. You don't want your employees to experience delays nor inaccuracy in the computation of their salaries because it will place them in crucial situations.
Aside from the expenses, you need to know the revenue your business generates. There might be patrons who owe you money, and without a proper record, there is a great chance that you won't be able to collect the amount you are entitled to accumulate. Money moves fast in Victoria and you have to be on time to bill those who owe you money.
Federal and provincial taxes are the two kinds of taxes you need to pay the Canadian government. It means that you need to prepare two different tax computations. Federal and provincial taxes have different computations. Without proper bookkeeping, you won't have guidance on how to compute your business taxes and your employees' taxes.
Tax preparation is tedious, and with a competent bookkeeper, you will not only get the accurate amount of taxes you owe the government, but you will also finish your tax preparation ahead of time. Remember that late filing and payment of taxes have corresponding penalties.
A bookkeeper will keep you away from possible illegal activities. There is a chance that one of your employees is cunning enough to see the lack of a proper accounting system within your company and use the chance to defraud your business and commit questionable activities. Hiring a bookkeeper protects you from people who have bad plans for your business, as they can accurately track where and how your cash is being allocated.
Hiring a professional bookkeeper will cost you money, but think of it as an investment in your growth. Having a bookkeeper in your team gives you confidence as a business owner. A bookkeeper will do all the computation for you, including tax preparation. With those crucial tasks handled, you can allot time to closing deals and think of more effective marketing strategies instead. If you do not have a bookkeeper or an accounting system in your business, you should get one as soon as you can to be more aware of how your business performs.
Connect with Unloop today, and get the best bookkeeping services for your business in Victoria!
Disclaimer: Please note this article is not financial advice. The purpose of our blog is purely educational, so please consult a professional accountant or financial advisor before making any financial decision.
Grande Prairie is one of the fastest-growing cities in Canada, and this is a good bait for people to start their businesses in the city. Putting up a business in one of Canada's busiest cities means dealing with your target customers through marketing and negotiating with other service providers. Bookkeeping is vital because it gives you awareness about the financial standpoint of your business. Hiring an accountant or financial expert can save you from dealing with the complex numbers of your business.
What are the criteria you need to know to hire the best bookkeeper in Grande Prairie? Keep reading and let this article help you find the perfect expert for your bookkeeping needs.
Bookkeeping tracks your financial income and expenses. Knowing how much you earn helps you budget money on the things you still need for your business, like utilities, upgrades, and an increase in manpower. The financial report produced by bookkeeping allows you to decide and analyze your next business moves. Aside from that, it is easier for you to determine the right amount of tax you need to pay the Canada Revenue Agency (CRA) when tax season hits.
Bookkeeping is a tedious job, and if you are not a certified accountant or financial expert, it is a good and practical option to hire a bookkeeper. The bookkeeper will give you an accurate amount of how much your business generates. There are bookkeeping services in Grande Prairie, but what are the qualities of a great bookkeeper you need to consider?
As a business owner, you want to have the best for every single dollar you spend. Cash flow and income statements are very sensitive topics, and you deserve to hire bookkeepers in Grande Prairie, Alberta who will provide you with accurate financial reports.
A high-caliber bookkeeper will be:
Bookkeeping is a critical part of business, and you should hire the best one for the job. Unloop Accounting offers accurate bookkeeping in Grande Prairie, and we use only the latest accounting software such as Quickbooks. Do not be afraid to invest in an accounting system that will surely sustain your new company. Get a competitive bookkeeper now so you can focus on growing your business!
Disclaimer: Please note this article is not financial advice. The purpose of our blog is purely educational, so please consult a professional accountant or financial advisor before making any financial decision.
Grande Prairie is one of the fastest-growing cities in Canada, and this is a good bait for people to start their businesses in the city. Putting up a business in one of Canada's busiest cities means dealing with your target customers through marketing and negotiating with other service providers. Bookkeeping is vital because it gives you awareness about the financial standpoint of your business. Hiring an accountant or financial expert can save you from dealing with the complex numbers of your business.
What are the criteria you need to know to hire the best bookkeeper in Grande Prairie? Keep reading and let this article help you find the perfect expert for your bookkeeping needs.
Bookkeeping tracks your financial income and expenses. Knowing how much you earn helps you budget money on the things you still need for your business, like utilities, upgrades, and an increase in manpower. The financial report produced by bookkeeping allows you to decide and analyze your next business moves. Aside from that, it is easier for you to determine the right amount of tax you need to pay the Canada Revenue Agency (CRA) when tax season hits.
Bookkeeping is a tedious job, and if you are not a certified accountant or financial expert, it is a good and practical option to hire a bookkeeper. The bookkeeper will give you an accurate amount of how much your business generates. There are bookkeeping services in Grande Prairie, but what are the qualities of a great bookkeeper you need to consider?
As a business owner, you want to have the best for every single dollar you spend. Cash flow and income statements are very sensitive topics, and you deserve to hire bookkeepers in Grande Prairie, Alberta who will provide you with accurate financial reports.
A high-caliber bookkeeper will be:
Bookkeeping is a critical part of business, and you should hire the best one for the job. Unloop Accounting offers accurate bookkeeping in Grande Prairie, and we use only the latest accounting software such as Quickbooks. Do not be afraid to invest in an accounting system that will surely sustain your new company. Get a competitive bookkeeper now so you can focus on growing your business!
Disclaimer: Please note this article is not financial advice. The purpose of our blog is purely educational, so please consult a professional accountant or financial advisor before making any financial decision.
The financial aspect of a business is extensive. The day-to-day work is one thing, and the big picture is another story. Aside from financial records, you rely on market behavior and strategic planning.
It is difficult for one person to absorb all this information, so specialists for each area take charge. However, some people still confuse accountants, bookkeepers, and financial advisors because of their interlinking roles in financial management. Thus, if you're a business owner looking for the right person, you need to know each finance specialist first.
In that case, let this article help you understand. If you're looking for someone to look at your company’s financial standing, you might be interested in working with a financial reporting analyst.
Before we head straight to a financial analyst's specific roles, let's have a quick refresher on a common mix-up. It can be confusing for those new to these terms to know the difference between financial reporting analysts and accountants. So here are the things that set them apart.
We hope the short discussion above has helped clarify the confusion between the two significant roles in financial management.
If you decide to hire a financial analyst, don't forget to look at their credentials. They need two primary achievements: a degree in finance and a CFA certification.
However, there are acceptable alternatives to these titles. For example, an economics or mathematics degree and a CPA certification may suffice. Still, being a CFA offers a greater advantage.
Now let's discuss the specific tasks of a financial analyst. Find out if they match your needs and you need to hire one.
The first thing a reporting analyst does is collect data to analyze. They gather financial data from accountants and other associated departments, such as internal databases, government agencies, and third-party providers.
What kind of information do they get? The analyst usually asks for any necessary quantitative data, such as historical reports, stock price data, and statistics.
Once the financial analyst has gathered all the necessary information, they organize them into a database or data management platform like Excel. Then, they modify the raw data to retain only the most important information to help them conduct accurate analysis. Although they get neat reports from accountants, analysts still need to reorganize those details from their end.
A reporting analyst in finance is in charge of the big picture of a company's financial health.
After collecting and organizing the data, they start to analyze them. It includes looking into certain metrics: fixed and variable costs, gross and net margins, returns on equity and assets, and many more. Then, they conduct a competitive analysis to see where the company stands in the current market trends.
When state regulatory agencies ask a company for financial reports, the financial analyst usually gets this work done. It could be financial audits, consolidated financial statements, interim financial statements, or other necessary financial documents. Regulatory agencies, investors, or shareholders with interest in the organization often request these documents.
A financial analyst generates a report from the data gathered and presents it to company managers and executives. The report may be in graphs or spreadsheets that showcase the business’s overall performance and profitability. Together, analysts and the board of directors build growth strategies for the organization.
The analyst also forecasts and projects company performance with recommendations on improving several aspects, such as (but not limited to) cost-cutting, operational efficiency, revenue growth, and customer satisfaction.
Analyzing the bigger picture and planning the future of your business in the financial aspect are crucial. For these tasks, a financial analyst can be very handy. They gather data and analyze them to forecast profitability and recommend effective strategies.
But before you proceed, here's a question for you: are your books accurate, organized, and up-to-date to generate insights and growth strategies? If not, you need to focus on that first. Without the correct data, you and your analyst cannot come up with the right strategies.
If you realize that you need to start from there, let Unloop help you with bookkeeping and accounting duties.
We serve Amazon, Shopify, international Amazon, and multichannel sellers in the USA and Canada. Our services include bookkeeping, as well as income tax and sales tax support with the help of partner accounting firms. We ensure that working on your books is hassle-free, accurate, and compliant with the requirements.
Get started with Unloop today!
Disclaimer: Please note this article is not financial advice. The purpose of our blog is purely educational, so please consult a professional accountant or financial advisor before making any financial decision.
The financial aspect of a business is extensive. The day-to-day work is one thing, and the big picture is another story. Aside from financial records, you rely on market behavior and strategic planning.
It is difficult for one person to absorb all this information, so specialists for each area take charge. However, some people still confuse accountants, bookkeepers, and financial advisors because of their interlinking roles in financial management. Thus, if you're a business owner looking for the right person, you need to know each finance specialist first.
In that case, let this article help you understand. If you're looking for someone to look at your company’s financial standing, you might be interested in working with a financial reporting analyst.
Before we head straight to a financial analyst's specific roles, let's have a quick refresher on a common mix-up. It can be confusing for those new to these terms to know the difference between financial reporting analysts and accountants. So here are the things that set them apart.
We hope the short discussion above has helped clarify the confusion between the two significant roles in financial management.
If you decide to hire a financial analyst, don't forget to look at their credentials. They need two primary achievements: a degree in finance and a CFA certification.
However, there are acceptable alternatives to these titles. For example, an economics or mathematics degree and a CPA certification may suffice. Still, being a CFA offers a greater advantage.
Now let's discuss the specific tasks of a financial analyst. Find out if they match your needs and you need to hire one.
The first thing a reporting analyst does is collect data to analyze. They gather financial data from accountants and other associated departments, such as internal databases, government agencies, and third-party providers.
What kind of information do they get? The analyst usually asks for any necessary quantitative data, such as historical reports, stock price data, and statistics.
Once the financial analyst has gathered all the necessary information, they organize them into a database or data management platform like Excel. Then, they modify the raw data to retain only the most important information to help them conduct accurate analysis. Although they get neat reports from accountants, analysts still need to reorganize those details from their end.
A reporting analyst in finance is in charge of the big picture of a company's financial health.
After collecting and organizing the data, they start to analyze them. It includes looking into certain metrics: fixed and variable costs, gross and net margins, returns on equity and assets, and many more. Then, they conduct a competitive analysis to see where the company stands in the current market trends.
When state regulatory agencies ask a company for financial reports, the financial analyst usually gets this work done. It could be financial audits, consolidated financial statements, interim financial statements, or other necessary financial documents. Regulatory agencies, investors, or shareholders with interest in the organization often request these documents.
A financial analyst generates a report from the data gathered and presents it to company managers and executives. The report may be in graphs or spreadsheets that showcase the business’s overall performance and profitability. Together, analysts and the board of directors build growth strategies for the organization.
The analyst also forecasts and projects company performance with recommendations on improving several aspects, such as (but not limited to) cost-cutting, operational efficiency, revenue growth, and customer satisfaction.
Analyzing the bigger picture and planning the future of your business in the financial aspect are crucial. For these tasks, a financial analyst can be very handy. They gather data and analyze them to forecast profitability and recommend effective strategies.
But before you proceed, here's a question for you: are your books accurate, organized, and up-to-date to generate insights and growth strategies? If not, you need to focus on that first. Without the correct data, you and your analyst cannot come up with the right strategies.
If you realize that you need to start from there, let Unloop help you with bookkeeping and accounting duties.
We serve Amazon, Shopify, international Amazon, and multichannel sellers in the USA and Canada. Our services include bookkeeping, as well as income tax and sales tax support with the help of partner accounting firms. We ensure that working on your books is hassle-free, accurate, and compliant with the requirements.
Get started with Unloop today!
Disclaimer: Please note this article is not financial advice. The purpose of our blog is purely educational, so please consult a professional accountant or financial advisor before making any financial decision.
Taxes and finances can be daunting and overwhelming topics for many people. Unfortunately, income tax filing is an aspect that often causes stress, confusion, and frustration. With the help of this blog post, we hope to shed some light on what you need to know about income tax filing so that it doesn't become such a burden in your life.
Are you planning to start a business or do you already own one? Do you need deeper information about income tax filing? It's important to understand that filing taxes for your business is more difficult than filing as an individual. Many people are not aware that there are many ways to reduce your tax burden as a business owner.
Income tax filing is an important aspect of business ownership. As a business owner, filing taxes with the IRS and state on behalf of your company is your responsibility. Having a deeper knowledge of how to file your taxes will help you understand why getting income tax filing help is so important for all businesses owners and some tips that can make filing easier.
Whether you're an experienced tax pro or just starting to learn about filing your taxes for the first time, there are a few important points you'll need to know before you take that big step.
The procedure for filing your taxes is not always simple. The tax code has many exceptions and special rules, making it difficult to know exactly what you should do in every situation.
Fortunately, there are many great online tax preparation services available. They specialize in doing the entire filing process for you, so you don't have to worry. But not all of them are equal, and some might even cost you much more than if you filed yourself! So first, we'll go over a few of the most popular online tax filing services and what they have to offer.
Online tax preparation services provide a great way to find the right solutions to help with both your taxes and your finances. These services can make filing taxes easier by taking care of everything for you.
To prepare your taxes, they provide free consultations as well as a range of payment options. They also offer the option to pay monthly instalments, making it easier on those who need it most.
Since they provide a faster and more personalized service than you might be able to do on your own, these services charge less per state. This means they cost you less overall than if you were to file yourself.
They have done the work of filing your taxes thousands of times before, so all you have to do is follow their step-by-step process.
The biggest benefit is that these services give you peace of mind knowing that your taxes are being filed correctly and will be accepted without any issues. When accomplishing something so complicated, there's no reason to be concerned or stressed about making a mistake.
Tax credits are available for many different purposes, but not everyone knows how to get them. For example, you might qualify for a tax credit if you have children or make less than a certain amount each year. To receive a tax credit, you need to know about them and document your situation accordingly.
One of the best things to do is take advantage of all available tax deductions. You can save money by taking your expenses off your taxable income. For example, if you have a hobby related to knitting, you can deduct needles, yarn, patterns, and other items depending on what you need for that craft. This deduction is better than taking the standard deduction because you can write it off your taxes.
When it comes to filing your taxes, an online tax preparation service can help you save time and money. So in this section, we will go over a few different examples of when using an online tax preparation service will benefit you most.
If your situation is unique or complex, it might be a good idea to have one of these services do it for you. They have seen many different situations before and know exactly what to do in each case, so they can help guide you through.
If you are confident in your tax filing abilities but want an additional set of eyes to look over your taxes, then these services can be helpful. They will check everything for you and make sure nothing gets missed, saving you time and effort if something does get left out!
For those of you who might not be confident in themselves or their abilities to file taxes on their own, these services provide a very helpful guide to make sure everything gets filed properly.
It's critical to know when you'll be required to file your tax return. For example, you don't need to file if no taxes were withheld from your paycheck or if your only sources of income are tax-exempt, such as Social Security benefits. But, you do need to file if your employer withheld any money for taxes and, even if you did not work during the year, there are some circumstances when you might be required to file an income tax return.
Anybody can need help with their taxes, and there are many options available today, such as going for income tax filing assistance. For example, e-filing is a great way to get your tax return done fast. But, of course, you can do it on your own by completing the forms online and then filing them electronically.
If you are still having trouble with your taxes after using an online service, you can always ask a tax professional for help. Most professional tax preparers offer a free estimate of the cost of handling your return.
The most convenient way to file your taxes is to do so online with tax software. There are numerous solutions available, all of which are generally reliable. However, if you want an easier time filing, you should seek an expert in the field. There are various organizations that can help you with filing for your taxes. Usually, there are application fees for this service, but it is worth it since taxes can get complicated.
Filing your income taxes is a stressful and challenging time in the year for many people. If you want to ensure that you are doing everything right or need some help with what to do during tax season, you can hire professional tax and accounting services.
The best time to file your taxes would be from October to April.
Tax season is the time of year when you're required to file your taxes and pay any owed money. Of course, some people find themselves owing more money than others. The best piece of advice anyone can give you is to make sure that you file your income taxes as soon as possible after the end of the year! You'll want everything in before April 15th because it’ll be easier and prevent any late fees or penalties from accruing.
To sum it up, it's important to know that income tax filing for businesses needs comprehensive assistance because of its complicated process. So, whether you’re a business owner or not, it's important to be aware of the tax laws that govern how much money you need to pay and when. A lot can change from one year to another, so make sure your taxes are up-to-date by contacting us at UnLoop today!
Disclaimer: Please note this article is not financial advice. The purpose of our blog is purely educational, so please consult a professional accountant or financial advisor before making any financial decision.
Taxes and finances can be daunting and overwhelming topics for many people. Unfortunately, income tax filing is an aspect that often causes stress, confusion, and frustration. With the help of this blog post, we hope to shed some light on what you need to know about income tax filing so that it doesn't become such a burden in your life.
Are you planning to start a business or do you already own one? Do you need deeper information about income tax filing? It's important to understand that filing taxes for your business is more difficult than filing as an individual. Many people are not aware that there are many ways to reduce your tax burden as a business owner.
Income tax filing is an important aspect of business ownership. As a business owner, filing taxes with the IRS and state on behalf of your company is your responsibility. Having a deeper knowledge of how to file your taxes will help you understand why getting income tax filing help is so important for all businesses owners and some tips that can make filing easier.
Whether you're an experienced tax pro or just starting to learn about filing your taxes for the first time, there are a few important points you'll need to know before you take that big step.
The procedure for filing your taxes is not always simple. The tax code has many exceptions and special rules, making it difficult to know exactly what you should do in every situation.
Fortunately, there are many great online tax preparation services available. They specialize in doing the entire filing process for you, so you don't have to worry. But not all of them are equal, and some might even cost you much more than if you filed yourself! So first, we'll go over a few of the most popular online tax filing services and what they have to offer.
Online tax preparation services provide a great way to find the right solutions to help with both your taxes and your finances. These services can make filing taxes easier by taking care of everything for you.
To prepare your taxes, they provide free consultations as well as a range of payment options. They also offer the option to pay monthly instalments, making it easier on those who need it most.
Since they provide a faster and more personalized service than you might be able to do on your own, these services charge less per state. This means they cost you less overall than if you were to file yourself.
They have done the work of filing your taxes thousands of times before, so all you have to do is follow their step-by-step process.
The biggest benefit is that these services give you peace of mind knowing that your taxes are being filed correctly and will be accepted without any issues. When accomplishing something so complicated, there's no reason to be concerned or stressed about making a mistake.
Tax credits are available for many different purposes, but not everyone knows how to get them. For example, you might qualify for a tax credit if you have children or make less than a certain amount each year. To receive a tax credit, you need to know about them and document your situation accordingly.
One of the best things to do is take advantage of all available tax deductions. You can save money by taking your expenses off your taxable income. For example, if you have a hobby related to knitting, you can deduct needles, yarn, patterns, and other items depending on what you need for that craft. This deduction is better than taking the standard deduction because you can write it off your taxes.
When it comes to filing your taxes, an online tax preparation service can help you save time and money. So in this section, we will go over a few different examples of when using an online tax preparation service will benefit you most.
If your situation is unique or complex, it might be a good idea to have one of these services do it for you. They have seen many different situations before and know exactly what to do in each case, so they can help guide you through.
If you are confident in your tax filing abilities but want an additional set of eyes to look over your taxes, then these services can be helpful. They will check everything for you and make sure nothing gets missed, saving you time and effort if something does get left out!
For those of you who might not be confident in themselves or their abilities to file taxes on their own, these services provide a very helpful guide to make sure everything gets filed properly.
It's critical to know when you'll be required to file your tax return. For example, you don't need to file if no taxes were withheld from your paycheck or if your only sources of income are tax-exempt, such as Social Security benefits. But, you do need to file if your employer withheld any money for taxes and, even if you did not work during the year, there are some circumstances when you might be required to file an income tax return.
Anybody can need help with their taxes, and there are many options available today, such as going for income tax filing assistance. For example, e-filing is a great way to get your tax return done fast. But, of course, you can do it on your own by completing the forms online and then filing them electronically.
If you are still having trouble with your taxes after using an online service, you can always ask a tax professional for help. Most professional tax preparers offer a free estimate of the cost of handling your return.
The most convenient way to file your taxes is to do so online with tax software. There are numerous solutions available, all of which are generally reliable. However, if you want an easier time filing, you should seek an expert in the field. There are various organizations that can help you with filing for your taxes. Usually, there are application fees for this service, but it is worth it since taxes can get complicated.
Filing your income taxes is a stressful and challenging time in the year for many people. If you want to ensure that you are doing everything right or need some help with what to do during tax season, you can hire professional tax and accounting services.
The best time to file your taxes would be from October to April.
Tax season is the time of year when you're required to file your taxes and pay any owed money. Of course, some people find themselves owing more money than others. The best piece of advice anyone can give you is to make sure that you file your income taxes as soon as possible after the end of the year! You'll want everything in before April 15th because it’ll be easier and prevent any late fees or penalties from accruing.
To sum it up, it's important to know that income tax filing for businesses needs comprehensive assistance because of its complicated process. So, whether you’re a business owner or not, it's important to be aware of the tax laws that govern how much money you need to pay and when. A lot can change from one year to another, so make sure your taxes are up-to-date by contacting us at UnLoop today!
Disclaimer: Please note this article is not financial advice. The purpose of our blog is purely educational, so please consult a professional accountant or financial advisor before making any financial decision.
When a door closes, another one opens.
Small businesses have suffered a huge hit ever since the pandemic began. Closures of small businesses reached unprecedented numbers. A report says that 84 small businesses in Vancouver shut down for good.
It’s not all doom and gloom, though. We are now seeing the start of a business boom in Vancouver, thanks to the tech industry. Officials are confident that downtown Vancouver will recover as offices resume normal operations, taking their employees back to their physical offices.
Whether you’re a struggling small business owner in downtown Vancouver or an e-commerce entrepreneur, rest easy knowing brighter days are ahead. Your business will return to normal, and orders will start to pile up.
Amidst this rise in business activity, you might find yourself lost and confused when tax season finally comes. Save yourself from the stress and trouble by knowing when is the right time to hire bookkeeping services for your business.
Here are the five signs that you need bookkeeping services ASAP.
As a small business owner, you have yet to expand your business to include an army of warehouse workers, sales agents, cashiers, maintenance crew, and managers. You have to be an army of one until the moment your big break comes.
For most entrepreneurs, this big break doesn’t happen overnight. It happens gradually. So much so that you will only notice it once you catch a break in the middle of it all. This would be the exact moment that you will finally realize that business is booming and you need more people to help you out.
This is also the perfect time to start looking for bookkeeping services for your Vancouver, B.C. business. Professional bookkeepers can help you manage your books, keep track of your transactions, and file your taxes for you while giving you time to step away from your business for that much-needed break.
Any smart entrepreneur would seize the chance to minimize any expense related to their business. It could mean making compromises and seeking trade-offs whenever and wherever possible. For example, taxes could siphon the little profit you have earned, but you can reduce your monthly liabilities thanks to income tax deductibles.
Because you’ve been trying to do a bit of everything all at once, you can miss out on opportunities to lessen the burden of your income tax liability. It also doesn’t help that the list of expenses that you can deduct is extensively long. To make it even worse, each deductible has its own rules and restrictions that you have to follow.
Tax preparation is no easy task indeed!
If you want to maximize your potential tax deductions, you should hire a bookkeeper to check your books and take note of any expense that can be considered tax-deductible. The difference it makes could mean life and death for a struggling small business.
As the sole proprietor of your business, you’re already used to handling all management and administrative tasks yourself. It can include the hiring of new employees, managing their payroll, and of course, filing your tax returns. But, unfortunately, all these can become too much to bear.
Keeping track of your transactions and balancing your sheets can seem like a less important task throughout the year. We understand how easy it is to push these tasks to the sidelines. But when tax season comes around, you will be left scrambling to search for any receipts and billing statements you had lying around.
Save yourself from cramming an entire year’s worth of financial statements in one night. Instead, hire a certified public accountant (CPA) to do your tax preparation for you. You can rely on a CPA to accurately reflect your business numbers and file your tax returns on time.
Product returns are bound to happen to any business, no matter how good your products are. It’s a fact of life that any entrepreneur learns to accept. However, despite accepting a defective product and issuing a full refund, it can benefit your business by establishing how responsive your customer service is.
Another thing that product returns can do is mess up your books. It happens because you have to reverse how a sale transaction is accounted for in your books. You have to reflect a debit under the cash column and credit under sales to account for a sale.
Doing this manually yourself can take up too much of your time. Amidst your other responsibilities, you might leave some product returns unaccounted for. When you sit down to balance your sheets, you would be scratching your head, figuring out why the numbers won’t add up.
Let your bookkeeper cover you from all sides!
Catching a break from your business can seem almost impossible. There will always be orders to fulfill and customers to serve (hopefully). On the administrative side, inventory needs to be kept fully stocked while paying your employees’ dues on time.
Sometimes you might want to take a break and push seemingly lesser tasks like regularly updating your books to a later date. It may look like an insignificant thing to do, especially when tax season is still far away. However, if you want to have an accurate picture of how your business is performing, you need to update your numbers on a regular basis.
A competent and diligent bookkeeper can provide you with accounting services, including keeping track of your daily transactions and writing up your balance sheet. With a bookkeeper by your side, you can request an accurate financial statement of your business at a moment’s notice and make adjustments accordingly.
If you’ve made it this far and ticked all the boxes, there’s no doubt that you and your business need bookkeeping services. Having an accountant by your side can take a huge burden off your back. But, more importantly, you can now focus your time and energy on running your business.
What are you waiting for? Tax season is just around the corner, so now is the time to get your business the trusty accountant it deserves!
Disclaimer: Please note this article is not financial advice. The purpose of our blog is purely educational, so please consult a professional accountant or financial advisor before making any financial decision.
When a door closes, another one opens.
Small businesses have suffered a huge hit ever since the pandemic began. Closures of small businesses reached unprecedented numbers. A report says that 84 small businesses in Vancouver shut down for good.
It’s not all doom and gloom, though. We are now seeing the start of a business boom in Vancouver, thanks to the tech industry. Officials are confident that downtown Vancouver will recover as offices resume normal operations, taking their employees back to their physical offices.
Whether you’re a struggling small business owner in downtown Vancouver or an e-commerce entrepreneur, rest easy knowing brighter days are ahead. Your business will return to normal, and orders will start to pile up.
Amidst this rise in business activity, you might find yourself lost and confused when tax season finally comes. Save yourself from the stress and trouble by knowing when is the right time to hire bookkeeping services for your business.
Here are the five signs that you need bookkeeping services ASAP.
As a small business owner, you have yet to expand your business to include an army of warehouse workers, sales agents, cashiers, maintenance crew, and managers. You have to be an army of one until the moment your big break comes.
For most entrepreneurs, this big break doesn’t happen overnight. It happens gradually. So much so that you will only notice it once you catch a break in the middle of it all. This would be the exact moment that you will finally realize that business is booming and you need more people to help you out.
This is also the perfect time to start looking for bookkeeping services for your Vancouver, B.C. business. Professional bookkeepers can help you manage your books, keep track of your transactions, and file your taxes for you while giving you time to step away from your business for that much-needed break.
Any smart entrepreneur would seize the chance to minimize any expense related to their business. It could mean making compromises and seeking trade-offs whenever and wherever possible. For example, taxes could siphon the little profit you have earned, but you can reduce your monthly liabilities thanks to income tax deductibles.
Because you’ve been trying to do a bit of everything all at once, you can miss out on opportunities to lessen the burden of your income tax liability. It also doesn’t help that the list of expenses that you can deduct is extensively long. To make it even worse, each deductible has its own rules and restrictions that you have to follow.
Tax preparation is no easy task indeed!
If you want to maximize your potential tax deductions, you should hire a bookkeeper to check your books and take note of any expense that can be considered tax-deductible. The difference it makes could mean life and death for a struggling small business.
As the sole proprietor of your business, you’re already used to handling all management and administrative tasks yourself. It can include the hiring of new employees, managing their payroll, and of course, filing your tax returns. But, unfortunately, all these can become too much to bear.
Keeping track of your transactions and balancing your sheets can seem like a less important task throughout the year. We understand how easy it is to push these tasks to the sidelines. But when tax season comes around, you will be left scrambling to search for any receipts and billing statements you had lying around.
Save yourself from cramming an entire year’s worth of financial statements in one night. Instead, hire a certified public accountant (CPA) to do your tax preparation for you. You can rely on a CPA to accurately reflect your business numbers and file your tax returns on time.
Product returns are bound to happen to any business, no matter how good your products are. It’s a fact of life that any entrepreneur learns to accept. However, despite accepting a defective product and issuing a full refund, it can benefit your business by establishing how responsive your customer service is.
Another thing that product returns can do is mess up your books. It happens because you have to reverse how a sale transaction is accounted for in your books. You have to reflect a debit under the cash column and credit under sales to account for a sale.
Doing this manually yourself can take up too much of your time. Amidst your other responsibilities, you might leave some product returns unaccounted for. When you sit down to balance your sheets, you would be scratching your head, figuring out why the numbers won’t add up.
Let your bookkeeper cover you from all sides!
Catching a break from your business can seem almost impossible. There will always be orders to fulfill and customers to serve (hopefully). On the administrative side, inventory needs to be kept fully stocked while paying your employees’ dues on time.
Sometimes you might want to take a break and push seemingly lesser tasks like regularly updating your books to a later date. It may look like an insignificant thing to do, especially when tax season is still far away. However, if you want to have an accurate picture of how your business is performing, you need to update your numbers on a regular basis.
A competent and diligent bookkeeper can provide you with accounting services, including keeping track of your daily transactions and writing up your balance sheet. With a bookkeeper by your side, you can request an accurate financial statement of your business at a moment’s notice and make adjustments accordingly.
If you’ve made it this far and ticked all the boxes, there’s no doubt that you and your business need bookkeeping services. Having an accountant by your side can take a huge burden off your back. But, more importantly, you can now focus your time and energy on running your business.
What are you waiting for? Tax season is just around the corner, so now is the time to get your business the trusty accountant it deserves!
Disclaimer: Please note this article is not financial advice. The purpose of our blog is purely educational, so please consult a professional accountant or financial advisor before making any financial decision.
Your business in Winnipeg is gaining traction. More people are inquiring, and you've sold two widgets this week compared to the previous week's one. So you want to do some bookkeeping in your Winnipeg business to quantify “how much” your business is growing.
But you have no idea how to balance bookkeeping in Winnipeg with running your business. You've never really warmed up to it back in college.
No matter: here's a quick refresher.
Before the invention of personal computers, bookkeeping was done using workbooks known as journals and ledgers.
Today, this method is tedious because you have to write down the numbers. You also have to calculate the totals manually. Nevertheless, doing your books with this medium is great if you're not so tech-savvy.
Small business owners who are reluctant to buy accounting software use spreadsheets. What's great about spreadsheets is that they can be easy to put together. You can rearrange, label, and put layers of formulas within the cells so that you don't have to do the arithmetic manually.
This medium is the go-to option for Winnipeg bookkeeping services. Accounting software doesn't require you to manually input transactions, unlike spreadsheets or books. Instead, you set up the accounting software and let it do its work. This automation feature removes the hassle of inaccurate recording and classifying of every transaction.
If you want to know the principles but don't want to do the work, this is the right bookkeeping medium for you.
If you're going to tackle bookkeeping for your business, it's important to understand these fundamental principles.
All of accounting and bookkeeping boils down to this simple equation:
A = L + E
Assets are equal to liabilities plus equity or capital. This equation shows everything your business has: what it owes and what it owns.
If you want to produce a balance sheet, the amount in the asset column and the combined amount of your business' liabilities and equity must be the same. To achieve this balance, your books must pass a test called the “trial balance.”
Here are the definitions of each value to get a complete understanding of this equation.
Assets
Assets put a monetary value on everything that your business owns, whether they’re purchased or donated. Petty cash, equipment, intellectual property, inventory, office equipment—these are all under assets.
Liabilities
Simply put, these are what your business owes in both the short and the long term. That payment you haven't made to your supplier is a liability, as well as the taxes you haven't yet paid and the business loans you've been granted.
Equity
Equity can be anything you own that you have invested in the business. The equity is the portion of the equation that calculates the value of your ownership and the proportion of your profit.
If you're putting only $100 in the business, then your equity is only worth $100. You will gain (or lose) based only on that value.
The double-entry method is the process through which bookkeepers keep the accounting equation balanced.
The idea behind the double-entry method is that every transaction must have an incoming (debit) and an outgoing (credit) account assigned to it. In giving, something must be received.
For example, you made a $10.00 sale of merchandise you sold. The double-entry method would enter the amount into two accounts, one for debit and one for credit.
Debit: Cash - $10.00
Credit: Merchandise - $10.00
This $10.00 journal entry says that you have received $10.00 cash from your customer, and you also gave merchandise worth $10.00.
We hope the accounting and bookkeeping concepts we laid out in this article helped. Still, they have their complexities that we would like to help you with. Let's uncomplicate those and help you understand the process better. We offer bookkeeping in Winnipeg for small businesses like you looking to set up a bookkeeping system and learn the process along the way. Talk to us, and let's unloop these concepts so that you can unloop your business.
Disclaimer: Please note this article is not financial advice. The purpose of our blog is purely educational, so please consult a professional accountant or financial advisor before making any financial decision.
Your business in Winnipeg is gaining traction. More people are inquiring, and you've sold two widgets this week compared to the previous week's one. So you want to do some bookkeeping in your Winnipeg business to quantify “how much” your business is growing.
But you have no idea how to balance bookkeeping in Winnipeg with running your business. You've never really warmed up to it back in college.
No matter: here's a quick refresher.
Before the invention of personal computers, bookkeeping was done using workbooks known as journals and ledgers.
Today, this method is tedious because you have to write down the numbers. You also have to calculate the totals manually. Nevertheless, doing your books with this medium is great if you're not so tech-savvy.
Small business owners who are reluctant to buy accounting software use spreadsheets. What's great about spreadsheets is that they can be easy to put together. You can rearrange, label, and put layers of formulas within the cells so that you don't have to do the arithmetic manually.
This medium is the go-to option for Winnipeg bookkeeping services. Accounting software doesn't require you to manually input transactions, unlike spreadsheets or books. Instead, you set up the accounting software and let it do its work. This automation feature removes the hassle of inaccurate recording and classifying of every transaction.
If you want to know the principles but don't want to do the work, this is the right bookkeeping medium for you.
If you're going to tackle bookkeeping for your business, it's important to understand these fundamental principles.
All of accounting and bookkeeping boils down to this simple equation:
A = L + E
Assets are equal to liabilities plus equity or capital. This equation shows everything your business has: what it owes and what it owns.
If you want to produce a balance sheet, the amount in the asset column and the combined amount of your business' liabilities and equity must be the same. To achieve this balance, your books must pass a test called the “trial balance.”
Here are the definitions of each value to get a complete understanding of this equation.
Assets
Assets put a monetary value on everything that your business owns, whether they’re purchased or donated. Petty cash, equipment, intellectual property, inventory, office equipment—these are all under assets.
Liabilities
Simply put, these are what your business owes in both the short and the long term. That payment you haven't made to your supplier is a liability, as well as the taxes you haven't yet paid and the business loans you've been granted.
Equity
Equity can be anything you own that you have invested in the business. The equity is the portion of the equation that calculates the value of your ownership and the proportion of your profit.
If you're putting only $100 in the business, then your equity is only worth $100. You will gain (or lose) based only on that value.
The double-entry method is the process through which bookkeepers keep the accounting equation balanced.
The idea behind the double-entry method is that every transaction must have an incoming (debit) and an outgoing (credit) account assigned to it. In giving, something must be received.
For example, you made a $10.00 sale of merchandise you sold. The double-entry method would enter the amount into two accounts, one for debit and one for credit.
Debit: Cash - $10.00
Credit: Merchandise - $10.00
This $10.00 journal entry says that you have received $10.00 cash from your customer, and you also gave merchandise worth $10.00.
We hope the accounting and bookkeeping concepts we laid out in this article helped. Still, they have their complexities that we would like to help you with. Let's uncomplicate those and help you understand the process better. We offer bookkeeping in Winnipeg for small businesses like you looking to set up a bookkeeping system and learn the process along the way. Talk to us, and let's unloop these concepts so that you can unloop your business.
Unloop is the first and only accounting firm exclusively servicing ecommerce and inventory businesses in the US and Canada. With the power of people and technology, our team dives deep into COGS and inventory accounting. You are paired with a dedicated bookkeeping team that prepares accurate financial statements, financial forecasts, and can also pay bills or run payroll for you. Come tax time, everything is organized and ready to go, so you don't need to worry. Book a call with an ecommerce accountant today to learn more.
