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By C2online on 7/26/2013 7:41 AM
In the current digital age, asking yourself if your bookkeeping or accounting practice has or wants to have an online presence is redundant. There is no option anymore - all companies must have an online presence to survive in competitive global markets.
By C2online on 4/4/2013 11:23 AM
So much work and effort is made to winning a new bookkeeping business client but managing the client's expectations after the business is won is just as important.
By C2online on 1/28/2013 9:16 AM

It’s a lot of work running a business and one of the most important, but often-neglected areas, is bookkeeping. It can be overwhelming to keep track of the day-to-day transactions of your business...

By C2online on 12/28/2012 11:21 AM
Bookkeeping is not just limited to business owners—it’s a good idea to apply the same
bookkeeping principles to your personal finances. Consider yourself the Chief Operating
Officer of your own company (you)...
By C2online on 12/13/2012 5:00 AM
We’ve talked about guidelines on how to choose a bookkeeper, but perhaps you are still not convinced you really need one. Let’s review your situation.

Not that long ago, starting a business and fulfilling your passion was your dream. You’ve taken that step—you’ve created your own business. It’s beginning to take off and you’re looking to expand. There’s a lot on your plate—you’re testing the market, looking for a new location, meeting with potential customers, interviewing, training and hiring new employees, setting up the office, and purchasing inventory, among many other tasks. The business is starting to make a profit; the day-to-day running of it keeps you busy full-time. Tracking inventory records, accounts payable, accounts receivable and other transactions needs to be done. Instead of having that extra time to play with your kids, spend time with your partner or pursue personal...
By C2online on 12/8/2012 5:02 AM
As your business grows, or even during the start-up stage, it’s a must that you have someone who takes care of the bookkeeping tasks for you.



Business documents pile up so quickly, like receipts and invoices, bills to be paid and those that were already paid for.  Taxes and other financial documents also directly impact one’s business stature.  And getting things in order is a must if you want to be on top of your financial transactions.

Let’s face it, as business progresses, everybody becomes busier, and without a bookkeeper to take care these, things can get messier than one can imagine.

But hiring a good one can also be a difficult process, here are some tips to spot the best bookkeeper for your business during the hiring process:

Is the candidate well-experienced in the bookkeeping process?

Does the candidate for the position have the necessary experience?  Did he work...
By C2online on 11/21/2012 12:03 PM
As a business owner, if asked this very same question, will you be able to give an answer with a straight face?



At times, in business, owners or managers would assume that their hectic day-to-day activities are a sign that their business is actually doing well.  Watching the frantic activities happening in the stores or the shops, give them that feeling that their business is really making lots of money.

But what if the supposed crazy business activities don’t necessarily mean profitability?  Yes, like activity doesn’t really reflect productivity.

We have to admit, many business owners are at a lost when it comes to understanding how their company’s really doing.

Maybe it’s about time you talk to your bookkeeper and accountant and see if your business is really making the profits that you want.  Let’s face it, how can you deal with a problem that you don’t even know exist.

...
By C2online on 10/10/2012 11:45 AM
Lowering your operating expenses is always a good thing. Take a few minutes once or twice a year to think about how you can cut back or eliminate unnecessary expenses. Over time, those saved dollars can add up to a significant amount in your bank account.





 Below are 6 tips for reducing everyday business expenses that you can implement without sacrificing too much.

 

1. Office Equipment



Using energy efficient equipment in your office gives you more bang for your buck: while saving on electric bills and extending the lifespan of office equipment, you are also protecting the environment. Consider using a laptop as it consumes less energy than a desktop.

See: Approximate Desktop, Notebook, & Netbook Power Usage by Penn Computing 

2. Communication

Review your...
By C2online on 9/10/2012 8:45 AM
Bookkeeping   

 

 

 

 

 

 

 

If you are starting a small business it is important to keep expenses to a minimum. Profits will happen eventually but often not within the first few months.

Some business owners will try to cut costs by not hiring a bookkeeper. Instead they will get admin staff to manage the financial records. Although expenses are reduced in the short term this could be a mistake. Off-the-shelf accounting software may be easy to buy but it isn’t necessarily easy to use - properly. By hiring a good bookkeeper you will avoid some mistakes listed below. 1. Invoicing Incorrectly Incorrect invoicing may entail a lot of extra time reconciling your products sold or services rendered, thus resulting in inability to collect from your customers on time. Also, if not done on time, invoicing can strain your cash flow....
By C2online on 9/6/2012 3:43 PM


We recently looked at the characteristics of a good bookkeeper. But what about being a good client?

As a general rule, a bookkeeper will be more diligent with the clients that they love and respect. So what do you need to do as a client to get the highest level of performance from your bookkeeper? Below are 5 tips for you to remember when working with your bookkeeper.

1. It's Not Their Fault Bookkeepers can make mistakes - they are human - but not that often. Bookkeepers love what they do because they have great attention to detail and they like to see things add up correctly and balance. Often they are quick, as well as being thorough. As a rule, they are hard wired to do things right.

Most likely the blame for incorrect entries and 'mistakes' are because of miscommunication or misunderstanding. So try your best to understand what your bookkeeper needs.

...
By C2online on 8/17/2012 1:39 PM


We've talked about how important communication is in bookkeeping in one of our previous blogs, Stand Out as a Bookkeeper: 10 Tips for Superior Communication Skills. If you're operating your bookkeeping business out of the house (or anywhere, really) email is most likely your most common form of communication with your clients. 





Email is like an old and faithful friend; it certainly hasn't gone anywhere and doesn't seem to be fading away. But because it's been a common tool for so long now, have we forgotten our etiquette? Are we so focused on tweeting that email has fallen to the back burner? We thought a refresher on email etiquette wouldn't hurt - especially if it's your dominant communication medium.





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By C2online on 8/13/2012 7:05 AM

We've talked about it in our previous blogs because it's something that every small business owner has to think about. Do you do your own bookkeeping or look to outsource it? It's an important decision because there's no getting around having to manage all the paperwork that comes with running a business. For a lot of entrepreneurs, there eventually comes a time when you have no choice but to invest in a bookkeeper.


But what should you look for in a bookkeeper? What makes a good bookkeeper… good? Here are 10 tips for what to look for in a superstar bookkeeper. 

By C2online on 7/27/2012 7:39 AM
As a small business owner, are you in touch with your finances? And I don't mean just an income statement and filing your taxes. Are you really in touch with the ins and outs of your business' financial operations? As an entrepreneur of any type of business, whether you're running a bakery, starting a coffee roasting company or offering dog walking services, you can't live without financial management. It's an essential part of your business operations.

To have good financial management, you need good bookkeeping. So what exactly is bookkeeping and why do you need it? Bookkeeping is a system of recording the financial transactions of a business. It looks at all aspects of the comings and goings of your cash flow and transactions. Here are some basic bookkeeping terms defined: Basic ABC's of Bookkeeping

...
By C2online on 7/19/2012 4:18 PM
Have you thought about your brand? Sure, you’re not selling a tangible product in a store, you might be a small business working out of your home, but don’t believe that your brand isn’t just as important. Whether you’re just starting your business or if you already have an established business with some branding in place, it’s never too late to think about building on your brand. But first, let’s talk about what branding is.

 

What is branding?

We took several definitions of branding and combined them to create our own: Creating a unique image for a product or service in consumers’ minds. Branding aims to establish a significant and differentiated presence in the market that attracts and retains customers.

Branding is so much more than a logo and business name. It is everything you do in your business; it is the message that you are sending out about your services. It is the look (your logo, name, colours, fonts, etc.) as well as the voice of your business (communicating who you are and what you do).

...
By C2online on 7/6/2012 7:50 AM
Many companies are using MS Excel for their bookkeeping needs and services. It makes sense because the program already comes bundled with the PC you bought, so it’s cheaper than buying bookkeeping software. And really, if your current bookkeeping system utilizes shoeboxes and file folders, then Excel would be a huge improvement for you.

However, when it’s time to move on from the most basic of cash book type record, you’ll need a proper bookkeeping tool that’s built for your needs. As business grows, it also outgrows the use of Excel for bookkeeping.

Here are some common arguments for using Excel… and the problems associated with them.

It’s familiar and I already know how to use it.

Sure, most users know how to do some of the basic tasks but Excel is not simple and the more advanced features require some proper learning and experience. A bookkeeping software is...
By Lisa Patrick on 5/25/2012 5:53 AM

During the current recession, many businesses and individuals are turning to professional accountants in order to ensure the correct preparation of their tax returns to avoid costly penalties. This means that there are many opportunities for accountancy offices and franchises to grow - an opportunity for a new revenue stream to offset the lack of revenue after tax season.

By Lisa Patrick on 5/9/2012 8:00 AM
Bookkeepers Quote™ - Fast, Easy Accurate.
The goal of Bookkeepers Quote is to provide a tool for any bookkeeper anywhere in the world to generate accurate professional quotes, based on proven standards that will also help you earn more money. Free Webinar
By Lisa Patrick on 2/6/2012 12:00 AM
“Cash is King”, how many times as an Entrepreneur have you heard that?  It is true, when you run out of cash - you are out of business. You can make sure that your business survives by strategizing to ensure you are maximizing on all the corporate income tax deductions available and ensuring that you are aggressively monitoring and allocating your cash flow appropriately to grow that pile.

Many sole proprietors and partnerships use the strategy to incorporate their businesses because of the tax advantages that an incorporation will provide when their business has grown large enough for the incorporation to be worthwhile. The best known of these tax advantages is the Small Business Tax Deduction.  Income of a Canadian corporation is taxed at a special “reduced” rate.  The small business Corporate net tax rate is 11%.  Other types of corporations that don’t qualify for the small business rate are taxed at 19.5%.

When is it worthwhile to incorporate? When you have a significant income that offsets...
By Lisa Patrick on 2/6/2012 12:00 AM
By Lisa Patrick on 2/2/2012 12:00 AM
Why proper record keeping is so valuable to your business!

Record keeping is considered by many entrepreneurs as one of the "least important" part of operating a business (unless you are an accountant). However, good record keeping is essential to your financial survival.  It also provides you the information paper trail tool to navigate through your records to uncover where the possibility of fraud is occurring or has occurred.

Reason #1:

If you have a business in Canada, The Income Tax Act requires you to keep records so that you can prepare complete and accurate tax returns.  Keeping careful records of all your financial transactions is also in your own best interest for the following reasons:

·      Good records help you to identify from whom you received your income.  You may receive cash or property from many different places.  Unless you have records showing sources of your income, you may be UNABLE to prove that some are non-business or non-taxable.

·      Well kept records...
By Lisa Patrick on 1/2/2012 12:00 AM
Yikes, your company has been forgiven a debt…  That could mean you have income and gst to report unless you designate the amount was initially an equipment cost and reduce the asset value. There are extremely complex rules dealing with situations where taxpayers who have commercial obligations (debt) and that debt is settled for less than the principal amount. If the debt is personal or non-commercial in nature, nothing happens. In these cases, the debt is defined to include debt where the interest is not deductible for income tax purposes. Commercial debt is debt where interest is deductible for income tax. To be deductible, it must have been incurred to earn income from a business or property. However, even in cases where the debt was non-interest bearing, the debt forgiveness rules apply where interest, if paid or payable, would have been tax deductible. Where commercial debt is forgiven, the forgiven amount is subject to certain special tax treatment.

  T2154- Application of Designated Forgiven Debt...
By Lisa Patrick on 1/2/2012 12:00 AM

Rule of 72

A rule stating that in order to find the number of years required to double your money at a given interest rate, you divide the compound return into 72. The result is the approximate number of years that it will take for your investment to double.

To determine how long it will take to actually pay or receive interest on any principal amount equal to the principal amount - divide 72 by rate of interest.
1% interest = 72 years to see you double your investment.
Or you doubled your mortgage cost.
 

15% interest = 4.8 years

Darlene Lafond R.P.A.


By Lisa Patrick on 12/7/2011 12:00 AM
Bookkeeping is something as a business owner we all face and need. It is recession proof and a necessary evil!  As a business owner we are so busy trying to make money that we forget that our bookkeeping can be our Secret Weapon to keeping our money.

Good bookkeeping leads to good business management and growth!

Below are 5 common mistakes made by bookkeepers:

 1.      They do not account for claiming meal receipts and not identifying it in a meal ledger such as a meal & entertainment,  meal travel, meal – living out allow, meal – isolated living, etc.

The government tax department believes a consumption of a meal is part personal.  Although for business expense the meal and the gst paid is 100% deductible by the company.  The Tax claim of the meal expense and the gst on the meal has to be reduced by 50% when prepared for tax purposes.   In unusual incidents a meal claim for an “isolated” work site, you may claim 100% of the meal expense and 100% of the GST expense. 2.      Claim...
By Lisa Patrick on 11/21/2011 12:00 AM
You have up to 10 years under fairness to taxpayers to file a change to your tax return.  The government may only change your tax return for up to 3 years unless they find an illegal action.
 
Preparing a letter detailing what you need changed is simple.  Prepare the financial information with the new information and if possible include details on what you had initially claimed.
 
The government does provide a form called T1adj that may be downloaded from their website. http://www.cra.gc.ca

If you have any questions or are afraid to contact them directly, contact us and let us help you.

Darlene Lafond R.P.A.

By Lisa Patrick on 10/31/2011 12:00 AM
Whether you’re a contractor occasionally working at home or an entrepreneur you need a room of your own to work in.  Don’t give in to the temptation to work on the sofa in front of the television.  Instead, have your own working space. This should be a permanent desk in a spare room with all the equipment that you need.

Having a defined separation when possible in your home as your work space will ensure that you won’t drift in out of work and ensure your entire focus is on your work. Make this space comfortable to work in, a space uncluttered, organized and make your home office your own – personalize your space.

When you work from home you will need to be sure that you are accurately accounting for all your office in home space so that you can utilize that tax advantages to working from home.

Utilize C2online's Office in Home Calculator to assist you to ensure that you take full...
By Lisa Patrick on 10/26/2011 12:00 AM

I came across this article by Fran Tarkenton, on his website, www.onemorecustomer.com   I found the article very interesting and I wanted to share my thoughts on his article and share the link with you.

We all start small, some in the garages of our homes, some are the local corner store, and others have an idea and are fortunate enough to have the right person come along and like it.

As entrepreneurs we should never give up.  It seems that all the small businesses I come across all have the same complaint, "Not enough time and money."  After all, when we start we have a 9 to 5 job that actually pays our bills but leaves us little time to work on our business and no funds to achieve the success we inspire for as quickly as we like.

I found Frans story about Bernie Marcus; Home Depot inspiring.  Click here to read more.

By Lisa Patrick on 9/20/2011 12:00 AM
Ensuring that your bookkeeper is qualified to complete the tasks required by your accountant to file the year end is very important. 

ASK YOURSELF how much time and money is spent trying to decide what they need in order to complete your bookkeeping for year end? Finding a bookkeeper that is able to communicate to you what they need is also part of their job description.  Do they have all the communication tools and checklists to ensure that when they receive the bookkeeping from you that they have all the paperwork necessary to complete all their tasks.  Remember every time they call and request paperwork from you that should have been communicated to you initially when you provided them your box, costs you money. 

Ask yourself, if they don't know what they need or how to communicate to you; how good of a job are they doing?  It is not just about the data entry it's about truly understanding what you the client requires and communicating those needs to you.

Lisa Patrick CEO

...
By Lisa Patrick on 9/20/2011 12:00 AM
Business owners that are trusting some one to do their bookkeeping and all the reporting to the government agencies….are you sure?

You are right, you have to do want you are good at and leave the stuff in your business that is better completed by those that know but…
How do you know the person you are trusting to know actually knows AND IS DOING IT?
 
Confirm the reporting to the government is done – INSIST at the very least to receive the “yearly” copy of  the notice from the government that says “ASSESSMENT” and the “year”.
GST ASSESSMENT

Income Tax ASSESSMENT

Darlene Lafond C.P.C.,R.P.A.

By Lisa Patrick on 7/25/2011 12:00 AM
If you get any mail from the government, please bring it to your tax professional right away.  Some mail is date sensitive.  It could cost you money if the mail is not attended in 90 days in most cases.

Even if the government states you do not qualify for something, assume the government made a mistake and see your tax professional.  If you have no professional, please sent it to me by email and I will tell you - no charge if you need to see someone!
 
I just rushed a notice of objection through today that was one day from expiring and I believe the government has made a mistake that will get my client back $1625.00!

Darlene Lafond R.P.A., C.P.C.

 
Do not ignore your government mail!
By Lisa Patrick on 7/13/2011 12:00 AM
Canada Revenue Agency states that there are 3 methods to obtain satisfaction…but if we may suggest there are 4!!   1.         If you are experiencing a bad experience in the way you are being treated by a Canada Revenue Agency Auditor, ask to speak to their supervisor. 2.         Lodge your complaint on line if method 1. does not work CRA – Service Complaints, complete Form RC193, Service Related Complaint, which you can get by going to www.cra.gc.ca/complaints or by calling 1-800-959-2221 http://www.cra.gc.ca/complaints%20or%20by%20calling%201-800-959-2221>  for the form… and then fax it completed.   3.         Contact the office of the Taxpayers’ Ombudsman If, after following steps 1 and 2, you are still not satisfied with the way the CRA has handled your complaint, you can file a complaint with the Taxpayers’ Ombudsman. For more information on the Taxpayers’ Ombudsman and on how to file a complaint, visit their...
By Lisa Patrick on 6/14/2011 12:00 AM
Deciding:

1. who to hire for a bookkeeper? 2. is your bookkeeper doing the job right? 3. is your bookkeeper stealing from you?   7 DO rules: 1.         do request a security report from some regulatory authority, the police? 2.         do have a routine day in the month that you actually sign the cheques to pay the people you owe. 3.         do randomly with out warning, ask from your bookkeeper for the copy of the most current bank statement with all the cheques attached with the print out of the bank ledger and the bank reconciliation report. 4.         do look at the cheques attached to determine if the cheques are logical for your company. 5.         do bring the random information you requested to your tax accountant.. at that time a quick cross ticking of the information should tell the accountant if the cheques appear the same on the reports 6.       do request financial reports be provided by your bookkeeper at a random time and ask your tax accountant to determine the logic on the reports...
By Lisa Patrick on 4/20/2011 12:00 AM

If you obtain a receipt for purchases and the GST number is not valid, the Canadian government can actually elliminate the GST payment.

We recommend that for large purchases for your business, validate the GST number by verifying the status of the vendor's GST number at the time of purchase and print the print the results.

Go to Canada Revenue Agency for further information or contact us.

By Lisa Patrick on 2/25/2011 12:00 AM

As a small business owner who does not want to pay your bookkeeper or accountant to file the ONE T4 slip you have for the year..what do you do?

Well I went online to the CRA website and fumbled around ... really let's not make it easy for us to find things...

I have included in this article the T4 Summary you need to fill out.. Just CLICK HERE and download.

I have also included the T4... Just CLICK HERE and download.

Good Luck
Lisa Patrick, CEO

By Lisa Patrick on 1/12/2011 12:00 AM
If you are a taxpayer with only employment and investment income you may order from Canada Revenue Agency all your previous years paperwork.   Now, it can take the government up to 2 years to get all the tax info keyed into your social insurance number from your employers and investment companies. Call 1 800 959 8281, and advise them you have lost all your tax papers and explain you are an employed taxpayer. Ask them to help you determine if they have what you need at this date on their computer database. There is no need to visit an office, a phone call will provide the confirmation and mail service to your address will get you what they have.   If you have a personal taxpayer with a business and have lost all your tax slips and business bookkeeping, there is a solution but it is much more time consuming and possibly more expensive to get your information recreated. Ordering your tax slips from the government is easy but it is the recreating of the receipts and statements for the business that will be time consuming and possibly expensive....
By Lisa Patrick on 1/7/2011 12:00 AM

Cra provides a simplier method of the accounting for the GST.  This method also provides for a simpler GST return.  Most business types can qualify for this method.
You must contact the government in order to use this method.  
 
The Cra guide: GST Quick Method RC 4058 <http://www.cra-arc.gc.ca/E/pub/gp/rc4058/rc4058-10e.pdf>  can assist you if you desire researching.  Or Contact the government at 1 800 959 5525.
This means that you remit only a part of the GST tax that you collect, or that is collectible.

Darlene Lafond R.P.A., C.P.C.

By Lisa Patrick on 12/31/2010 12:00 AM
Criteria: a.   if any work shift exceeds 12 hours (that would include travel time to job site) = one meal a day write “shift over 12 hours” on receipt It is expected after a 12 hour work shift, the employer provide 1 meal to the employee. The income tax act allows this meal to be a company expense with out consideration to including it as income to the employee. Write “job site or contract or maintain day planner, ensure employees time sheet reflects the shift period.   b.   if any client visit included a meal: write “client name, agenda, time” on receipt   c.   if any over night travel includes a meals:  write “client name, agenda (purpose)” on receipt

Go to our free product and learn more.

Darlene Lafond C.P.C., R.P.A.

...
By Lisa Patrick on 12/31/2010 12:00 AM
There are tax guidelines on how much you can give your employee - either in gift or in cash that may or may not result in a taxable benefit.   Please do look at the deal carefully every year as the government does change the rules. There was major change effective January 1, 2010….   December 31, 2010 is fast approaching for the preparation of the T4s…   Please visit CRA website to get the spit from the horses’ mouth. employer guide on benefits to employees http://www.cra-arc.gc.ca/E/pub/tg/t4130/t4130-10e.pdf>   this is a section from the guide we believe you should read: Gifts, awards, and long-service awards Policy for non-cash gifts and awards to help you determine if there is a taxable benefit for the employee. Go to www.cra.gc.ca/gifts, select “Rules for gifts and awards,” then select the “Q&A” icon.

C2online

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By Lisa Patrick on 10/4/2010 12:00 AM
We have discussed with business buyers and business sellers various considerations ABOUT VALUING A BUSINESS. Buying the shares of the business rather than breaking out the equipment can sometimes be a better net cash win for everyone.   If you desire assistance in getting the “things” together to make an informed decision, should YOU buy a business or what to sell YOUR business for: Consider getting this information on the business together for your tax accountant.   1.        Previous years government filed returns (Federal, Provincial, GST, others) Comparative Income & Expense Year to date 2.        Comparative Balance Sheet Year to date 3.        Payroll report for management year to date for calendar year. 4.        Payroll report for management year to date for fiscal year.   C2online provides a detailed checklist on the buying, closing or selling of a business – FREE!   Buy close transfer bus checklist  ...
By Lisa Patrick on 9/20/2010 12:00 AM


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By Lisa Patrick on 8/19/2010 12:00 AM

There is  nothing wrong with giving it to your Tax Accountant to keep.  You visit them every year.
Your tax accountant would be the most liikely first place a family member would ask about it.
 
Remember it is a nightmare for the family if no Will can be found.  It's even worse if they know there is one and they just can not locate it.

By Lisa Patrick on 8/18/2010 12:00 AM
Bookkeeping is not so different than going to the mechanic. You know you need some service work but you have no idea on how much or what it is they do.   We have been using a method for quoting fees for several years now that asks the client to provide some basic information.  It's a standard billing process that utilizes a code and a standard time or flat rate for the different facets of a bookkeeping file.   Just to name some of the different services we have to provide as a bookkeeping to complete a clients records efficiently.   Contacts to: government, account receivable etc… Completion of Government forms like remittances for payroll, taxes etc. Bookkeeping input by matching every journal entry or condensing the journal entries. Photocopying, backing up the data file, organizing the filing system, printing of reports… Year end examination for confirmation on the accuracy of the information.

You can go to our free tools and download our...
By Lisa Patrick on 8/18/2010 12:00 AM
We have a proven method on how to deal with Toxic Clients.  This method is in place to recognize the fact that every retail industry has “Toxic Clients” is the first step.   The next step is recognize why they are toxic and that might involve you accepting some accountability for a mistake.

Some steps that we have developed teach us how to: 1.        teach the toxic client to be appreciative and worthwhile. 2.        refer the toxic client to an alternate. 3.        and finally how recognize when you have to get rid of that toxic client. We are keynote speaking about this very subject.  Check our events calendar for more information.  This event is only open to bookkeepers and accountants.  However, we will be conducting a webinar on this very subject and you amy contact us directly to pre-register for that event.

...
By Lisa Patrick on 7/31/2010 12:00 AM
Canada Revenue Agency has a tax refund that you may not know about or are  not utilizing correctly.  Since May 1, 2006 Canada Revenue Agency implemented the T2038.  Which states that if you are an employer who has paid up to $20,000.00 for a maximum of 24 months, apprentices will qualify for a 10% tax credit.    There is a maximum of $2000 tax savings for the business (employer) of all apprenticeship per year.

Provide your tax accountant the information via this chart below per year via email if you choose per employer since May 1, 2006.

Apprenticeship T2038 Employee Name

Contract Apprenticeship Number

Social Insurance Number

Name of Eligible Trade Eligible Salary & wages after any reimbursed

amount by alternate government programs.

      ...
By Lisa Patrick on 6/24/2010 12:00 AM
Personal taxes for the year (if facing Personal filing deadline in next 30 days) Do it with the Personal tax slips you have Use your personal government tax slips or employer t4 slips You may adjust your personal tax return later once you complete the information from your Company. Simplest way to do bookkeeping with out a computer. Use an add machine for totaling of receipts. Provide Bank Statements for the business so the matching of: totals for money that went in. and the totals for the money that went out can be compared to your receipt total information as shown in www.c2online.ca  compare http://www.c2online.ca/Store/tabid/80/ctl/ProductDetails/mid/595/ProductID/57/Default.aspx>   Prepare each account (category)  total to each Business year end (fiscal period example First year:         March 9, 2009 to February 28, 2010 2nd year:            March 1, 2010 to February 28, 2011) Or cut off date of company when closing...
By Lisa Patrick on 6/4/2010 12:00 AM

The federal government issued a home renovation tax credit, let's lobby for a travel tax credit!! Stimulate the travel within Canada by Canadians!

How? Implement a travel tax credit for money spent on flying or driving, hotels, campsites, etc. for personal travel. 

Criteria? It has to have two trips to qualify, first $250.00 does not qualify, maximum $10, 000.00

Where on the T1 General Tax Return?  It would not take much to modify the Schedule 12.

Interested?? Contact us.

By Lisa Patrick on 6/4/2010 12:00 AM

Does any one want to start the ball rolling to get the provincial governments to implement the home renovation tax credit for 2010…??

The federal government has dropped it but why not get that schedule 12 to our provincial tax schedules!!!

Contact us

By Lisa Patrick on 5/18/2010 12:00 AM

First, always make sure your tax practitioner claims medical, donations, child fitness credit, home renovations, all personal credits on the spouse that is paying both provincial and federal taxes.
 

We have had to over ride software programs to claim the amounts so they are in the best advantage to our clients.  REMEMBER: The computer does not always default correctly.
 
This time it made a difference of $1500.00.

Darlene Lafond C.P.C., R.P.A.


By Lisa Patrick on 2/1/2010 12:00 AM
  1. Keep your records up to date.  It is much easier to remember what an expense was when it’s fresh in your mind as opposed to 6 months ago.
  2. Keep all your records in one place. File by the month or by the type of expense.
  3. Purchase the tools to keep an accurate record of your income and expenses.
  4. Keep your personal and business expense receipts separate.  Set up a bank account for your business that way all your record keeping will be straightforward and you can account for your expenses.
  5.  Keep a record of your time spent keeping your books.  This way you can make an informed decision if it worth it for you to take care of your bookkeeping or hire someone to do it for you.

 

By Lisa Patrick on 1/19/2010 12:00 AM
Are you someone who doesn’t know how to read a financial statement?  Financial statements show the “reality” of the situation of a business.

Whether you are a new investor, a small business owner, a manager, an executive, a non-profit director, you need to understand how to read, analyze, and create the financial statements so you can get a full and accurate understanding how much money their is, how much debt is owed, the income coming in each month, and the expenses going out the door.

Building a successful business is about managing money. You have to manage the financial aspects of the business, balancing costs with potential returns.

Financial reports provide information not always visible on the surface.  Good news.. you can learn to read and interpret financial statements.

Business is about repeating the cycle of selling goods and services, making money, and re-investing to grow the business. To succeed you must have profits at the end of this cycle. To succeed long-term, you...
By Lisa Patrick on 1/6/2010 12:00 AM

 Attend our free seminar on the home renovation tax credit and find out ALL you kneed to know.  The less we have to give to the Revenue Canada the better.  Visit our contact page on our website to RSVP.

Home Renovation Tax Credit
FREE Seminar

By Lisa Patrick on 12/30/2009 12:00 AM

We are interested in presenting some of our bookkeeping tools to employer’s and employee’s for free over a lunch hour.  Our Simplified Ledger – Employee Expenses, In home office calculator just to name a couple.

If you know of someone who could benefit from these tools or a company that has employee’s that could benefit from these tools.. please contact us.

Lisa Patrick
CEO

By Lisa Patrick on 12/15/2009 12:00 AM
Are any of these answers your answer to why you don’t have a Will?

There is no definitive statistics In Canada that I could find, but there is the collaboration  of research that states that many Canadians do not have Will.

Why?

I don’t have enough money to worry about it. I am single. I don’t have any children. I don’t like to think about my death. Writing a will is time consuming, expensive and complicated. I am too busy building my business or working trying to make a living. I don’t want to deal with a lawyer. I don’t have money to get a Will drawn up. Why have a Will here are several good reasons why:

Avoid, or at least reduce, estate taxes. Don’t leave your children to the care of the government, name a legal guardian for any children you have. Don’t leave your family who are mourning for you in a mess handling your estate.  Appoint an executor to handle your estate and/or resolve any disputes over your estate. You...
By Lisa Patrick on 11/9/2009 12:00 AM

By Lisa Patrick on 11/6/2009 12:00 AM
Our excel worksheet “Simplified Ledger” has successfully assisted companies with representing their bookkeeping with Canada Revenue Agency.  When utilizing the coding and action correctly, the functions available with an excel worksheet assists the CRA auditor in promptly filtering the accounts facing scrutiny and then they are on their merry way.

This worksheet was created to provide that true baby step, user friendly introduction to bookkeeping; using the plus and minus method of input rather than a debit and credit.  Works like a cheque book! We represent that 90% to 100% of bookkeeping entries may be accomplished by the plus and minus method.  We do further represent that  no company should complete their bookkeeping year end with out the assistance of a qualified tax professional…If you don’t have one you may contact our master tax accountants.

Lisa Patrick CEO

...

postheadericon Recent Comments

Re: 5 Tips on How to be a Good Client for Your Bookkeeper
I hope all clients see this article!! THANK YOU for putting these simple tips out there. I feel like sometimes I am not taken seriously enough.
Re: Bookkeeping Basics for the New Entrepreneur and the 5 Mistakes You Need To Avoid
Great blog post! I can agree with everything mentioned here. Every business, regardless of size, needs some kind of bookkeeping system, whether it's manual or digital. In addition, every bookkeeper needs to be trained by a certified bookkeeping trainer. Bookkeeping training is really important because of the skills and experience it provides to all the bookkeeping students. In turn, this minimizes the risk for all the mistakes mentioned in your blog and ensures smooth-sailing. I look forward to reading more from you.
Re: Bookkeeping Quotes - How to Communicate Clearly!
Hi Linda
We are about to launch the quote - Look for more information over the upcoming days.
Re: Bookkeeping Quotes - How to Communicate Clearly!
Is there any word on when the quoting tool will be available?
Tks, Linda
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