5 Explosive Bookkeeping Tips

5 Explosive Bookkeeping Tips

5 Explosive Bookkeeping Tips

    1. Always keep your business finances separate from your personal finances. Don’t give the tax auditor a reason to audit both.
    2. File all your tax compliance reports on time to avoid penalties, even if you can’t pay the amount owing.
    3. Keep organized by:
      • developing a method for handling all your paperwork;
      • entering your bookkeeping data in batches; and
      • reviewing your bank statement and financial reports monthly.
    4. Audit proof your records.
      • Keep all your receipts, no matter how small the amount and make sure they are legible. Receipts you must keep include debit receipts and credit card receipts.
      • Deposit all your business cash flowing into the business … so you can prove what was income (taxable) and what was contributions or loan proceeds (not taxable).
    5. Keep a business journal to diarize your logic for your business ventures. It will help show you incurred the expenses with the expectation of profit.
Top Ten Reasons to Outsource your Bookkeeping

Top Ten Reasons to Outsource your Bookkeeping

Top Ten Reasons to Outsource your Bookkeeping

  1. Much lower cost than a full or even part-time bookkeeper on staff. Factor in payroll costs, health insurance, worker’s compensation, vacation pay, retirement benefits, and the cost to hire and oversee an employee and outsourcing is significantly less money
  2. Professional attention to detail. An employee is paid for their time just to show up, but a bookkeeping service is paid to do your books accurately and promptly.
  3. Less of your time required. Gain back the time you spent on record-keeping, training, and overseeing an employee. We are quite capable of working independently with a minimum of your time required.
  4. Avoid financial headaches. We can automatically bill and remind your customers to pay for your services, and pay your bills on time.
  5. Greater accuracy. Your reports show an accurate picture of your business and can be used to make intelligent business decisions.
  6. Breeze through your taxes. Well-maintained financial records enable you to get all of the tax deductions you deserve.
  7. Improved cash flow. We make sure you have the information you need to manage the flow of cash into and out of your business. You may be profitable, but if you don’t have the cash to pay your bills on time, you’re out of business.
  8. Save Resources. If you like, we can do all your bookkeeping off-site at our offices. You don’t even need to own a computer, or buy bookkeeping software!
  9. Get bank financing. If you need to apply for a loan, you need your records to be complete and in order. We can help you prepare the necessary forecasts and background reports.
  10. Peace of Mind. You can feel secure that you know the exact financial state of your business at all times, and that your records are in order for banks, owners, and the CRA.
Bookkeeping Standards On the Rise in Kelowna, BC

Bookkeeping Standards On the Rise in Kelowna, BC

Bookkeeping Standards On the Rise in Kelowna, BC

Vancouver, BC – The Institute of Professional Bookkeepers of Canada (IPBC) announces the certification of Judy Rheault of Kelowna, BC, as a Certified Professional Bookkeeper (CPB). Rheault is the owner of Kelowna Bookkeeping Co. The IPBC’s national mandate is to institute professional standards specifically for the Canadian bookkeeping profession. “More than 60,000 Canadians hang out their shingle as a ‘bookkeeper’, yet competency in that industry ranges from stellar to mediocre,” said Gordon Skillen, Executive Director of IPBC. “Who is the best professional to do the important compliance work required by law of business owners? There are millions of business owners across Canada that depend on the services of a bookkeeper. Business owners and employers will come to demand the CPB designation.”

Rheault received the national CPB designation after passing an exhaustive three-hour exam. Applicants must achieve at least 75 per cent in order to pass. The exam is based on Generally Accepted Accounting Principles (GAAP) accepted worldwide.

“IPBC, with their CPB standards, benefits bookkeepers in Canada and new immigrants seeking employment in our country. A recent study in the US shows the Certified Bookkeepers earn more money,” said Skillen.