Category Archives: Accounting
The LedgersOnline staff has worked with clients around the world, of various sizes and industries. We have witnessed firsthand the potential problems that bookkeeping and accounting can cause for companies, especially when they are small and have put their finances on the back-burner while focusing on growing their business. With this being said, the bookkeeping process is an integral part of every business, and when done properly, can give you a strong understanding of your financial positioning. Below are five simple tips that will give you the opportunity to get up-to-date on your business’ bookkeeping and accounting, and gain an insight into how you can successfully grow your business.
One question that our accountants hear over and over from clients is whether or not their business should incorporate themselves. It is a very difficult question to answer because the process of incorporation is so large and there are so many attributes associated with the progression, that it varies from business to business. By incorporating your business, you are transforming it into a legal entity that exists separately and apart from those individuals who created it and carry on its operations. Corporations have their own liabilities and their own tax rates, which makes it a potentially valuable business decision. With this said, there are a lot of hidden fees and work involved with the process of shifting your business into a corporation. In this post we will look at some key points to consider before you transform your business into a corporate organization.
As Benjamin Franklin once mentioned, “Nothing is certain except for death and taxes”. With this said, we would like to share some great tax deductions that Canadians often miss out on. With the right tax strategy, you are able to utilize tax deductions in order to reduce your income and lower your tax bracket. From student loans to old age, there are deductions available for everyone. Find our list below of 9 credits that you may have overlooked:
It is getting close to the return of the PST, and we can tell that some businesses are getting anxious. On April 1, 2013, the reimplementation of our Provincial Sales Tax and Goods and Services Tax will take the place of the current Harmonized Sales Tax. In this post, we will discuss how small businesses can get ready for the PST, as well as provide a list of helpful webinars, speeches, and tutorials to help you with the process.
Finding a professional and reliable bookkeeper or accountant to help with your business is one of the most important things you can do as a business owner. With this said, the process of finding the perfect firm can be a time consuming and stressful task. We have been in the accounting industry since 2002, and have heard and seen it all. From our experiences, the perfect agency changes from client to client, and is dependent on the business’s culture, structure, values, and goals. With this said, we have created a simple 4-step process that ensures you will find a bookkeeper and/or accountant that has the ability to work around your needs, and help you to reach your business goals.
The terms “Bookkeeping” and “Accounting” are often used interchangeably to define a vast amount of tasks associated with business finances. Although these two terms are related, it is important to note that they are very different. The function of a bookkeeper is to meticulously record an organization’s day-to-day transactions, ultimately creating an in-depth file of the organizations financial information. This is where accountants take over, analyzing the information that has been attained, and creating various reports that showcase the organizations financial status.