Cloud Based Accounting Explained

Posted on September 29, 2010 by Administrator

Over the next few years online computing services, at least for small businesses, is going to be the norm. As more of this software becomes web based, online accounting solutions can reduce overall costs because it reduces or eliminates the need for in house IT resources. That means reduced capital costs for more traditional desktop hardware and reduced up front software costs for accounting solutions. Importantly, for small businesses, online accounting software offers cost effective accounting solutions. This marketplace is rapidly evolving often with many software providers rolling out weekly updates and changes.


There are 3 categories of cloud based accounting solutions along with individual solutions listed below.


If you want to explore this further and don’t know where to turn, drop us a line. We have experience with most of these listed below and have an opinion as to where they are best applied. You are welcome to fill out the contact form on this page. In some cases we can provide contacts within the company.

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Posted in Accounting, Bookkeeping, SME, Software, Start-Ups, Technology

10 Bookkeeping mistakes made by Start-Up Businesses

Posted on September 15, 2010 by Administrator

If you are a start-up business the information below will be extremely valuable to you. Avoiding mistakes in areas such as bookkeeping can determine whether you survive as a new business. The excerpt below outlines ten common mistakes.


Starting your own business is very exciting. You could be doing it for any number of reasons and there will be 101 things to sort out. In the rush to get off the ground, bookkeeping often gets relegated to the bottom of the start-up to-do list. For many new business owners, the main reason is there are always seemingly more important issues to consider. You’ll probably be able to guess the first mistake start-ups commonly make when it comes to keeping financial records:


1 Not doing any – until it’s too late


This is probably the most common mistake. The work then piles up – probably in a box file or shoebox – and you get further and further behind, to the point where you never have time to catch up. The more you try to hide from the problem, the more it will occupy your thoughts. Bookkeeping really is one of those things where if you do a little bit every day, you will always be in control.

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Posted in Bookkeeping, Start-Ups, Tips

4 Accounting mistakes to avoid for Small Businesses

Posted on August 30, 2010 by Administrator

Many small businesses will do their own bookkeeping/accounting and often with little expertise. The excerpt below highlights the common mistakes to avoid.


For many small businesses, the bookkeeping process can be one of the most time consuming activities required to keep the company going. The fact that many small firms have a limited staff also means that there is a good chance an employee with little to no accounting background is in charge of the bookkeeping. This leaves the door open for the possibility of multiple mistakes, especially if the accounting duties get pushed to the back burner. This article will discuss some of the most prevalent errors made by small businesses.




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Posted in Accounting, Bookkeeping, SME, Tips

10 Bookkeeping mistakes made by Small Businesses

Posted on August 16, 2010 by Administrator

This post consists of the top 10 bookkeeping mistakes made by small businesses which many will encounter at some stage of their life cycle. The excerpt is from an article that appeared on AllBusiness.com.


From one-person entities to major corporations, bookkeeping is a significant part of any business endeavor. While it is typically not one of the more glamorous jobs, bookkeeping is at the heart of a company’s success, and errors can cost the company significantly. Below are 10 of the most common errors that you want to avoid.

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Posted in Accounting, Bookkeeping, SME, Start-Ups, Tips

How Virtual Accounting is helping companies today

Posted on August 16, 2010 by Administrator

Outsourcing a non core competency such as accounting has become an increasingly common trend for today’s businesses. Virtual accounting is the newest model to traditional outsourced methods which is more cost effective and efficient driven by online technology. Although technology advanced having a virtual accountant is extremely easy to work with and below is an excerpt from an article by Christine Harrell that explains how virtual accounting is helping companies.


When business slows down, companies face a difficult decision: do they try to keep their current staff with reduced revenues or implement layoffs only to rehire people later?


The Problems with Typical Staffing Solutions


As revenues fall, an organization must cut expenses in order to maintain profit. When workflow decreases, many companies have no other choice but to reduce

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Posted in Accounting, Bookkeeping, Economy, Tips

New Tax Requirements for growing businesses

Posted on July 14, 2010 by Administrator

A high percentage of small to medium-sized businesses will look to grow sometime during their life cycle. Therefore it is important to know some of the new tax requirements that come with growth. In this post you will find some important information relevant to this which first appeared on the Small Business BC website.


Tax Requirements Change as Your Business Changes


As you build and grow your business, any number of events and activities can trigger new tax requirements. Here we show you what you need to consider as you grow your business.

Moving From a Sole Proprietorship or Partnership to a Corporation


It might be advantageous to incorporate your business. Refer to Canada Revenue Agency’s (CRA) webpage Changing your business status for information regarding changes to your tax registration.

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Posted in SME, Start-Ups, Taxes, Tips
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