small business accounting

  • Moving to a Remote or Virtual Office

    Businesses are increasingly questioning the need for maintaining a physical office. If your office doesn’t serve as a storefront for clients or customers, then your business might benefit moving to a virtual office.

  • Moving to a Remote or Virtual Office

    Must Have Tools to Create a Paperless Office

    Paper is quite inefficient. It’s not searchable, short of rifling through big stacks of long-forgotten documents trying to find that one piece of paper you remember collecting many months ago. Here's a few ways of embracing a paperless office so your business can operate much more efficiently.

  • Tools for Paperless Office

    Online Payment Options: Shopify vs. Square

    If you are looking for an easy way to sell your products or services, either online or in a physical store - there are literally hundreds of shopping carts, POS solutions, and mobile apps available to the potential merchant these days. And perhaps Shopify and Square stand out the most.

  • Shopify VS Square

    QuickBooks Online Training for Small Businesses

    QuickBooks Online is one of the most widely used accounting software platforms for small businesses in North America. Our team has the opportunity to work with business owners on a daily basis, and we understand that many entrepreneurs focus on managing their business, but often overlook the day-to-day bookkeeping tasks.

  • QuickBooks Online Training for Small Businesses

    Review of MileIQ App for Business Tax Purposes

    MileIQ is suitable for organizations that need to track mileage for numerous employees, and it also is a good solution for business owners that need to track travel mileage for tax purposes.

  • Review of MileIQ App for Business Tax Purposes

    Should You Register Your Business for GST and PST?

    Are you unsure of whether or not your business should register for PST or GST? This can be easily overlooked by small business owners throughout Canada.

  • Should You Register Your Business for GST and PST

    Tax Requirements for Growing Businesses

    A high percentage of small to medium-sized businesses will look to grow sometime during their life cycle. In this post you will find some important information relevant to tax requirements for a growing business.


    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.

    Tax Requirements for Growing Businesses


    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.

    It’s recommended that you consult with both an accountant and a lawyer when transitioning to an incorporated company. Corporations have more comprehensive recordkeeping requirements than proprietorships.

    Hiring Employees for the First Time

    Your business is growing and you need to hire staff for the first time. The provincial government has several tax initiatives to assist small- and medium-sized businesses in hiring and retaining employees, such as the Training Tax Credits for Employers.

    Refer to CRA’s webpage How payroll works for comprehensive information on payroll and tax issues for hiring employees. The Life events for employees page might be of particular interest to you if this is your first time hiring employees. You can also refer to our Human Resources page for more information.

    Adding New Locations or Divisions

    If you’re expanding to new locations, you can keep track of your GST/HST, payroll, and import/export accounts separately (note it’s not necessary to get a new business number for each location). For details on registering new accounts for your business number refer to the CRA’s How it works page.

    If you’re adding new divisions or branches, however, special filing rules apply. Refer to the Employers’ Guide – Filing the T4 Slip and Summary and the General Information for GST/HST Registrants guide.

    Investing in Research and Development

    If you’re going to conduct experimental research and development for your product, you might qualify for the federal government and/or the British Columbia government’s Scientific Research and Experimental Development (SR&ED) tax credits. Refer to the CRA website for information on the Federal SR&ED Tax Incentive Program. Refer to the provincial government website for information on B.C.’s SR&ED Tax Credit.

    Importing and Exporting

    If you start importing and/or exporting goods and services, you’ll need to register for an account that will be appended to your current business number. If you don’t have a business number, you’ll need to apply for one to obtain an import/export account. 

     

    Source: Small Business BC

     

    LedgersOnline provides affordable bookkeeping services for any business anywhere.

    Contact us or learn more about our affordable bookkeeping services and see how we can help you with your books regardless of your location with clients across North America.

     

  • Tax Requirements for Growing Businesses

    Things Successful Entrepreneurs Never Say

    What separates successful entrepreneurs from the rest? Their mindset. While other people let their negative thoughts get to them, remarkably successful entrepreneurs tend to stay positive and say things that serve them.

  • Things Successful Entrepreneurs Never Say

    Tips for Maintaining Positive Cash Flow

    Whether you're running an established business or launching a startup, maintaining positive cash flow is very important for ensuring long term success. To help you with this, we've put together a list of 5 tips for maintaining positive cash flow in your business.

  • Tips for Maintaining Positive Cash Flow

    Tips for Managing a Construction Business

    It occured to us that many construction business owners possess a personal trait that nearly forces them to sacrifice themselves for their business. And rather than hire, they prefer to save money and just work harder. Or, they hire inexpensive and inexperienced people, who end up costing even more in frustration than in payroll.

  • Tips for Managing a Construction Business

    Welcoming & Onboarding New Employees Successfully

    Welcoming new employees is more than just making a company announcement. Welcoming a new employee and integrating them successfully in your company, requires a series of steps that start after your job offer is accepted.

  • Welcoming & Onboarding New Employees Successfully

    What Does NTR Mean & When Do You Need It?

    Audited, accountant-reviewed and notice-to-reader are three types of financial statements—documents that show the financial status of a company. And a compilation engagement (NTR) is usually required prior to preparation of a Small Business corporate tax return. 

  • Notice to Reader NTR

    Why Your Start-Up Needs a Professional Bookkeeper

    Starting your business from the ground up is not easy at all and it's understandable that you would like to save as much money as you can. However, hiring professional bookkeeping help to get you started could pay off.