Accounting for Small Business

  • 6 Accounting Tips for Every Startup

    Starting a new business requires a lot of attention – from ensuring customer satisfaction to ensuring the highest quality in products or services. One area that needs even more focus is financial health.

  • 6 Accounting Tips for Every Startup

    Accounting and Bookkeeping help for QuickBooks Online

    Cloud accounting has officially landed on the scene and is here to stay. It allows organisations to access their financials online, instead of IT managing their own on-premise software and now burdens like maintenance, updates and more belong to a third party. This technology revolutionises operations, streamlines accounting and saves valuable time and money. However, it presents certain challenges as well.

  • Accounting and Bookkeeping help for QuickBooks Online

    Bookkeeping Mistakes Made by Small Businesses

    This post lists the top most common bookkeeping mistakes made by small businesses which many will encounter at some stage of their business growth. 

  • Cloud Computing Benefits for Your Business

    Businesses of all sizes, locations and industries are turning to cloud services. The cloud is a great way to run a business, since it offers many advantages and only a few disadvantages.
  • Cloud Computing Benefits for Your Business

    Common Accounting Errors Made by Small Businesses

    Many small businesses will do their own accounting and often with little expertise. This post highlights the common small business accounting errors to avoid.

  • Common Accounting Errors

    Difference Between Accrual and Cash Accounting

    The main difference between accrual and cash basis accounting is in the timing of when revenue and expenses are recognized. In this post we will also cover advantages and disadvantages of both methods.

  • Difference Between Accrual and Cash Accounting

    Five Ways to Recognise Malicious Spam Emails

    We all get our share of spam. But how do we differentiate between simple commercial spam and the types of emails that want to get us in trouble, especially if we think it might be real and from someone we know?

  • Guide to Cloud Based Accounting

    Over the next few years online accounting for businesses of any size, is going to be the norm. As more of accounting software becomes cloud based, online accounting can reduce overall costs because it reduces or eliminates the need for in house IT resources.

  • Cloud Based Accounting

    Hiring Quality Staff is a Top Challenge in 2019

    Talent and technology are the two primary factors impacting HR leaders this year, according to the 2019 Paychex Pulse of HR Survey. The third annual report from Paychex, Inc., a provider of integrated human capital management solutions for payroll, HR, benefits, and insurance services, showed an increased emphasis on improving employee efficiency and experience, as well as driving HR success with technology.

  • Hiring Quality Staff is a Top Challenge in 2019

    How to Choose Bookkeeping Software for Your Small Business

    You can find many online resources and reviews that can help you to choose the best bookkeeping software for your business. However, before evaluating various bookkeeping products and features, you may want to consider these 5 tips.

  • How Virtual Accounting Can Help Your Business

    Outsourcing a non-core competency services 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.

  • Virtual Accounting Services

    Is that Accounting Software Right for Your Business?

    Evaluating accounting software for your business can be a daunting proposition with over 4,400 common features found in today’s top accounting software products. There are certain approaches that can help determine which one is best for your company.

  • Accounting Software for your business

    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

    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

    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

    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

    Top 5 Online Payroll Services for your Small Business

    There is many options when it comes to managing and running payroll, and payroll service companies are beginning to offer more features and more integrations as the world moves to a cloud-based environment. In this post we will try to review the top 5 of those.

  • Top Payroll Systems

    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.