Maintaining good records and filing taxes timely is important. Everyone gets it. You hire a good tax preparer to do your taxes, and you are done with your responsibilities, right? Well, not quite so. While hiring a professional is great, your responsibilities before the CRA are more complicated than meets the eye. There are tax filing …
To put it simply, most of the work done by your bookkeeper revolves around explaining money movements in your bank accounts. Sure, they do other fancy stuff, like processing payroll, posting accruals, and making all sorts of abracadabra entries. But the biggest job is to decipher the cash movements into meaningful records. When someone looks …
When you pay a supplier, they keep track of your dues vs payments in a list called Account Receivable. The Account balance tells how much you still owe. If the supplier records all your payments correctly, then the balance will be accurate. But it’s not always the case, which, at the end of the day, …
When you incur business costs, your bookkeeper records them into expenses, which can then be written off to lower your income taxes. So, having your expenses accurate and up to date is important. CRA audits them from time to time and penalizes businesses for any misrepresentations. You trust that your bookkeeper is accurately recording the …
Any chance Your Expenses are Understated (or Overstated)? Read More »
