Relax, sip your cup of tea while YOU learn how basic bookkeeping practices help you to TAKE CONTROL of your business finances! If you are a small business owner, it's probably a good bet that bookkeeping isn't your cup of tea. On the other hand, some people love bookkeeping (like me). The method of data compilation for your business records, regardless of whether it is manual or computerized, is the BACKBONE of every small business, whether YOU the owner know it or not.
What is the best way to organize, enter and file each receipt received and invoice issued?. There isn't one right way so I'll discuss your options. What do you do after you've entered all the data into your synoptic ledger or accounting software?. I'll show you. What is the purpose of expending all this effort?. To create a set of internal financial statements and accounting reports to help run your business, meet your complianceresponsibilitiesand prepare your annual tax return.
I don't want to be impolite so let me introduce myself, eh (I'm Canadian) :o) I'm a certified professional bookkeeper working from home in western Canada.
What is the best way to organize, enter and file each receipt received and invoice issued?. There isn't one right way so I'll discuss your options. What do you do after you've entered all the data into your synoptic ledger or accounting software?. I'll show you. What is the purpose of expending all this effort?. To create a set of internal financial statements and accounting reports to help run your business, meet your complianceresponsibilitiesand prepare your annual tax return.
I don't want to be impolite so let me introduce myself, eh (I'm Canadian) :o) I'm a certified professional bookkeeper working from home in western Canada.
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I know you are busy and don't have time to wade through governmental websites to keep up-to-date with current bookkeeping news that may affect your business.
I cover five different news area to help you save time and keep you current or assist with your backwork.
If you want to lift your nose out of the books and get your mind off bookkeeping for a few minutes, you'll also find enjoyable "Teabreaks" scattered throughout the "News".
This is a great reference for bookkeepers doing backwork as it captures all the transitional rules.
I cover five different news area to help you save time and keep you current or assist with your backwork.
If you want to lift your nose out of the books and get your mind off bookkeeping for a few minutes, you'll also find enjoyable "Teabreaks" scattered throughout the "News".
This is a great reference for bookkeepers doing backwork as it captures all the transitional rules.
I have a confession to make that may shock you.
I hate filing!
Yes, I do so I have developed a "lazy man's" recordkeeping system to organize my own business receipts.
You too can develop a system that works for YOU.
An excellent article by Sherrill St. Germain on reverse budgeting (how to put your budgeting on autopilot with no detail tracking) talks about four elements to examine when organizing anything.
Your money (or filing) personality - saver or spender (keep every receipt or lose every receipt).
I hate filing!
Yes, I do so I have developed a "lazy man's" recordkeeping system to organize my own business receipts.
You too can develop a system that works for YOU.
An excellent article by Sherrill St. Germain on reverse budgeting (how to put your budgeting on autopilot with no detail tracking) talks about four elements to examine when organizing anything.
Your money (or filing) personality - saver or spender (keep every receipt or lose every receipt).
Remember, under accrual accounting, you record the revenue when the transaction is complete, whether or not you have collected payment.
This means you should have accounts receivable on your books.
Remember, under accrual accounting, you match costs with expenses whether or not you have paid the bill.
This means you should have accounts payable on your books if you have bills due.
Enter unpaid bills into the Accounts Payable module using the invoice date.
Remember when paying the bill to pay it through the Accounts Payable module.
This means you should have accounts receivable on your books.
Remember, under accrual accounting, you match costs with expenses whether or not you have paid the bill.
This means you should have accounts payable on your books if you have bills due.
Enter unpaid bills into the Accounts Payable module using the invoice date.
Remember when paying the bill to pay it through the Accounts Payable module.
The rules for being able to claim your vehicle expenses related to business use are complex and inflexible.
Some advanced tax planning and meticulous paperwork will help you take advantage of these potential tax benefits.
Canadian bookkeeping and tax for business use of your personal vehicle is different than the U.S. so don't confuse U.S. rules with Canadian rules.
The 2 tax deductions available when using your personal vehicle for business - actual vehicle expenses when used full time for business and standard mileage rates when used part-time for business;.
Some advanced tax planning and meticulous paperwork will help you take advantage of these potential tax benefits.
Canadian bookkeeping and tax for business use of your personal vehicle is different than the U.S. so don't confuse U.S. rules with Canadian rules.
The 2 tax deductions available when using your personal vehicle for business - actual vehicle expenses when used full time for business and standard mileage rates when used part-time for business;.
Self employment taxes need to be on your radar if you are a small business owner in Canada or the U.S.
The best way to pay yourself when you are not an incorporated owner/manager/employee is to take a draw.
A best business practiceif you want to ensure business success is to make sure you put enough money aside to pay these pesky taxes.
I recommendautomatically transferring a minimum of 15% of your net income each month to a separate bank account at a completely different bank with no debit cardprivilegesto take away thetemptation to spend the money.
The best way to pay yourself when you are not an incorporated owner/manager/employee is to take a draw.
A best business practiceif you want to ensure business success is to make sure you put enough money aside to pay these pesky taxes.
I recommendautomatically transferring a minimum of 15% of your net income each month to a separate bank account at a completely different bank with no debit cardprivilegesto take away thetemptation to spend the money.
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