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Plan for Major Expenses. Think one to five years ahead? Track Your Expenses. Missing receipts, missing tax write-offs. Business credit cards can be handy tools to make sure all expenses are tracked. Record Deposits Correctly. Deposits may be sales revenue, loan or owner investments. Ensure you can account for where they come from otherwise they … Continue reading Tips from TAP: Five tips for small business bookkeeping →

Seventy Four percent of small businesses do NOT employ full-time or part-time bookkeeping help. Consequently, small business owners are attempting to figure this out without the necessary background, taking away valuable time from running their business. Throwing data into accounting software without knowing the key elements of the bookkeeping process can create some disastrous results. … Continue reading Tips from TAP: Need for qualified bookkeeping services →

Getting audited by CRA is no fun. Your best chance of avoiding an audit is by doing things right before you file your return this year. Some suggestions: Don’t leave anything out. Missing or incomplete information on your return will trigger an audit letter automatically. Double-check your numbers. Bad math will get you audited. People … Continue reading Tips from TAP: Avoiding an Audit →

Running a business in Canada involves managing red tape. There are many government requirements to keep up with. A good bookkeeper will help you manage all of these requirements, so nothing slips through the cracks; however, as a business owner you still need to ensure that someone is engaged to complete these tasks. It can … Continue reading Tips from TAP: Need for Bookkeeping →

Trying to run a business without good financial statements is like trying to call football plays without knowing the information on the scoreboard (score, quarter, down, distance needed for a first down, time remaining, etc.). Regardless of your coaching skills, it’s impossible to call plays effectively under such circumstances. Yet, in our experience, far too … Continue reading Tips from TAP: Good financial statements →

Bootstrapping your business can be a smart and effective way to go. It will likely require a great deal of patience. Here are a few tips to get the ball rolling. Know your budget better than the back of your hand. Many burgeoning entrepreneurs are too optimistic about expenses, often underestimating how much they’re actually … Continue reading Tips from TAP: Bootstrapping Tips for Entrepreneurs →

Businesses can’t survive without bookkeeping. The CRA frowns on businesses that don’t keep appropriate records come tax time. You also won’t know how your business is doing without knowing the health of your cash flow or what your margin is. Outsourcing is often a solution for bookkeeping. When you outsource the bookkeeping to TAP Bookkeeping, … Continue reading Tips from TAP: Bookkeeping is a Pain Point for Small Businesses →

Overstating Income – Ensure you claim all your expenses .. often entrepreneurs pay for expenses from their personal funds and forget to record them as business expenses. Higher Income equals more tax to pay. Procrastination – Important tasks like your bookkeeping should not be left until tax time. That gives you NO financial information during … Continue reading Tips from TAP: Bookkeeping Mistakes Made by Entrepreneurs →

If there is one thing I have learned about providing bookkeeping services, it’s nobody wants to talk about bookkeeping. Profit and loss statements, bank reconciliations, receipts…it’s just boring numbers and a necessary evil that a business owner has to take care of so they can pay taxes every year. That’s the general mentality you get … Continue reading Tips from TAP – Let’s Not Talk About Bookkeeping →

Who will be your bookkeeper? Can you afford someone full time, or are you interested in contracting it out? Which is most cost effective? What system or software(s) will you use? So many to choose from. Where will you store your documents and data? When will you record and classify transactions? Daily? Weekly? Monthly? When … Continue reading Tips from TAP – Creating a Reliable Bookkeeping Process →