Bookkeeping Tips & Tricks
Knowing even the simplest organizational skills and business terminologies can save you hundreds of dollars in Bookkeeping and CRA expenses.
01
Monthly File Folders
Providing us with organized documents dramatically cuts down on the time we have to spend sorting through paperwork or looking for information. Simply start by sorting your receipts, bank/credit card statements and any other relevant documents into file folders labelled by month and year.
02
Month-end Statements
If any of your bank or credit card statement dates are not already set up as the 1st - 30/31st, a quick phone call to your bank can save you money! If the dates are random such as the 7th - 8th or the 15th - 16th, us bookkeepers have to spend extra time constantly flipping back and forth between statements as everything is recorded by month end dates.
03
Business Credit Card
Try to have credit cards set up in the business name only, and use those credit cards ONLY for business purchases.
This saves us the time of sorting out personal purchases from business ones, and saves you from paying us to do so.
04
What do they mean by...
Did you know that the words: Limited, Ltd., Incorporated and Inc. all mean the same thing?
It means your company is registered as a privately controlled corporation. It also means the method of filing your tax return is now on what is called a T2.
Your personal income tax and/or a proprietorship (sole owner) is called a T1 in the eyes of Revenue Canada.
05
Let's Party!
Did you know your business is allowed to claim 2 staff functions per year, ie) a Christmas party and a summer BBQ and you can claim all of the expenses and 100% GST?
