Disclaimer: Different strokes for different folks, as they say.
The opinions expressed herein are just my own. These are based on my experience running a bookkeeping firm with hundreds of clients over the course of ten years. No two accounting professionals are alike; we all work with different methods and systems, and it is not my intention to discredit or throw shade on anyone else or any technology they prefer to use.
This is merely a starting point for entrepreneurs to gain...
I say that because everything on this list I learned the hard way during my first year in business.
Not every lesson came hard, mind you; I ran my own bookkeeping business after all, so I came equipped with a lot of the tax know-how.
Nonetheless, when you’re running a business, you’re hard at work everyday.
Often times, we only learn when we encounter a situation that makes us realize we don’t know the thing we need to know.
This list is...
As a direct seller, it can be confusing about what is actually an expense.
Your home, your car....even your receipt at the craft store yesterday. They are all mixed together with personal purchases and business purchases.
Sometimes...it's just confusing.
We all know that any money we make has to be declared to the Canada Revenue Agency at the end of the year.
But did you know that your confusion on expenses today will cost you on taxes tomorrow?
There are some really...
Thank you for joining me for Part 2 of our write off series!
In our last article, we looked at The Single Biggest Mistake Entrepreneurs Make.
If you haven't check out Part 1, you can do so right here.
Let me first recap the definition of "write off".
A "write off" is an expense that is applied against revenues that reduces the amount of profit made, and the amount of taxes that are paid.
If you're not keeping your receipts, even for your smallest of purchases, then...
Every entrepreneur has their own reasons for going into business.
Some for personal wealth, others to provide the best they can for their families.
Some do it to pursue their passions or fulfill a dream, others to leave a legacy.
Regardless of the whys of the entrepreneurial spirit, there are tried and true methods to attaining that success – as well as all-too-common missteps.
Especially this one.
I owned a professional accounting firm for just over 10...
For better or worse, we humans are adept at making assumptions and trusting others, including when it comes to our tax preparer.
On a daily basis, we not only interact with dozens of other people doing their jobs, but we rely on the job they do.
We automatically assume that when others perform a service for us, be it checking the transmission or cooking up our restaurant order, those things are being done properly.
Only when the mistakes are obvious do we question it, and this is often due to...
In the course of our hectic lives, we rarely have time to register this one question as we interact with countless people performing a job or service for us: how qualified are they?
We assume the cook at the restaurant washed his hands properly, the taxi driver knows where he’s going, that our to-go order is perfect as we grab the bag.
We need to put some things at the back of our minds, even when those little concerns cross our minds, because if we thought about them nonstop,...
A common dream of many entrepreneurs is one day buying their dream home.
A status symbol for some, it’s the manifestation of years of hard work, determination and success.
Others just want a little corner of the world to call their own.
At last, you feel you’re there.
Off you go to your financial institution about that home loan.
They ask to see the financial records for the last two years, to ensure you’re making money and that you have ongoing...
It’s a lesson that every business owner has to learn.
For some, it comes after the first year in business when the realize they weren’t prepared, or after a few years of struggling to stay afloat.
For others, it’s something they take time to learn early on, and these entrepreneurs have a much higher shot at success.
It’s a little like when your kids go out to play in the yard.
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