Tuesday, 16 January 2018

Four Types Of Payroll Systems

As an entrepreneur, when you run a business, there are various aspects you need to look into. From keeping track of business functions to keeping your employees happy, it takes a lot to maintain the smooth running of your business. One factor which highly affects the happiness of your employees is how well you manage their payroll. Apart from maintaining a basic record of the salary given to your employees, there is a comprehensive system that each business needs to have in place for a well-managed payroll. To help you know more about it, here are some common types of payroll systems listed by experts of payroll services in Edmonton.

For more information about Payroll Services in Edmonton, contact ATS Accounting Inc.

Tuesday, 9 January 2018

Find The Right Accountant For Your Business

Hiring an accountant for your business is no longer just about finding someone good at number-crunching and getting the maximum returns come tax-filing time. A good one can save you time and help your business grow; a bad one could cost you much needed money. Yet with thousands to choose from, it can be a daunting call to make. So when you have to choose an accountant for taxes, what are the questions every business owner should ask so as to make the most informed choice?

1) Get Referrals

Most of the experts say that the most of the businessmen get 90 per cent of their clients through word of mouth. Word of mouth plays a crucial role when you choose an accountant for your small business.

For more information about Accountants in Edmonton, contact ATS Accounting Inc.

Tuesday, 2 January 2018

How To Calculate Straight-line Depreciation

Depreciation is an accounting principle defined as the reduction of recorded cost of any tangible or fixed asset over a period in a systematic manner until the value of the asset decreases to zero or becomes negligible. A tangible asset can be anything that a business might utilize for their daily operations. Some of the common tangible or fixed assets include land, buildings, furniture, office equipment, machinery, etc. There are three methods of calculating depreciation over a period that all public accounting firms in Edmonton use - straight-line method, unit of production method and double-declining balance method. In this article, we will put light on the first method.

For more information about Accounting Services in Edmonton, contact ATS Accounting Inc.

Thursday, 28 December 2017

6 Payroll Mistakes You Are Probably Making

The process of payroll can be defined as the distribution and calculation of salary, wages, and taxes for your employees. When you run a business, you are responsible for making timely salary payments to your employees. In Canada, the same is not possible without complying with the requirements of the Canada Revenue Agency (CRA). Also, by managing your payroll without the help of professional payroll services in Edmonton can cause you to make some mistake. The common payroll mistakes you may probably make include the following.

Misclassification of Employees

When you have a business and manage a payroll system, you are entitled to a payroll tax based on the number of employees you are paying wages or salaries. Often business owners make a mistake of classifying their employees as contractors instead of employees. Never make this mistake as the money paid to contractors is not taxable. This will eventually cost you more as you will have to pay the tax along with the penalty for misclassifying an employee as a contractor.

If you want more information about the payroll services in Edmonton, then contact ATS Accounting Inc. today.

Tuesday, 19 December 2017

Six Tips to Manage Your Startup's Cash Flow

The decision to start your own business is a big decision. You have to plan every aspect of your startup and manage your business finances. For a new entrepreneur, managing the cash flow properly can be a big worry.

Cash flow refers to the inflow and the outflow of money within your business. Managing cash flows is a big problem for startups. Here are a few tips to manage your cash flow.

For more information about Bookkeeping Services in Edmonton, contact ATS Accounting Inc.

Friday, 15 December 2017

Pros and Cons of Doing Your Own Accounting

Many small business owners get confused whether they should manage bookkeeping on their own or seek help from public accounting firms Edmonton. If you are also one of them, here are a few pros and cons of doing your own accounting that can help you in making the right decision.

Pros of Doing Your Own Accounting

Save Money

While conducting your own accounting, you are saving the fees that you would’ve paid to the accountant. The cost of hiring an accountant can be saved and used for other business purposes.

Get more information from Accounting Firms in Edmonton.

Thursday, 7 December 2017

Basic Accounting Principles That Business Owners Should Be Aware Of

Accounting principles are the rules and guidelines which companies need to follow while reporting financial data. Business owners may not be able to handle their accounting because it’s easy to miscalculate the expenses and taxes owed. As a firm that offers Edmonton bookkeeping services, we find that accounting your business financial transactions is vital because:

1) Know your Company's Financial Health

You need to be aware of the expenses, returns, and profits of your company. It’s a crucial information required to make key business decisions.

2) Be Tax Compliant

The Canadian Revenue Agency requires you to pay your taxes. Failing to do so, or missing out on certain tax requirements will have consequences.

Get more information from Accounting Firms in Edmonton.