What Is Bank Reconciliation?

A bank reconciliation statement provides information relating to your banking and business activity that reconciles your business organization’s bank account with its financial records. The statement summarizes the deposits, withdrawals, and other activities that have an impact your business’ bank account for a specific period of time. All businesses, whether big or small, take the help of this tool for various reasons. The importances of your bank reconciliation statement for your business are mentioned below.

Identifies Difference Between Bank and Book Balance

With the help of a bank reconciliation format, you can identify the difference between the bank balance and the cash book balance. This is necessary as sometimes the transaction may not be settled in your bank account due to various reasons and your cash book may show a different figure. As a result, there can be a mismatch and this mismatch is easily identified with the help of a bank reconciliation format. Moreover, it helps your accountant to make any necessary adjustments and correction in the books of accounts.


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Why Should You Have A Christmas Party?

Your employees would be eagerly waiting for some celebration during the holiday season. For small or medium businesses, parties can indeed be a costly affair. So even if you plan an office party, you might cut down on certain things and minimize the cost. However, this may not be a good idea if your party lacks certain elements (the ones that cost more than others like some fine delicacy or drinks, live DJ). Such parties tend to be boring and it would’ve been much better if you didn’t have one instead. In fact, having a good party has many benefits for the organization. Since Christmas is near, you can have a Christmas party for your employees. Here are some of the benefits why you should celebrate Christmas at the office.

Enhances Employee Engagement

One of the reasons to have a Christmas celebration at the office is because it enhances the employee engagement. Parties act as an ice-breaker and employees socialize with each other. Moreover, as people begin to talk to each other it helps to develop a good rapport among the employees. This leads to increasing the morale of the employees. So having a Christmas party has some long-term benefits for your organization.

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What is Break-Even Analysis?

Every business involved in the manufacturing or production of goods should be aware of the break even analysis. With the help of the break even analysis formula, you are able to calculate your break-even point. It is the point at which the total expense equals the total revenue. So, there is no net profit earned or any loss incurred by the business at the break-even point. Let’s take a look at the break even analysis in more detail.

Break Even Analysis

The break even analysis can be presented in form of the number of units or the amount of revenue earned. For any company, there are two types of costs-fixed cost and variable cost. The fixed cost remains fixed for a considerable period of time. As and when the level of production reaches beyond the optimal limit, the fixed would increase. This cost is incurred by the firm even when they are no units produced. Examples include salary to the supervisor, rent, power bills. The firm is liable to pay for these costs irrespective of the level of units produced or not.

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Year-End Checklist For Your Business

When the year comes to an end, things can become a bit complex. Updating your books of accounts, getting ready for filing your taxes, planning for the next financial year and other work related to your business are some of the things that may turn up at the end of the year. As a result, there is every possibility that you might miss out on certain things. Therefore, it is important that you prepare an accounting checklist for the end of the year. This end of the year checklist will make sure that you have completed all the required work for the current financial year and are well prepared for the next financial year. Here are some of the things that you need to have in your accounting checklist for the end of the year.

Check Your Cash Flows

Small businesses usually operate in small volumes and hence, they may face the problem of insufficient cash. As a business owner, you do not want your business activities to stop at the start of the next year due to insufficient cash. Therefore, you need to make sure that you have sufficient cash with you for the upcoming financial year. Moreover, when you check your cash flow statements, you will be able to figure out from where the money is flowing in and going out. Thus, this will give you some idea on where you can cut down on certain costs and ensure that there is a better earning in the next financial year than the current year.

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How To Save Taxes On Your Home?

Taxes can indeed take a large chunk of your profits. Your profits minus the tax may leave you with very little money for yourself. This is, even more, a worrying sign for self-employed people who operate from their home. However, with the help of home office tax deduction, you can get home business tax saving. Thus, you are able to reduce your tax amount. But, how do you reduce it? An accounting assistance in Edmonton will be able to help you to get the home office tax deduction. Some of the ways to get home business tax saving are mentioned as follows.

Deductible Expenses

When you operate from your home, you are allowed to deduct some of the expenses such as a part of the electricity cost, heating, and maintenance. Some of the expenses that would not be deductible include mortgage interest, home insurance, capital cost allowance and property taxes. So if you have missed out on the deductible expenses before, make sure you add them to the deductible taxable amount to get the exemptions


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Remitting Payroll Deductions

If you have a payroll account, then you should be aware of the payroll deductions. As an employer, you need to have the payroll remittance schedule prepared. The Canada Pension Plan (CPP), the Employment Insurance (EI) premiums and the income tax deducted from your employees’ salary should be remitted together with your CPP contributions and EI premiums. Let’s take a look at remitting payroll deductions in detail.

Remittance

The remittances are deemed to be made on the day when it is received by the Receiver General. Therefore, as an employer it is critical to choose the right method of remittance that is suitable for you as per your due date. Your remittance form and deductions should be sent to the Canada Revenue Agency (CRA) on or before the remittance due date.


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Estate Planning Strategies For Small Business Owners

Are you concerned about what will happen to your family owned business after your death?  You want to ensure your family’s future is secured even after your death. For this purpose, estate planning for family owned business is crucial. An estate plan describes how your company assets are passed on to your family members in the most cost effective way as possible. The estate plan you create now can affect the accounts and finance your business substantially.

Here’s some estate planning strategies that you can use to plan for your estate accordingly.

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Variable Expense Vs Fixed Expense

In order to increase the profitability of your firm, many factors come into play. Accounting services in Edmonton may tell you that you can increase profitability by improving your sales, raising the prices of your goods and services or by reducing your expenses. A company does not have much control over increasing its sales and prices as much as, it has on lowering its expenses. If you want to increase your profits by reducing expenses, then you should have some knowledge about expenses. There are two types of expenses, variable expenses and fixed expenses. The difference between variable expense and fixed expense is described in detail below.

Meaning

The expenses which vary with a change in the number of units produced are known as variable expenses. Examples of variable expenses include the cost of raw materials, wages paid to labor, packaging of products and others. These expenses are incurred only when you start producing the units.


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Create A Business Plan That Investors Will Love

Business plans serve multiple functions such as setting a benchmark for growth, attracting investors and acquiring funding from investors. Creating the ideal business plan for investors can help you with fundraising more than any other endeavors. It is essential to learn the art of creating a business plan to attract investors. Often, before you even give your passionate pitch, investors will first want to take a look at your business plan. Here are some pointers on how to create the most effective business plan for investors.

What can a business plan showcase?

A business plan can help highlight key factors which are essential in your quest to acquire funding from investors. A detailed business plan helps the investor visualize the progress of the company and cements the idea that a lot of thought has been gone into the business venture. It also allows investors to hold the entrepreneur accountable for growth by taking into account a set of financial benchmarks to compare with.


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What You Need To Know About Adjusting Entries?

A business can maintain either cash or accrual basis of accounting system. The difference between cash and accrual system is necessary to understand so that you can choose the right accounting system for your business. In the cash system, the entries are made in books only when either the money is received or spent. Whereas, in the accrual system, revenues are recorded even if cash has not been received or if expenses have been incurred but no cash payment has been made. Adjusting entries are used in accrual system of bookkeeping. These entries are used to convert a company’s accounting records to the accrual basis of accounting. Here are few points that will help you answer the question, what are adjusting entries?

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Dangers Of An Inaccurate Bookkeeping System

An inaccurate record in bookkeeping can cost your company dearly. A silly mistake, such as entering an income which is not realized as yet, affects the profitability of the company. You may end up paying tax for an amount that you have not received. Apart from this, there are many such incidences which affect the smooth functioning of the company if you have inaccurate financial statements. Some of the dangers of an inaccurate financial reporting are as follows.

Incorrect financial position

One of the dangers of inaccurate financial reporting is that it reflects an incorrect report about your financial position. If an investor finds that the financial position of the company is unstable, he would not invest. This also happens in the case of getting loans from financial institutions. Thus, it affects the future plans of the company. Inaccurate financial statements, therefore, prevents a company from growing further.

Can cost the company

As mentioned earlier, an income which is not received and is recorded in the books shows an increase in profits. Similarly, underestimating profits can lead to penalties when an audit is conducted. Moreover, an error in miscalculating the number of years for depreciation of a fixed assets and expenses can result in payment of more taxes than you need to. Such dangers of inaccurate financial reporting can cost the company profits.


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Create A Business Plan That Investors Will Love

Business plans serve multiple functions such as setting a benchmark for growth, attracting investors and acquiring funding from investors. Creating the ideal business plan for investors can help you with fundraising more than any other endeavors. It is essential to learn the art of creating a business plan to attract investors. Often, before you even give your passionate pitch, investors will first want to take a look at your business plan. Here are some pointers on how to create the most effective business plan for investors.

What can a business plan showcase?

A business plan can help highlight key factors which are essential in your quest to acquire funding from investors. A detailed business plan helps the investor visualize the progress of the company and cements the idea that a lot of thought has been gone into the business venture. It also allows investors to hold the entrepreneur accountable for growth by taking into account a set of financial benchmarks to compare with.
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4 Bookkeeping Tips to Keep Your Finance in Order

Maintaining correct  records of your daily transaction is an essential task in any business organization. It is useful for managing finances, filing tax returns, and increasing profitability; to name a few. Therefore, it is critical to have an accounting system in your organization. If you do not have one, then it would be difficult to manage your finances and it can cause major problems for your business. Here are few bookkeeping tips that will assist you to keep your finance in order.
 

1. Separate Accounting for Business

One of the many basic accounting tips is to have a separate account for your business. Do not mix your personal and business expenses. At the same time, ensure you have a separate bank account for both. This will help you to avoid using business finances for personal use. It gives a clear understanding of the financial position of your business as well.
 

2. Keep an Accountant

In a small business, you may be able to manage your finances without much difficulty. However, as you begin to grow, it becomes burdensome to keep a track of each financial trail and transaction individually. This is when you should take the assistance of a professional to solve your problem. You can hire an accountant for your firm or ask a professional bookkeeping firm to prepare your accounts. A professional bookkeeping firm will also provide you with critical bookkeeping tips so that you can manage your accounts in an effective manner.

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Revenue VS Profit: What’s The Difference

Do you think revenue and profit are the same? . Well, this is not true. In accounting terms, there is a substantial difference between revenue and profit. When you receive revenue, it does not mean that your business has earned a profit. While your business is doing well, being well-versed in accounting and bookkeeping gives your business an advantage. This is because then you are able to assess and manage your funds in a better way.

This is why businesses need the help of professionals accounting firms who assist them in their day to day book-keeping and accounting systems. Revenue vs profit can be explained in following points.
Top and bottom line

Revenue vs profit compared as the top vs bottom line. In a business, revenue is considered as the top line. Revenue is the total amount of money earned by the company after the sales of its goods or services. Profit is considered as the bottom line. Profit is the sum total of the income after deducting the cost of the materials, operating and non-operating expenses, debts and taxes.

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Best Accounting Tips To Avoid Cash Flow Mistakes

Every business firm should have a satisfactory cash flow, balance in their account. You never know when a need can arise wherein you require quick money. If you don't have sufficient cash in hand, then it can harm your reputation or cost you some cash. Here specify some accounting tips should help you avoid bookkeeping mistakes when it comes to cash flows. If you face cash flow issues regularly, then it is ideal to consult an expert accounting firm for help.

Top accounting services in Edmonton

Alberta-based ATS Accounting, Inc. is Edmonton's leading accounting and bookkeeping firm. The team of ATS provides a numerous varieties of services, including tax preparation, payroll system, bookkeeping to individual customers and small businesses in Edmonton and other cities in Alberta. A payroll system is an integral part of all organizations. Payroll affects every aspect of your business. If you have a small business, you too can set up a small business payroll system.

How To Prepare A Cash Flow Forecast?

Cash-flow problem arises when you are not able to make payments as and when the amount is due. It can be payments to your creditors, the company employees, the administrative, finance costs, etc. Your company may be doing well as far as deals and profitability, but you may face cash flow issues in the business. If you are looking for any help relating with cash flows or accounting services for your business get in touch with an expert bookkeeping and accounting service provider.

What Can A Business Plan Showcase?

Business plans serve various functions such as setting a benchmark for growth, attracting investors and obtaining funding from investors. Making the perfect business plan for investors can help you with fundraising more than any other endeavors. Here are the steps required in drafting a business plan to attract investors. Follow it religiously to make an effective business plan for investors and your business plan will serve you well. Speak to an adept accounting service in Canada to help you with the financial aspects of planning your business.

5 Signs That Your Business Needs To Hire an Accountant

When you have your own business, you have the desire to do the things all your own. In any case, it is important that you don't. You require experts to help you in a wide array of jobs. You will need to appoint professional who is good at accounting for your business. Business are run for profit and the best way to know whether your business has a profit is to keep up the books. Your books need to regularly be updated and well maintained and in if you fail to do so, you won't know about the financial health of your business, and neither will you be able to file your taxes.

The Advantages of Business Incorporation

If you are looking for some other tax benefits of incorporating, then you should add income splitting to it. Shareholders are paid profits by the companies. We all know that the shareholders have no involvement in the activities of business. If you make your relatives the shareholders, then what you do are you redistribute the income within your own family members. Here we share some guidelines, which can help you decide on when to incorporate your business, ATS Accounting can be of awesome help when you need to know the tax benefits of incorporating.

5 Signs Your Needs To Hire an Accountant for Your Business

Running a small business needs you to run the show completely. You need to look after every single thing and manage with every part of the company. In this entire rush, you need to care for an essential thing – your business finances. Your business keeps running on the finances that you have at your disposal. However, it is due to the difficult times that you need to look after things excessively, the financial matters can cause about inconvenience for you. Let's take a look at some tips about how to maintain accounts for your business.

Need to Know About The Canadian Pension Plan

If you are concerned whether you are eligible for CPP when you're self employed, there's no need to stress. The Canadian Pension Plan allows employed to create and manage their own pension fund. In addition, there are other benefits you get as a self employed individual under the Canadian Pension plan are that you have the flexibility to purchase any other retirement income investments. ATS Accounting can be of great help when you need to think about Canadian Pension plan.

Tips About How to Maintain Accounts for your Business

Running a small business needs you to run the show completely. You need to look after every single thing and deal with every part of the company. In this entire rush, you need to look after a very important thing - your business finances. Your business keeps running on the finances that you have at your disposal. Here we share some guidelines which can help you keep track of business expense and income. But every time, it is not as easy as you think and you may need help from some of the experts in the field. ATS Accounting can be of extraordinary help when you need assistance to maintain accounts for small business.

Common Accounting Errors to Avoid

Accounting is a vital aspect of any business. The simplest of accounting mistakes can be extremely harming for your business. You may not know it yet, but these are the common accounting mistakes you are making. Here we share some common accounting errors. For more information visit here www.atsaccountinginc.com

How to Create A Small Business Accounting and Bookkeeping Checklist

Accounting your business is required to keep a careful track of your accounts and to allow an easy understanding of the money flows of the business. Keeping up with your small business' accounting can be a complicated task, particularly if you don't have help from small business bookkeeping specialists or a tax accountant. To make things a little easier for you, here is a checklist for you to take after to stay up-to-date with your bookkeeping. Hire a skilled tax accountant to handle the small business accounting for your business and file your tax return carefully.

How To Value A Business - ATS Accounting Inc

Every entrepreneur should realize what their business is worth and business valuation is the best approach to determine how much your business is worth. Accounting services in Edmonton will conduct a business valuation for you if you are looking forward to offering your business or merge your organization. Here are three most ordinarily used techniques to do a business valuation for your business. Bookkeeping services in Edmonton use these essential valuation methods to decide the worth of your business. Knowing the difference between them will help you understand the business valuation process better.

Retirement-Planning Tips for Entrepreneurs

As an effective business entrepreneur, the considered retirement couldn't be further from your mind. Retirement planning, especially for entrepreneurs, is essential from an early stage. Regardless of the fact that your business is wildly successful now, you can't keep on running it forever. There will come a time when you have to quit working and retire and having a business retirement plan in place will prove to be highly beneficial at that time. The key rule of investments is to start early. When you start investing for your retirement and stay committed to it, the power of compounding will give you tremendous returns to ensure a very comfortable retirement.

Common Accounting Errors To Avoid

Bookkeeping is an essential aspect of any business. The easiest of accounting mistakes can be exceptionally damaging for your business. You may not know it yet, but these are the common accounting mistakes you are making. visit here http://www.atsaccountinginc.com

Common Accounting Errors To Avoid

Businessmen exercise due diligence in complying with controls; policies and different specifications. However, often fall short when it comes to being 'accountable'. Bookkeeping is an essential aspect of any business. The easiest of accounting mistakes can be exceptionally damaging for your business. You may not know it yet, but these are the common accounting mistakes you are making. For more information visit here http://www.atsaccountinginc.com

How to Pay Yourself as a Canadian Small Business Owner

As an owner, you have a lot of responsibilities. One of the choices you need to make when you start your business is how do you pay yourself. There are three basic options, each with their advantages and disadvantages, first salary, second dividend and third dividend vs. salary. Here you get entrepreneur tips, will help you understand the most ideal approach to pay yourself. However, in monetary related matters involving tax implications, it is best to get professional consultancy. Get accurate bookkeeping help by contacting ATS Accounting.

Should You Outsource Your Bookkeeping Service?

All businesses are looking for new approaches to cut expenses and expand their profit margin. Accounting for small business especially can be a costly affair. Have you ever considered outsourcing your accounting service? Let's take a look at why you should outsource your accounting service. In addition to the advantages listed here, hiring an expert trained in giving accounting advice and bookkeeping help for small businesses can further optimize your performance. Contact ATS Accounting, and equip yourself with specialized accounting services. For more information, visit our website http://www.atsaccountinginc.com or contact us at +(587) 410-6098http://www.atsaccountinginc.com

How Can An Entrepreneur Save for Retirement?

As a successful business entrepreneur, the thought of retirement couldn't be further from your mind. Retirement planning, especially for entrepreneurs, is essential from an early stage. Even if your business is wildly effective now, you can't keep on running it until the end of time.  There will come a time when you have to quite working and retire and having a business retirement plan in place will prove to be highly valuable at that time. Here are a couple of ways to go about retirement planning.

Reasons Why You Outsource Your Bookkeeping Services in Edmonton

Ats Accounting INC. is the perfect place to find out more about bookkeeping services for small or mid-sized businesses in Edmonton. A bookkeeper will suit your small needs of keeping different accounting works so you can save your lot of time and money in your business. If You are outsourcing your bookkeeping operations, you can save your money on paying full-time or part-time wages and benefits to an employee. It will raise your accounting standards and reduce fraud with improved access to top systems.

Common Accounting Errors To Avoid

Businessmen exercise due diligence in complying with regulations, policies and different other specifications but often fall short when it comes to being 'accountable'. Bookkeeping is a critical aspect of any business. The simplest of bookkeeping mistakes can be extremely harming for your business. You may not know it yet, but these are the common accounting mistakes you are making. Avoid accounting errors by not repeating these accounting mistakes. Get the right accounting help. Avoid such as slip-ups in your business accounting and bookkeeping by getting in touch with ATS Accounting. For more information visit here http://www.atsaccountinginc.com

Tips for Hiring A Personal Tax Accountant in Edmonton

Your business is very important. When you're hiring an accounting firm, you should feel that you are treated with dignity and not high handedness. You will pay for your services from your extended business firm to do your taxes, handle legal tax matters and advising you on setting up your company's books, finance and other accounting matters. A tax accountant will be responsible for all financial related planning, managerial advisory, and litigation consulting. Tax accountants offer a wide variety of tax compliance, consulting and planning services to business firms; this incorporates enterprise and associations.

Hidden Expenses That Your Business Should Not Be Paying

When you start your own business, you'll understand that there are numerous expenses that you need to manage. Without realizing, your business may be incurring quite many expenses instead of charging your customer for it. However, you can't take the risk. So charge your customer expenses, they can manage the cost of and will pay. If you keep up records in a timely method along with appropriate accounting, you will be able to identify these costs. If you need to keep your income up, charge your customers diligently - and that includes these hidden expenses. For more information visit here www.atsaccountinginc.com

How to Fix Errors After Filing Your Tax Return

Tax is seen as a burden and a liability and people delay it till the last moment. When you're in a frenzy to fill your business and personal tax, you will make blunders in your tax-filing. You have to make rearguard action by reacting calmly to the situation by conforming to the CRA rules. Here are some of the basic tax issues faced by the people of Canada, which can be fixed by resorting to these business tax solutions. Even if applying these basic methods resolves your tax inconveniences, you should not rest easy. Consult the expert tax consultancy services of ATS Security, a bookkeeper advisory and have business tax solutions at the end of your finger tips.

Best Borrowing Practice for Business

Your relationship with your banker is like your manager. Your keep upon good terms with him and great times lie ahead of you. You lose his trust and the downfall starts. The best time to borrow money is when you don’t needs it. The best time to borrow money is is when you don’t need it. It maintains a good impact on the bank as your finances are intact. This is exactly when you should make your turn for the next stage of borrowings. Your chances of getting your business loan approved are much higher, and you will be in a superior position to negotiate terms since you don't generally require the funds right then. The worst time to negotiate a new loan is a week before you absolutely needs the funds. As business, you always require access to a prepared cash flow, and this is the best approach to ensure you have it.

What is a Shareholder's Agreement?

Every business corporation or enterprise needs to retain its lion share of investors. However, in times of economic expansion, investors are watchful for better chances to exit the business. To maintain a strategic distance from these burdens and reduce the risks associated with each new opportunity, it is critical for the shareholders to have a clear set rule that apply to them. It is important for every budding business visionary to understand the tax provisions relating to the ITA, before getting into the drafting stage. ATS Accounting gives in- depth tax consulting and business startup services required for individuals and organizations to incorporate into their USA, to enhance their profitability.

5 Tax Tips for 2016

Another year is like a new breath for your business. Another year, another opportunity to achieve your business goals. With tax season around the corner, your business needs to be prepared to file its taxes, avoid mistakes and get the entire procedure right. Taking help from an expert service such as ATS Accounting will prevent your business from committing mistakes when filing taxes. Here are 5 tax tips to help you with 2016's tax season. For more information visit here www.atsaccountinginc.com

Things To Be Aware Of If You're Audited

The Canada Revenue Agency, or CRA, regularly conducts audits across the country. If you have quite recently found out that your business will be audited, there is no reason to panic. An audit is a standard procedure for CRA. The reason for the audit might be worrisome, in any case, unless you have really fudged your books or conducted an illegal activity, there is no genuine reason to panic. CRA audits are standard procedures, and it is the government's procedure of ensuring that organizations are staying within compliance. Here are seven things you should to know about. For more information, visit our website http://www.atsaccountinginc.com/ or contact us at (587) 410-6098.

Should Your Corporation’s Shareholder be a Family Trust or a Holding Company

If you are not choosing a family trust, you are choosing for a holding company. A holding company owns the shares of another company and controls that company. A holding company is suited to manage shareholders and the company, and does not deliver goods or services itself. A holding company also offers tax advantages. This allows shareholders to pull back assets at the right time and save tax; for example withdrawing after retirement to get to a lower tax bracket. Everything of the dividends can be reinvested by the holding company.

Benefits of Hiring The Top Accounting Firms in Edmonton

 

CRA has the right to pursue directors and previous directors personally for specific categories of corporate tax debts arising during the time they were directors. The most widely recognized are GST/HST and payroll source deductions. It is the obligation of every director to comply with his tax obligations to avoid being hauled by the CRA. ATS Accounting, with its skill in tax planning, accounting and business bookkeeping, gives services to defend the interests of people and small organizations in Edmonton and different other cities in Alberta that aren't equipped to put a full-time bookkeeper on their payroll.

Appropriate Usage of Petty Cash

Every business makes small buys every day for items, for example, office supplies, stamps, shipping charges, and different various things. Establishing a petty cash fund permits an entrepreneur to keep up control and record for the uses with insignificant expense and regulatory hassle. Keeping track of your petty cash is only a good bookkeeping practice, which will advantage your business. Petty cash should not be cash that is thrown around. Over the long run, it does impact the financial health of your business, thus it is vital to take care.

Common Things To Be Aware Of If You’re Audited

The Canada Revenue Agency, or CRA, regularly conducts audits across the country. If you have quite recently discovered that your business will be audited, there is no need to panic. An audit is a standard procedure for CRA. The reason for the audit may be worrisome, however, unless you have truly fudged your books or conducted an illegal activity, there is no genuine reason to panic. With such much so of disinformation surrounding CRA audits, here are we give the best things you should be aware of.For more information visit here http://www.atsaccountinginc.com/

Quickbooks Expert Bookkeeper in Edmonton

One of the numerous inquiries you are faced with is – should your company's shareholder be a family trust or a holding company. Businesses are frequently plagued by this inquiry not just in the starting of the incorporation, as well as years later too. If you are not deciding on a family believe, you are options for a holding company. A holding company owns the shares of another company and controls that company. A holding company is suited to manage shareholders and the company, and does not deliver goods or service itself. Ultimately, your business has its own unique situation. To make sure that you are selecting the right decision, it is best to take advice from an expert bookkeeper.

7 Things To Be Aware Of If You’re Audited

The Canada Revenue Agency, or CRA, consistently conduct audits across the nation. If you have quite recently found out that your business will be audited, there is no need to freeze. An audit is a normal procedure for CRA. The reason for the audit might be troubling, however, unless you have truly fudged your books or conducted and illegal action, there is no genuine reason to freeze. With to such an extent of disinformation surrounding CRA audits, here are 7 things you should be known about. For more information visit here http://www.atsaccountinginc.com/7-things-to-be-aware-of-if-youre-audited/

An Estate Freeze Solution To Solve Your Business Succession

One of the alternatives to transfer business ownership to next of kin, current management or even a friend is through an estate freeze. Before you settle down for an estate freeze, it is crucial to examine it with every one of the stakeholders. Resolve any succession disputes before you begin the estate freeze process. Once your family is in agreement, you should hire an accountant to ensure that the estate freeze is executed accurately. You will find ATS Accounting is quite adept at satisfying yours and your business' needs.

What you need to know about the Taxpayer Relief Provisions

The Canada Revenue Agency (CRA) has set aside relief provisions for those who wish to have their expenses waived or canceled. The term "cancellation," suggests that relief is allowed for a penalty that has been calculated. The term "waive" suggests that relief is allowed for a penalty that has not been calculated. The term "waive" suggests that relief is allowed for a penalty that has not been calculated. Filing for relief is a tricky business and requires a host of supporting reports. Seeing how the CRA takes as much time as is needed to respond to an application, applicants are advised to look for expert help and get it right the first time. Tax planning for business tax returns can go a long way in avoiding penalties from the CRA.

Benefits of Filing Your Tax Return

The long term achievement of every business enterprise is controlled by not just its benefit, but also its Net Income after Taxes. A profitable year in business will count for little, if only a negligible part of the gross benefit/income is composed of deductible costs. Each business owner has the chance to reduce his tax exposure by regulating the way of the costs to attract larger deductions, thereby expanding the Net Income After Tax.

7 Common Start-up Bookkeeping Mistakes You Don't Want to Make

If you don't have a good accounting system in place, then your business bookkeeping will be in a bad position. This year takes care of your accounting system so that you have an easier time dealing with the books and accounts, and paying the taxes. Poor accounting points to poor financial management, and that is not how you need to maintain a business. Here are 7 bookkeeping mistakes you would prefer not to make. For more information visit here http://www.atsaccountinginc.com/7-bookkeeping-mistakes-you-dont-want-to-make/

6 Common Bookkeeping Mistakes to Avoid

If you don't have a decent accounting system in place then your business bookkeeping will be in a bad position. For the current year take care of your accounting system with the goal that you have a less time managing the books and accounts, and paying the taxes. Poor accounting points to poor financial management, and that's not how you need to maintain a business. Here are 6 bookkeeping mistakes you don't want to make. For more information call us today: (587) 410-6098 and visit here http://www.atsaccountinginc.com/

Best Accounting Firms for Small Businesses in Edmonton

Understanding the financial situation of his or her business is basically critical for a small business owner. As accounting is one of  the most vital functions to be done in a business, getting an accountant or accounting service provider is also considered quitting crucial.  In general, bookkeeping means upkeep of auditing records, and preparation of financial related reports. For suitable observing and smooth working of a business, maintaining the accounts is very important.

7 Tax Tips for Small Business Owners

Tax is the greatest expense for most small businesses. Yet most small businesses don't have an arrangement to decrease the amount of taxes that they pay. To stay competitive and profitable, it's basic that your small business reduce its tax cost.  Tax is a complicated business to say least, and most entrepreneurs need proficient support completely to appreciate every one of the choices open to them. With this in mind, our round of seven top tax tips here provide you with some business and individual tax issues you may like to rise with your expert expense tax advice team.

Advantages of Bookkeeping System for Small Business

A bookkeeping system can be straightforward or complex according to the business necessity. Even though double entry may seem complex, there are numerous bookkeeping tools that can simplify the procedure. You pick an accounting system that fits your business. If your business is a small one, then the single entry bookkeeping system is great. However, if your business is growing quickly, then you need a strong bookkeeping system, and double entry would be correct.

Top Small Business Accountants in Edmonton

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Business accounting is the procedure in a business that tracks and conveys financial related information. This comprises of three fundamental activities: identifying, recording and communicating the economic events , for example, exchanges and ventures of an organization. Bookkeeping methods are used to record these economic events. A key business practice for productive small businesses is outsourcing business accounting. For more information call us (587) 410-6098 or http://www.atsaccountinginc.com

Should You Incorporate Your Canadian Small Business?

If you realize that your business is not going to grow beyond what it is presently, then incorporation is not right. Moreover, if you are the sole representative, then incorporation is definitely not appropriate. Every person's situation is different. To get the best response to this question, consult with Edmonton's best bookkeeping firm, where they will totally understand your business and business vision to give you the right reply.

6 Tips to Choose The Right Accountant for Your Business

 

You need to pick an accountant who is trust commendable, takes care of business, gives quality service, and last but not least, one that you can bear. It's generally recommended to hire an accounting firm from the moment your business begins, rather than to later. These ways, your records, document, accounting, consistence and taxes are in order. Here are the top 6 tips you have to remember while hiring an accountant for your business. For more information visit here http://www.atsaccountinginc.com/6-tips-to-pick-the-right-accountant-for-you/

Top 7 Bookkeeping Mistakes Made by Small Businesses

If you don't have a good accounting system in place, then your business bookkeeping will be in a bad position. For the current, year takes care of your accounting system so that you have a less easy time dealing with the books and accounts, and paying the taxes. Accounting, bookkeeping and filing taxes can get quite messy when you combine your personal and business funds. You may miss out transactions and misfile money related papers. This can have extreme outcomes, and you might be breaking the law.

How to Increase Growth of Your Business

Sales are a bookkeeping fundamental. You note a sale when a financial transaction occurs between you and the buyer. keeping track your sale is a need for bookkeeping, as well as for the growth of your business. You can monitor which product or service have a high or low sales. This offers insight into the growth of your business. The center of your accounting consists of nothing down each sale that your company makes.

Understanding Tax Planning and Its Benefits