2019 March

Once upon a time, accountants had to keep handwritten documents to stay on top of the earnings and expenses incurred by the companies they serviced. Of course, that archaic process was replaced by computers which enabled businesses to store their accounting data on discs and hard drives. But, in 2019, most organizations have gone the way of the cloud – also known as the internet. Cloud accounting provides businesses with a number of benefits.

Top-of-the-line security.

Paper-based accounts of your company’s monetary dealings can easily become lost, stolen or damaged. The same can be said for age-old discs, hard drives and computers. The internet, believe it or not, is actually a very secure location for all of your company’s important data. As Emily Pribanic affirms on TechFunnel.com, cloud accounting ensures that no one can access your data unless they gain access to your login information.

“Cloud-based accounting solutions also protect your data from natural disasters and you can even invite other users to view the data with limited access,” she informs, “Cloud-based accounting companies ensure that the security and privacy of your data is always airtight and they’re constantly making updates to guarantee this.”

Regularly-updated information.

Your business is … Read the rest

It’s safe to say that tax season is officially upon us! With March now underway, Canadians have up until the end of next month to file their income tax returns. For self-employed persons, your return must be filed by June 15, 2019, but if you have a balance owing, you must pay it on or before April 30, 2019.  Now, that may sound like a lot of time. But two months can go by pretty quickly. This is especially true if you haven’t yet gathered all of the necessary information to file your tax return with your tax professional.

It’s important to present an accurate account of your business earnings and expenses over the past year. Don’t forget that, as a business owner, you have the ability to deduct expenses that are directly related to your business. The Canada Revenue Agency (CRA) allows you to claim reasonable business expenses.

What is a “reasonable” business expense?

A reasonable expense is an one that is incurred by your business for the purpose of earning business income. Personal and living expenses do not fall into this category. For example, your company telephone and internet service – both used to conduct business on a … Read the rest