When we look at accountants, we usually look for an individual to assist with getting our books in place or working on filing the correct amount in taxes at the end of the year. Most people are not accounts savvy enough to work on the process, and they should get someone to assist with the process to make sure there are no issues with everything working smoothly.

Original Article Source Credits:   Financial Post , https://financialpost.com/

Article Written By:  Jamie Golombek

Original Article Posted on:   June 17, 2021

Link to Original Article:  https://financialpost.com/personal-finance/taxes/the-cra-gives-a-chilling-assessment-on-accidental-tfsa-overcontributions

Managing your company’s money and examining its financial condition is a vital part of running a business. With your finances accurately recorded, you know exactly what your income and expenses are. However, though you may be an expert in your line of work and can handle most of your operations and administrative tasks on your own, accounting can be trickier to manage.

As a small business owner, your main aim would be setting up your business’s position to dominate the current market with a product or service that customers need. However, as you concentrate on building your company, you may find that the administrative aspects of your firm, like accounting, become time-consuming. When such a situation arises, you must hire an accounting firm to ensure all your financial activities are appropriately managed and documented. These professionals will also offer various accounting advantages, suitable solutions for your business, and free you from all your financial hassles, provided you choose a firm that matches your expectations. You need to go through reviews you find online and speak to people who’ve worked with them.

As experienced accountants and bookkeepers in Richmond, BC, at Real Balance Accounting Services Ltd., we help small business entrepreneurs focus on growth while we run their back-end accounting and administrative tasks smoothly.

Right now, DIY activities are all the rage as they offer a sense of accomplishment and great savings. People are making all kinds of home décor, skin care products, and even performing services themselves, which they would normally pay for. However, as the DIY trend continues to grow, many individuals feel that they can do just about anything on their own.

Original Article Source Credits:   The Motley Fool , https://www.fool.ca/

Article Written By:  Christopher Liew, CFA

Original Article Posted on:  January 12, 2021 

Link to Original Article:  https://www.fool.ca/2021/01/12/cra-3-tfsa-mistakes-to-avoid-with-your-new-75500-limit/

Original Article Source Credits:   The Motley Fool , https://www.fool.ca/

Article Written By:  Christopher Liew, CFA 

Original Article Posted on:  January 13, 2021 

Link to Original Article:  https://www.fool.ca/2021/01/13/cra-13000-crb-no-canadian-left-behind-in-2021/

Establishing a business, even a small one, involves several requirements like registering the company, opening new bank accounts and credit cards, managing payroll and contractors, etc. In addition to this, you need to set up operational and administrative systems for success, separate your personal funds from business money, and obtain CRA-WCB-PST requirements. 

Starting a new business is a big achievement and an exciting experience for many individuals. But the real challenges begin only after they start operating. Some of the obstacles small businesses and startups face when they begin aren’t necessarily with their craft. They are often with the operations that adhere to CRA requirements with payroll, Goods and Services Tax (GST), Provincial Sales Tax (PST), and Workers Compensation Board (WCB). Similarly, staying on top of their monthly numbers to make sound business decisions may also be a hassle for them.

Original Article Source Credits:   Canada.ca , https://www.canada.ca/

Article Written By:  NA

Original Article Posted on:  2020-09-24

Link to Original Article:  https://www.canada.ca/en/revenue-agency/services/tax/businesses/small-businesses-self-employed-income/checklist-small-businesses.html

Original Article Source Credits:    Intuit and QuickBooks  , https://quickbooks.intuit.com/

Article Written By:  QuickBooks Canada Team

Original Article Posted on:  NA

Link to Original Article:  https://quickbooks.intuit.com/ca/resources/bookkeeping/reasons-bookkeepers-are-money-savers/

Original Article Source Credits:    Intuit and QuickBooks , https://quickbooks.intuit.com/

Article Written By:  QuickBooks Canada Team

Original Article Posted on:  NA

Link to Original Article:  https://quickbooks.intuit.com/ca/resources/apps/best-accounting-software/

If you’re looking to hire a bookkeeping and accounting company in Richmond, BC, whether it’s for expense management, managing your company accounts or payroll, it is important to pick a reliable agency with high standards. After all, the end product will be a direct reflection of your business! Therefore, it’s essential to choose a bookkeeping and accounting company that you can trust to handle your business accounts with accuracy and in a way that benefits your company. 

Original Article Source Credits:   Intuit and QuickBooks  , https://quickbooks.intuit.com/

Article Written By:   QuickBooks Canada Team

Original Article Posted on:  NA

Link to Original Article:  https://quickbooks.intuit.com/ca/resources/bookkeeping/ways-improve-small-business-bookkeeping/

For most business owners, maintaining financial records and preparing accounts and taxes is one of the top priorities. However, with no grounding in accounting and bookkeeping, many of them find it difficult to efficiently manage their accounts. This prompts them to overlook the little things and commit mistakes that can have a huge impact on their business. 

While building a business from scratch can be exciting and rewarding, there are several challenges and complexities involved in the process of starting a new business. Careful planning and exceptional execution are imperative to avoid these problems and ensure the growth of your business. 

People usually receive direct phone calls and emails from the Canada Revenue Agency (CRA) when there are issues with their tax declaration or incase the CRA finds discrepancies in their income and tax statements. This tends to entail punitive action, which often causes fear and stress.

Balancing the books and taking care of the accounting needs of a business is not everyone’s cup of tea. Moreover, with the ever-changing guidelines and regulations, it can be difficult for a layperson to stay on top of the rules of accounting and manage the financial aspect of their business in an optimal manner. Therefore, it’s best to hire a professional bookkeeper and accountant to look after the finances of your business.

As a firm offering top of the line bookkeeping and accounting services in Richmond, BC, at Real Balance Accounting Services Ltd., we’re running a special discount on our services to help existing and new clients save a few dollars.