Category: Bookkeeping Services
Posted on January 2, 2023
Introduction Canadian payroll refers to the process of calculating and distributing wages, salaries, bonuses, and other forms of compensation to employees in Canada. It also involves the tracking and reporting of income and deductions for tax purposes. Understanding payroll and taxes is essential for businesses operating in Canada, as it ensures compliance with relevant laws and regulations and helps to avoid penalties and fines. What is Canadian payroll? Payroll refers to the total amount of money that a company pays to its employees in a given period, typically on a weekly or biweekly basis. It includes the salaries and wages…
Posted on January 2, 2023
Canadian Small Business Bookkeeping Guide Bookkeeping is a crucial aspect of financial management for small businesses in Canada. It involves the systematic recording, classification, and analysis of financial transactions to provide an accurate and up-to-date view of a company's financial position. In this article, we will delve into the different types of bookkeeping systems, the best software options available in Canada, the cost of bookkeeping services, and the benefits of outsourcing. We will also provide tips on how to get started with bookkeeping and common mistakes to avoid. Types of Bookkeeping Systems There are two main types of bookkeeping systems:…
Posted on November 21, 2022
What is Bookkeeping in Edmonton Canada? Basically, bookkeeping is the process of keeping track of your finances. In Edmonton, you can use various methods to keep track of your financial accounts. These methods can include keeping a trial balance, a credit balance, and an expense account. Expense accounts (debit balances) Expense accounts (aka debit balances) in Edmonton are all the rage. The purpose of these accounts is to track the costs of running a business. A good example is a company's payroll taxes, but also includes such things as the cost of advertising and the ever present, long-term liabilities like…
Posted on February 18, 2022
Personal Tax Accountant in Edmonton When it comes to keeping financial records, individuals are not obligated to do so (whereas corporations are), yet failing to do so may be exceedingly expensive in terms of taxation and finances. You must be able to grasp how your money is being spent if you want to make informed decisions. Even if you are aware that your credit card and bank statements are erroneous, it is conceivable that you will not become aware of the situation until it is too late to make any corrections to them. When you fail to pay your bills…
Posted on January 10, 2022
Introduction: What is a Tax Accountant and What Do They Do? A Tax Accountant is a person who has the skills and experience to handle tax-related matters. They usually have a graduate degree in taxation, accounting, or other related fields. Tax accountants are responsible for understanding the tax implications of an individual's financial transactions and obligations. This includes income taxes, payroll taxes, state taxes, as well as federal and international taxes. There are many types of tax accountants that specialize in specific areas of taxation such as corporate tax accountant or estate planner. However, all are responsible for ensuring that…
Posted on December 24, 2021
What is Bookkeeping? Bookkeeping is the process of recording and summarizing financial transactions by a person or company and includes tracking accounts, calculating taxes, and preparing financial statements. The first step to bookkeeping is recording each transaction. This involves listing all the activity that occurred within a certain time frame. After which, summaries and reports are created using this data to show what has happened in a timely fashion. Bookkeeping software can help small companies by offering cost-effective solutions for their business operations. It can be used to track all the necessary financial information for your company so you can…
Posted on December 23, 2021
What is corporate accounting in Calgary Alberta and Canada? Corporate Accounting in Calgary are accounting firms or accountants that goes through the process of preparing financial reports, analyzing data and managing information. The function of a corporate accountant is to ensure that the financial statements are prepared in accordance with the regulations of the Canadian Securities Exchange and other applicable laws. The corporate accountant ensures that all financial transactions, as well as the preparation and presentation of financial reports are carried out correctly and legally. What is a corporate accountant? Corporate Accounting in Calgary – Definition The term “corporate accountant”…
Posted on December 22, 2021
The concept of double taxation in Canada Double taxation is an unfair tax policy for Canadians. It taxes companies twice, once through its shareholders and then again as a Canadian corporation. Double taxation in Canada is something that most people don't even think about. But it's important to know because... Double Taxation Can Be A Real Pain! Let's say you are a Canadian resident and you have an investment income of $10,000 from your stock portfolio. Let's say you also have a house in the United States worth $150,000. In this case, you will pay U.S. tax on the $10,000…
Posted on December 14, 2021
What are the Different Types of Business Accounting Services In Canada, there are many different types of accounting services. Some of them include the following: 1. General Business Accounting Services: These services include financial statements, reviews and discussions about financial status and budgeting. 2. Contract Management Services: These services are given to help businesses manage contracts and agreements with their clients or suppliers. Although not all accounting firms offer these services, they may be useful for those who want to contract with a specific company or trade license holder in the future. 3. Corporate Governance Services: These services provide assistance…
Posted on December 13, 2021
This is why you need to hire an Edmonton small business accountant: Accounting firms in Edmonton offer tax planning and tax preparation services. They can also help in reducing your taxes and they can help you make more money by providing advice on how to manage your money better. The accountants in Edmonton are qualified and experienced professionals who know the ins and outs of taxation. You can rely on them for clear explanations, advice, and solutions to complex accounting problems. The accountants in Edmonton will ensure that all your financial information is up-to-date through analysis, examinations, research, communication with…