When you hire a tax lawyer Calgary to help you deal with any tax-related issues, you are attaining a big chunk of advantages to your favor. For instance, a tax lawyer has your interests guarded. By law, they are prohibited from sharing sensitive information exchanged between themselves and their client. This means that you have the safety of speaking freely to your tax lawyer about tax issues you might be having without fear of disclosure. A tax lawyer is on your team and is hired to represent you in Tax Court if it ever comes to that. Another big advantage is that these people are actually knowledgeable in the field, something that young taxpayers tend to be most ignorant in. A tax lawyer can help you understand all the tax related and legal requirements.

Bookkeeping Basics For Business Owners

On average, small, medium and even large business owners spend over 10 hours each week recording, organising, and processing financial transactions – everything from accounts receivable and payable, income statements and statement of retained earnings, to employee payments/salaries, expense receipts and supplier invoices. To be frank, that doesn’t sound like Bookkeeping Basics to me!

While the process may be dreary (and repetitive!), effective bookkeeping is the bedrock of sound financial management – which in turn, is the backbone of any business.

We know paperwork and complex calculations can be overwhelming so here are three bookkeeping tips to help ensure a healthy financial future for your business regardless of the size.

1. Religiously Track Expenses (no cheating)

Accurate and reliable expense tracking is vital for claiming the right tax deductions. In addition, analyzing expenses can offer essential bits of knowledge into spending patterns and the general profitability of your business. The potential of accurate information ought not be thought little of.

There are so many cloud and SAAS options or complete software solutions to take care of tracking your expenditures, also, having a cloud based accounting tool gives you access no matter where in the world you are. However, research the bookkeeping software products that is most appropriate for your business (for instance, do you require a payroll function?). You can even download free trial version of the item before you buy it. Keep it simple and straightforward and you will keep track while avoiding unnecessary headaches.

Alternatives like Expensify and Receipt Bank assist in getting rid of manual data entry with automated functions, including:

  • Receipt data capture via your smartphone’s camera (no need to hold onto paper receipts, which can get lost or misfiled)
  • Synchronisation with your phone’s GPS to track mileage of business travel
  • Importing bank and credit card data, plus integration with accounting software

2. Timely (and precise) invoicing

Efficient invoicing is about more than ensuring you get paid in a convenient manner. According to debitoor.com, an invoice is a document sent to a buyer that specifies the amount and cost of products or services that have been provided by a seller and must be completed accurately to avoid errors in your bookkeeping procedure.

Here are a couple of tips for professional invoicing:

  • Ensure each receipt/invoice incorporates all the critical detail: contact info, an invoice number, a detailed rundown of items or services rendered, and a breakdown of the total amount due
  • Monitor who you send the invoices to and when it was paid, and if necessary, which ones should be followed up
  • As your business grows, consider taking in advance payments or deposits to guarantee your income is steady
  • An online invoicing tool can streamline this part of your bookkeeping procedure and provide an efficient backup filing system

3. Bookkeeping software is your new BFF

By law, every business is required to keep organised and timely financial records, and you need to keep source documents for a minimum of 5 years. So how organised are you – really – be honest now!

Manually recording income and expenses in excel or a workbook is tedious – also unpleasant and inclined to mistakes for the math-averse

Shave some time (and worry) off your week by using bookkeeping software solution/program like Xero, QuickBooks or Myob.

  • Online Bookkeeping offers various advantages such as creating instant reports and real time insights on profits and loss, customer accounts, payroll – and your overall financial “big picture”
  • Simplified data entry so you can gather and print invoices and receipt, faster than manual techniques
  • Improved accuracy through automation (once information is entered, the product handles every single computation and procedures – including invoicing)

Calgary Businesses and Business People

  • A Business Mentor and the Chairman of SureCall CC Marc Bombenon has been in the telecommunication industry since 1979 and dedicating his career to help businesses achieve their business goals.
  • Boulder Creek Langdon is a new community 20 minutes from Calgary. Enjoy its 18-hole golf course, large lots with a 3-car garage, and small town charm.