How To Prepare For A Government Audit

  Whether you run a Canadian business or you’re a Canadian citizen, you can get audited by the CRA. There are a lot of potential triggers for audits – the CRA has risk assessment algorithms they use to determine whether or not an entity should be audited. Regardless of why you’re audited, it’s important to know the steps you can … Read More

Winnipeg Registered CPA Firm Turns Focus Towards Improving The Remote Accounting Experience To Assist Clients During COVID-19

WINNIPEG, Canada – Compass Accounting, a forward-thinking and innovative registered CPA firm based in Winnipeg, Manitoba, is proud to announce that they have turned their focus toward remote accounting to better assist their clients during the current pandemic.  The company understands that business owners are facing a range of different issues due to COVID-19, and so rather than adding to … Read More

What Is The Difference Between Business & Professional Income?

Go to the Government of Canada’s webpage on Business and Professional Income, and you’ll be greeted with – well, a lot more information than you might need. You have to do a lot of looking around to figure out what the difference is. You might think it’s a good idea to go to the Business or Professional Income page, but … Read More

Payroll Deductions – The Basics For An Employer

Payroll Deductions can seem complex – we’re going to go over the basics in an effort to simplify things. For our purposes, we’re going to analyze payroll deductions in Manitoba, as that’s where most of our readership lives. That said, the basics are the same for every province. You must deduct for: Federal income tax Provincial income tax The Canada … Read More

How To Recognize & Avoid Phishing Scams

Warning: very mild Mr. Robot spoilers ahead. One of the most important lessons in Mr. Robot, the dystopian alt-present hacker show by Sam Esmail, is that the best hackers aren’t necessarily using algorithms to crack your password. In the IT world, it’s much easier to defend than it is to attack, and high-level encryption is almost impossible to hack unless … Read More

5 Small Business Marketing Ideas For Fall

There are a lot of reasons to focus on seasonal marketing. You might have seasonal inventory you’re excited to sell, you might want to profit from seasonal trends, or you might quite simply love getting into the spirit of each season. No matter what your reason, there are many ways you can tailor your marketing to fall shoppers: Focus on … Read More

7 Common Payroll Challenges

Payroll is one of the more complicated elements of business finance and accounting. We’re going to go over a few of the common challenges you might experience when dealing with payroll, and how to tackle those challenges: Employee Classification Is the person working for you an employee or a contractor? You have very different responsibilities to the two. When you … Read More

Are You Thinking Of Incorporating Your Small Business?

The decision to incorporate could be one of the most consequential you take as a business owner. Here, we’ll look at some of the pros and cons of incorporating your business, as well as a brief look at the process of incorporation: Why Should You Incorporate? One of the main advantages of incorporation is limited liability. Basically, limited liability means … Read More

A Beginners Guide To Self-Managed Bookkeeping

Bookkeeping is an essential element of accounting. There’s some amount of bookkeeping that you will, necessarily, have to manage yourself. Keeping receipts? That’s a part of bookkeeping. Filing them appropriately? That’s part of bookkeeping. Bookkeeping is, at its most basic, the task of compiling all of your company’s financial transactions and making sure all of the transactions add up. Any … Read More

How To Value A Business

How much is a business worth? Do you simply add up the business’s assets and call it a day? Of course not. That wouldn’t account for the intangible assets of the business, like knowledge and expertise. Do you simply look at a business’s current revenue stream and call that its value? No – that calculation fails to account for peaks … Read More