Influencers play a unique role in society, and they’re often paid quite well for promoting a variety of services on their main platform. They may get paid to take a trip and review a specific hotel, fashion some new swimwear, or play video games in exchange for money. The possibilities for how influencers earn income are numerous. With all of … Read More
Should I Incorporate My Business?
At Compass Accounting, some of the most common inquiries we receive are about incorporation. So, if you’re trying to decide whether or not it makes sense to incorporate your business, you’re certainly not alone. For some businesses, incorporation is important from day one. For others, it may never be a necessity at all. A wide range of factors can influence … Read More
Winnipeg Accountant Helps Business Owners Reduce Tax Liabilities
WINNIPEG, Manitoba: Compass Accounting, located in central Winnipeg at 605 Erin St., is proud to save its clients money by helping them understand and maximize their tax deductions. The professional accounting firm is aware that one of the main reasons clients turn to it is because it can help companies free up cash for future reinvestment. One important strategy? Taking … Read More
How To Hire An Accountant For Your Freelance Business
Graphic designers, web designers, and other creative individuals face unique challenges when it comes to filing their taxes. While many people only enlist the help of a professional accountant at the end of the year when taxes are due, you might be able to benefit from receiving the advice of an expert all year round. They can help you analyze … Read More
Canada Payroll vs. US Payroll – What’s The Difference?
Remote work positions are the new trend among many small businesses. Since more people than ever before are working from home, it makes sense that your business might want to expand its borders to take advantage of international talent. Whether you’re located in the United States and want to hire a Canadian employee or vice-versa, there are a few differences … Read More
CRA Audits: Everything You Need To Know
We all know about them, but for the most part, they’re shrouded in mystery. CRA audits. Why do tax audits exist? What does it mean if you get audited by the CRA? And what should you do next? In this article, you’ll find the answers to the most common questions about audits. By the end, you’ll have a better understanding … Read More
Guide To Revenue Recognition
Understanding your books and coming up with comprehensive financial documents can be a real challenge. One of the areas where business owners are often confused pertains to recognizing their revenue. When do you add the funds to your account and financial picture? Is it when you receive the money or when the goods are delivered? If you find yourself … Read More
7 Reasons To Outsource Your SaaS Accounting
Accounting is a necessary part of any business, but some industries will find that it’s even more complex than they’d initially thought. SaaS businesses will need to consider whether it’s worth the time and money to hire in-house accounting staff or whether they want to outsource this service. Outsourcing your accounting can be highly beneficial for many reasons, from … Read More
Is Direct Deposit Payroll The Right Choice For Your Business?
Processing payroll is a necessary part of managing your own business, but there are ways that you can make this routine chore a bit more bearable. One way that many companies choose to go about simplifying the process is by enrolling in direct deposit payroll. This method of paying employees can save your business both time and money, as well … Read More
Winnipeg Accounting Firm Offers Service To Assist With CRA Audits
WINNIPEG, MB: Compass Accounting CPA Ltd., a Winnipeg accounting and tax preparation firm, is offering assistance to those who receive Canada Revenue Agency (CRA) reviews. Every year, millions of Canadians receive notice that their tax return is being reviewed by the CRA. In 2022, there has been a significant increase in the number of CRA reviews and audits. This is … Read More