2022 Canada Tax Filing Deadline & What You Need To Know


Are you already in the midst of prepping for the Canadian tax filing deadline for 2022? Make sure that you stay on top of things this tax season so that you aren’t hit with penalties for filing after the due date. At Compass Accounting in Winnipeg, we want to help you manage this stressful time of year by explaining the … Read More

Tips To Keep Your Business Finances In Order

person reviewing and writing on accounting documents

Keeping your business finances in order is a challenge that most companies face. Fortunately, there are a few essential steps that you can follow to make things a bit less confusing at the end of the year. Don’t wait until it’s too late to get started with organizing the financial health of your business. Take a few of these proactive … Read More

Costly & Common Bookkeeping Mistakes

man holding a calculator and a pen

  Every business owner knows that keeping up with their books is essential to maintaining an accurate financial picture of their company. Unfortunately, bookkeeping can sometimes be a tedious process that gets pushed to the wayside. Many people encounter issues with their books, and these errors can cost you a lot if you aren’t careful. These five common mistakes can … Read More

What types of small businesses should use PADs?

a business is open for business to the public

Does your business involve collecting recurring payments from customers, clients, or tenants? Do you have a payroll? Do you sell big ticket items and give customers the option of making several payments? Do you make large or recurring purchases for your business? If you answered yes to any of the above questions, there’s a great way to automate transactions, cut … Read More

A Beginner’s Guide To Cash Flow Forecasting

person working on an ipad and reviewing the cash flow statement

  Do you know how much money enters and leaves your business in a given period? Many business owners struggle to maintain a grip on their finances. They need a tool to help them better predict what they will need to spend and what they will bring in over the course of several months or even years. This is where … Read More

The Importance Of Tax Planning

planning out your taxes and what to prepare for

The idea of paying taxes makes some people cringe. Many have no idea how to calculate what they will owe at the end of the year or how to make the most of tax deductions. Tax planning is something that may never cross their minds, even though it could save them some serious cash. Tax planning is an essential part … Read More

Accrual Accounting VS. Cash Basis Accounting

person is on the computer and punching in numbers from a report for a client

  Accounting methods can be extremely tricky for business owners who are new to keeping their records. Cash basis accounting and accrual accounting are both very common practices, but which one is right for your business? You need to know the ins and outs of both types of accounting to determine what the right move is for your business finances. … Read More

What Does It Mean To “Close The Books”?

calculator on top of some accounting paperwork

  It’s becoming more and more rare to use actual books for your accounting – almost everyone has gone digital (it’s a lot easier that way). Nonetheless, the phrase “close the books” remains – in the same way, we say “hang up our phones” or “dial a number”, though places to hang your receiver and phone dials are both long … Read More

Statement Of Retained Earnings

a pen on top of statements of retained earnings

  How much money does your business have? Business finances are inordinately complex, and there’s no one simple way of evaluating what a business is worth. So, when trying to determine what a business is worth, and how healthy the business is, it’s useful to look at a number of different metrics. One such metric is the retained earnings of … Read More