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

How Long Can You Claim EI in 2021

person is going through a checklist to see if they qualify for something

  Before we delve into this article, readers should note that timing is of the essence for all things EI. EI (Employment Insurance) benefits change regularly. This is particularly true right now. This article is being written in June, 2021. At this time, there are several COVID-19-related EI measures in place. These measures are temporary – they are in effect … Read More

Cloud Accounting Tips In 2021

two men sitting at a desk looking at their accounting laptops

  With the rise of remote work, the cloud has been essential to how businesses function. Remote work of all kinds is going to continue into the future (even if it might be to a lesser degree). Cloud accounting had already been an invaluable service since before the increase in remote work – and it’s even more important now. To … Read More

Make Filing Your Taxes Easier This Year

person is calculating their taxes themselves

This year, filing taxes is going to be quite a bit more complicated for Canadians than it usually is. Whether you’re filing your personal income tax, or you’re filing for a business, the 2020 tax season was rife with changes. Here are some of the things that Manitobans might have to consider this year that they didn’t in previous years: … Read More

When Can I Start Filing Taxes For 2021?

it is tax season for 2021

Tax season is finally here, and though there are some exceptional circumstances this year, as of the writing of this article, one thing has stayed the same: your taxes are due at the end of April. That means by April 30th, 2021, your 2020 taxes must be filed. Before we go any further, it’s worth noting that we’re assuming people … Read More

What Is An Accounting Period?

accountant is going through reports for a client

Sometimes, terms are deceptively simple. This is not the case with today’s term – it’s exactly as simple as it seems. An accounting period is, quite literally, a period of time in which accounting is being done. Your first quarter is an accounting period, and so is the fiscal year. What makes accounting periods interesting is that they don’t necessarily … Read More

7 Things You Can Do To Support Local Businesses

supporting small and local businesses

Supporting local businesses has always been important. By supporting the people who live and work in your neighbourhood, you’re helping your community grow and flourish. Culture and commerce thrive when local businesses do. This year, many local businesses have had to shutter their doors. In the retail space, these businesses may usually rely heavily upon foot traffic – which, for … Read More

How To Prepare For A Government Audit

getting a letter that you are being audited

  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