Category Bookkeeping

The Paper Mountain

The Paper Mountain
When I talk about paper, I’m referring to documents generated in the course of business. In our world we deal mainly with the paperwork that supports the bookkeeping and accounting functions.

Allowable Write-offs

Allowable Write-offs
In the big scheme of things, all companies need to concentrate on the bottom line. This applies to proprietorships, partnerships and corporations. By “bottom line” we are referring to the net profit or loss on the Earnings Statement or Profit & Loss Statement.

Full cycle bookeeping

Full Cycle Bookkeeping
Ask many people what they think bookkeepers do and, as often as not, the reply will be to enter the business numbers into the books, write a bunch of cheques and make bank deposits. Even many business owners and managers think this way. They’re not wrong but there is so much more.

Shareholder Agreements

Shareholder
Whenever there is more than one owner it is advisable to have an agreement in place that outlines a number of important things. With a partnership it is known as a partnership agreement. With a corporation it is known as a shareholder agreement.

Tax Brackets and Tax Rates

Tax Bracket and Tax Rates
The whole business of tax brackets and tax rates for citizens of Ontario, and Canada for that matter, can be somewhat confusing. We may sort of understand the concept but do we really get what it does to us.

Types of Companies

There are essentially three different kinds or structures of companies for business owners or soon-to-be owners to consider. Which one is chosen will affect how the company needs to operate and the implications involved from both a financial and legal perspective. From our end, even the bookkeeping requirements will change to some extent.

Employer Health Tax

Employer Health Tax
This time around I’d like to deal with Ontario’s Employer Health Tax or EHT. This is one of those “additional taxes” that can sneak up on a small business and create havoc if not detected.

Death and taxes

They say that among the few constants in life are “death and taxes”.  I’m not the right person to deal with the first one but I do have something to offer on the second.