Five ways your business will benefit from having a professional bookkeeper

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Girl working on her MacBook in caffe by Viktor Hanacek

Sometimes it’s easy to get caught up in the day-to-day business operations that you miss the little things that can add up to big and pricey mistakes. Whether it is a late GST filing or a missed payroll remittance payment, we are here to help with the financial side of your small business.

Here are five ways your business will benefit from having a professional bookkeeper in your corner:

  1. We take on your deadlines. We take this so seriously that we will pay for late filing penalties that you incur if we miss one of your deadlines.
  2. If you have cash-flow problems and owe money to the CRA for your various accounts, we can help prioritize your payments so that you are incurring the least amount of penalties.
  3. Do you have employees OR you pay yourself a salary and remit source deductions?
    1. It is very easy to mess up payroll. We have found this is the number one area that clients always do incorrectly if they are doing their own bookkeeping. Even though the CRA has the online payroll calculator available to everyone, we have yet to see someone that has used it correctly.
    2. Consequences of payroll mistakes:
      1. Penalties and interest for late remittances are assessed on a monthly basis.
      2. Payroll non-compliance is considered by the CRA to be the worst offence. Eg We had a client who “did” her own T4. She calculated her own deductions, remitting wrong amounts and didn’t even file the T4 resulting in late filing penalties. This was a highly educated professional in her field who mishandled payroll. Even if you only have yourself on the same salary every month, it is still possible to do it incorrectly.
  4. We will not file a return that is not reasonable by CRA standards.
    1. Our job is to keep you off of the CRA radar. We have filed thousands of returns of all types. We will let you know if a return does not make sense before we file it and could cause the CRA to investigate it. We will work with you to make it reasonable.
  5. We have not had an audit that we were not expecting.
    1. Certain types of returns are red flags for audits eg. large GST refunds. We anticipate this, let the client know in advance that we are expecting this, and tell them how we are going to handle it.

Leave the books to your professional bookkeeper buddies and focus on what you love! 🙂

Canada Day: Stat holiday pay. Are you eligible?

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And it smells groovy….

Fireworks, road trips, bubbles, smiles and fun. The long weekend is almost upon us with Canada Day celebrations at every corner.

So before you lock up the office to celebrate Canada’s big 150th this long weekend let’s figure out if you are eligible for statutory holiday pay.

In B.C., an employee is eligible if they’ve been employed for 30 calendar days before the stat holiday and have worked or earned wages on 15 of those 30 days. So if your employee, Susie, began work on June 1st and has worked 15 days since June 1st, she gets paid for Canada Day, whether she works on Canada Day or not.

Eligibility is determined by days worked, rather than hours, meaning it applies to both full-time and part-time employees, although the 15-day stipulation rules out most part-time employees.

At Homeroom, if we’re taking care of your payroll, it’s up to you to tell us which employees are eligible or not. This policy might vary from bookkeeper to bookkeeper, so make sure you know!

If you’re taking care of it yourself, here’s how you’d figure out Susie’s stat pay for Canada Day. Take the total hours she worked in the 30 days before the stat holiday and divide it by the number of days worked, then multiply by her rate of pay. Let’s say Susie worked 60 hours in 16 days and earns $25 per hour, she would be paid $93.75 on Canada Day (60/16 x 25 = 93.75).

Now let’s say that Susie is a keener and she agrees to work on Canada Day. Eligible employees are paid time-and-a-half for the first 12 hours on a stat holiday. This is in addition to the stat pay that we calculated in the previous paragraph.

However, all this changes if your employee worked less than 15 days since June 1st. In that case, they’re not eligible for stat holiday pay and if they work a stat holiday, they’re paid as if it were a regular work day.

In B.C., there are 10 stat holidays: New Years Day, Family Day, Good Friday, Victoria Day, Canada Day, B.C. Day, Labour Day, Thanksgiving Day, Remembrance Day, and Christmas Day. As an employer, you can choose to give more, such as, Easter Monday or Boxing Day, and can work out a custom agreement with your employees for these days.

Why having a professional bookkeeper is important for the success of your business

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The success of your business is OUR business. We have the big picture in mind. It is much more than posting income and expenses (though we can never have enough of that sweet click click click sound of the POSTED stamp as it graces your business receipts).

Call us your personal bookkeeping miracle workers! We will turn your messy, torn-up pile of receipts into a beautiful, sparkling file your accountant will be proud of.

Not convinced?

Here are five reasons why having a certified bookkeeper on your team of professionals is important for the success of your business:

  • Corporations: We know what an accountant needs to file your corporate year-end
  • Actually reconciling your bank and credit card to the statement balance. It is more complicated than just checking off everything in the bank rec screen in Quickbooks. Go figure!
  • Reviewing all of your accounts for accuracy and highlighting any issues so that the accountant knows where to direct his/her attention
  • We will deliver your year-end in a reliable software that the accountant is used to
  • Sole Proprietor: We know what is needed to complete your year-end so we can file your tax return and/ or GST/ PST returns

Why is all this important?

  • You will save on accounting fees if the accountant receives a clean set of books in a format they are accustomed to seeing
  • The accountant and bookkeeper speak the same language. You will save time because the accountant will ask the bookkeeper questions about the year-end instead of asking you
  • Sole proprietors: similar to above, but we will do your bookkeeping anticipating doing your tax return at the end of the year. We will look/ask you for any additional write offs that you may not have provided to us based on other businesses in your industry. Our job is to ensure that your tax liability is as low as possible while still compliant with the CRA rules
  • We will ensure that you get the maximum write-offs possible based on our experience filing thousands returns
    • We will ask you about certain items you might never have thought you could even write off eg: Business insurance, WorkSafe BC, Meals
    • We will ask you about incomplete entries we think should be there eg do you have certain months missing for rent or telephone? Did you pay for utilities?
    • Forgot your bank and credit card statements? We will send you a reminder to send us your statements with any additional business expenses that may not be in your folder
  • We will review your expense totals to make sure they are reasonable

Stay tuned for next week’s post to see how your business will benefit from having a professional bookkeeper on your team!

Why hire a professional bookkeeper?

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Sure, we’re smart, cool and fun! But as a small business owner, do you need a professional bookkeeper?

We have the big picture in mind. It’s much more than posting income and expenses. We know what needs to be done to file your year-end accurately while ensuring that your tax bill is as low as possible. (BOOYAH! And no mad taxman high-jumping it to your back!)

Over the next couple of weeks, we will elaborate on two topics:

  • why having a professional bookkeeper on your team of professionals is important for the success of your business
  • how your business will benefit from having a professional bookkeeper on your team

Need a bookkeeper, like, yesterday and can’t wait for next week’s blog post? Get the process rolling now here. 🙂