You run your business we watch your books!

Your Accounting Department 

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TIP #7 - GST/HST Returns

Posted on 25 September, 2019 at 13:40

GST/HST Returns Q&A and Deadlines

Q: Do I need to file even if I didn't have any transactions or net tax to remit?

A: According to the CRA YOU DO!

Q: When do I have to file?

A: The filing deadline will be different depending on your GST/HST filing period. See filing deadlines for the different filing periods:

  • monthly
  • quarterly
  • annually – (except for individuals with a December 31 fiscal year-end and business income for income tax purposes)
  • annually – (individuals with a December 31 fiscal year-end and business income for income tax purposes)

For more information on GST/HST Returns and Refunds, visit the CRA website, or the direct link below.

https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/gst-hst-businesses/complete-file-when.html ;

TIP #6 - Keeping Your Records

Posted on 24 September, 2019 at 0:10

Keeping records

Records are all your accounting and other financial information documents. These documents must be kept organized. While your Bookeeper looks after these documents being organized and you Accountant looks after filings, it is your responsibility as a business owner to ensure your Bookkeeper and Accountant have access to these documents, and all documents related to your business.

The type of information your records contain depend on your situation and other factors such as:

  • your business type
  • the format you use to keep your records (paper, electronic or a combination of the two)
  • if you have converted any paper records or supporting documents into an electronic version
  • if you are involved in e-commerce (for information about e-commerce, go to E-commerce)
  • if you are a GST/HST registrant
  • if you are an employer
For more information visit www.canada.ca and look for 'keeping your records'.

TIP #5 - How to choose a [good] bookkeeper?

Posted on 17 September, 2019 at 10:45

Next 3 reasons why working with a professional bookkeeper is important!

Choosing a [good] bookkeeper should be like choosing any other expert - through research, credibility, trust and integrity. You need to make sure that your Bookkeeper is:

5. Goes the extra mile - All of our clients' books are always reconciled and matched down to the last penny - you will never find any discrepancies!

Do your books always match? We have seen hundreds of cases where our clients either did the reconciliations on their own (rarely because it is a very tedious task), or trusted a bookkeeping "specialist", but the reconciliations were off not by a few dollars, but by a few thousand dollars! So, ask yourself - do you want to work with someone you can trust will balance your books down to the last dollar, or someone who may not care because they are working with a tight deadline and will do whatever they can/want just to close the book and get it over with.

6. Present and Available - You will not talk to a machine or wait days for someone to answer a simple question. Our staff is always available!

Customer Service is EVERYTHING in EVERY business. If you provide amazing and humble customer service to your clients, wouldn't you expect the same service from your service providers - like your bookkeeper and your accountant? Sometimes, people who work with numbers all day long forget that there is a person on the other side of that spreadsheet, but there is. There is a person with a family, there is a person with bills that they have to pay, there is a person with dreams and hopes for themselves and their loved ones. And, if your bookkeeper doesn't take all of that into consideration but looks at you as just a number, would you want to continue working with them?

And, as much as technology is evolving and is "simplifying" everything in our day to day, at the end of the day, it is still technology. And, technology has bots and spiders and errors that may delay your business, or worse. To ensure that doesn't happen (or happens as least as possible) you want to work with a firm that has a team of competent professionals that will be there for you at every stage of your business!

7. Knows the details but can simplify the results - unless you want/need to know all the nitty gritty details, we will make your life as easy as possible!

Let's admit it, you hire a bookkeeper because you are looking for an expert in the field. Otherwise, you would have been doing it yourself. But, you have a business to run. Since you have a business to run, you are busy, and the last thing you want is to spend hours in a meeting with your bookkeeper trying to understand what the difference is between a Trial Balance, a Balance Sheet, and a Ledger. What you want is end-results delivered to you in a quick and simple format. So, make sure that you are working with someone who knows how the vehicle is built, but can show you where the gas and the brake pedals are; if something breaks, you can be confident that they will fix it.

All said, here are just a few reasons why you should work with YAD Ontario for your Bookkeeping needs!



 

TIP #4 - How to choose a [good] bookkeeper?

Posted on 9 September, 2019 at 20:20

First top 4 reasons why working with a professional bookkeeper is important!

Choosing a [good] bookkeeper should be like choosing any other expert - through research, credibility, trust and integrity. You need to make sure that your Bookkeeper is:

1. Licensed - YAD Ontario is licensed by the IPBC.

There are many bookkeeping firms, and bookkeeping "specialists" who may claim that they are experts. But, unless they are familiar with accounting and bookkeeping laws, which can only be proved through their licenses, you may want to think twice before trusting an unlicensed professional with your most precious possessions.

2. Has Experience - YAD Ontario brings over 70 years of combined experience.

Having a license and education is not enough to ensure that the professional you are trusting with your most previous possessions knows what she is doing. She needs to have practical experience and has come across some of the worst situations possible - like walking someone through an audit, which is never fun and could be a nerve-wracking experience.

3. Knowledgeable and Competent - We have worked on thousands of books across all provinces in Canada - from East to West coast.

Just like with experience, you want to make sure that the bookkeeper you are talking to is fully competent in your field of work and has practiced in your province as every province has different tax regulations.

4. Up to date - YAD Ontario has partnered with the latest software technology providers and is able to provide extensive discounts on our services.

Just as our day to day lives are impacted by technology - from smartphones, to smart fridges, to smart cars - so is our bookkeeping and accounting software. Working with a bookkeeper who is knowledgeable in the most current software - like QBO, HubDoc, or CosmoLex - will ensure that your books are done in the most effective, time efficient, and accurate manner, and that the software that the bookkeeper is working with is also up to date on governmental regulations. Because let's admit it, what is the point of working with a software that hasn't been updated since the early 2000's? Or downloading a 2019 CandyCrush app to a 2009 iPhone?!

All said, here are just a few reasons why you should work with YAD Ontario for your Bookkeeping needs!

 


TIP #3 - Choosing Affordable Bookkeeping Software - QBO

Posted on 26 August, 2019 at 14:10

Watch our video https://youtu.be/CyTwikoliPE" target="_blank">here!

This article is about our partnership with Intuit and QuickBooks, or QBO, to help you understand how you can save cost on your accounting software.

Right now, Intuit is offering 60% off their services for 3 months. Looking at their EasyStart package, you can pay $8 per month instead of $20. Or if looking at their Plus package, you can pay $20 per month, instead of $50 per month, for the next 3 months.

If you subscribe to YAD Monthly Service package, you can save 90% on your QBO investment for the next 6 months! So you will get access to the Plus package for less than the cost of a StarterPackage - $5 instead of $8. And the promotion doesn’t end after 6 months – you will not have to pay $50 per month after the 6 months are over. Because you will be a YAD client, you will be eligible for discounted rates.

This promotional offer that we have through our partnership with Intuit, comes with a free QBO setup with a minimal subscription to our Bronze Package:

 

  •  Setup of your Chart of Accounts
  •  Setup of your Product and Services
  •  Setup of your Clients
  •  Setup of your Vendors
  •  Setup of your Letter Templates that you send to your clients
  •  Setup and customization of all Reports that you need to manage your business – like customized Profit and Loss.
  •  Setup of all Employees and Payroll

What are your bookkeeping needs?


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Tip #2 - understanding the difference between Accounting vs. Bookkeeping

Posted on 26 August, 2019 at 13:50

Watch the full video below or on our YouTube Channel - YAD Ontario

First of all, Accounting versus Bookkeeping. Do you know whether you need one or the other, or whether you need both? The answer is ‘you definitely need both’!.

Now, let’s define the two:

  • Accounting - Typical Accountants, or CPA’s, examine financial information, present what they discover in a format that is useful to a business, and complete annual tax filing for the business.
  • Bookkeeping - Typical bookkeepers enter all the necessary financial information properly and accurately into the financial software – i.e. invoices, payments, etc.

In other words, Bookkeepers do all the prep work for Accountants’ analysis.

So, what is YAD Ontario? Who is this ‘Your Accounting Department’? First of all, it is very important to note that we are Certified Bookkeeping Professionals, backed up by the IPBC!

YAD Ontario is a bookkeeping firm contracted to run your books, while you and your teams focus on growing your business.

Our services overlap with those of an Accountant, up to filing business taxes – i.e. T2’s. In other words, YAD does all the prep work, with experience of an Accountant at a cost of a Bookkeeper!

We are partnered with dozens of CPA’s each unique in their own practice to accommodate our clients across different industries.

Our clients work across many different industries, such as:

  • Call Centres - Payroll
  • Construction
  • Engineering
  • Import
  • Investment companies
  • Law Firms
  • Manufacturing
  • Medical Institution
  • Non-Profit organizations
  • Other
  • Project Management
  • Real Estate
  • Subcontractors
  • Wholesale

Our Software Partners are also vary. Because each one of our clients needs are unique, so the software must be unique to their business.

Our services are based on an hourly rate, just like other bookkeeping and accounting services out there. But, we have also developed a unique monthly package approach to really tailor towards those small to medium businesses and help our clients save cost.

We have a Starter Package that includes 4 hours at $200 per month. That is already discounted at 20%. Up to a Diamond Package that includes 80 hours per month at $3,000.

The one package that majority of our clients prefer is our Gold Package that includes 40 hours per month at $1,600 discounted at 50%.

You are probably wondering what this Custom Services line down here. Well, just like our clients, our Packages are also custom. Let’s take a look at 2 quick examples just to help you get a sense of what exactly we are offering in our services:

1. One of our clients owns a Car Wash and subscribes to a Starter Package, where he pays $200 each months for 4 hours of service. The services included in this package for his business are:

  • a. Reconciliation of 1 Credit Card
  • b. Reconciliation of 1 Bank Account
  • c. Quarterly review of financial statements – Balance Sheet and Loss/Profit.
  • d. Monthly HST Filing
  • e. Payroll for 5 employees
  • f. Total of 6 services

It is important to note the 5 employees here because if you look at starter packages for other bookkeeping/accounting services out there, their starter packages include only 1 employee.

2. On the other side, we have a Law Firm that practices in Employment and Family Law, who subsribes to our Diamond Package. That package includes 80 hours a month and they pay $3,000 each month. Some of the services included in this package for this business are:

  • a. Reconciliation of 3 Credit Card
  • b. Reconciliation of 3 Bank Account
  • c. Quarterly review of financial statements – Balance Sheet and Loss/Profit – more than just these 2 statements.
  • d. Monthly HST/WSIB Filing
  • e. Payroll for 8 employees
  • f. Total of 38 services

And so, what does that really mean for you at the end of the day? Each client will subsribe to a package that makes the most sense for their business and their industry. We could have clients from different industries subscribing to the same package, with different services.

And so, again, what does that really mean for you? Well, it is your business, and you have a say in it. We will sit down with you, go through all of your pains and needs, and what is it that you are looking to accomplish. And, together, we will come up with a plan that is suitable for your needs.

What are YOUR bookkeeping needs?


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TIP #1 Savings & Benefits

Posted on 30 July, 2019 at 18:05

TIP #1 - As a business owner, you should always think about how you can cut cost and expenses, to make your business more profitable. So, you may want to consider hiring a third-party bookkeeping firm that will cost you less than a full-time or part-time bookkeeper, or if you do your bookkeeping yourself, will help you save time and concentrate on running your business instead of worrying whether you allocated your expenses to the right account, or remembered to send an invoice to your client to collect payment.

When you work with YAD Ontario bookkeeping and accounting service provider, you benefit from several key advantages! The one, and possibly very important that any business could use - is SAVINGS.

YAD cost savings program for SMB business owners who require bookkeeping help, also helps our clients grow their business because they can save tens of thousands of dollars per year by contracting our services versus hiring full-time, or even part-time, bookkeeping specialists.

Average salary of a bookkeeper in the GTA today is roughly $42,000 a year. When contracting YAD specialized bookkeeping services, your business will benefit from more than 70% in savings!

These funds can be allocated to other important items like marketing, lead generations, new hires, or expenditure of real estate and office space, all of which will help you drive your business and take it to the next level.



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