Are you a business owner or entrepreneur seeking clarity on financial management? Our latest blog post, "10 Questions to Ask Your Industry Professional," is here to guide you through essential bookkeeping queries. From understanding payroll source deductions and the significance of Profit & Loss and Balance Sheet reports to grasping the intricacies of HST calculations, this article covers it all. You'll also learn about the importance of bank statements, the potential pitfalls of DIY bookkeeping, and why maintaining receipts is crucial for CRA compliance. Dive in to discover how staying in touch with your bookkeeper can enhance your business's financial health and compliance.

Staying organized with your bookkeeping is crucial for the financial health of your business. By diligently tracking all transactions, you ensure that every movement of money is accounted for, providing a clear picture of your financial situation. Separating personal and business finances not only aids in financial clarity but also protects you from potential tax implications. Regular reconciliation and review of your financial records allow you to spot errors and uncover cost-saving opportunities, empowering you to make informed business decisions. Keeping your records up to date and reviewing your finances monthly ensures efficient expense management and helps you avoid cash flow issues, especially during uncertain economic times. Don't procrastinate—stay proactive to avoid complications during tax season!

Are you under the impression that bookkeeping is only necessary during tax season? Think again! Our latest blog post debunks this and other common myths about year-end bookkeeping. Discover why bookkeeping is a year-round necessity, crucial for businesses of all sizes, and far from a simple DIY task. Learn how regular bookkeeping can help you keep your financial records organized, meet government deadlines, and avoid costly mistakes. Delve into the realities of bookkeeping and ensure your business is always prepared for tax season and beyond.

Tax planning is a crucial aspect of corporate financial management, allowing businesses to optimize their tax liabilities while remaining compliant with regulations. In today's dynamic economic landscape, corporations face ever-evolving tax laws and regulations, making strategic tax planning more important than ever. Understanding effective tax planning strategies is essential for maximizing profitability and sustaining long-term success.

As corporations navigate the complex landscape of business expenses and financial management, understanding the intricacies of tax deductions becomes paramount. Income tax deductions play a crucial role in minimizing tax liabilities and maximizing profitability for businesses. In this comprehensive guide, we'll delve into some of the most essential tax deductions that every corporation should be aware of.

Choosing the right bookkeeping service is crucial for your business's financial health and compliance. With numerous options available, it's essential to make an informed decision that aligns with your company's needs and growth objectives. Here's a comprehensive guide to help you navigate the selection process effectively.

As bookkeepers, we at Bookkeeping Sense Inc. are responsible for ensuring that all your financial information is verifiable and accurate. We do more than just enter numbers. Bookkeeping requires analysis and understanding of how each transaction can impact your finances. Keeping track of income and expenses can be very overwhelming, but having all the information organized each month will help to have financials in order and avoid any audits or major legal issues. This is why we work hard and closely with our team and clients to identify any mistakes that can have an impact on your company.

Knowing that a professional handle your bookkeeping and accounting functions reduce stress. You see, making mistakes in this department can be very costly. In terms of missed saving opportunities, recording errors, and accounting mistakes, a professional can ensure your bookkeeping is done as it should be.

Bookkeeping Sense Inc. wishes you and your family a happy and safe holiday season, and all the best for the New Year 2023!

You can’t run a healthy, thriving business without having your financial books in order. That’s why proper bookkeeping is so important for your business. Bookkeeping helps track all your company’s financial transactions, usually by entering them into accounting software. It lets you see exactly where your business is spending money, where your revenue is coming from, and how much tax you owe to the CRA. 

If you’re new to business or have been in business for a few years, you may have several questions and doubts about bookkeeping and accounting. These may pertain to your business’s progress, expenditure, and overall financial health. To clear your confusion and arm you with the information you need to make the right decisions, Bookkeeping Sense Inc. has answered some of the most frequently asked questions about bookkeeping. These answers are based on our personal experience so that you have first-hand information that gives you the power.

Thanks for stopping by our blog. If you’re looking for more information about Bookkeeping Sense Inc., you’ve come to the right place.

Bookkeeping is essential for businesses because it makes it easier to budget. If you don’t keep accurate and up-to-date books, it’s more challenging to get a precise budget because it’s all mainly guesswork. With a budget in place, you can also prepare for future expenses for your business to help with expansion. Hiring a bookkeeper is a fantastic way to stay on top of your books and keep regular financial records. The right one will help you with procedures and minimize your tax obligations. 

With tax season coming up, we’re happy to announce that the Bookkeeping Sense Inc. team is offering clients two special offers that can save you up to $250.

We are delighted to announce the launch of our new website!