Elevated Accounting

First off, what *IS* a lean business?

✂️ Running a lean business means cutting unnecessary expenditures of time and money. ✂️

Unnecessary can have a different definition for every business, but here are some examples to spark your own ideas:

- Unused subscriptions
- Wasting time on admin tasks you could outsource
- Not accurately tracking income & expenses
- Overbuying inventory/supplies
- Paying for unneeded storage/office space
- Not negotiating new payment/lease terms

Let's review your financials (or create them!) to find opportunities to lean down your business!

Click the link in my bio to book a call 📲

If you can state your competitive advantage in 20 words or less, you've got it well-defined!

For example, here's mine:

I can help you save TIME and MONEY by organizing your financial data into a comprehensive view of your business!

So I'm curious, send me a DM and let me hear yours 💬

Did you know the quick method is another option available to help small businesses calculate their net tax for GST purposes?

This method reduces paperwork and makes it easier to calculate GST remittances and file GST returns because it eliminates the need to report the actual GST paid/payable on most purchases.

Want more information on how to elect to this method? Send me a DM with the word "Quick"

The Canada Dental Benefit is intended to help lower dental costs for eligible families earning less than $90,000 per year.

Parents and guardians can apply if the child receiving dental care is under 12 years old and does not have access to a private dental insurance plan.

Depending on your adjusted family net income, a tax-free payment of $260, $390, or $650 is available for each eligible child.

For more information checkout the details in the following link:

https://www.canada.ca/en/revenue-agency/services/child-family-benefits/dental-benefit.html

One of the most common fears of a business owner is letting go of control! 😨

But the ability to let professionals step in to help manage parts of your business while you focus on your strengths is what sets a good business apart from a GREAT business.

Letting someone in to your business (your baby!) is scary, and I don't take the responsibility + trust my clients have for me lightly.

Let's work together to help your business reach it's full potential! Click the link in my bio and book a consult today!

Did you know that women pay themselves 28% less than men?

Here are some tips on how you can fix this! If you need further support or guidance DM me the word "Money"

Is your business recession ready?

Here are some tips for how you can prepare for a recession or if your business has slower months. Not every business will be affected, but if you are a small business owner struggling or need guidance DM me the word “financial” and I’d be more than happy to help you!

Is your business recession ready?

Here are some tips for how you can prepare for a recession or even if your business has slower months.

Not every business will be affected, but if you are a small business owner struggling or need guidance DM me the word “financial” and I’d be more than happy to help you!

Having a business plan is one thing, having a GREAT one is another.

Here are some signs that your business plan makes financial sense:

- You've researched whether your pricing is tolerable at the level you need to make a profit

- You've determined the size of your target market and it's large enough to sustain your business

- You've calculated your break-even point and have the funds to sustain your business until that point

I can help evaluate your business plan on the financial side - send me a DM with the word "financial"

At this point, can you afford NOT to hire an ACCOUNTANT?! 💸

Consider this your sign to click the link in my bio to start saving yourself time + money today! 🖥️

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Some of your favourite local businesses!

A Profit/Loss Statement is a financial statement that summarizes revenues, cost of goods sold and operating expenses during a specific period of time. The 7 elements included in the statement are:

1. Revenue
2. Cost of Goods Sold
3. Gross Profit
4. Operating Expenses
5. Operating Income
6. Other Income and Expenses
7. Net Profit

For more information on what these statements entail, DM me the word Profit.

A Balance Sheet discloses the assets, liabilities, and shareholder’s equity a business has at a specific point in time.

On the other hand, a Cash Flow Statement summarizes the movement of all cash/cash equivalent transactions that come in and out of your business.

It is important you know the difference between all the various financial statements you have. Regularly checking your business’ financial statements can ensure that you are aware of how your business is doing, helpful for tax planning and allows you to see if you’re meeting your profit/sales goals.

FREEBIE ALERT 🚨

Are you on track to meet your annual business goals? Get your free financial guide to analyze your business performance!

Click the link in my bio and get your free copy!

Consider this your Cryptocurrency 101 👩🏽‍💻

Q. Is cryptocurrency taxable?
A. YES! When you sell cryptocurrency, you must recognize a taxable gain or loss on the sale.

Q. Do I need to report the cryptocurrency I purchased with real currency?
A. No. If you only purchased cryptocurrency and don't have any other transactions involving cryptocurrency, you don't have to report this.

Q. If I'm paid in cryptocurrency, is that taxable?
A. Yes, if you're paid for a good or service in cryptocurrency, this is taxable income and must be reported to the CRA.

Like I said, these are just some cryptocurrency basics. If you need help with complex cryptocurrency tax questions, I can get you pointed in the right direction!

🛑Freebie Alert! 🛑
Click the link in my bio and get a copy of my FREE tax write-offs checklist!

Do you have an e-commerce business and not sure what the process would be to do your taxes? Read through this post to learn more! Still need additional information or want to discuss your business? Click the link in my bio and book a consultation.

Your business was profitable in the month and you're not sure what you should do with the funds. Should it all stay in the business or be withdrawn?

The answer is to set up a profit plan!

What's a profit plan?

A profit plan is a guide on where your profits should get allocated each month. It can be based on a % or $ amount of the profit made. It helps ensure that you're not taking too much cash out of the business.

Here's an example:

Profit: $5,000

Allocated to:
Taxes: $1,500 (30%)
Emergency savings: $250 (5%)
Pay yourself: $2,500 (50%)
Invest back into the business: $750 (15%)

If you need help setting up a profit plan, send me a direct message!

Here are some tips on GST filing requirements and payment deadlines. If you’re not sure how to register or need help filing your returns click the link in my bio and book a consultation.

I realized how many individuals and small business owners don’t have a basic understanding of accounting & taxes which is why I started my own accounting practice. I provide the typical accounting services that other CPAs and firms offer, but what sets me apart is that I focus on educating my clients as well. By working with me you’ll gain a better understanding of important tax deadlines, how to navigate through your online CRA account, understanding what you can write-off & developing good accounting/bookkeeping habits! Feeling overwhelmed and stressed with your taxes? Book a consultation with me today!

GST Input Tax Credits (ITCs)

As a GST registrant, you can recover the GST paid or payable on your business purchase and expenses.

Here’s a list of common purchases you can claim ITCs on:
- Business start up costs
- Delivery and freight charges
- Purchases/ materials
- Fuel costs
- Legal, accounting and other professional fees
- Repairs and maintenance
- Office expenses
- Rent
- Telephone and utilities
- Travel

It’s important to note that you can claim GST ITCs from the period from when you registered for GST not prior. Also note that if you missed claiming the ITCs on a previous return, you can claim them on a future GST return.

For example, if you registered for GST on June 1, 2022 and paid for a business course on May 31, 2022, you would not be allowed to claim the GST on the course. Instead you would expense the entire cost of the course in your company.