https://youtube.com/shorts/E5OhPvqqhWA?si=Z_8vi_3bopD6stZx One of the most common ways I see business owners paying too many taxes is by not managing their shareholder loans. Let me break down what that means and why it matters. What Is a Shareholder Loan? A shareholder loan works in two directions: You borrow from your business: If you take $10,000 […]
I received a question recently asking about the difference between being paid hourly and being paid salary. When it comes to the BC Employment Standards Act, the answer often surprises people. Frankly, it means almost nothing when it comes to overtime. Many employees assume that if they are on salary, they are not entitled to […]
https://youtube.com/shorts/pEqXwRY9W_M?si=Tz-GK60nBsSyN1vs I was talking to a new client this week. They’re tradespeople and had already incorporated their business before coming to us. In this case, I actually wished they had spoken with an accountant or lawyer before making that decision. I don’t always recommend calling professionals before every business decision. But when it comes […]
https://youtube.com/shorts/iYtnrITHuKk?si=tsZlIk7lwYBjrTJq I was on my way to the ski hill one morning when a client called me with a quick question. They run a plumbing company and wanted to check something before making a purchase. They asked: “Can I write off a washer and dryer as a business expense if it’s installed in my house?” […]
https://youtube.com/shorts/MizUqLA0cNU?si=mJ4wDR7RgUp6Fppb I was recently talking to a client right after Christmas and New Year’s. They were wondering why a couple of their employees got paid their stat pay. From their perspective, it didn’t look like those employees had worked enough days to qualify. But here’s the key: Under the BC Employment Standards Act, statutory […]
Running a business in Northwest BC isn’t simple. Project cycles, seasonal revenue, and constant travel between Terrace, Kitimat, and Rupert make cash flow and compliance tougher than most people expect. And the financial mistakes we see here are consistent, but very fixable. Here are the top issues CRA flags all the time in NW British […]
AI Integration in Accounting Artificial intelligence is revolutionizing the accounting industry, transforming traditional bookkeeping practices and enhancing financial processes. We’ll explore how AI is reshaping accounting workflows and the implications for professionals in the field. Understanding AI and Its Capabilities AI in accounting refers to the use of intelligent systems that can perform tasks typically […]
The Foundation of Financial Management Bookkeeping forms the cornerstone of sound financial management, providing essential data for informed decision-making. It’s crucial to understand its role and distinguish it from related practices. Distinguishing Bookkeeping From Accounting Bookkeeping and accounting are closely related but serve different purposes. Bookkeeping involves recording daily financial transactions, while accounting interprets this […]
Fundamentals of Bookkeeping and Accounting Bookkeeping and accounting are essential components of financial management. They involve distinct processes and roles that work together to maintain accurate financial records and provide valuable insights for businesses. Defining Bookkeeping and Accounting Bookkeeping is the process of recording daily financial transactions. It involves tracking income, expenses, and other monetary […]
Fundamentals of Bookkeeping Bookkeeping forms the foundation of a company’s financial record-keeping. It involves systematic tracking and organization of financial transactions to maintain accurate accounts. Understanding Bookkeeping and Accounting Bookkeeping is the process of recording daily financial transactions. We use it to keep track of sales, purchases, payments, and receipts. Accounting, on the other hand, […]