T4 Summaries vs. CRA Source Deduction Remittances
Your Guide To T4 Summaries And Source Deductions Reittances For Payroll Deductions For Canadian employers, navigating payroll obligations is a critical part of managing compliance. Two important elements in this process are T4 summaries and the source deductions remitted to the Canada Revenue Agency (CRA). Though they both relate to payroll, they serve different functions […]
Streamline Your Finances: Year-End Bookkeeping Essentials for a Strong Start to 2025
As 2025 approaches, it’s time for small business owners to tackle year-end bookkeeping and prepare for a successful new year. Wrapping up your financials doesn’t just streamline tax season; it lays the groundwork for strategic growth in 2025. From updating inventory records to balancing accounts and preparing essential reports, our year-end checklist will help you close out the year smoothly. Discover practical tips to stay organized and take your business to the next level—without the stress!
Fraud Prevention for Small and Medium-Sized Businesses
How to Protecting Your Business Assets in the Digital Age In today’s fast-paced digital world, fraud has become a growing threat to small and medium-sized businesses. Cybercriminals are getting smarter, using complex tactics to target companies of all sizes. In fact, in 2023, the average data breach cost a Canadian business around $6.9 million, according […]
The Three Stooges of Canadian Business Taxes
Are you a Canadian small business owner looking to conquer the tax realm? We’ve got you covered! Discover the ins and outs of income tax, sales tax, and source deductions. By understanding these tax types and their requirements, you can steer clear of penalties, keep your bookkeeping in check, and focus on what matters most: growing your business. Let’s embark on this tax adventure together and unlock the secrets to smarter accounting practices!
Can Larger Companies Hire Outsourced, Remote Accounting Teams?
As your business grows, so do the challenges of managing finances effectively. For larger companies, outsourcing to remote accounting teams has emerged as a smart solution, offering flexibility, cost savings, and access to top-tier expertise. But is it right for your business? Let’s dive into the benefits of hiring an outsourced, remote accounting team. Cost […]
The Importance of Transparency in Your Reporting
How to Project Cash Flow as a Seven-Figure Business Owner If you’re running a seven-figure business, transparency in your financial reporting isn’t just nice to have—it’s essential for making smart, profitable decisions. One of the most important tools you can use is a clear cash flow projection and strategy. This process involves understanding how money […]
Your Ticket To Future-Proofing
Unlock the power of proficient bookkeeping in shaping the financial destiny of Canadian small businesses. Discover how effective financial management, anchored by meticulous bookkeeping practices, serves as the cornerstone for future planning. From illuminating financial clarity to guiding strategic reinvestment and retirement savings, skilled bookkeepers play a pivotal role in securing the long-term prosperity of entrepreneurs. Explore the invaluable insights and strategies that adept bookkeeping brings to the table in paving the path for a thriving tomorrow.
Unlocking Cost-Effective Payments
Are you a small business owner tired of high transaction fees from credit and debit card payments? Discover the cost-effective solution: Pre-authorized debits (PADs) for small businesses. PADs offer lower transaction costs, enhanced security overseen by Payments Canada, and a favorable processing timeline. Implementation is simple, with options for paper forms, online portals, or phone setup. Ideal for recurring charges and one-off sales, PADs streamline payment processing and provide peace of mind. Prepare your business for seamless PAD integration and enjoy secure, timely payments. Embrace the benefits of PADs today with Rotessa’s free authorization tool. Contact us now to revolutionize your payment collection process.
Unlocking Work-Life Balance in 2024:
Discover the secret to work-life balance for Canadian SMEs! Learn how strategic outsourcing, including bookkeeping, CFO services, and EOS implementation, can transform your business. Reclaim precious hours, reduce overwhelm, and boost efficiency. Dive into our latest blog to unlock the power of delegation and empower your financial team. Ready to take the first step? Schedule a call to elevate your business today!
Business Write-Offs for Sole Proprietorship & Partnerships
What Small Business Owners Need To Know About Tax Write-Offs Contrary to what David Rose may think… You, not the “write-off people,” are responsible for your business write-offs! It is vital for businesses to accurately document and record expenses that are considered eligible by the Canada Revenue Agency (CRA). By doing so, you can lower […]
Financial Resolutions: Entrepreneur Edition
Discover actionable steps for Canadian small business owners to ensure a successful 2024. Learn why you should prioritize time to review and adjust budgets, optimize cash flow, prepare for tax season, and prioritize self-care. Elevate your business and streamline day-to-day operations with these effective strategies. Contact us to bring your business to new heights in 2024!
Building a Strong Financial Foundation:
Discover the key elements for a strong financial foundation in the world of small businesses. Learn about cash reserves, emergency funds, financial planning, and essential business tips like investing wisely and managing debt. Expert bookkeeping services, such as Indigo Bookkeeping Services, can help you fortify your small business for long-term success. Secure your financial health today!
Maximize Your Margins
Discover expert financial management tips for small businesses. Learn how to optimize bookkeeping, maintain a healthy cash flow, analyze profits, and make smart growth decisions for long-term success. Get started with Indigo Bookkeeping to unlock your business’s profitability potential today!
Holiday Sales Surge
Discover the benefits of precise bookkeeping in Q4 for small businesses. Increase profit margins, manage cash flow, and prepare for year-end taxes with expert bookkeeping services in Canada. Partner with Indigo Bookkeeping for a prosperous holiday season and beyond!
Navigating Financial Functions:
Navigate the complex world of business finances with our guide on essential financial roles. Learn about CFOs, Controllers, Bookkeepers, and Accountants, their crucial functions, and how they collaborate to drive your small business’s financial success.
Stay Ahead of the Game
As a savvy entrepreneur navigating the ever-changing world of small businesses, it’s vital to prioritize financial stability and precise bookkeeping. The CRA My Business Account offers a host of benefits, including easy access to financial information, simplified tax filing and payments, and timely notifications. Moreover, authorizing your bookkeeper provides a symbiotic advantage, allowing them to efficiently handle tasks like GST and source deductions. Signing up for the CRA My Business Account is a straightforward process – just gather your business number, Social Insurance Number (SIN), and recent tax returns, then visit the CRA website to register. This tool empowers your business with financial efficiency and accuracy, saving you time and money while ensuring your success.
How To Use This Key Financial Metric: EBITDA
Discover the importance of EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) as a pivotal metric for evaluating a company’s financial health. Uncover how EBITDA offers a comprehensive view of operational strength by focusing on core profitability. Learn how this metric streamlines comparisons, highlights operating performance, and provides insights into cash flow generation. Dive into the benefits and considerations of using EBITDA alongside other financial measures for well-informed investment decisions. Read on to master the art of analyzing a company’s financial health effectively.
The Power of the Balance Sheet
Discover the significance of balance sheets as a vital financial tool for stakeholders and decision-makers. Learn how to decipher balance sheet components, ratios, and trends to empower your business decisions effectively.
The Power of Monthly Bookkeeping:
Unlock hidden insights and empower your small business with monthly bookkeeping, revealing the complete financial picture beyond bank balances, so you can make informed decisions, optimize cash flow, and stay compliant.
Stay Ahead of the Game
Streamline Your Finances with CRA My Business Account: Unleash the Benefits!
Discover the power of CRA My Business Account for seamless financial management. Access vital information, file taxes effortlessly, and receive timely notifications. Authorize your bookkeeper to unlock a symbiotic relationship that ensures accurate payments and saves you time, money, and headaches. Sign up in three simple steps with your business number, SIN, and recent tax returns. Embrace the future of small business success today!
Employee Benefits vs. Contractor Hustle
In Canada, distinguishing between contractors and employees holds significant implications for rights, responsibilities, and obligations. Understanding the differences is vital. Contractors enjoy greater control and independence over their work, while employees operate under employer direction. Financial arrangements differ too, as contractors handle their expenses and invoicing, while employees receive salaries and benefits. Duration, integration, and employment benefits further distinguish the two classifications. It’s essential to note that classification is determined by specific criteria and tests set by regulatory bodies like the Canada Revenue Agency (CRA). Seeking professional advice or consulting the CRA is advisable to ensure compliance with laws and regulations. Gain clarity on workforce classification and protect your business by understanding the distinctions between contractors and employees in Canada.
From Chaos to Clarity:
Keeping track of your business’s finances can be overwhelming for small business owners. We have the perfect solution to save the day (and your sanity): hire a professional bookkeeper!
In this blog post, we’ll guide you on finding the ideal bookkeeper for your small business needs. Bid farewell to financial headaches and welcome more time for activities you truly enjoy… like indulging in Netflix binges and taking rejuvenating naps (kidding, not kidding!).
7 Ways Bookkeepers Boost Your Business’s Bottom Line
Running a business comes with countless responsibilities, and bookkeeping is often a time-consuming and tedious task that you’d rather avoid. However, neglecting your bookkeeping can have serious financial consequences. That’s where professional bookkeeping services, such as Indigo Bookkeeping Services, can be a game-changer. By hiring a skilled bookkeeper, you can free up your time to focus on business growth, while ensuring accurate financial data and receiving expert financial guidance. From saving time and money to staying compliant with regulations and gaining valuable insights, discover why hiring a professional bookkeeper is a wise decision for Canadian businesses. Let the professionals handle the number crunching while you concentrate on what you do best – growing your business and achieving success.
5 Mistakes Small Businesses Make
Avoiding accounting and bookkeeping mistakes is crucial for businesses of all sizes. Mixing personal and business finances, failing to keep accurate records, not hiring a professional bookkeeper, ignoring cash flow, and not staying up-to-date on tax laws are common mistakes to avoid. Hiring a professional bookkeeper, like Indigo Bookkeeping, can save you time and money while ensuring accurate financial statements. Contact us today for a consultation and streamline your bookkeeping processes.
Tracking Your Business Expenses
As the owner of a small business myself, I know how quickly expense tracking (or lack of it) can quickly get out of control. Where is it all going? Why are there so many transactions? Is there an easier way to manage my small business expenses without paying for an arm and a leg? The […]
The True Cost of Manual Data Entry Errors in Business Accounting
Despite the exponential growth of automation globally, many organizations still rely on manual data entry systems for procurement. As your business grows, it is important to start moving away from manual entry of data. There are a lot of risks that come by when you put off automation. Let’s check them out! The Cost of Staff Manual […]
DIY Payroll Stress & Manitoba Employment Standards
Payroll is a common denominator of stress in small business ownership Being responsible for your small business payroll can be stressful and tedious. Accordingly, that’s why it’s something we navigate for our clients. While in general, payroll rules are the same for most businesses, there are some industry-specific rules that employers must abide by. A […]
How To Achieve A Better Work-Life Balance For Small Business Owners
Work-life balance is a common goal amongst business owners. However, it is often found to be hard to achieve. Business owners have numerous responsibilities that will oftentimes spill over into the time they would have allocated to their personal life. Understandably, it will often seem business owners put more effort and work twice as much […]
Creating a Financial Exit Strategy for Your Small Business
Planning an exit strategy for your business may not seem like an obvious step at the start of your business. After all, you are looking to grow your business, not end it, right? However, planning how you would like to pull your money, time, and energy out of your business is critical. No matter the […]
Virtual Bookkeeping: Why Your Small Business Needs to Hire A Remote Bookkeeper
Look at you! You’ve come this far and your dream of building a successful business looks right on course! The enterprise is glowing and growing. However, there is one thing you aren’t quite sure of — the state of your books. You’re not alone. Understandably, many small businesses meet themselves in such circumstances mainly due […]
Managing GST and the Common Mistakes We See
The Goods and Services (GST) tax applies to almost all goods and services in Canada. It also applies to supplies in real property, including land and buildings. Most Canadian businesses are responsible for collecting and remitting the GST on taxable goods and services they offer. However, without the proper knowledge on where GST is applicable, […]
Accountant vs. Bookkeeper
Who Brings What To The Table? It’s easy to get stuck on job titles and what kind of work each person is expected to do. The question of responsibilities can then be answered by breaking down the tasks and defining exactly what work needs to be completed. Most importantly, who you hire depends on your […]
Tight Cash Flow: The Secret to Effective Budgeting
As we know, Cash is King. Especially in business. Understanding when you have high points and low points in your business’s cash flow can help you make better choices regarding the next investment needed for your business. Developing a budget is a variable for determining your cash flow. What is a Cash Flow Statement? Simply […]
Keeping Track of Your Business Expenses Properly
Proper tracking of business expenses is an essential aspect of your bookkeeping process. Not only does it streamline the financial year end process by lessening the burden of any last minute chaotic organization, it also helps keep you, your accountant and your bookkeeper, sane. Collecting proper documentation is required to justify any business expense. Let’s […]
Why You Need to be Reconciling
Reconciling credit card accounts and bank account statements with your company’s own financial records ensures accuracy in your accounting process and helps detect any fraud or discrepancies. A bank or credit card reconciliation requires a comparison between all transactions carried out by a company and all of the transactions that occurred in various accounts (such […]
The Basics of Setting Up Payroll For Your Small Business
As a small business owner, setting up payroll is one of those essential tasks you must take care of. If you’ve never had to handle payroll before, the prospect can be initially intimidating. However, setting up payroll is not that difficult once you know what to do. Here are the seven basic steps to follow. Register Running […]
How small businesses can use PAD – Indigo Bookkeeping and Rotessa
Written by: Alissa Gagnon – Rotessa If you’re a small business owner, you likely take credit cards and debit cards as payment. Plastic is convenient for most consumers, but it has drawbacks to business owners. Credit cards and debit cards come with fees ranging from 2% to 4%. Though this may not seem like a problem […]
Case Study: Food & Beverage Industry
Our team fills the gaps in bookkeeping, payables, and payroll, ensuring accuracy and tax compliance. Keeping up with accounting for restaurants requires a great deal of time, diligent bookkeeping, and constant upkeep. Our clients find that our systems give them clarity on cash flow and give them peace of mind.