NALH Bookkeeping » Bookkeeping Tips

Is Your Business HST-Compliant?

Kaitlyn — Mon, 16 May 2011 09:00:56 +0000

If your company is not up-to-date with its HST filings with CRA, you could be facing serious penalties and/or an audit. The best way to steer clear of the wrath of CRA is to file on time and pay any amounts owing by the due dates.

If you’re filing your own HST returns, it’s important to be as accurate as possible in your filings. Inaccurate information can lead to headaches down the road if your company is selected for an audit – potentially in the form of penalties and/or interest that may accrue as a result.

If your bookkeeper or accountant prepares and files returns on your behalf, it’s crucial to provide as much information as possible, so that your returns accurately reflect your business activity.

CLICK HERE FOR MORE INFORMATION ON THE CRA WEB SITE >>

Movin’ On Up – Quickbooks 2010 Upgrade Now Available

NALH Bookkeeping Services — Wed, 25 Aug 2010 21:31:01 +0000

The newest version of Intuit’s QuickBooks accounting software program, QuickBooks 2010, is now available and there are numerous reasons to upgrade your version. The most significant update to the program in several years, 2010 offers a host of new and improved features, including:

Company Snapshot Screen
Easier sorting of customers and vendor lists
Improved multi-currency functionality & much more!

Want more information about upgrading? Contact our office or call us at 604-412-3885 to learn more.

This article is an excerpt from the NALH e-Newsletter. Click here to read the current issue.

Missed an issue? You can also read all previous issues in our newsletter archive. Want to join our subscribers list? Visit our site to subscribe to our newsletter.

Contact Our Help Desk for Assistance Getting Your Business HST-Compliant

NALH Bookkeeping Services — Wed, 18 Aug 2010 21:14:59 +0000

HST is a topic we’ve covered a number of times over the past several months, due in large part to the anxiety that seems to be associated with its implementation. HST has a lot of business owners scratching their heads. What will it mean for a particular industry? What if you serve clients in other provinces? And the list goes on and on.

Do you need help understanding how HST applies to your specific business? Do you need tax codes adjusted in your accounting software to facilitate the charging of HST? Do you need your invoice templates customized to show the new HST charge?

In order to ensure that your QuickBooks data file is set up to properly charge and track HST, contact us for help making the necessary changes to your file.

This article is an excerpt from the NALH e-Newsletter. Click here to read the current issue.

Missed an issue? You can also read all previous issues in our newsletter archive. Want to join our subscribers list? Visit our site to subscribe to our newsletter.

Spiff Up Those Invoices!

NALH Bookkeeping Services — Tue, 17 Aug 2010 17:37:44 +0000

Did you know that NALH can design a custom QuickBooks invoice template for your company?

Ask us about our invoice design service and make sure that your invoices are consistent with your company’s corporate identity.

This article is an excerpt from the NALH e-Newsletter. Click here to read the current issue.

Missed an issue? You can also read all previous issues in our newsletter archive. Want to join our subscribers list? Visit our site to subscribe to our newsletter.

HST Is Here

NALH Bookkeeping Services — Fri, 23 Jul 2010 19:51:20 +0000

And, without further ado, we bring you the newly-implemented HST in BC and Ontario. Many a business owner will no doubt find themselves running into a few hiccups along the way when transitioning into the new tax’s sometimes-confusing rules, particularly with regards to place of supply when doing business with customers in other provinces.

Have questions about what changes you need to implement to be HST-compliant?

We’re Here to Help
Our job is to help set your business up for success. Need assistance getting your business HST ready? Contact our office or give us a call at 604-412-3885 to discuss the specifics of your business put a plan of action in place.

This article is an excerpt from the NALH e-Newsletter. Click here to read the current issue.

Missed an issue? You can also read all previous issues in our newsletter archive. Want to join our subscribers list? Visit our site to subscribe to our newsletter.

Bookkeeping Tip: Don’t Over-Categorize

NALH Bookkeeping Services — Mon, 29 Mar 2010 18:27:21 +0000

We’ve all heard the saying – less is more. And, more often than not, it’s true. While it’s good to be detail-oriented when sorting your business expenses by category, there’s a fine line where it can become over-categorization.

For instance, when categorizing office supply expenses, it’s not necessary to break them down into separate categories for fax paper, letterhead, printer cartridges, etc. All these items can simply be listed under Office Supplies.

Keep it simple and you’ll save yourself – and your bookkeeper – time in the long run!

Bookkeeping Tip: Designate One Credit Card for Biz Expenses

NALH Bookkeeping Services — Mon, 22 Mar 2010 17:16:41 +0000

As always, our bookkeeping tips are intended to help you streamline your business paperwork and help you save money on your accounting bill. This tip focuses on designating a single credit card for business purchases.

One, two, five or ten? Visa, Mastercard, American Express…Look in your wallet. How many credit cards do you see? Which one will you choose to use today to make that business-related purchase?

Your bookkeeper doesn’t mind which of your credit cards you choose to utilize for business purchases - go for the one that gives you the most reward points! However, using the same card consistently each and every time you make a business purchase is key to streamlining your paperwork.

Designating a single card to be used for all business-related purchases will organize your paperwork onto twelve pieces of paper per year – one statement per month. When preparing your paperwork to drop off at your bookkeeper’s office, attach your receipts to the appropriate statement.

These small changes can make a big difference in the time your bookkeeper spends sorting your receipts and matching them to the appropriate statements – and that will save you money!

Bookkeeping Tip: Match Receipts to Statement Items

NALH Bookkeeping Services — Mon, 15 Mar 2010 16:55:07 +0000

Once again, our tip will focus on small changes you can make to your paperwork prep routine. Putting your receipts and statements into good order before bringing them in helps make the most efficient use of your bookkeeper’s time which will, in turn, save your business money!

When you receive your monthly credit card and bank statements, write a number next to each item on the statement. Then, find the corresponding receipt for each transaction and write the same number on the receipt that goes with that item on the statement. Sort receipts in number order and attach all receipts to the relevant statement. This will save your bookkeeper a significant amount of time sorting receipts and matching them to the correct statement and will reduce your bill as a result.

We hope you enjoy our weekly bookkeeping tips! Have a suggestion for a tip we can share with our readers? Contact us to submit your time-saving techniques for keeping your paperwork in order!

Bookkeeping Tip: Label Receipts at Point of Purchase

NALH Bookkeeping Services — Mon, 08 Mar 2010 16:53:29 +0000

Here’s a quick tip that will save you significant time when you sit down to sort receipts and get your paperwork ready to drop off at your bookkeeper’s office. When you make a purchase at a store, restaurant or other vendor, when the clerk hands you your receipt, quickly write on the receipt which account was used to pay. Was it your business chequing? Company credit card? Personal debit card? Cash? Use labels or abbreviations that will make sense not only to you, but to your bookkeeper.

Labeling your receipts as you go along will save you a lot of time you’d otherwise spend scrutinizing the fine print on your receipts to check account numbers and figure out if the purchase was made with debit, credit or cash.

We hope you enjoy our weekly bookkeeping tips! Have a suggestion for a tip we can share with our readers? Contact us to submit your time-saving techniques for keeping your paperwork in order!