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According to the Canadian Revenue Agency, we are all taxpayers. This means that everyone, including businesses, needs to do their part. Other than having to pay taxes, each of us is different in some way. In this case, the point is that everyone needs professional and personal help with their tax problems. Because of this, it can be hard to find an accountant who can meet all of your financial needs when it comes to your tax obligations. Throughout Ontario, there are many offices to choose from.Therefore, when it comes to price, the priciest accounting firms might not always be the best option...

Then sweat over them for several hours entering numbers one by one into an accounting system.  I remember before the creation of cloud accounting, I used to spend hours entering cheques, sometimes it would be up till 7 in the morning entering cheques. God forbid if you transpose a few numbers or have the wrong dates for the cheques. You would then have to search and see where you made a mistake and correct them since your bank reconciliation is not working. Enter the Hubdoc, Hubdoc has the Optical Recognition feature so it will read the expense sheet and retrieve all the accounting data a...

Are you running your own dentistry practice accounting and finding it? Or maybe you’re just finding it hard to keep track of the accounting, budget, expenses, and when all else is said and done taking what little is left as your pay? When it comes to dentistry and dentists who run their own practices in Ottawa, this lack of a ‘profit first system’ is quite common. Being sure that you’re taking care of yourself and your pay first can be backwards thinking to what you’ve been engrained to believe. Especially when it comes to accounting for dentists in Ottawa. We’re taught to think that when ther...

We are excited to announce that the Numetrica team has been recognized as one of the top B2B Accounting & Bookkeeping firms in 2023 in Ottawa by UpCity! For more than a decade, UpCity's mission has been—and continues to be—to help businesses find B2B service providers they can trust. Each year, UpCity analyzes and scores more than 50,000 service providers based on their UpCity Recommendability Rating and acknowledges the top national and local providers with an UpCity Excellence Award. The results are in, and we won! We provide cloud accounting & bookkeeping solutions and integration t...

“We cannot go after thousands of men until learn to win one.” CLAUDE C.HOPKINS Claude C. Hopkins was one of advertising's greatest innovators and pioneers of the 20th century. He worked for various advertisers as a copywriter. In 1907, at the age of 41, he was hired by advertising giant Albert Lasker, owner of Lord & Thomas advertising.  Claude developed keys to successful advertising campaigns, many of which were outlined in his 1923 book, 'Scientific Advertising'. This book is still highly esteemed in the industry with principles that hold their weight 100 years ...

6 Crucial Accounting Tips for Start-Ups As a new business owner, one of the first things you need to consider is your accounting and tax. Many start-ups leave this a little too late in the beginning stages of their business, but this is something you’ll want to get to work on as soon as possible. Keep reading as we share our top tips for new start-ups. As Captain Number Cruncher, we can help you with any of the areas listed below, so don’t feel you are alone when it comes to bookkeeping for your new business. Create a Separate Bank Account No matter how small your business is, the first step t...

You have probably heard, work on your business not in your business. So, what does work on your business mean? In a nutshell, manage your business rather than getting involved in day to Operations. Why should you work on your business? Because you should work on growing your business. Businesses that are not growing, naturally would die off. These are key element of working on your business. Highest and best use of your time and activity: Find out what you are good at and what is its cost. For this exercise, create a framework or a table. Create 4 headings: CompetencyPassionRelevancyCosts Writ...

So many businesses struggle to stay a live. Aa a matter of fact 90% of businesses won’t make it to year 10. 50% won’t even make it 2 year 2. Wouldn’t that be great to learn to be profitable from day 1 of your business?Of course, it would. I’ll teach it to you. So, What Are The 7 strategies to increase profits? 1. Increase the number of transactions 2. Increase the number of your clients 3. Increase your price 4. Increase the frequency of transactions 5. Implement the pareto law 80/20 6. Implement highest and best use strategy   7. Remove 20% from your sales Here are the 7 profit making st...

It’s important to make sure you’re completely prepared before establishing a business, but understand that things will likely not go as to plan. A business must evolve to deal with changing economics, technology, and society. In-depth market research is vital for any business plan to understand your field and your potential customers better, in addition to doing surveys, conducting focus groups, and analyzing SEO and public data. This needs a generous budget. Before you launch your product or service, you must work on building your brand and establishing a following of customers who are eager ...

What you need to know about client list I have a few clients who buy either client lists or book of business or even a business. Their question is if these are expenses. Logically, when people pay for stuff, they assume it is an expense. Money left my pocket. In accounting, these are treated differently. The main question is, did we consume this in one year? The answer would be no. For example, if I buy a client list, it will benefit me and provides me with income for a few years so I can expense the portion that did not yield any income. That would be for clients that I paid for but didn’t co...

How To Improve Lawyers Bookkeeping And Never Miss Trust Reconciliation Report When it comes to staying on top of the bookkeeping for your law firm, one of the most essential things that can get messy is your trust account reconciliation reports’ deadlines. While you’re focusing on your caseload and clients, the last thing that you’re probably thinking about each and every day is the state of your firm’s accounting. Trust Reconciliation Trust reconciliation reports need to be filed on time every month. Not filing late will save you the headache. These types of headaches are not the ones that yo...

Downoad Personal Tax Checklist

Both the cash flow and profit are critical accounting indicators for businesses, and it is not unusual for financial and accountancy beginners to misunderstand both words sometimes. However, money flow and profits are not the same thing. In making important decisions about market results and financial health it is crucial to understand this. It is necessary to consider the distinction between them. The investors can asses whether a productive business is successful when they look at profit and cash. These are some elements to consider What is Cash Flow? Cash moves in and out of any business ev...

When it comes to getting your corporate taxes done in Ottawa, there are almost seemingly endless possibilities of accountants out there that claim to offer the best in services. Finding a corporate tax accountant in Ottawa is no easy feat. But finding the right one can save your company time, money, and in the end, means you’re done a better road to success than you were the year before. Are you looking for an accounting firm in Ottawa that understands the corporate tax laws in such a way that you feel comfortable having them hiring them for their tax service? Have you been finding t...

Year end – What is the year end or year end procedure? As the name suggest, this is a procedure that every business or corporation entity has to do at the end of one business or corporation year. Year end procedure is the reviewing and analyzing of an accounting period. The significant accounting procedure is to close the Revenue and Expenses. And start fresh accounting of revenues and expenditure with the new year. This is also called closing the books. One of the best ways to understand is when we watch a game. Let’s say soccer, after 2 set of 45 minutes, the game is over and based on the go...

Everything you need to know about corporate tax return preparation services When do you need to file your corporate tax return? Corporate tax returns filing deadline with CRA is six months after its fiscal year-end date.  So, if the corporation year-end is on Dec 31, deadline for filing the corporate tax return becomes June 30.  In this case fiscal and calendar year are the same. When do you need to make payments?  Although corporate tax return deadline is 6 months after the year-end, payments if any are due 3 months after year-end. When is the best to choose a corporate tax ret...

When start-ups or corporations register their business with CRA on default they are put on filing their HST based on regular method filing. Which is very straightforward. They can claim their Input Tax Credits (ITC) against HST collected.  There is another method which is the Quick Method of Accounting or Quick Method. This method requires certain conditions, for example accountants can not use this method, also if your sales are over $400K you can not choose this. Most of independent contractors are eligible to file under method and this will add more income to their business. ...

Real estate agents are now to allowed to create their Personal Real Estate Corporation (PREC) in Ontario  Following reason are why you should take advantage of this long overdue privilege. Tax deferrals: The earning that corporation makes is subject to its own tax rates. These tax rates are less than highest marginal tax rates of let’s say 50%. Normally the highest marginal tax rates kick in at $100,000, this means any income above that threshold would be taxes at 50%. Now let’s assume you made $200,000 as a non-incorporated real estate agent, your tax in excess of the $100,000 is %50,000...

You might not be able to truly reflect the liquefied assets available from your current bank account balance, especially if your deposits do not yet settle. If you do not take precautions, overdraft charges could refer to your company checking account. You should make monthly bank reconciliations so that the fund balance and actual cash status are more understandable. A bank reconciliation process refers to the relevant facts on the bank statement on the financial documents of the organization. The purpose of the reconciliation of banks is to determine if the two cash reserves vary. ...

The definition of forensic accounting has a relatively brief but fabled past. In forensic accounting, the financial evaluation of the person or corporation uses accounting, auditing and investigation expertise. Forensic accounting provides the required accounting analysis for court cases. Forensic accountants are qualified to see past statistics to deal with a situation’s business reality. Forensic accounting is also used to clarify the essence of financial offences in court in fraud and embezzlement cases Not everybody can be an accountant, and even less can be a forensic accountant. Such pro...