Monthly Archives: September 2010

No Debit & Credit Needed to use Simply Accounting Transfer Funds Feature (via Soma Small Business Solutions)

The Transfer Funds feature in Simply Accounting by Sage  quickly records a transfer of funds to or from your credit card, bank, or line of credit accounts without you having to know which one is a debit and which one is a credit.             i.      In the Home window, click Banking on the navigation pane.             ii.      In the Tasks pane, click the Transfer Funds icon. Enter a transaction Date. If you are using a foreign currency, select t … Read More

via Soma Small Business Solutions

Provincial and Federal sales tax rates per Canadian province (via Soma Small Business Solutions)

Provincial and Federal sales tax rates per Canadian province Province HST GST PST Total Tax British Columbia 12%     12% Alberta   5%   5% Saskatchewan   5% 5% 10% Manitoba   5% 7% 12% Ontario 13%     13% Quebec   5% 7.5% 12.875 Nova Scotia 15%     15% New Brunswick 13%     13% Prince Edward Island   14% Newfoundland and Labrador 13%     13%   Quebec and PEI, the PST is calculated on the total price including GST. Dianne Mueller, CPB Som … Read More

via Soma Small Business Solutions

Small Businesses do not need to hire a Bookkeeper.

A bookkeeping firm or self employed professional bookkeeper can provide either Onsite bookkeeping service or Offsite bookkeeping service.

With onsite bookkeeping, a bookkeeper you hire comes to work at your place of business. The obvious advantage is you are only paying for the days/hours that you need. You do not have to offer any employee benefits. You pay the bookkeeper or firm like any other vendor or supplier, no paycheque is involved.

You will still need to do some of the work yourself, like collecting bills and opening the mail during the days when he or she is not working onsite.

With offsite bookkeeping, a bookkeeper or bookkeeping firm does the work at their offices. You will have to prepare and send your financial documents like invoices, bills, bank statements, etc. to the bookkeeping firm.

Some firms send a courier to pick up your documents or you could use our ‘5 minutes a day’ bookkeeping methods. Take 5 minutes at the end of your day or first thing in the morning and scan all relevant documents into a folder on your computer. Name the folder the date for that day. Every day, you email the folder to your bookkeeper or upload to their server. 5 minutes a day and you’re done!

Another option is to have the bookkeeper use a remote login procedure. There are programs like Go To Assist, PC Anywhere and even Windows Remote Desktop Connection that connects your offsite bookkeeper to your computers and allows access to your files and documents. The bookkeeper is working on your computer from their office. The advantage to this system is you host the software program on your computer allowing you to also access the program when you need to (on the road, vacation, business trip). You can then view invoices, customer accounts and run reports on how your business is doing financially whenever you want. Remember, it does tie up your computer for the time the bookkeeper is signed in remotely.

An emerging trend is “cloud computing”; the key benefits of this option are multiple user remote access at one time. Quick & easy access to your accounting software– anytime, anywhere with an internet connection.

With all these available economical choices for small businesses it makes it easy to get your books done and move your business forward with sound financial information at your fingertips, wherever you happen to be.

Dianne Mueller, CPB

Soma Small Business Solutions

My First Year in Business – A Financial Overview

Starting a business is an exciting time, establishing your financial records and bookkeeping system should be one of the first

orders of business. You will need to establish a separate bank account, put together a filing system, decide how to Invoice

your clients. These are all parts of your business strategy. Come to this seminar to learn the different financial statements

your company will need. Gain an understanding of the components and difference between the balance sheet, the income

statement and understand what a cash flow statement is. Learn how daily business transactions affect your financial

statements and review CRAs requirements for record keeping. Time 2 hours, cost $25.

Presented by: Dianne Mueller, SOMA Small Business Solutions

Wednesday, September 15th, 2010 – 10:00am – 12:00pm

Wednesday, October 6th, 2010 – 10:00am – 12:00pm

Thursday, October 28th, 2010 – 1:00pm – 3:00pm

Monday, November 15th, 2010 – 9:00am – 11:00am

Thursday, December 2nd, 2010 – 1:00pm – 3:00pm

Understanding the Balance Sheets (via cONSfIN)

A balance sheet, also known as statements of financial position, is a snapshot of a business's financial condition at a specific moment in time, usually at the close of an accounting period. A balance sheet comprises assets, liabilities, and owners' or stockholders' equity. Assets and liabilities are divided into short- and long-term obligations including cash accounts such as checking, money market, or government securities. At any given time, a … Read More

via cONSfIN