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Many small business owners start out handling their own bookkeeping to save money. But as your business grows, your time becomes more valuable and so does accurate financial information. Here are a few signs it might be time to bring in a professional bookkeeper. You’re spending more time on books than your business. If reconciling bank statements or organizing receipts takes up hours each week, that’s time better spent serving clients or growing your business. Your records a

If you operate a small business in Ontario, chances are you’ve heard about HST. But understanding how it works and what your responsibilities are can be confusing when you’re starting out. Here’s what every small business owner should know about HST. When to register for HST. You must register once your total revenue from taxable sales exceeds $30,000 in a single calendar quarter or over four consecutive quarters. However, many businesses choose to register earlier to claim

Keeping your books organized can make a world of difference for your business. It saves you time, reduces stress at tax season, and helps you make better financial decisions. Here are five simple tips to stay on top of your bookkeeping all year long. 1. Keep business and personal expenses separate. Open a dedicated business bank account and use it only for business income and expenses. This makes tracking and reporting much easier. 2. Stay consistent with record keeping. Set

Running a small business comes with plenty of expenses, and some of those can reduce the amount of tax you owe. Knowing which deductions you qualify for helps you keep more money in your pocket. Here are some common deductions small business owners often overlook. Home office expenses. If you work from home, you may be able to deduct a portion of your home expenses, such as utilities, internet, and property taxes. Vehicle expenses. When you use your personal vehicle for busin