Page 72 - Demo

BOOKKEEPERS
Cost: A bookkeeper is generally $30-$50/hour (this is the average)
Why do you need a bookkeeper?: To stay organized and maintain financial records. They will have a detailed system breaking down your business’s finances. You want to know the financial position of your company at all times (what the worth of your company is). A bookkeeper can generate strong internal financials for your knowledge. When you grow your business, you want to know where your financial position is at.
What to give to a bookkeeper: You will want to provide them with receipts, a GST/HST business number, and authorization for the CRA.
ACCOUNTANTS
Cost: Getting an accountant is about short term spending for long term gains. An accountant may cost $150 + per hour, but the benefit that this will bring your company is huge. They will help you understand details of your business when you have to make business decisions because they will know the financial position of your company. An accountant is ultimately an investment for your company.
Find someone you trust: a lot of larger companies will not care about you or your business as much as they should, so find somebody that you genuinely trust and who also understands your industry. You want someone who you connect with and that has your best interest at heart.
Check in: Have monthly or regular sessions with your accountant to ensure proper organization.
TAXES
What would happen if you didn’t file your taxes?: It is a criminal offense to not file your taxes - ALWAYS file your taxes on money you are making!!
What you can write off: There are many things that you can write off when filing your taxes. For example: fuel for business-related travel, meals and entertainment, your phone, utilities, a portion of your rent, education (courses to help you grow), travel, and clothing for work.
Why you should keep receipts: When you claim expenses, you need to have proof of purchase (aka the receipt). The CRA cannot audit you after four years, so it is recommended that you keep receipts for four years. You can take images of your receipts and upload them to an app or system that tracks your expenses. You should avoid paying cash for any business transaction: it’s a lot harder to track this.
Quarterly vs annual payments: If you have an HST number there are payments that you have to make to the CRA, which can be done on a quarterly or annual basis. Tax liability is the term that describes taxes owed at the end of the year to the government. Many people prefer quarterly payments because it will be in smaller amounts, but there is no large fee if you want to pay all at once
at the end of the year.
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