Do you ever wish your two best friends were a lawyer and an accountant so you could get free advice for your small business? We can help you with a lot of things at Business Link, but we're not magic. Or are we? Through the magic of relationships, we've asked two of our expert volunteers, Crystal Lucier, an accountant, and Jordan Mertz, a lawyer, to answer some of the most pressing questions we get about structuring your business in Alberta.
Blog Category: Accounting
Accounting is known as the universal language of business for a reason—without it, no company on earth would stay afloat for long.
Some small companies, especially those just getting off the ground, see accounting more as an afterthought, something to be implemented once business picks up and there's a reason to start tracking revenue and expenses. However, this can be a grave mistake; no matter how much you're spending or making, knowing the ins and outs of your finances is a critical element to success.
For small businesses without dedicated accounting resources, the labour involved in recording transactions, reconciling debits and credits, handling monthly or quarterly close, and running financial statements can seem like a weighty drain on daily operations. Even a few hours a week can be hard to balance, potentially putting the accuracy of your reporting in hot water.
If your team is struggling under the weight of accounting obligations, it's time to ease the burden. These five tips can help you simplify your business' bookkeeping for good.
As a commercial tenant, the monthly base rent you pay your landlord for leasing commercial space may not be the only rent you pay! Many commercial tenants will also pay a secondary amount for property operating costs. The good news is that both these rents are often negotiable.
Being an entrepreneur sometimes means wearing several hats, often including those of billing and accounts receivable (A/R). The occupational hazard of being pulled in several directions can make controlling your outstanding invoices a challenge. Not only that, but companies can become so focused on getting new business that collecting overdue receivables is easy to put off.
If the thought of doing taxes makes you cringe, you're not alone! Here are some simple tips to help you de-stress when filing your business taxes.
1. Know what you can claim if running a home-based business
Canada Revenue Agency (CRA) recognizes that many small businesses operate out of their homes, and because of this, a deduction is allowable in proportion to the amount of space that is used for the business. Some expenses eligible for claim are: