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Cloud Accounting & Bookkeeping Services

Cloud Accounting & Bookkeeping

Cloud bookkeeping & accounting is the latest update on the traditional accounting business. Cloud bookkeeping and accounting provides services using cloud-based software. These online softwares help manage their clients’ financial transactions and records. A cloud accounting and bookkeeping firm in Ontario like “Sheppards and Associates” has the ability to access their clients’ financial information from any location with internet access, collaborate with their clients, and automate many of the repetitive tasks associated with bookkeeping. A virtual accounting & bookkeeping firm in Ontario is able to provide remote services to its clients, which means that the client does not have to be in the same location as the firm. This can be especially beneficial for small businesses, as it allows them to work with a cloud accounting firm without the added expenses of having an in-house accountant. Additionally, because financial information is stored in the cloud, it is backed up and protected, meaning that data loss is highly unlikely. Cloud Accounting saves you time and money by automating many of the repetitive tasks associated with keeping your company’s books. With Cloud Accounting you can access, work on, and back up, all your transactions from any location where you have internet 24/7. You can connect your bank and credit card accounts to automatically update transactions directly from your accounts and provide you with real-time printouts. Some of the tools you need:
  • Budget figures
  • Financial Statements, including balance sheets and income statements
  • Management Reports
  • Proposals, including job costing
  • Financial Analyses
  • Cash flow management
  • Year End Reports
  • Audit Preparation
  • Taxation documents
Businesses are required to file taxes promptly with the Canada Revenue Agency. Penalties for late filing can be avoided by having your books in order and your tax obligations clearly established. Not only can we prepare your tax filings but also handle communications if required directly with the CRA. The well-trained and professional bookkeepers at Sheppard Accounting can help you maintain the kind of records you need either in person or in the Cloud. We can customize the process with which we work with your company to handle digital or paper records. Our full-range services include Bookkeeping, setting up Accounting systems for new businesses and all Financial Statements. Your business financial information is in good hands with Sheppard Accounting.

The use of our cloud-based accounting software, will give you the opportunity to access your financial data anytime, anywhere, on any device. Our accounting and business services in Ottawa and throughout Canada, would ease your financial worries and spend time focusing on growing your business.

Accounting & Bookkeeping Tips

If you operate a business, you must keep 7 years of bank statements either in paper or digital format. You have to reproduce them in a tax audit, and You will be required to give all of your personal ones as well. Printouts of the account are not enough. The statements are required as they provide more details and cancelled cheques with them. If you can’t produce them, CRA will get them from the banks at your cost. Keeping good copies is much easier and necessary to complete high-quality books.

As the year is almost over don’t forget to take the odometer reading on your business vehicle and count your inventory if you carry stock for resale. Both are critical numbers for your taxes, so do it no later than December 31. Happy New Year, and best wishes for a successful year!

If you only have one client and only do work for the one client, you may be labeled as a “Personal Services Business”. This means that you are deemed as an incorporated employee and will not be entitled to the Small Business Deduction, which is 10%. This results in your tax rate being 25% instead of the regular 15% that you may be paying currently. If you are in this situation, we should talk to make sure you know how to protect yourself, as CRA is becoming more aggressive on the implementation of this regulation.

If you run a business, you MUST register for HST when your sales hit $30,000 in any twelve running months. CRA will charge you HST on the first dollar after that even if you didn’t collect it. If you file your Income Tax return and show sales over the threshold, you can expect them to be in touch and bill you for the HST you should have collected. We can show you all about it, so set up an appointment today!

https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/rc4022/general-information-gst-hst-registrants.html

If you have a small business using the internet like accommodation sharing: renting out homes, rooms, cottages, transportation: ride-sharing, rentals of bikes, boats, space rentals: gardens, desks, workspaces, laboratories, making and selling goods: household goods, jewelry, beauty products, food, meals, providing services: esthetics services, animal care, freelance professional expertise all count as Income Sources for taxes and must be declared. You can deduct offsetting expenses to operate and make your products so you must keep records. These are all handled the same as a brick and mortar business and have all the same tax implications. We can help you sort through the challenge and make it easy for you. Make an appointment to meet with its today!

As a small business owner, there are so incredibly many things to stay on top of. It’s a full-time job to stay in line with some of these regulations. Make sure you look this one over! 

https://www.ihsa.ca/pdfs/small_business/small-business-toolkit.pdf?mc_cid=d48d84441e&mc_eid=fc69092216

Self-employed people pay CPP based on net profit when you file your taxes. When you get your income tax return look at page 4 to see the CPP. Self-employed people pay their own portion and the employer portion. The total tax may include up to $5,000 in Canada Pension.