Shows
Numetrica Cloud AccountingStart up accountingStartups face numerous challenges, particularly in the realm of accounting. Accounting lays the groundwork for all other business operations and can be complex, but mastering it is crucial for success. Here's a condensed guide on how startups can manage their accounting needs:
**1. Importance of Accounting**
- Accounting is vital for understanding financial standing, managing expenses, sharing data with stakeholders, analyzing competitors, and identifying investment opportunities.
**2. Basic Financial Records**
- Essential financial records include bills, receipts, invoices, bank statements, credit card statements, financial statements, and tax...
2024-03-0302 minNumetrica Cloud AccountingHow to Avoid Capital Gains Tax When Moving To A Rental PropertyConverting Your Personal Residence into an Income-Generating Property: A Step-by-Step Guide with Subsection 45(2) of the Income Tax Act (ITA)
Converting your personal residence into an income-generating property can be a strategic move for financial stability or for maximizing the value of your assets. However, this transition comes with significant tax implications, especially in Canada. In this blog, we will explore the process of converting a personal residence into an income-producing property while emphasizing the importance of Subsection 45(2) of the Income Tax Act (ITA).
Understanding Subsection 45(2) of the ITA
2024-02-2502 minNumetrica Cloud AccountingHow To Implement The Profit First System for Dentists
Profit First is a financial management system designed to help business owners, including dentists, prioritize profit by making it a priority and not an afterthought in their operations. In contrast to traditional accounting where profit is typically calculated after expenses, Profit First suggests setting aside profit first and then managing expenses with what's left.
To implement Profit First, you need to:
Read the Book: The first step is to read "Profit First" by Mike Michalowicz to understand the concept and the system.
Determine Percentages: After understanding the system, determine your target...
2024-02-2102 minNumetrica Cloud AccountingHow to master cash flow management
Cash flow management is crucial for small business success. Tips include:
Optimize cash flow by setting up interest-bearing accounts for your business.
Utilize accounting software to track your cash flow and make informed decisions.
Stagger bill payments to avoid depleting your cash reserves and maximize interest earned.
Avoid customer payment delays by using online invoicing tools and clear payment terms.
Schedule payments to occur as close to the due date as possible to retain cash for longer.
Consider cash flow reduction strategies, such as buying...
2024-02-2102 minNumetrica Cloud AccountingBusiness TransformationBusiness transformation encompasses a range of objectives, from boosting efficiency and profitability to enhancing financial management and team productivity. It's about envisioning a more successful and effective business model, one that potentially saves money and optimizes costs.
Creating a system to grow and manage your business is key to realizing your vision of business transformation. This involves systemizing functions to streamline operations and free up manpower for business growth. Having a clear picture of your business goals is vital, whether that's acquiring more clients, improving reporting, or simply being more in control of your...
2024-02-1701 minNumetrica Cloud AccountingIf cash is the king, how do you manage the cashflow?Cash flow management is an essential aspect of business that often requires a well-thought-out strategy to ensure a company remains in the black, rather than incurring debts that could lead to its downfall. Businesses can fail when they overlook this concept, with 80% of such cases being attributed to this oversight. It's crucial that sales exceed expenses and that clients are chosen wisely to guarantee collectibility. Professionals like lawyers may request retainers to ensure timely payments.
Advancements in technology have facilitated cash flow management, and implementing certain strategies can help keep a business profitable:
2024-02-1703 minNumetrica Cloud AccountingWhat is Cloud Accounting?Cloud accounting software works exactly just like the traditional accounting software, only the cloud accounting software just like QuickBooks online is hosted on remote servers of QBO Transaction data is sent into “the cloud,” where it is processed and returned to the user.
All application functions are performed off-site, not on the user’s desktop. Which
enables you to use the platform from any devise as long as you can log in to
QBO. In cloud accounting, users access software applications remotely through
the Internet or other network via a cloud application service provider.
Using
cloud a...
2024-02-1602 minNumetrica Cloud AccountingHow is Business, Really How is The Business?
How is Business, Really How is The Business?
Maybe it was an idea that struck you out of
nowhere, or perhaps your small business’ inspiration was an idea and plan that
was years in the making. Whichever it was, your small business is your baby,
and running it successfully is something that is of paramount importance to
you. With that being said, there are so many aspects to successfully running
your small business that it can make even an experienced entrepreneur’s head
spin.
It is vital that a busines...
2024-02-1504 minNumetrica Cloud AccountingHow to Master your business
Running a small business is no easy feat by
any means. It requires daily effort, vision, and drive, among many other
things. But one area where the mastery of small business finds most owners
caught between a rock and a hard place is in the financial management of their
operations. This area can affect every other facet of their business and make
any normal person mad.
There are so many things to think about,
let alone to manage. Do I hire an accounting services firm to help? Which cloud
accounting software is the b...
2024-02-1502 minNumetrica Cloud AccountingFive Apps That Put Your Business on Your FingertipsAccounting industry has benefited so much from the technology
boom. Accounting and running a small business now adays have improved
exponentially. It wasn’t long ago that some colleges and university were
talking about “general Ledgers” “Books” and so on. Basically, accounting hadn’t
changed in a long time.
Now, I am pleasantly
surprised when I see new apps are emerging that changing accounting and making
it so much more efficient and effective to run a business.
Business on your fingertips –
literally
Number one app spot
belongs to QuickBooks Online.
QuickBooks Online
(QBO)
T...
2024-02-1502 minNumetrica Cloud Accounting11 Tax Deductions that Start ups can not afford to miss.Journey from Inception to Success
It is extremely important for start-ups, entrepreneurs and
even business pros to keep track of their business expenses. These expenses
will reduce your taxes when it comes to file your personal tax returns (t1) or
corporate tax returns *T2). When tax
season starts the deductions will help and forms your strategic plans to
perform tax planning, maximize tax deductions and minimize tax owing. So here
are some categories that already exist. All you have to do is take advantage of
any or all of the following expenses that apply to y...
2024-02-1503 minNumetrica Cloud Accounting5 deciding factors to choose the best tax professional5 deciding features in selecting a professional to prepare your personal tax
return (T1)
Consider
these factors when you are looking for a tax professional, please get a
professional to help you if your taxes are complicated.
1.
Education and training
There are different levels of professionals who prepare tax
returns. Some are CPAs meaning they are university graduates who have passed
the rigorous CPA exams. None designated accountants who have graduated from
college or university but have taxation knowledge. Lastly, there are
individuals who have some basic training in preparing a tax return or have
learnt to use...
2024-02-1403 minNumetrica Cloud AccountingTax Matters for DentistsAs a dentist running your own practice in
Canada, tax planning is an important part of managing your finances. Your
choices about business structure, deductions, income smoothing, and retirement
savings accounts can significantly impact how much you pay in taxes each year.
An optimized tax strategy can lead to
substantial savings over your career. Before delving into key options around
your taxes, consult with both a tax professional and a financial advisor to
ensure coordination. Tax rules can differ by province, so be sure to understand
both federal and provincial regulations that apply to your practice.
2024-02-1402 minNumetrica Cloud AccountingF DividendsForget dividends, it is a trap!
John is a lawyer and asked me to review his financial
statements. While I was reviewing the income statements, I noticed that the
total salary for the 12-month period was 45K.
I looked in more detail on his corporation QuickBooks
Online (QBO) file and notice his salary was at 22K.
I looked at John and said, you made less than your
receptionist?!
His response was Moe I’m growing the company.
I said totally wrong but explain your rational.
He said, I don’t take high salary so I keep...
2024-02-1401 minNumetrica Cloud AccountingHour 1 of Ottawa Now for Thurs. November 16th, 2023 interview with Moe TabeshHere is my interview with Kristy Cameron about the CEBA LOAN on CFRA.
Consequences of businesses getting closed if they don't pay the CEBA loan.
Ottawa-based accountant Moe Tabesh has started an online petition that is quickly gaining traction. With over 13,000 signatures already, he is calling on the feds to consider forgiveness for unpaid CEBA loans. At the very least, Moe wants the Trudeau government to entertain a negotiating process with Canadian businesses who are struggling to find the money. He joins Kristy Cameron to explain further
https://chng.it/rYSRm8JbQ7
2023-11-2033 minNumetrica Cloud AccountingCEBA Loan and what we can do about it.
As a business consultant, I have witnessed firsthand the struggles of my clients who have borrowed funds through the Canada Emergency Business Account (CEBA) to keep their businesses afloat amidst the economic turmoil caused by the pandemic. These are hardworking individuals who contribute significantly to our economy, yet they find themselves unable to repay these loans due to continued financial hardship.The CEBA was designed as a lifeline for small businesses during an unprecedented crisis. However, with over 800,000 approved applications and nearly $35 billion disbursed as of January 2021 according to data from Export Development Canada (EDC...
2023-11-1511 min
Numetrica Cloud AccountingSalary, Dividends, Due to/from shareholder, Draw - What form of income should I take out?Salary, Dividends, Due to/from shareholder, Draw - What form of income should I take out?
Which is which?
Which is better?
One thing for sure, don't go for dividends unless you know what is going on.
Most business owners debate about taking salary, dividends, draw and so on.
In this episode, we talk about how much money to draw at a minimum in a form of salary
What to watch our for making draws from the company and s...
2022-01-2513 minNumetrica Cloud Accounting11 Tax Deductions Every Startup Should Know About Specially The Initial InvestmentsEleven Tax Deductions Every Startup Should Know About Specially The Initial Investments
It is extremely important for start-ups, entrepreneurs and even business pros to keep track of their business expenses. These expenses will reduce your taxes when it comes to file your personal tax returns (t1) or corporate tax returns (T2). When tax season starts the deductions will help and forms your strategic plans to perform tax planning, maximize tax deductions and minimize tax owing. So here are some categories that already exist. All you must do is take advantage of any or all of the following e...
2022-01-1919 minNumetrica Cloud AccountingHST a comprehensive OverviewHST is a topic that many entrepreneurs are interested in learning more about, and it's confusing for them. Our host will talk about HST in this new episode of the Numetrica Accounting and Business Podcast.
What is HST?
HST is a service tax that we charge for our services and products. The number one thing you need to know is there's a threshold. If you ever go over $30,000 in your invoices or product sales, you have to charge HST. Whenever you're registered, you have no choice. Even if you make no sales, you have to...
2022-01-1532 minNumetrica Cloud AccountingHow to set up and file your HST and Payroll Source Deduction Via BankHow to set up and file your HST and Payroll Source Deduction Via Bank
https://www.numetricacity.ca/
2022-01-1507 minNumetrica Cloud AccountingHST Questions - US State Sales Tax From CanadaHST Questions
HST for services provided to the US.
US State Sales Tax From Canada
US State Sales Tax from your Canadian Shopify, Amazon, ...
https://www.numetricacity.ca/
2022-01-1406 minNumetrica Cloud AccountingHST HelpWhere to call to get help with HST beside Numetrica
HST Quick Vs Regular method
2022-01-1404 minNumetrica Cloud AccountingHST ManagementHow to treat HST.
You are collecting HST in trust, so set up a separate bank account, save it there, and do not use it as part of your operating expense.
https://www.numetricacity.ca/
2022-01-1404 minNumetrica Cloud AccountingHSTThis podcast provides an overview of (Harmonized Sales Tax) HST.
What is it?
When to register HST Account ?
Setting up HST Period, yearly, quarterly, monthly
HST Threshold
What is ITC
Filing HST on line
Activating HST Account
Can you back date your HST Account Period.
What is needed to back date your HST account
What happens to your HST collected and paid that falls in the period that you were not registered for HST.
HST and Cashflow treatment
HST Examinations by CRA.
2022-01-1409 minNumetrica Cloud AccountingHow and Why to Delegate your tasksHow and Why to Delegate
We all have heard, work on your business not in it.
What does it mean?
or Delegate.
But how and why and which tasks. I'm the only one in the business.
In this episode we look at a few philosophy from a few business titans:
Peter Drucker
William Edwards Deming
Wilfried Fritz Pareto
Cyril Parkinson
Tony Robbins
and a bonus Titan - Click the link after :)
These business gurus...
2021-09-2525 minNumetrica Cloud AccountingYear-end checklist Corporate tax return checklistYear-end checklist Corporate tax return checklist
What is involved in year-end.
What is involved in preparing corporate tax return.
For more info
www.numetricacity.ca
2021-09-0809 minNumetrica Cloud AccountingHow to Master Your BusinessRunning a small business is no easy feat by any means. It requires daily effort, vision, and drive, among many other things. But one area where the mastery of small business finds most owners caught between a rock and a hard place is in the financial management of their operations. This area can affect every other facet of their business and make any normal person mad.
There are so many things to think about, let alone to manage. Do I hire an accounting services firm to help? Which cloud accounting software is the best for the needs...
2021-09-0721 minNumetrica Cloud AccountingProfit 1st conceptLearn how to earmark funds from your sales and deposit so that you can actually see where the profit goes, save money for taxes and payroll and pay your expenses.
https://www.numetricacity.ca
2021-09-0714 minNumetrica Cloud AccountingDiscussion on personal tax returns in CanadaHere is a discussion with Kaitlin Kirk
See it on YouTube
for more information visit us at www.numetricacity.ca
2021-03-2047 minNumetrica Cloud AccountingYou Must Use Cloud Accounting, I Tell You WhyWhat is Cloud Accounting and what it means to your business
Cloud accounting meaning for your business. Cloud accounting software works exactly just like the traditional accounting software, only the cloud accounting software just like QuickBooks online is hosted on remote servers of QBO Transaction data is in “the cloud,” where it is processed and returned to the user.
All application functions are performed off-site, not on the user’s desktop. Which enables you to use the platform from any devise as long as you can log in to QBO. In cloud accounting, users access softwa...
2021-01-1513 minNumetrica Cloud AccountingHow To Make your Business Audit Proof with this AppYou must use this app and never worry again about getting a call for CRA.
2021-01-0807 minNumetrica Cloud AccountingI teach you how to have more cash in your business.Businesses fail when they don't manage their cash flow and have no disciplines.
2020-12-2512 minNumetrica Cloud AccountingYour Business Needs a CFO, I tell you whyCFOs are not just for big businesses. Small business can have and must have CFOs. Of course, CFOs are expensive however, best to get hire them on a part time, ie, once a week, 2 weeks, and so on.
They will hold your business accountable to be profitable, cut unnecessary expenses, monitor your growth and so .
What is virtual CFO?
Virtual CFO is the acronym for virtual chief financial officer. A virtual CFO is a CFO consultant offering high skill assistance in financial reporting and insights of an organization, just like a chief...
2020-12-1919 minNumetrica Cloud AccountingWhy Should You Incorporate Your Business.A lot of people wonder if they should. I'll give you a few reason why you should.
Also you must be a serious entrepreneur.
2020-12-1109 minNumetrica Cloud AccountingWhat do you need to start a businessWhat Do You Need To Start A Business
You need to have a few skills before you run a business.
One of them is accounting. In this video we will talk about a few points.
2020-12-0509 minNumetrica Cloud AccountingWhat is Cash Flow ManagementLearn how you can manage your business cash flow.
2020-12-0508 minNumetrica Cloud AccountingHow QB Time formerly known as T sheets, can save you more time and empowers you more on keep track of employees work hours.How to save more time with QBO Time formerly T Sheets,
Simply, T sheets keeps track of employees work hours.
It has a few great features.
1) where and when the employee started working. This is great if you are sending your staff to different locations and you are not there to see when they started their work
2) Verify the employee. T-sheet kiosk can take a picture of the employee at the sign in time.
3) keeps track of lunch and breaks
4) keeps track of sick days
5...
2019-01-1809 min
Numetrica Cloud AccountingHow DEXT (Receipt Bank) can make your business audit proofIn this episode we talk about a must have app which integrates with QBO. This app takes image of invoices, saved them for 10 years and also posts them to QBO. Isn’t this amazing?
2019-01-1005 min
Numetrica Cloud AccountingWhat is cloud accounting and why you must embrace this?In this episode we talk about how cloud accounting can transform your business. Making it better, faster, smarter.
Cloud Accounting Benefits
In a nutshell, cloud accounting provides time, delivers supports, focus business resulting in more sales.
Cloud accounting provides time needed to better focus on business. Cloud accounting can provide the edge or the time that you need to focus on your business and blasts your sales.
If you are looking for the most effective way to process your business financial transactions, you ought to be using cloud accounting system.
2019-01-0506 min