Archive for the 'Finances' Category

Organizing Receipts With Good Bookkeeping Helps for Audits

A couple of reasons why regular receipt organization and bookkeeping are so necessary for a small business is to keep personal and business financial papers separate. Why do this, you might ask? To not give the government a reason to audit you, and if you were to be audited, your finances would already be clearly […]

Tax Free Savings Accounts (TFSAs)

Let’s talk a little bit about a good thing—the Tax Free Savings Account (TFSA). It’s good because it’s a general savings vessel, where Canadians can accumulate tax-free investment income. Imagine saving money, that’s invested and earning interest, in an account that is not taxed? This is something everyone should take advantage of. How it works […]

Missing Money

Make sure you and your family, even your relatives, are not missing any money that might belong to you. We’re not talking about mattress money – you know the small-denomination coins you dig for in the back of the old couch – no; we’re talking real money, hundreds, maybe thousands, even millions of dollars. Now, […]

Organizing Receipts With Good Bookkeeping Helps for Audits

A couple of reasons why regular receipt organization and bookkeeping are so necessary for a small business is to keep personal and business financial papers separate. Why do this, you might ask? To not give the government a reason to audit you, and if you were to be audited, your finances would already be clearly marked and in order.

What Happens When You Keep Organized Financial Records

So, you’re a small business and you’ve been spotty with your bookkeeping records. Do you know how much you made last year, or the year before? Can you predict what income you’ll make next year? If it’s not clear, you may be on the downward path of losing your business. It’s as simple as this. […]

Audit Yourself Before You Get Audited

Getting audited sucks! We know; we’ve seen businesses small and large shake in their boots when the officials come and ask
them hundreds of questions about their financial records and decisions. Of course, this doesn’t have to be the case. Businesses who trust a professional and knowledgeable bookkeeper, to do the legwork and make sure their financial books are properly updated regularly, don’t have a thing to worry about.

Expert Bookkeeping Saves You Money

If you’re a small business owner, we know you don’t have much leeway with your finances (we know, because we are one.) Funds are strictly allocated, and purchases are cautiously evaluated. But, all this is well and good until you make mistakes on your financial ledger—that’ll cost you big! Here are a few ways of making sure you don’t make regular mistakes in your bookkeeping:

Bookkeeping for Mergers and Acquisitions

Mergers and acquisitions are messy. Are your financial books ready for another company to look at, for purchase? Or, are you planning on acquiring another company, and want to make sure its books are correct? Or, have you already merged with another company, and want to amalgamate financial books? We’ll tell you, these are very complicated and challenging bookkeeping processes that will require an expert’s attention.

Credit Cards, Good Or Bad?

It’s a given, we must be careful with credit card spending as individuals; however, this is also true for businesses. When you put a large order of equipment or merchandize for your business on a credit card (essentially borrowed money, which will gain a high percentage of interest if it’s not paid off on time), you better be able to cover the cost financially, or you will slip into debt easily. There are many advantages and disadvantages to having a credit card as a small business, and since at FACETS Business Solutions we’re sticklers for keeping our clients’ finances in line (and as bookkeepers, we’re constantly dealing with business credit card records), we’ll tell you a few of the main ones.

Is Your Financial Book Loan Worthy?

You’re excited about a new venture opportunity that’s presented itself for your small business; it’s going to be a great new product; it’ll double your company’s worth; it’ll put you on the map in your industry. However, it’s going to need some money thrown at it, which means you’ll need to get a loan, which also means you’ll have to show your financial records to the banking institutions! (Insert sound of a scream or halted record on a turntable here)