More small businesses are now on cloud account software. Many business owners are performing the bookkeeping functions on their own and just as many business owners hire a bookkeeping firm who specializes in cloud software to do the bookkeeping. Now, AI is getting involved to limit human coding errors that still exist with cloud software. As for me, the external accountant, I have noticed considerable improvement with both, the software and the users maximizing the software full ... Read More
Why a Real General Ledger is the First Line of Defense During a CRA Tax Audit
Many mature businesses have endured this at least once during their life time – a CRA tax audit. Most businesses survive an audit with no issue. This happens when the business has an adequate set of financial records that is easy for the CRA auditor to examine. So what makes up an adequate set of financial records. First of all, the CRA audit has changed from twenty years ago. In the past, an actual person came to the business premise to examine the books and records. Hence if the ... Read More
A Liquidity Crunch in Vancouver
Just two years back, when buying condo presales was the rage of investing free cash in Vancouver, I wrote a short blog cautioning investors to begin preparation years ahead for the closing date of the deal. When the condo completes, full payment of the balance on the condo is required to close the deal; hence qualifying for the mortgage at that future time required some income reporting planning. Back then, waiting for construction completion date to close the deal was not necessarily part ... Read More
