postheadericon Live Blog

C2 Online Blog 2

rss

Expect expert advice.


2nd Annual Bookkeeper Superstar Award

Thinking Of Becoming A Bookkeeper? C2online

Thinking Of Becoming A Bookkeeper?

 

You’ve always had an affinity for numbers and want to translate it into a career path.

 

 

Here are some questions to ask yourself to see if you have the skills and personality traits to be successful.

 

Related Search: How to Spot a Good Bookkeeper?

 

 

1. How are you on the technical side of things?

 

Being tech-savvy is crucial these days—you don’t need to know be a programmer, but being comfortable with technology and its constant advances are essential for the job.

 

2. What’s your attention to detail like?

 

It’s pretty obvious, but being organized and detail-oriented is one of the most important skills a bookkeeper can have. Some people are more organized than others, and in some careers, it’s not as crucial, but when you’re working with numbers, you need a razor sharp memory and the ability to stay on top of things.

 

3. Do you have good critical thinking skills?

 

Helping your company or clients by providing ways to improve processes is an important skill for a bookkeeper. By taking the initiative to point out ways they could save money or time, you’ll provide extra value. If you’re good at seeing how systems or processes can be made better, you’ll be an asset to your employer or clients.

 

Related Search: Bookkeeper Superstars

 

Working as a bookkeeper can be fulfilling and lead to an interesting life-long career. If you enjoy working with numbers and have the needed skills and personality type, you’re likely on the right path.

 


BOOKKEEPER OR ACCOUNTANT C2online

As a small business owner, do you need both? And what’s the difference between the two of them?

 

 

Many people use the terms bookkeeper and accountant interchangeably, but there are significant differences.

 

Accountants typically have a university degree and have majored in accounting. Although a bookkeeper may have a college or university degree, he or she doesn’t have the same level of education in accounting.

 

A bookkeeper records the day-to-day transactions of your business—purchases, sales, receipts and payments. He is responsible for preparing invoices, paying bills and sending out customer statements. All of these needs to be recorded in the appropriate place—the supplier ledger, customer ledger and general ledger.

 

Related Search: What makes a Good Bookkeeper….Good?

 

An accountant takes it to the next step, turning this data into financial reports for your business, including income statements, balance sheets and statements of cash flow.

 

An accountant can also act as an advisor, helping you to understand the financial impact on your business of financial decisions you’ve made in the past and plan to make in the future.

 

Save time by hiring a bookkeeper

 

Running a small business means you’re wearing many different hats, but it’s difficult to manage all of it on your own. Hiring a bookkeeper to manage your daily transactions can mean you can focus on more important, revenue-earning tasks.

 

Related Search: Remove Stress by Hiring a Bookkeeper

 

Reduce your taxes

 

Hiring an accountant, especially at tax time, can save you money over the long-term. He will have the knowledge and experience to understand how to reduce your taxes and provides more specialized advice than a bookkeeper.

 

Related Search: Tax Issues

 

Photo Credit: "adamr" at FreeDigitalPhotos.net


A Christmas Wish to Santa C2online

THE COMMUNITY of Newtown, western Connecticut, is mourning the loss of 26 people, including 20 children, who were killed during a horrific massacre.  Let us help spread the word on this Santa letter to honor those who passed on that horrible day...

 


Bookkeeper Job Responsibilities Defined C2online

A bookkeeper is someone who is hired to handle the recording of a company’s financial transactions.  He manages the company’s books of original entries – which is called the Journal, and the books of final entries – otherwise known as the ledger.



He plays a crucial role in making sure that a company’s financial records are kept up to date, and making sure that all transactions are accounted for correctly.

He also plays other important roles, and his duties include the following:

Assists in Payroll Preparation.

A bookkeeper makes sure that employees’ payroll is prepared and the corresponding taxes, and government mandated benefits are tracked accordingly.  He makes sure that correct tax exemptions are given to each employee, this is so that no major tax adjustments will be necessary during the year-end preparation of employees’ withholding taxes.  Though he may be not directly involved in the payroll preparation process, he works hand in hand with the payroll master to make sure that payroll is prepared accordingly.

Tax Filing.

A bookkeeper makes sure that all receipts, invoices and any other documents are kept and recorded.  This helps in properly accounting for all transactions that may impact tax declaration, most especially during the year-end financial statement preparations.

Help in the Preparation of Financial Statements.

Since the bookkeeper takes care of the company’s book of accounts, it’s but logical that he works hand in hand with the accountant during the preparation of the company’s balance sheet and income statement.  And others, like the statement of cash flow.

He must make sure that everything is recorded.  Even small amount that are not recorded shouldn’t be missed.  This is because everything adds up eventually. 

And companies may lose a lot of great deal by ignoring minor expenses that go unnoticed.

Monitoring Bank Transactions and Preparing Bank Reconciliation Statement.

The bookkeeper helps ensure that cash in bank balances match the cash balances reflected in the company’s books. Any discrepancy is a cause for alarm because that shows that there are transactions that weren’t recorded by the bookkeeper.  This should be done on a regular basis, like monthly or quarterly.


The Minimalist Guide to Getting More Customer Referrals C2online

Hands down, customers are the lifeblood of any business.


Unfortunately, when a company cuts costs, marketing is typically the first area that usually gets hit. Funds for marketing campaigns and collateral are reduced or eliminated. For small business owners, especially start-ups, budget for marketing can be hard to find.

It’s a catch-22. There’s little or no marketing budget and you need to be visible. Waiting for the next opportunity and for new clients to appear isn’t a viable option. How do you ensure you remain competitive and bring in more clients with little or no budget?

Ask for referrals

Referrals are free – and worth millions in advertising. It doesn’t get any better than that. Go back to old clients and ask for one. With new work coming in the door, always ask for a referral when the work is completed. And it’s also important to ask for a written testimonial that you can include on your website or in print materials.

So, how do you earn referrals from your customers?

Do not meet expectations, exceed them. When a client hires you for a job, always look for an opportunity where you can add value.  If you see an area or process that could be better, make suggestions for improvement.

Always work within the set budget, and if possible, reduce costs.

Make sure that you have considered the cost carefully before you present the budget to your client.  Asking for additional fees in the middle of the transaction can turn clients off. They are also keeping tabs on their expenditures.  Additional fees can affect their other projects. And may mean you aren’t the preferred choice next time.

Deliver on deadline

Always make sure that you deliver on time.  If that’s not possible, inform your clients ahead of time, and state the reason for the delay.  Make sure it’s logical and reasonable.  All business transactions are linked to each other, and any delay can potentially affect other areas of their business.

Keep your clients up-to-date about the project you’re doing for them.

When a client hires you, they are expecting to know your progress.  This is not only to appraise the quality of your work, but also to ensure they are on top of any problems that might crop up.  Always keep your clients informed; whether it’s bad or good news, they will definitely appreciate you being proactive and honest.

Be dependable

Always walk the talk.  Don’t say one thing, while meaning another. If you make a promise, keep it.

Be thankful, and thoughtful

Create a strong relationship with your client by expressing your appreciation for the work. Drop your customer a note, or better yet, phone them to express your thanks for the work and for referrals.  A small gift or token of appreciation is always welcome.

What are the other things you can think of that will drive customers to give you more referrals?

Photo Credit: DCarlton


Celiac's Save Money on Your Income Tax Return Lisa Patrick

Celiac disease is a medical condition in which the absorptive surface of the small intestine is damaged by a substance called gluten. This results in an inability of the body to absorb nutrients: protein, fat, carbohydrates, vitamins and minerals, which are necessary for good health.

Although statistics are not readily available, it is estimated that 1 in 133 persons in Canada are affected by celiac disease.

A wide range of symptoms may be present. Symptoms may appear together or singularly in children or adults. In general, the symptoms of untreated celiac disease indicate the presence of malabsorption due to the damaged small intestine.

Gluten is a protein found in wheat, rye, triticale, barley. In the case of wheat, gliadin has been isolated as the toxic fraction. It is the gluten in the flour that helps bread and other baked goods bind and prevents crumbling. This feature has made gluten widely used in the production of many processed and packaged foods.

At present there is no cure, but celiac disease is readily treated by following the gluten-free diet. *(www.celiac.ca)

Persons who suffer from celiac disease (gluten intolerance) are entitled to claim the incremental costs associated with the purchase of gluten-free (GF) products as a medical expense.

You must calculate the incremental cost to ensure you receive the medical expense claim.  Incremental cost is the increased cost of purchasing a GF product as compared to the cost of a similar non-GF product. It is calculated by subtracting the cost of a non-GF product from the cost of a GF product. C2online provides the calculation in your worksheet for you.

We have provided you a free worksheet to simplify the ease of compiling of the information to ensure that you maximize on your income tax deduction and receive your medical expense claim.

We encourage you to provide us your compiled worksheet so that we can create a database of products and we will continue to update the worksheet for free for other to use so they also ensure they receive their medical expense claim.

Celiac Medical Expense Claim Form .xlsx 


Rule of 9 Lisa Patrick
Rule of 9
If you have un reconciled balance - If the variance is dividable by 9, likely a number reversal – you have input 11 instead if 21
Example
11 or 21 = difference of nine
17 or 71 = difference of 54 (divided by nine)
 
Sales rate factor determiner
to apply to any gross amount that includes sales tax to obtain actual sales tax amount.
Sales tax divided by (sales tax rate +100 ) = rate to apply to gross amount to get sales tax amount.
 
5 divided by 105 = .0476190476
$1.05 x .0476190476 = 5 cents sales tax.
 
13 divided by 113 = .11504424778

$1.13 x .11504424778 = 13 cents

Darlene Lafond R.P.A.


2012 Save Your More of Your Money Lisa Patrick

Tax-Free Savings Account

The Honourable Jim Flaherty, Minister of Finance, and the Honourable Gail Shea, Minister of National Revenue, today highlighted that, as of January 1, 2012, Canadians will have a new $5,000 of room to invest in their Tax-Free Savings Account (TFSA). 

The TFSA is a flexible, registered, general-purpose savings vehicle that allows Canadians to earn tax-free investment income.

 

A TFSA can contain a range of investments, similar to those in a Registered Retirement Savings Plan, such as mutual funds, listed securities and guaranteed investment certificates.

 

Each year, an individual’s annual TFSA contribution room is made up of three components:

 

  • the annual TFSA dollar limit of $5,000;
  • any unused contribution room from the previous year; and
  • the total amount of withdrawals from the individual’s TFSA made in the previous year.
 Learn More at Canada Revenue Agency

Beware Tax Notice from The Government Lisa Patrick
Whether you read or refer to your tax accountant, do take a second look at the letter even if it looks like a form letter. The sooner you respond to the government requests, the easier it is to deal with them. If, the person you talk to does not treat you the way you expect to be treated – ask for another representative or a supervisor. If this does not provide you what you need, ensure you write a letter Winnipeg Tax Centre 66 stapon Road Winnipeg, Manitoba R3C 3M2 Register it if you like… You do have rights. They cannot treat you unfairly. Darlene Lafond, R.P.A.

CMS Website by WebmontonMedia.