 Imagine taking a picture of your receipts and KAPOW! just like magic they “appear” in your accounting software – organized and filed properly. As we hear on some popular commercials right now “it’s not magic, it’s … well in this case it’s Receipt Bank. It is as simple as taking a picture of your receipt and uploading to Receipt Bank where it can be assigned to an expense account and published to your accounting software.
Let us help you find a way to get your receipts organized in a way that’s most useful to you. We have solutions that are as simple as a custom Excel worksheet or as integrated as Receipt Bank. Ask us how it works, and with a little magic, or we prefer to say with our expertise; we can help you clean up that messy pile of receipts!  In general, those fancy restaurant food receipts can be expensed IF you were conducting business during those meals and not just having a crackin’ good time with your family. Canada Revenue Agency (CRA) allows a 50% deduction for meals and entertainment expenses for sole proprietorships and partnerships and in the event of an audit, it’s a good idea to keep those receipts in a shoe box or … We can show you a better way to keep them organized. Call us today!  Fall is the time to enjoy the local festivals, find the best pumpkin in the patch, and explain your “quacked” methods of bookkeeping to the ducks … …wait a minute – maybe you just need a more straight-forward method to account for your hard earned dollars! At BSV we’ve got you covered, can help you simplify and to get you started, here’s a short list of things to get done before year-end: Reconcile all of your cash and credit card accounts; Verify that your retained earnings agree with your tax returns; Review all asset accounts and ensure the values reflect the present value and inventory levels; Verify that your loan balances agree with your financial statements and interest is properly recorded; Make all necessary journal entry adjustments, such as depreciation expenses and new fixed assets; Prepare a list of work in progress . Any balances that exceed 365 days need to be addressed; Inventory count on last day of the fiscal year; Reconcile your payroll account(s). Fix discrepancies prior to reporting and filing in February; Reconcile your GST/HST accounts to your CRA reports and your PST accounts to your submitted provincial reports. Fix any discrepancies. One more thought… If the list sounds like “quack, quack, quack” and you need some help making sense of your books, Give us a call! We’re here to help.  |