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5 Mistakes You May Be Making With Your Bookkeeping

1. Ignoring CRA Correspondence – It's intimidating receiving one of those brown envelopes in the mail. We often think about the worst case scenario. It's usually much better than you think it's going to be. The Canada Revenue Agency seems to show appreciation to businesses who are pro-active, even if you're not able to pay right away. Having a bookkeeper who knows how to properly decipher what steps to take is also a good idea.

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Registering for GST/HST

To register or not to register, that is the question. Are you starting a business? Did you know that it's not mandatory to register for the GST/HST right away? What does this all mean?

In a nutshell, if you register for GST/HST, it means you'll be adding this tax to your customer's bills in the amount applicable to your province, and remitting that amount to the government. You will also be able to deduct the amount of GST/HST that you have paid on goods or services as an input tax credit on your return.

Let's look at the rules surrounding registering.

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You've decided to hire a bookkeeper. That's great! A bookkeeper provides your business's financial foundation. Using a professional will save you time, money, and most importantly, stress. But, if you don't hire the right person, you could end up with a big mess on your hands. Improper bookkeeping can leave you in a heap of trouble, including legal issues. Most people already know someone who "does" bookkeeping, but that doesn't automatically mean that they're the right person for the job. Let's discuss how to find that right person.

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Hello and good afternoon everyone, welcome to the first installment of The Numbers Blog! This is the official blog of My Numbers Guy - The place where I fill you guys in on everything accounting (don't worry, it actually gets interesting!), answering all your questions, keep in touch with you guys and let you know what's going on in the wild world of... you guessed it - numbers.

I've got a few good topics I'm going to discuss today. Seeing as this is the first installment I figure I'd start off simple - Things like basic expenses for businesses you're able to claim, when the ideal time to hire a bookkeeper is (spoiler alert, it's right now!) and some of the most common reasons why bookkeepers are a must for running your business in peak condition.

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Hello everyone and welcome to the official My Numbers Guy blog! Where you can stay up to date with the latest posts, learn a few new things and even ask your own questions to possibly be answered in future installments!

Stay tuned to the website and Facebook!

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My wife and I own and operate Georgian Contracting and earlier this year we retained James to do our taxes. James did a great job of assisting us prepare for the mammoth task at hand. His calm, courteous and professional approach put us at ease right from the start. In the past I have found it difficult to provide another person with all my sensitive information, but I didn't feel that way with James, his caring attitude about his clients made me feel quite comfortable.

James was very meticulous in reviewing our documents and did a great job of not only completing our tax returns but also on advising us for future business dealings. We have referred James to many people and all have been very satisfied with his service. I will continue to recommend James "My Numbers Guy" for many years to come.

Stephen McNaughton
Georgian Contracting, Barrie

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