Aug
26

Day to Day Operations of a Business: Accounts Payable

15405113_l
Paying and getting paid are transactions that are fundamental in the daily operations of a business. Whether you are paying someone else for their services or getting paid by a customer, these transactions are what keep your business running. This is why properly managing your Accounts Payable and Accounts Receivable is very important as a business owner. Here are some important points you need to know about Accounts payable. Accounts payable is money owed by a business to a supplier and is shown as a liability on the balance sheet. Accounts payable is quite simple but you do need a tracking...
Continue reading
0
Aug
21

Day to Day Operations of a Business: Banking

60724592_l_20170401-000716_1
Banking is a part of doing business. Day to day operations of a business will include depositing funds, writing cheques and paying for expenses, among many other things. This is why it is extremely important that you choose the right bank service package to be on. Bank service charges add up so be sure that you are on the right package for the types and number of transactions you will be using. If you mostly do your banking transactions electronically and do not usually use cheques then you may be able to find a free business bank account in most major...
Continue reading
0
Aug
19

Information on the Bulgarian Data Breach

Information
Canada Revenue Agency has confirmed that a small number of Canadians have been affected by the recent data breach at the Bulgarian National Revenue Agency. The Canadian taxpayers affected by the breach are those with financial accounts in Bulgaria as well as Bulgarian taxpayers with financial accounts in Canada. Canada Revenue Agency reassures the public that the CRA’s systems are not compromised because of this breach. The CRA has coordinated with the Bulgarian National Revenue agency to confirm the identities of the Canadian taxpayers affected and will be notifying them in writing. Please take note that the CRA will not be...
Continue reading
0
Aug
14

Day to Day Operations of a Business: Paying for Expenses

55412978_l
As a business owner, you will typically pay for expenses by cash, cheque, debit card or credit card. And if you do pay for an expense, ensure that you get a receipt or invoice. This is extremely important as your bank or credit card statements may not withstand a CRA audit. In the event that your business is selected for an audit, they will typically require you to provide receipts and invoices with details. Another important thing to remember when paying for business expenses is to pay for them separately from your personal expenses. Keeping your business and personal expenses paid...
Continue reading
0

The KD Blog