ACCOUNTING AND FINANCIAL
MANAGEMENT A BRIDGE FOR
HELP AND ADVICE
Our Philosophy is about you We believe in the value of relationships. We see every person's needs across the bridge, like no one has before. Every need is treated like a partnership. We build a bridge between the accounting and financial world for working people to be able to come across and succeed at the personal and business level. We want to change things forever. Knowledge is power and we want to share it.

Laura Marconato CMA
PEOPLESBRIDGE
855 Westney Road South,
Ajax, Ontario L1S 3M4
Tel: 905-427-0400
fax: 905-427-4941
email: help@peoplesbridge.com


Top Ten Accounting Outsourcing Tips

Businesses of all sizes need to ensure that accounting is paid due attention, since accounting is at the core of any business process. In recent times more and more small and medium size businesses are considering accounting outsourcing. The decision to outsource allows a company to concentrate in their own area of specialization.
 
The service of experts are available at a fraction of the cost that would have been paid to hire them on a full-time basis, but also saves on office space and related expenditures. An accounting outsourcing professional provides reliable and competent services that are an asset to the company and simplify its working.

When outsourcing small business accounting and finance it is important to keep certain tips in mind in order to make informed decisions:
 
1. Be clear about what you expect of the accounting company that you are outsourcing to. It is vital that you specify the needs and expectations of the job. This will ensure that both companies have a clear understanding of the assignment.
 
2. Is the accounting outsourcing company reliable and dependable?
Do not make a decision blindly, but in fact take the time and effort to check on the references provided by the outsourcing company.
 
3. Don't shy away from asking the vendor about similar accounting management projects that they have worked on. You don’t want a trial and error technique used on your small business accounting.
 
4. Reviewing previous projects will give you a fair idea of the level and quality of accounting that they can deliver. You could also ask how they would like to handle the accounting information, so that you can judge their line of thinking and working.
 
5. While the total cost may be a guiding factor when you are selecting an accounting company, it should not be the only factor. The lowest bidder need not always be the best bet.
 
6. It is important that you have a contract drawn up that clearly specifies what is expected of the project, the payment schedule and when it will be completed.
 
7. Start with a small project and take it from there. To begin with, provide a small amount of work and allow the outsourcing accounting company to prove its capacity.
 
8. Creating milestones in the project will help create a smooth workflow. Also this ensures that both parties are clear on the deadlines, required work, and allows you to make payments in installments as and when the work is completed.
 
9. Security issues need to be discussed upfront. You need to be clear on the security measures taken to protect crucial accounting data and discuss how accounting, auditing and bookkeeping files will be transferred securely.

10. Communication with the accounting outsourcing firm is of utmost importance and you should be able to interact and communicate freely. This relationship should be comfortable and provide a level of confidence.
 
Accounting outsourcing should ideally be an asset for any small or medium business. Keeping these tips in mind can make that a reality.

Business Management Tips

There are several forms of small businesses.  They are usually private corporations, sole proprietors or partnerships.  A small business is defined by the number of employees, typically under one hundred.

The principles of accounting include proper documentation of transactions, classification of funds, and summation and interpretation of financial information.  Bookkeeping is the initial stage of listing transactions into accounting information.  Business owners then use this information in various ways.  This information can help file various tax forms, help managers make significant decisions or even help prepare budgets to set out the allocation of funds.

Investing the time to prepare policy and procedures job descriptions, and guidelines can help you in emergency situations.  Although we have valuable employees, there may be times when you need someone else to perform their job function.  If you are prepared, another qualified person should be able to step in.

Internal control issues are not just for large corporations.  Simple methods of separating certain job functions can help eliminate losses or fraud.

Have you ever faced the problem of your year-end in the middle of a GST reporting period?  The government will allow you to change your quarterly GST remittance periods to match your corporation’s quarters.
 

Date Reminders - General guidelines.

(These dates are standard guidelines, please check your related paperwork for actual dates or speak with your accountant).   
 
Source deductions regarding payroll amounts must be received by Revenue Canada or paid at the bank by the 15th of each month after the month that the pay was actually paid out.

PST payments are due on the 23rd day of the month following the reporting period.

GST payments are due on the last day of the month following the reporting period. If it happens to be a Sunday or Holiday payment is due the next business day.  Example: if you are required to file quarterly (every three months) and the reporting period is October, November and December, then payment is due to be received by January 31. Different dates may be required if you file annually, but installments may still be required.
 
Personal income tax returns are due April 30.

Personal income tax returns for self employed people and their spouse are due June 15.
 
Personal income tax installments are due March 15, June 15, September 15 and December 15.