How do Taxes Affect Crowdfunding?

If you’ve raised a good amount of cash through crowdfunding, what do you need to know about possible taxation? Remember, any amount of cash which comes towards your business, whether as gift or a raised amount of money needs to be declared, and in some cases (most cases) there may be tax to pay on that money. If you’ve received crowdfunding money, here is what you need to know about taxation.

Once you receive cash via crowdfunding, you will need to declare it regardless of whether you think you need to be taxed on it or not. This will probably come to you as a surprise.

The CRA’s Stance on Crowdfunding Cash

The CRA’s stance on crowdfunding cash is that generally it is viewed as business income. With this in mind, there will be the possibility of deductions, which would lower the amount of tax paid on that amount. The fact is that crowdfunding cash is there so that you can continue with your business and that is therefore seen as income for your business. When you break it down to that level, it is far easier to understand.

Of course, crowdfunded monies can come as a donation to a charity, a gift, or it can be a form of income which is taxable. What you deem it to be and what it is in the eyes of the CRA may be different, and that is something you need to bear in mind at the time.

Is it Taxable?

Such money can only be classed as a donation to charity if the charity is registered as non-profit. A gift is a grey area, as many businesses deem their crowdfunding cash as a gift. The tax people may not agree. If they do, you will pay a small amount of tax only on this money. If however your crowdfunding money falls into the taxable income bracket, you will need to pay a regular amount of tax.

As crowdfunding taxation is another complicated subject overall, it is best to seek advice in general. Ensuring that you declare any income is vital in order to avoid issues after your tax return has been filed. This could also land you with hefty penalties, simply because you weren’t sure the actual advice to follow. It’s best to preempt this and seek advice in the first place.

By assuming that crowdfunding money is a gift that doesn’t require tax to be paid is a dangerous game. While there is a lot of confusion and greyness about this type of cash and taxation pertaining to it, the bottom line is that it is money which has been received by your business and is therefore used to help you continue with whatever products or services you’re selling. In that regard, it is taxable. The level at which it is taxable is the question we cannot answer in a general manner; this is a case by case issue which you will need to discuss with your particular accountant as tax filing time looms in the distance.

Contact your Accountants today click on this link —> https://capexcpa.com/contact

- The Capex Team

How Having Your Accounts in Order Will Increase Your Business Productivity Levels

The business world has many buzz words which come and go, but one which has stayed is ‘productivity’.

Productivity allows a business to be efficient, and as a result, allows extra profits to arrive.

If a business isn’t productive, work isn’t being done in the most useful and efficient of ways. This makes mistakes more likely, reduces morale within the business, and has a knock on effect on everything else.

Productivity means deadlines are met, new contracts and custom are obtained, the workforce are happy and wanting to work, and the reputation of the business is high. All of this means profits, and profits are what a business strives for!

Ensure That Your Accounts are in Order

So, now we know why productivity is important, how exactly can it be obtained? One way is to ensure that your accounts are in order.

The reason that having up to date and accurate accounts help to boost productivity is down a smooth running operation. When you’re not sure what your financial forecast is, and you’re constantly missing tax deadlines, your business is in a state of chaos. This means that you’re paying penalties which you could have avoided if only your business was more organised. You’re also likely to be doing jobs twice, e.g. sending invoices manually and recording when they’ve been paid, when you could utilise a technological accounting system which does all of this for you in one step.

Having your finances in order brings a sense of confidence and knowing that you are organised. This is huge in terms of freeing up time and effort. You can then direct this towards marketing, finding new clients, keeping your customers happy, ensuring your employees’ morale is high, and dealing with problems on a day to day basis. Never underestimate how time consuming accounts can be when they’re simply not in order, out of date, and chaotic, to say the least.

Cloud Accounting is a Great Solution

So, how can you do it? Cloud accounting is a great solution for businesses who are striving to be more productive. This is one of the most accurate and up to date ways of keeping your accounts, and it is virtually paperless. Everything is done via an online connection and your records are stored in the Cloud. This is completely safe, as it is encrypted and backed up on various servers. Only those who require access can have it, via password protection.

When the tax deadline comes around, filing your taxes is super-easy, simply by generating the correct reports from your Cloud accounting software. It will take you minutes, when a manual, out of date system would have taken you hours and an endless amount of stress.

Keeping your accounts up to date and accurate has a world of benefits, and productivity is just one of them. Freeing up your time and freeing up your mind is hugely important, because this concentration and effort can then be redirected to the areas of your business which really need it the most.

Contact your Accountants today click on this link —> https://capexcpa.com/contact

- The Capex Team

Why Are so Many Businesses Scared of Trying a New Accounting System?

Nothing stays still for very long, especially in the business world . The constant shifting and evolution of technology means that we are always out of date to some degree. What you can do however, is make sure that you utilise the most useful pieces of technology for you, and therefore create an up to date scenario for your business.

Accounting is one area where most businesses like to stick to the old tried and tested techniques. But, have you ever stopped to think that maybe your old routine isn’t the most time effective or productive?

Let’s Look at Cloud Accounting

Cloud accounting allows you to do all of your financial accounting online and store it in the Cloud, i.e. somewhere in the ether. This is backed up over several servers and encrypted, making it ultra-safe and secure. The plus point of this is that you can update your records at any time, making it the most accurate and up to date way of completing your accounts. You can also use extras, such as scanning receipts to cut down on paperwork and even use automatic invoicing, to save you a huge amount of time throughout your working day.

Cloud accountants are also growing in popularity, i.e. qualified and skilled accountant who uses your Cloud accounting software to access your records and carry out your regular accounting tasks. This means you don’t have to do anything, other than keep watch and monitor anything you see fit.

There really isn't a downside to any of this, yet so many businesses stick to the old tried and tested routines out of fear of change.

Fear of change will stop your business from flourishing and growing into something which could turn out to be hugely successful. Time spent on accounting tasks could be better spent on marketing and sourcing new clients and customers. Mistakes could be hugely reduced because you no longer have to rely on complicated spreadsheets and paper-based record-keeping systems. You can also get a very up to date and accurate snapshot of your financial status by choosing a more technological based method, rather than having to go through endless pieces of paper to try and work out how you’re doing and to understand what improvements can be made.

Another example is to think about the end of the tax year, when you’re scrambling to get your returns in and your tax bills paid. How long does that process take you when you have a paper-based or spreadsheet-type of accounting system? A very long time. Perhaps it’s time to think about the more technological-based options instead, and save you time and stress.

Most businesses are scared of change, because they’re worried that there is an element of risk to introduce to their already finely tuned ship. The truth is that by making changes, you’re actually reducing risks and you’re increasing the chances of growth and accuracy.

Perhaps it’s time you made a change?

 Click on the link below to book a meeting.
https://calendly.com/capexcpa/phone-call-with-jag

- The Capex Team

How Cloud Accounting Can Safeguard Against Missed Tax Deadlines

There is one nightmare situation for any business, big, medium, or small in size - a missed tax deadline.

Missing the date you need to file and pay your taxes leads to a world of stress and can also bring costly penalties which need to be paid. This is dead money, lost money which could have been used for something far more beneficial. The longer you take to file your taxes, the worse the situation also becomes.

It’s quite easy to miss a tax deadline when you’re not organised and when you’re not really in control of your own financial picture. A complicated accounting process can mean that you’re always chasing your tail, never really sure of what your financial picture is, and you’re not really sure what you need to report and what you can claim. Of course, you should have an accountant to help you with all of this, but what if you don’t? What if you’re struggling to do it all yourself?

It’s basically a nightmare situation which leads to costly penalties, which could have been avoided.

What About Cloud Accounting?

There is a solution however, and that comes in the form of Cloud accounting .

Cloud accounting is not necessary brand new, but it is something which is revolutionizing the accounting world. This is a way of recording and running your business’ finances, and one which can create a streamlined and complete situation. For example, you can use Cloud accounting to record your sales and outgoings as per the usual accounting way, but you can also add in scans of receipts, so you no longer need to keep endless paper-based record systems. You can use automatic billing, which links your invoicing to your accounts and makes everything far easier as a result. Time is saved, and everything is up to date and as accurate as it is possible to be.

In addition, you’re saving time, and time is money in the business world.

So, how can this new form of accounting actually help you avoid those costly missed tax deadlines?

Because it is organised and a far more efficient way to record your finances, that’s why.

Cloud accounting allows you to pull out information from your records with the touch of a button, and you don’t have to go through endless pieces of paper and spreadsheet entries with a calculator and a quiet space to be able to do it. Reports are easily generated, you can get an accurate and real-time snapshot of your financial situation, and you can file your taxes within a fraction of the time it takes to do it in a more manual manner.

When everything is streamlined and working together, synced in perfect unison, it’s impossible to forget anything, because it runs itself in so many ways. You also won’t put off  the process of filing your taxes because it seems like such a huge job - it’s far easier when you look towards the Cloud. You can also employ a Cloud accountant , if you want to make it all ten times easier still!

Contact your Accountants today click on this link —> https://capexcpa.com/contact

- The Capex Team

How Incorporating Your Business Could Lower Your Tax Bill

For a small business, there are many decisions to make. First of all, you want to start making a profit and seeing some rewards for your hard work. Once that starts to happen, and you notice that your new business is beginning to grow at a steady rate, you need to think about how to lowers costs here and there, whilst also staying within guidelines and ensuring that you get the most out of your business’ performance.

One question which many small businesses agonise over, is whether or not to incorporate.

One of the biggest reasons to incorporate is the protection you will receive from limited liability. We live in an era of ‘no win, no fee’ and that means that more and more customers or clients may be inclined to make a claim on your business if they feel they have been wronged in some way. These claims aren’t always fair on the business itself - what if you haven’t actually done anything wrong, yet you’re staring at a claim which could take a considerable amount of cash from your business? Limited liability is something which can literally limit the risk, and is an ideal benefit for any business which works within what is considered a ‘risky’ area for claims.

The Second Biggest Benefit is Around Your Tax Bill

Did you know that by incorporating your business, you may actually be able to lower your tax bill as a very pleasant side effect?

There are three areas to this - a potential tax deferral, splitting your income, and deciding how and when you receive income from the business itself. All of these areas will affect your end tax bill and when you need to pay it. For some businesses, especially those which may not have had the best year, this can be a major advantage.

Upon incorporating your business you have the power to decide how and when you take cash from the business, which can actually work to lower your tax bill. You can choose to take a salary at a time which will mean you pay less tax, and not when your business has a good chunk of income. You can also decide to take dividends instead, which has the same effect.

Opting to defer your tax is useful if you have a high personal tax rate. Remember, business rates are lower than personal tax rates. If you don’t necessarily need to take money from the business, you can opt to leave it there, and withdraw it when your rate of personal tax is at a lower rate. Again, you save cash.

Splitting Income

The final option is looking at splitting income. You could opt to make your partner or children shareholders in your business, which allows you to redistribute cash from your business to those with lower tax brackets.

Looking at how to lower your tax bill is full of complicated areas and that makes it even more important to enlist the help of a qualified and experienced accountant.

Contact your Accountants today click on this link —> https://capexcpa.com/contact

- The Capex Team

The Pros of Choosing Cloud Accounting

The technological world is constantly shifting and changing. As a result, it can be hard to keep up, especially when it comes to methods which may or may not benefit your business.

Accounting is another area which many people struggle with. There is no surprise in this statement when you consider how vitally important accounting is to a business. Records and financial processes need to be ultra-accurate, and they need to be recorded in a way which is transparent, and easy to use. Old fashioned accounting methods don’t always allow for this to happen, and for that reason, technology is starting to take over.

Have you Heard of Cloud Accounting?

If not, it’s time you sat up and took notice, because this is an endeavour which could make a huge difference to your business’ financial activities.

Cloud accounting is a virtual way to do your accounts. Rather than having everything paper based or on spreadsheets which can be complicated to follow and input information into, Cloud accounting software allows you to record everything you need online, and then save it in the Cloud, i.e. the ether. This means you can access it anywhere, and those who need access can also do the same.

To further explain and understand what Cloud accounting is, let’s look at the pros of choosing this technological accounting method.

You Can Access it Anywhere

Cloud accounting is done online and stored in the Cloud, and that means you can access it wherever you are. If you are away for the weekend and you suddenly remember something you need to input, no problem, you can do it there and then. This means that Cloud accounting is always up to date and accurate at any time.

It is Safe And Secure

You don’t have to worry about security issues, as Cloud accounting software is encrypted and then backed up over various servers. Those who have access also need a password, which makes is extremely safe and secure.

You Can Use Added Extras to Streamline Your Financial Record Keeping

There are many extras you can utilise, such as scanning recipes into the software and automatic invoicing, which makes your entire financial picture far easier to use, and far more streamlined as a result.

You Can Employ a Cloud Accountant

You don’t have to do your accounting yourself with this method, as you can also employ a Cloud accountant, who will work virtually and update your accounts, in the same way a regular accountant would. This also means you can work with highly skilled accountants outside of your local area, who are contactable easily.

Less Paper Means Less Chance of Mistakes

Aside from being always up to date, perhaps the most important advantage of Cloud accounting is the lower chance of mistakes. Less paper and a more streamlined accounting method means you’re far less likely to forget to input something, lose an important piece of paper, or make a mistake. This makes your accounts more accurate overall.

Ready to embrace Cloud accounting?

 Contact your Accountants today click on this link —> https://capexcpa.com/contact

- The Capex Team

Missed a Tax Deadline? Don’t Panic!

One of the biggest heart-stopping moments in the business world is the realisation that you have actually missed a tax deadline. You start to panic, your palms get sweaty and all manner of disaster scenarios start to run through your head.

First things first, do not panic!

Whilst it’s likely that you are going to have to pay interest and a possible penalty, provided you action the issue straightaway and file your return, paying any tax that is due, you will have diverted a major disaster with ease.

Firstly, let’s give a rundown on what will happen:

•   Daily interest will be charged on unpaid amounts for the previous tax year. The interest rate can change every three months

•   Late filing penalties will be applied, which is 5% of your balance plus an extra 1% of the balance owing for each month your return is late, up to a maximum of 12 months

For this reason, the moment you realise that you have missed the deadline, get your taxes filed and pay the balance. This will cut down on the cost of the incident and draw a line under it. No panic, no further stress.

What you do need to be careful of however is repeatedly missing deadlines. In this case, there may be problems afoot. Repeatedly missing tax deadlines will result in penalty called a federal, and provincial or territorial repeated failure to report income penalty. This can be costly.

The single best way to avoid any problem such as this is to not miss deadlines in the first place! Ensuring that you know when deadlines are is vital, but you should also have some system in place which means that around one month beforehand, you start to collect the information you need. By filing at the right time, you can prevent a major headache and save cash for your business.

Where Cloud Accounting Comes In

Cloud accounting is a good way to streamline your entire accounting processes, and therefore ensure that you never miss a deadline. When everything is synced, it’s borderline impossible to find anything too hard to face! Cloud accounting means that reports can be pulled from your up to date accounts with ease, and this information will form the basis of your tax return, ensuring that you file at the right time, avoiding penalties in the process.

The other major plus point of opting for Cloud accounting is that it is the most up to date and accurate reflection of your company’s performance levels. At any time you can choose to look at how your business is doing, and make decisions accordingly. You don’t need to worry about inputting endless data, because your software will input it automatically, when everything is synced together, e.g. automatic invoicing and receipt scanning.

There’s no doubt that filing taxes can be a headache, but most of the time that issue is down to ineffective and hard to use accounting processes. When you streamline everything and make it easier, nothing is a headache.

Contact your Accountants today click on this link —> https://capexcpa.com/contact

- The Capex Team

What is Cloud Accounting?

We hear a lot of different terms in the finance and accounting world, and it can sometimes become confusing. You want to know that you’re utilizing the most up to date techniques and processes, but that can be difficult if you’re not sure what something means!

Cloud accounting is a term that we’re hearing a lot about lately.  

The best way to think about Cloud accounting is to talk about Cloud storage first and foremost. Most of us use the Cloud to store large documents or images, for instance, our personal photos. This is because the Cloud is able to store things easily, without taking up a huge amount of space, and it is also secure. These days, security is a vital part of the jigsaw. If you want to share documents or images you can password secure these and allow someone else to access them, a person you have given express permission to.

Cloud accounting follows many of the same principles, and it is basically the ability to access and make changes to your accounts and financial information from anywhere, because they are stored in the Cloud. In addition, you can employ the services of a Cloud accountant, who is responsible for your financial arrangements. This person will use your accounts stored in the Cloud, and you can view them at any time. You contact this person via email, via video calls, messaging, or you can pick up the phone if you prefer.  

In many ways, Cloud accounting is regular accounting but much more secure and much more convenient.

The Benefits of Cloud Accounting

•   Access to a wider range of accountants - This is because you can employ someone from another city if you want - your accountant will work online, and therefore isn’t restricted to being close to your business address. You can also search for accountants who are specialists within your business type, and therefore understand your specific accounts far better.

•   Security - There are no concerns about security when it comes to Cloud accounting. Your accounts are backed up over several servers and are also encrypted. Only those who need to have access to your accounts can, due to password protection.

•   Access at any time - If you are on vacation and you suddenly forget something which you need to input, you can do this anywhere in the world; all you need is your password and you can log into your Cloud-based accounts.

•   Extra features - Features such as the ability to scan receipts, auto-invoicing, etc, are all fantastic added extras which you can use as part of Cloud accounting software packages.

•   A more streamlined service - Everything is kept in one place, and that means your accounts are far less likely to be inaccurate. When everything is synced and streamlined, you’re very unlikely to miss anything.

Cloud accounting is certainly growing in popularity, and when you look at the range of benefits which could come your way as a result of utilizing it, it’s hardly surprising that more and more businesses are choosing to opt for the Cloud.

Contact your Accountants today click on this link —> https://capexcpa.com/contact

- The Capex Team

How to Choose a Fiscal Year End for Your Business

Once you establish your corporation, the next big question that you need to answer is about its fiscal year. Many business owners initially feel confused when trying to determine the accounting cycle for their corporation.

The fiscal year that you decide upon is the one at the end of which you will be required to prepare your financial statements and file the appropriate tax returns.

Your fiscal year-end matters as you will be expected to file your company’s taxes within 3 months of this date. When you do that, you can avoid any interest charges. Moreover, if you wish not to pay any late charges you must make sure to file your tax returns within 6 months of your fiscal year end date.

How to Choose the Right Fiscal Year End

Due to the effects that your fiscal end may have on your tax schedule, it is important to decide carefully. There is another essential CRA requirement that you must follow to file your T2 returns on time. According to the CRA, your fiscal year date should be within not more than 53 weeks of the date of incorporation.

Keeping this regulation in mind, many first-time business owners choose the end of their business’ 53 weeks to be the fiscal year end. To set a particular date as your fiscal year end date all you have to do is file your T2 returns.

The date of your fiscal year is automatically established with the CRA once you do this.

It is important to consider that the date, once set, requires quite a hassle to get changed. Therefore, it is strongly recommended to determine the right date. Here are some factors that you must keep in mind when setting the fiscal year-end:

1. Deductions (Small Businesses)

If you own a private corporation in Canada, you will be eligible for a small business deduction that can significantly lower the amount of taxes you need to pay. However, to fully utilize this deduction, you must make sure that your fiscal year is one that nears the mark of the full 365 days. As the fiscal year end uses a majority of the 365 days in the year, you are entitled to deduct more from your tax payable thereby lowering your overall expenses.

2. Delaying the Fees

There are certain expenses associated with your fiscal year end. Apart from the paying of the taxes, you will also need to pay professional fees as soon as your fiscal year-end approaches. Therefore, it is a good idea to keep the year-end as distant as possible to make room for such expenses.

3. Carrying Out Your Homework

Make sure that you are ready for what’s about to come at the time you have your fiscal year end. This is crucial for seasonal businesses as they end up with a fiscal year end that coincides with the busiest time for sales, and they will lose focus. You must give yourself ample room and time to prepare all the financial statements so that you can pay your taxes. Therefore, choose a date that gives you sufficient time to get everything in order.

It is important to note that not all businesses have the liberty to determine their fiscal year end as and when they please. There are certain types of businesses that must follow the calendar year end as their fiscal year date. An example is a business that comes under partnerships and/or those that have specific agreements. It is hence essential that you consult a professional regarding whether you have the option of choosing a fiscal year end different from the calendar end or not.

Also, in case you decide to opt for a date that is different than that of the calendar year end, you must make sure that you have help from a professional accountant . It is not unknown for businesses to lose track of their fiscal year-end as a result of picking a date that does not match the calendar. Therefore, seek help from a professional accountant who can maintain and regularly update the books.

Contact your Accountants today click on this link —> https://capexcpa.com/contact

- The Capex Team

A Few Lessons to Learn

When you start up a business and allow it to grow, you start to make a profit and want it to grow even more. That’s human nature, and it’s a great way for a business to progress. As that occurs however, you will also find yourself with all manner of advice coming your way. Fellow business owners, friends, family, do-gooders, they will all be telling you that you should incorporate your business.

Is this a truth?

It’s true that with most pieces of well-meaning advice you need to be cautious, but some issues are worth taking notice of. For instance, did you know that if you choose to incorporate your business, there are several benefits which could come your way?

You might like the idea of being unincorporated to some degree, e.g. flexibility, but you could be missing out on a fair amount of money saved in terms of your taxes.

If you choose to incorporate your business in Canada, you will be able to take advantage lower taxes from a corporate point of view, and you can also choose to sell shares in your business in a tax-free way. This isn’t the full story however. When incorporation was invented, this was aimed at businesses who were investing in the economy, taking on staff and paying them salaries etc. That is not necessarily your situation.

If you are a small business and you do not have employees, i.e. it’s just you, you could be named as a ‘Personal Service Business’ instead. This is because you do not have staff, and means that you might not be able to utilize the business deduction that most small businesses in Canada can. You won’t be able to take expenses and deduct them in any special way, which means you’re not likely to receive much in the way of benefit. 

So, what you need to know is whether you can incorporate your business and avoid having this label of a Personal Service Business being sent your way.

Luckily, there is a way.

How to Avoid Personal Service Business Labeling

The CRA will look at your business and decide whether it falls under this label or not. In order to avoid it you need to be seen in their eyes as a self-employed person, and not an employee of a small business. In order to make this decision, three areas are examined. This includes a test for economic reality encompassing:

•    Control - You must be able to show that you take orders from no one, you control the management of the work, etc.

•    Tool ownership - You need to show that you own the tools required for the business you do

•    Risk of profit and loss - Every business has the potential for loss, and you need to show that you have risk within your business, and that you also have potential for profit

You will also need to undergo an organization test or an integration test. This basically decides whether or not you are dependent on the business you do. The best way to show this is to have more than a few companies, which you need to send invoices to over the course of a year. This shows that you are not an employee, but indeed self-employed.

The final test is a specific results test. This means that you are the one performing several different tasks which business survival depends upon, and that you are not only responsible for one task, i.e. as an employee would be.

If you can prove all of the above, incorporation is certainly a good option to look at, but you should always seek to reliable advice from an experienced accountant before making any financial decisions within your business.

Contact your Accountants today click on this link —> https://capexcpa.com/contact

- The Capex Team

Why Cloud Accounting Solutions Are the Answer to Your Future Accounting Needs

Do you currently keep financial records on an old fashioned spreadsheet?

If you are nodding your head, it’s time to change things up and move with the times.

What if you accidentally lose your spreadsheet due to a file corruption? What if you accidentally delete it and can’t retrieve it? Disaster, that’s what!

If you’re using a spreadsheet system for your finances, how are you storing your receipts and bills? Are you actually keeping the paper-based documents in a folder? Again, if you’re nodding your head, it’s time to change! You could easily lose those bills or receipts, they could easily get torn, or you could accidentally throw them away without realizing they’re vitally important.

If you’re doing the two above things, you’re probably also invoicing your customers and clients with a Word or Excel document. Again, it’s time to move! This doesn’t look particularly professional, and your competition has already realized this.

It isn’t difficult to change your accounting processes, and the single best way to go is cloud accounting.

What is Cloud Accounting?

You probably already utilize the Cloud for your personal needs, e.g. storing documents at home, photos, music, etc, but you can also use it for your business needs too. Cloud accounting means you get to do all your accounting tasks online, anyone within your business who has access to the document can make changes accordingly (including your accountant), and everything is done in real time.

It’s quick, it’s easy, it’s cost effective, and it will completely revolutionize and modernize your accounting and financial requirements. No more lost documents, no more unprofessional looking invoices, everything is synced and tied up within the same program.

No more tedious data entry, which takes hours, you simply need to sync your business bank account and everything is done automatically. You can invoice directly from your software package, and it looks super-professional as a result. You can even keep track of unpaid invoices and chase them up with the click of a button!

Can you see how much time and effort changing your financial systems to a Cloud-based package can save you

A More Time Effective Solution

When you store all your financial accounts in the Cloud, you can access them wherever you are, be it at home, in the office, or on vacation. All you need is a reliable online connection and you’re away. You can give your employees the information to log on, provided they have authority to do so, and again, you can work in real time with your accountant on your end of year reports and accounts. If you want to, you can utilize an add-on and download an app.

If you’re worrying about safety, no need - everything is encrypted for total data safety. Automatic back ups take place on a regular basis across several different worldwide servers too, so there is probably more safer and more secure option for your financial information.

Put simply, by moving to a Cloud based accounting software package, you are saving not only time, but money too. After all, isn’t that what business is all about?

Contact your Accountants today click on this link —> https://capexcpa.com/contact

- The Capex Team

Why You Should be Moving Your Accounts Online

If you’re still using spreadsheets and desktop solutions for your accounting methods, you need to start thinking about the online realm!

We use Cloud storage and computing for so many tasks within our day to day lives, so it makes total sense that you could consider moving your accounting needs online too. Call it your personal online accountant if you will, but Cloud accounting is the ideal way to have complete and total control over your accounts and all your financial transactions, synced in one easy to access place.

What is Cloud Accounting?

Cloud accounting is basically the same as Cloud storage, i.e. the information you upload to it is stored in the ether, floating around in cyberspace. You don’t need to worry about security or safety of your data, as this is encrypted and stored over several back up servers, which ensures total safety of your financial information.

More and more companies are choosing to move their accounting online, and therefore virtually employ an online accountant. Perhaps it’s time you did too, in order to not only streamline your financial tasks, but to keep up with the competition as well.

What Are The Benefits of Cloud Accounting?

It’s not worth doing anything unless there are several benefits coming your way. In terms of Cloud accounting, there are several.

•    A totally efficient service - The fact that everything is streamlined, synced and working as one makes your financial services complete efficient, whether it is you doing any particular inputting, your accountant, or any members of staff you give access to.

•    You can access it anywhere - You can access your cloud accounting anywhere, provided you have an online connection.

•    Everything is done in real time - Any change that is made to the online accounting system is done in real time and therefore changes take place across the entire system. If you make a change, your accountant sees it, and vice versa.

•    Extra features - Certain Cloud accounting programs have extra features you can make use of, such as scanning recipes into an app, or direct invoicing. It’s worth shopping around before you make a decision, so you can choose one which has all the features you need.

You’ll no doubt choose to hire an accountant as your business starts to grow, and by choosing an accountant who is used to technology such as this, you can enhance your financial forecast dramatically. An accountant who is on hand to help you with technology means you can streamline everything, and if they are available on Skype, or other video conferencing means, you have an extra dimension of quality to take into account too.

Going down the route of an online accountant isn’t only about choosing Cloud accounting options, it’s also choosing an accountant who works online too. This means you can search country-wide for the right professional for your needs; you’re not simply limited to the accountants within your physical local area.

All of this, when combined together, means an extra dimension to your future business success.

Contact your Accountants today click on this link —> https://capexcpa.com/contact

- The Capex Team

Problems You Might Have to Overcome When Utilizing Your Family’s Accountancy Service

At some point in your small business start up phase, you’re going to need the expert advice and services of a registered and experienced accountant. Of course, you’re likely to go with the familiar, and if any of your family members have an accountant already, you’re probably going to them.

It’s likely that the family account probably already knows about the taxes and financial affairs of your family in general, and that is the main reason why your family member advises you to simply ask them to help you out. It makes sense.

Despite the fact this is the easier option, or appears that way, there are a few issues which can arise quite commonly.

Less Quality, Because They’re Not Actually YOUR Accountant

The fact you went to your family accountant to talk about your new business accounts means they’re not actually your sole acting accountant, they’ve basically done you a favour. Perhaps they said they will look over your book and sort your taxes out, but if you have an issue you need advice on, you might not really want to ask them.

It’s no good asking for favours when it comes to your accounts, you need your own accountant, who knows your business inside out and can therefore give you the best advice according to your needs, not those of your family business - that’s not your business!

How Can You Tell if They’re Actually Any Good?

Your family accountant might have been working with your father, mother or other family member for many years, but does that mean they’re the best in their field? You have no idea! This is another reason why you need your own accountant, someone who speaks the same financial language as you, and someone you can tell has actually moved with the times.

A family accountant might have one eye on the family business and yours as a side project. That isn’t what you need, you need total focus and a clear mind.

Can They Use The Modern Tech?

We’re not in any way suggesting that your family accountant doesn’t know how to use a computer, of course not - your family accountant is a very experienced professional who knows taxes better than his or her hand, but can they use the up to date technology requires in this day and age, and especially when it comes to a new start up business? This is something you need to be careful of, as you won’t be able to use certain apps or packages, such as cloud accounting.

Accounting technology has moved on in leaps and bounds even over the last few years, let alone the last few decades. You need an accountant who knows how to use all of these packages seamlessly.

Personalized is Always Best

At the end of it all, having an accountant who is completely focused on your business is best. You do not want your start up to be tied to the family business, you want to be out there on your own succeeding. For that reason, personalized options are always the best avenue.

Contact your Accountants today click on this link —> https://capexcpa.com/contact

- The Capex Team

High Time to Stop Using Spreadsheets

If you are someone who still inputs transactions into a spreadsheet manually, and stores receipts and bills in separate folders then, no offense, but you might as well go back to the 20th century, and remember to take your outdated practices with you. The 21st century is an era of artificial intelligence, augmented reality and cloud computing.

The concept of cloud computing has radically transformed the field of accountancy. Inspired by the server network, cloud accounting allows individuals/organizations to access an unlimited number of files and data online. Hence, the metaphor cloud represents immense connections while staying afloat.

Cloud accounting lets us control sophisticated accounting software online. As a result, businesses can save hundreds of dollars worth of time and effort. Depending on the cloud-based accounting solution, organizations can reap a number of benefits from cloud-based applications.

Easily Accessible Anywhere Anytime

No more waiting for the office to open, staying back, or running back to the office to access a crucial set of data. Cloud Accounting allows you to access your required set of data wherever you may be. You can easily view all the data from your tablet or smartphones, allowing you to resolve any query in real-time, instead of scheduling it later.

Cost Effective

The decisions that you make with your initial capital, when setting up your business, make all the difference. Similarly, when you want to grow your business by making a onetime investment in cloud accounting services, it will surely pay off in the long run.

You will be able to significantly save your cost as compared to conventional methods of accountancy. Irrespective of whether you are using tons of papers or ineffective systems to record your data, cloud accounting systems significantly reduce the cost by maintaining and updating accounts instantaneously.  

Safe and Secure

From a robbery to electrical hazards, from a fire alarm to earthquakes, you just never know what unfortunate accident might take place and sabotage months and years of hard work within a matter of seconds.

Therefore, it is crucial to adopt such systems that have encrypted connections on your server and is backed-up on a regular basis. Even in case of any uncertainty, you cannot afford to lose precious time rebuilding yourself. Moreover, sophisticated cloud accounting systems are almost impossible to hack.

Easily Integrated

Say goodbye to those organizational days in which every department had its own set of four walls around it, and coordination among each other would take days, and at times, months even. Now is the time in which every department is connected to one another via smart systems. This ensures safe and faster collaborations among various departments leading to efficient task performance by the whole organization.

Highly Accurate

If you are a spreadsheet user and you think that your chances of making errors are minimized, then think again. Transactions can easily be rewritten or deleted accidentally, and any task that requires manual labor can never have zero chances of error. Software, on the other hand, can guarantee this. Cloud computing software does most of the work for you, and the only thing that you would be required to do is set up specific accounts, assign codes, and let the software do its job.

Grows With Your Business

You don’t have to worry about going through the tedious process of selecting the right human resources to support your growing business operations. Cloud accounting entails the ability to easily grow as your business expands. For instance, if it currently has the potential for up to 100 transactions per month, and shortly afterward you are expected to require a capacity for more than 10,000 transactions, your cloud accounting software will easily be able to support your requirement in a moment.

Regardless of the size of the organization, cloud accounting systems have been an absolute necessity in the fast-paced environment businesses now operate in. Lack of accessibility to your OWN data should not even be an excuse, considering the age of technology we live in.

Indeed, changing organizational practices can be a huge challenge itself; however, the results are quite rewarding.  You might want to stick to your conventional practices for as long as possible, but think about it; all your competitors have adopted this technology to run faster and there you are walking at the same pace, do you think will you be able to stay afloat, let alone win the race?

Contact your Accountants today click on this link —> https://capexcpa.com/contact

- The Capex Team

How to Make Growth Your Focus

When you start a business, you have a million things to do, and it can be hard to focus on the most important aspects. Countless decisions, risks, these all come into play, and without having a complete forecast of where you’re going and what the outcome is likely to be, it can be a risky game to play.  

Look at it from the viewpoint of a couple of decades ago, before we had the all singing, all dancing technological advances that we are treated to nowadays. Everything was done manually. From accounting to sales, production to communication, every single thing was done by hand, by one person or a team. That took time, and wherever there are humans involved in a process, there is always the risk of a mistake. These days we have automation, which has not only streamlined a lot of processes, but it has mostly taken the risk of mistakes out of the equation also.

Technology is everywhere, and for a start up business, it is a true blessing.  

Software And Automation For Your Accounting Needs

When we mention the word ‘automation’, we’re not talking about robots doing everything for you, we are talking about software packages and programs which do the math and give you the forecast. We’re talking about collecting data, analyzing numbers, and using that data to create reports, to help influence business decision making and future growth.

Nobody enjoys accounting, not when they are trying to run a business. This are often falls under the umbrella of ‘boring’. As boring as it may be, it is necessary. Without effective accounting and bookkeeping, a business will fail pretty quickly.

Thankfully, cloud software packages relating to accounting are the ideal choice. This allows a start up or small business to be able to personalize their software and apps, to take care of the accounting basics, and leaving them to get on with the business side of things. Every single number you need analyzing is done in real time, and can be accessed at any given time, to give you a perfect snapshot of how your business is doing. This allows you to turn your attention to growing your business into the large corporation you see it being in the future.

Of course, one size doesn’t fit all, and it’s important to shop around and find the right cloud accounting software package for your business’ needs. Putting in the effort now will cut down on the huge risk of mistakes in the future, and will allow you to focus on other areas. It could very well be that your area of expertise is not in accounting and bookkeeping, but that isn’t an issue when you have a quality software package analyzing the numbers for you. From there, a qualified accountant can handle the rest, leaving you free to take your business forward to success, in whatever field that may be.

So, while accounting might be mundane to you, make it a priority and you’ll see how vital it is.

Contact your Accountants today click on this link —> https://capexcpa.com/contact

- The Capex Team

What is a Financial Statement?

As a small business , usually a start up business, it’s likely that you don’t currently have an accountant or accountancy service you use on a regular basis. The reason for this is because start-ups in particular often pile every bit of cash they have into getting the business off the ground and making it a success, until profits start to show.

Of course, this is totally understandable, but in that case it’s vital to understand a few financial documents, to ensure that you completely understand your current cash flow, and that real state of your business.

A financial statement is one of those documents, and this is basically a report on the success or otherwise of your business in that tax year. It’s almost like an annual report, and it gives you important information on what you have achieved in that year, and what sort of forecast you can expect for the coming year. 

Within the financial statement are a few other documents, such as a balance sheet, an income statement, and a cash flow statement. All of these documents give information on assets, liabilities, what they are worth in terms of net amounts, the amount of revenue your business made in that year, etc. All of this information gives you a clear and real idea of your business. The numbers do not lie. While it’s easy to assume you’re doing well, your financial statement will tell you either way.

Why is it Important to Fully Understand Your Financial Statement?

Without the expert knowledge of an accountant, a start up business could easily fall foul of many potential pitfalls. Understanding your financial statement will give you cold, hard facts. This enables you to know when you can grow a little more, it tells you when you need to possibly pull back a little, when you can attempt to attract new business and investments, and when you can launch new products and services.  

It’s easy to see why a start up business may want to avoid spending cash on an accountant or on a professional bookkeeper , but if the cash can be found, it isn’t something you will regret. A professional is able to help you grow much faster, and will help you avoid the pitfalls which could otherwise easily coming your way. If an accountant or bookkeeper is not something you can realistically afford at the start up stage, then it’s vital that you do your own research into understanding your financial statement, and knowing what those numbers really mean for your business.  

The ability to be able to assess performance and forecast potential gains and losses is a tool, which every business should utilize to its best potential. A start up business in particular should be looking towards their financial statement very carefully indeed. It’s easy to assume you’re doing well, but it’s only when you see that success in numbers on a serious piece of paper that you can really be proud and hopeful of you future business success.  

Contact your Accountants today click on this link —> https://capexcpa.com/contact

- The Capex Team

Payroll for Small Business: Important Filings and CRA Deadlines

Payroll for Small Business: Important Filings and CRA Deadlines

For small business owners, hiring that first employee is one of the most exciting milestones of entrepreneurship. However, with your first hire, comes the responsibility of setting up payroll. This is something you’ll want to get right the first time around because payroll can have a major impact on the success of your team. No matter how enthusiastic your employees may be, they expect to be compensated for their work and it’s up to you to ensure that they receive the right amount every single payday.

To help you get payroll right from the very first pay run, we’ve put together a quick guide for small business owners. From registering for a Business Number (BN), to figuring out your payroll remittance schedule, we’ll outline everything you need to know.

Cover Your Bases

Before you start signing cheques, you’ll need to start with a few payroll basics. One of the first steps you need to take is to verify compliance with the provincial labour department. Each province has its own set of rules when it comes to important payroll issues such as minimum wage, vacation laws, termination requirements, and more. You’ll want to double check all of this information to ensure that you’re following the specific employment standards for your province. 

With some research out of the way, the next step is to register your business with the CRA. Though this might seem like an intimidating process, it’s far easier than you might think. Registering your business simply requires getting a Business Number (BN), which is a nine-digit number that the CRA assigns to your business as a tax ID. This is the basis for all other program accounts like payroll, income tax, etc..

After registering for a BN, you will also need to pick the correct program accounts for your business. There are four program accounts to choose from:

• RC for corporation income tax (if your business is incorporated)

• RT for GST/HST (if your business collects GST/HST)

• RM for import/export (if your business imports goods or sells goods or services abroad)

• RP for payroll (if your business pays employees)

Some of these program accounts may or may not be applicable to your business. If you’re unsure which program account matches your business, you can always double check the CRA website, or ask your accountant.

Once you’ve confirmed your BN and correct program accounts, you’ll need to collect the following from each employee:

• Social Insurance Numbers (SINs): Employers are legally obligated to collect and record the SIN number from their employees within three days of the hire date. If you don’t receive this information, you’ll have to notify Service Canada within six days of the employee’s hire date.

• Federal and Provincial TD1 forms: Employers need to keep a record of each employee’s federal and provincial TD1 forms. This is necessary in order to determine the amounts that need to be withheld for source deductions.

Employee Classification

After covering your bases, the next step is to determine what kind of employee you’re going to hire. In other words, you need to know whether you’ll be bringing on an employee or an independent contractor (also known as a self-employed individual). It’s important to make this distinction because the classification of an employee has major implications on the person’s entitlement to Employment Insurance (EI) benefits. It also determines how they are treated under other legislation such as the Canada Pension Plan and the Income Tax Act.

The CRA’s Employee or Self-Employed? (RC4110) document provides a detailed overview of the difference between employees and independent contractors. In general, the CRA determines a worker’s status by looking at the following:

Employees

• The employer sets the hours of work, not the employee

• The employer provides the tools and equipment necessary to carry out the job

• The employee is paid a salary

• The employee has legal and financial obligations to the employer

• The company is responsible for withholding and remitting all federal and provincial taxes, workers compensation, Canada Pension Plan (CPP), and Employment Insurance (EI) on the employee’s behalf

Independent Contractors

• The contractor sets their hours

• The contractor provides the tools and equipment necessary to carry out his or her job

• The contractor shared a monthly or hourly fee and then invoices the employer

• The contractor is considered an independent business in their own right

• The contractor is responsible for paying their own federal or provincial taxes

In short, the CRA is basically looking at the intent of the relationship and the amount of control the worker has in the job. While some of these differences may seem subtle, it’s important to take the time to properly classify your employees. If you misclassify an employee as an independent contractor, you will have to contend with the following:

• The employer must remit unpaid taxes and may be subject to interest and/or other penalties.

• The employer will need paid CPP and EI premiums.

• Any business expenses claimed by the “contractor” will need to be repaid (a situation that can have major financial implications for the “contractor”).

Payroll Deductions

At this point, you’ve done your homework and you’ve got everything ready to hire your first employee. Now it’s time to find out how you’ll remit (file) payroll taxes back to the Canadian government.

The T4001 Employers’ Guide - Payroll Deductions and Remittances explains that as an employer, you must calculate, deduct, and remit certain source deductions each time you run payroll. In other words, if you’re an employer, you need to send a certain amount of money to the government each time payroll is run. The math ends up looking like this:

Deductions (withholdings) based on the income of each employee include:

• CPP contributions (5.1% up to a yearly maximum)

• EI premiums (1,62% up to a yearly maximum)

• Income tax (based on provincial/territorial rates)

Your share as an employer:

• Employer CPP contributions (must match the amount deducted from each employee’s contribution)

• Employer EI premiums (1.4x the amount deducted from each employee’s premium)

To calculate your payroll deductions, you can use the CRA’s Payroll Deductions Online Calculator. Alternatively, if you use a dedicated payroll software solution, the calculations will be done for your automatically.

Remittance Deadlines

Now that you know how much to remit, the question is when you should pay. This is known as your payroll remittance schedule and it is determined by your average monthly withholding amount (AMWA). Your AMWA is the sum of all payroll deductions you paid to the CRA in a calendar year, averaged on a monthly basis. Your AMWA also determines the remittance deadlines you’ll need to follow:

Regular Remitter

• Remitting Frequency: Monthly.

• Remitting Period: Calendar months.

• Remittance Due Dates: 15th day of the month following the one in which you made the deductions.

Quarterly Remitter

• Remitting Frequency: Quarterly

• Remitting Period: January 1 to March 31; April 1 to June 30; July 1 to September 30; October 1 to December 31.

• Remittance Due Dates: Payments are due on or before April 15th, July 15th, October 15th, and January 15th for payroll processed in the previous quarters.

Accelerated Remitter (Threshold 1)

• Remitting Frequency: Up to twice a month.

• Remitting Period: 1st to 15th of the month; 16th to end of the month.

• Remittance Due Dates: Remittances are due on the 25th day of the same month for payroll processes in the first 15 days of the month. For payroll processed after the 16th day of the month, remittances are due by the 10th day of the following month.

Accelerated Remitter (Threshold 2)

• Remitting Frequency: Up to four times a month.

• Remitting Period: 1st to 7th of the month; 8th to 14th of the month; 15th to 21st of the month; 22nd to the last day of the month.

• Remittance Due Dates: Remittances are due by the third working day after the week in which the payroll was processed.

You can make your remittance payments via the following methods:

• Online

• Over the phone

• By Visa Debit or Interact using the CRA’s My Payment service

• Pre-authorized debit

• Though a third-party provider such as a payroll company

• At a financial institution

• By mail with a cheque

While the above provides you with all the basics you need to set up payroll for your small business, it never hurts to consult an expert. For advice on running payroll for small business, contact the accounting professionals at Capex Chartered Professional Accountants.

Written by Katherine Pendrill. Katherine is the Content Marketing Specialist for Knit—a cloud payroll software for Canadian accountants and bookkeepers..

Why You Need Accounting Software Sooner Rather Than Later

When you start a new business, it becomes your baby. You live, breathe, and think about it constantly. You love your job, you are your own boss, and of course, your business is going to survive and grow into a huge corporation.

Not always.

A start up business is a risky endeavour, but if you put into place the right software packages and cover all bases early on, your chances of becoming the next big thing are much greater as a result.

One area which many start ups put off until later is the accounting and bookkeeping arena.

Big mistake.

The sooner you implement the right software packages, the greater your chances of success and growth, and the easier it will all be. Businesses exist to make money, and whether you enjoy it or you don’t, whether it’s your passion or it’s not, if it’s not making cold, hard cash, what’s the point? Your business will instantly fail in this case.

Finding software packages which allow you to integrate your accounting and bookkeeping tasks, while also cutting down on the amount of time you need to spend tracking expenditure and profit, are an area you need to be looking at sooner rather than later. By streamlining you record keeping and billing tasks, you will save time and money in the long run. The quicker you get these software packages in place, the easier your business will be to run over time. By doing this, you are basically preparing your business for growth and expansion in the future.

These software packages also grow with your business, i.e. the more your business expands, the more information your package will hold and record, making your tax returns earlier, allowing you to track information and see how successful you are in real time and also informing your future business decisions. Software such as this allows you at any given time to see how your business is doing in reality.  

Why Cloud Software is Beneficial  

There is a reason why many businesses choose to go down the route of cloud software, including for their accounting and bookkeeping tasks. Cloud software gives you that ‘real time’ feel, e.g. you can check details at any time and know it is up to date. In addition, you can link up your main business bank accounts, using a program such as Quickbooks. This records everything for you and links everything together, without you having to do much else.

You can also access monthly or quarterly reports, to give you a snapshot of how your business is really doing. All of this is invaluable and avoids costly mistakes, while also informing you when you are in the best position to expand and take on new investments.

Of course, for a start up, all of this may seem overwhelming, but putting in the time and effort to ensure your future success is jus good business sense. The investment of time ma seem large at the start, but it will bring you benefits almost from the get go.

Contact your Accountants today click on this link —> https://capexcpa.com/contact

- The Capex Team

Small Business Owner? When Should You Think About Incorporating?

A small business often comes as a surprise, albeit a welcome one. For instance, you start helping out a friend with catering for events. One event leads to another, and before you know it, you have to buy a diary to remember all your bookings! From there, you might decide to quit your full time job and turn your catering into a small business.

Small businesses have many decisions to make, and one of them is whether or not to incorporate.  

There are a few benefits which will come your way if you choose to incorporate, which is the main reason why small businesses decide to go in this direction. The main reason, legally, is limited liability.

If you are sued by a disgruntled customer and you have not incorporated, e.g. you do not have limited liability, the customer could take you for everything you own, house and car included. On the other hand, if you have limited liability, you have a little protection and peace of mind. As you can imagine, that’s a huge relief for a small business, as a legal case such as this could end the business very easily. While limited liability won’t stop you losing anything, it will put a limit on how much you could lose.  

Tax-Related Reasons to Incorporate 

Another main reason is related to tax. Corporate tax levels are considerably lower than the rate of personal tax, and that means you could save yourself a good amount of cash every tax year.  

Anther benefit is something called tax deferral. This means you can take money out of the corporation you own, and pay much less personal tax instead. You therefore defer the remaining amount of tax until a later date. There are limits on how to do this and how much you can take out, but it’s mostly around using dividends and salary.

Of course, there are a few downsides to incorporating, just as there are upsides too. If you incorporate you will need to pay fees, and you will need to fill in a separate form for your tax, which is a T2. This is in addition to your personal return. You’ll also need to ensure that you keep records correctly, as these could be audited at any time by the tax department.  

When Should You Incorporate?

It really depends on the type of business you’re in. If your business has a high amount of liability risk, e.g. someone is quite likely to sue you, then the sooner you incorporate, the better in terms of protection. Other than that, it’s a personal choice to make, but it’s a good idea to flag this up when your small business starts to make profits which exceed the amount of cash you need to live well. This means you can start to take advantage of those tax benefits.  

For any small business, the decision on when to incorporate needs to be thought about carefully. In terms of taking advantage of the benefits however, the sooner the better.

Contact your Accountants today click on this link —> https://capexcpa.com/contact

- The Capex Team

Looking to Improve Your Business in 2019?

A brand new year is upon us, and that means a fresh start. Whether you’re a believer in resolutions or not, a new calendar year is a great time to look towards areas for business growth and improvement.

To give you an idea of where you can start, let’s check out three key improvement areas you can focus on. If you already have these in place, it’s time to look at how you can further develop them too.

Improve Your Presence Online

Everything is done online these days, and that means you need to have a strong presence on all major social media challenges, as well as maintaining a high quality, search engine optimized website.

Look towards website designers who can help you improve your current site, and perhaps think about setting up a blog, with regular content that is optimized to push your site to the top of the search engine rankings. The higher up you are, the more visible you are to customers, and that means your site is the one they will be clicking on. Of course, social media is also a huge player, so being present and strong in that direction will serve you well.

Create and Maintain a Team Environment

The best businesses have a team of employees all pulling in the same direction, with a high amount of morale, and belief in the business’ aims. Encourage a collaborative, team working environment within you business, and delegate new tasks on a regular basis, to keep skill sets up to date and refreshed at all times.

The more you focus on the people who work for you, the higher the rate of productivity within your business will be. Productivity brings revenue to your business, and also allows a more creative thinking mind-set, with some fantastic solutions to problems you may have had issues with to date.

Utilize The Cloud

If you’re not already using Cloud storage and Cloud software packages then it’s time to make the switch. Not only does this streamline your business activity, but it also gives you real time snap shots of how you are doing at any given moment. In terms of business growth, this is invaluable.

Moving everything to Cloud technology allows your staff to collaborate on pieces of work together in real time, and if you have a workforce which is spread over several places, e.g. if you have freelancers or digital nomads working with you, this is even more beneficial. Everyone is on the same page, and pulling in the same direction. This links back to team morale, but takes it one step further into your business workings too.

By taking a long hard look at how your business is doing currently, and implementing new technological endeavours, you can create the foundation for true business growth in the not too distant future. In addition, keeping your team of employees tight and together means that everyone is giving their all for a common aim. When that happens, there is only success on the horizon.

Contact your Accountants today click on this link —> https://capexcpa.com/contact

- The Capex Team