AccountingKW
85 Edwin St N2H 4N7 Kitchener, ON, Canada

For us, we see clients are partners and we try to help them the best we can. Often times this leads to long term collaborations and great relationships. Thank you Klayton for trusting us!

Let's talk about what accruals are Accruals are needed for any revenue earned or expense incurred, for which cash has not yet been exchanged. They improve the quality of information on financial statements by adding useful information about short-term credit extended to customers and upcoming liabilities owed to lenders. Accruals are created via adjusting journal entries at the end of each accounting period. For example, let's look at a revenue accrual for an electric uti...lity company. The utility company generated electricity that customers received in December. However, the utility company does not bill the electric customers until the following month when the meters have been read. To have the proper revenue figure for the year on the utility's financial statements, the company needs to complete an adjusting journal entry to report the revenue that was earned in December. Read more about accruals here: www.investopedia.com/terms/a/accruals.asp

Take this situation: you forgot to file your taxes for various reasons, what now? Are you going to jail, is the CRA going to hunt you down, do you get away with it? The short answer is no, but don't risk it. Although not filing your taxes on time and every year can be considered a crime (tax evasion), you're not going to be pursued by the CRA like Leonardo Di Caprio in "Catch me if you can". If the years go on by and you still don't file them, after a while you might be f...acing some serious consequences, aside from penalties. You can file your taxes even 5 to 10 years late, but you might not be getting your refund back if you are owed one and more, you will most likely end up paying penalty fees. Don't forget that if you play with fire, you might get burned, so make it a priority to file your taxes every year. It's usually better to have debt than to be accused of tax evasion. And because we are here to help those who might have problems with their tax returns we could do a voluntary disclosure program (VDP) application for late-filed tax returns which could alleviate some interest and penalties. Are you interested in that? Let us know in the comments below or DMs

Happy Family Day from us, the AccountingKW family!

We know it's hard to keep a business running with all restrictions, lockdowns, and every other challenge that comes our way. Here are a few initiatives the Ontario Government is taking to help small businesses: - Helping eligible small businesses with the unexpected costs of personal protective equipment up to $1000... - Providing $8 million to help small business and registered charity customers with energy bills - Supporting jobs at local restaurants, bars, breweries, wineries, and distilleries during the COVID-19 pandemic by expanding opportunities in alcohol sales, including making the sale of alcohol with food takeout and delivery orders permanent. More resources and information: https://covid-19.ontario.ca/covid-19-help-businesses-ontario

Today is Valentine's Day!!! Whether you're celebrating with your partner or alone, don't forget that chocolate, flowers, and balloons can't be claimed on your tax form. Anyway, taxes aside, what are your plans for today?

As crazy as it sounds, making people pay up for not following rules is a surefire way to make sure they comply. In this scenario it was a tax instilled by Russian Emperor Peter the Great on men wearing facial hair. Given, this information, we should be more thankful that we live in a democratic world where we can wear anything we like. So wear your beard with pride, you only have to pay taxes to maintain its glorious beauty.

Don't be this guy! Reach out to us for any tax related questions, we're a message away (but even if we are not, we are ) On a more serious note, taxes are a big deal. With the recent financial hit it's completely understandable to have a degree of difficulty paying the upcoming taxes. ... Taxes still need to be filed on time though, and there are options. Feel free to send us a DM or email for any questions/insights/help regarding this.

Ok ok we'll admit it: as much as WE love taxes and tax related projects, most people don't. And if you don't want to deal with them, you don't have to. Let us know how we can be of your service. We're here to help you save time and money and a free consultation with our tax specialists is an email or DM away

This is a very common question we get from new businesses so let's dive in! 1Sole proprietorship This is the simplest and easiest form of business entity. With a sole proprietorship, one person is responsible for all a company's profits and debts. The sole proprietorship is one of the most common small business legal structures. Because of that, many popular companies such as eBay, Walmart, or JC Penny started as sole proprietorships and then later grew into multi-million ...dollar businesses. 2Partnership This entity is owned by two or more individuals. There are two types: a general partnership, where all is shared equally; and a limited partnership, where only one partner has control of its operation while the other person (or persons) contributes to and receives part of the profits. Partnerships carry a dual status as a sole proprietorship or limited liability partnership (LLP), depending on the entity's funding and liability structure. The cost of a general partnership varies, but it is more expensive than a sole proprietorship. 3Corporation The law regards a corporation as an entity separate from its owners. It has its own legal rights, independent of its owners it can sue, be sued, own and sell property, and sell the rights of ownership in the form of stocks. Corporation filing fees vary by state and fee category. Once your business grows to a certain level, it’s likely in your best interest to incorporate it. Still unsure? Feel free to leave any questions in the comment section below, DM or email. We'll be happy to schedule a free consultation with you.

Mick Jagger, Robert Plant of Led Zeppelin and comedian Eddie Izzard are just a few of the famous names who worked in accounting before their showbiz careers took off. #accountants #accounting #kitchener #waterloo #waterlooregion #smallbusiness #didyouknow

I wonder if there will be any changes to the second stage of Ontario reopening. What do you guys think?

I wonder what the second stage of Ontario reopening will include and if there will be some changes. What do you guys think?

#blackouttuesday

One day, hopefully in the near future , we will be allowed to travel again. What will be your first destination ? #accounting #business #finance #tax #accountant #bookkeeping #taxes #cpa #smallbusiness #entrepreneur #payroll #accountants #taxseason #startup #management #money #accountingservices #quickbooks #accountinglife #incometax #motivation #taxplanning #businessowner #taxconsultant

In recent weeks, we've seen some severe socio-economic impacts of COVID-19 that has been unprecedented to say the least. However, we have also seen the best in each other and how well we can work together when the need arises. We at AccountingKW find that this is a necessary component to getting us back on our feet. Our Director of Taxation is happy to take on any questions or provide advice to all of our clients and community members during this difficult time by being emai...led directly at [email protected]. Take care of yourselves and each other. AccountingKW

Grow your business faster with Cloud Bookkeeping by AccountingKW! Learn more at https://cloud.accountingkw.ca

Looking for a job or know someone that is? Tell them to check out our booth at the Waterloo Job Fair!

Want a chance to win 3 TFC tickets? File your taxes with us by April 30th, 2019 to qualify! ***NOTE*** Clients that have already filed their 2018 returns are automatically qualified for the draw. Terms and conditions apply. Call for details.

In case you missed the BYOB competition segment on 570 News today you can listen to it using the link below (skip to 1:09:00)

We are proud to be sponsors of this great event! If you know anyone thinking about starting a business let them know to submit their application for a chance to win $15,000 of professional fees!

Christmas Party! #519 #226 #christmasparty #accountants #tgif #bostonpizza

An excellent report has been issued by CPA Canada on the problem's with the Canadian tax system and the need for comprehensive reform. I encourage everyone to read it if they get a chance. Some "light" reading for Friday night! :) https://www.newswire.ca//canadas-tax-system-is-not-deliver