All Tasks Services Ltd.
207 - 2725 12 Street NE T2E7J2 Calgary, AB, Canada

Getting to the other side...

While the thunder rolls, so is Elephant Moving INC.Calgary movers The day is here!

Fun team night for Team All Tasks making meals at Made by Momma! What a great Team building exercise... book your team today!

May 1, 2012 to July 31, 2020 at 96 Skyline Crescent! This space has been a wonderful home for All Tasks for more than 8 years. We are turning the page, and tomorrow we move to our new home in the Calgary Construction Centre. There are many fond memories here, we are looking forward to having great new experiences in our new home! Can't wait to see you there!

-30 in Calgary today!

Watch out for the spammers, here's the latest I've received. Also, remember, the CRA doesn't send text messages, and Service Canada does NOT have a menacing Justice Department that will throw you in jail. Ask your accounting professional if you're not sure!

I’m attending #IPBCIgnite 2019 in Ottawa/Gatineau, Sept 18-20! Interested in joining me at the largest conference for #bookkeepers in Canada? Don’t miss the early bird deadline of July 15! Share if you think others will find this helpful https://www.ipbcignite.com/ #BookkeepersRock Going to be great education! Can't wait!

To our customers and colleagues, we wish you health and safety, and resilience during these hard times. Team All Tasks is working remotely, so if you have a bookkeeping need we can support you. Call our office 403-663-5914 or email us as usual. In this outbreak and our measures to mitigate, we are in this together. We'll get through it #together.

Coming up March 4th - I'll be speaking at the ATB Entrepreneur Centre about getting your books organized! Join us! https://atbentrepreneurcentre.com//its-a-new-year-and-tim/

It's T4 Palooza at All Tasks! Coming soon to an employee near you!It's T4 Palooza at All Tasks! Coming soon to an employee near you!

We wish you a prosperous 2019, with all the tools you need to get there! https://alltasks.ca/?p=1140&preview=true

When your feet are warm, you can do anything! Go Team All Tasks!

Happy New Year! With gratitude for what's come before, let's have a 2019 full of opportunities and success!

Merry Christmas! Our team will be enjoying the holidays and will be back in the office on January 2nd. We look forward to connecting with you in January!

The major rush for tax season is over for most of us now, though there are a few of us with work yet to do. Looking for a new way? https://alltasks.ca/planning-to-su/a-new-plan-for-tax-time/

Greg Scott Law Office is hosting an event for those considering becoming franchisees. If owning a franchise is in your future, make time to attend this informative event!

Good information on write-offs!

We've had a wonderful makeover at All Tasks! It has been a bit of a road to get here, but wow! The fun started with eWomenNetwork Calgary, AB, thank you Yvonne Basten <3 A snowball started rolling in the summer heat this past August at the eWomen conference in Dallas. It was a few very wonderful days spent with a contingent of amazing Calgary women, and the best roommates (Valérie Francois Beauregard and Yvonne Laanstra) - we were partners in self-development and had the be...Continue reading

Great day at #blpassion2profit

It's going to be great! Come along!

Great week at All Tasks! Advanced QBO webinars through our association IPBC and lunch to boot. Thank goodness for tech-savvy teammates!

Changes afoot! Thank you Greg with Spartas Painting... We are moving into a colourful new world at All Tasks, with inspiration provided by designer Nikki at Fetching Finn and expert colour selection by Yvonne Laanstra at Staging Calgary!

Join us at the Passion to Profit Conference, coming up this month on the 27th! We're manning our own table with all sorts of bookkeeping information goodness, and a special grand prize draw giveaway sponsored by Sage - One year Subscription to Sage One accounting platform, and our Intro to Your Books training package. Come by and see us!

Merry Christmas from Team All Tasks!

With steady attention and a new pot to allow for growth, last year's poinsettia is bringing the Christmas colour!

Wrapping up! Christmas is less than a month away, and 2018 is right behind it. This year's numbers can help you set next year's goals, we can show you how!

A great share from Womencents regarding scam calls from fraudsters claiming to be from the CRA. Be wary!

Come out to our last event for 2017!

Automation and cloud applications in bookkeeping are making the time-intensive process of data entry that we all have known become a thing of the past. Technology today can help change the focus on bookkeeping services for small businesses from compliance oriented to information and value oriented. Call us to learn what's available. What tools can make your workflow easier and give you back time where you need it? We can help with that!

A Dragon's perspective.

Accept Debit with Square!

Team All Tasks are excited to be going to the Accounting Technology Seminar on October 31. What solutions are you interested in learning about? We'll get the intel!

A great event coming up!

Firm Achen Henderson in Calgary are responding to the Liberals proposed tax changes that are going to hurt small businesses beyond belief! Read up, make noise! http://www.achenhenderson.ca/our-firms-letter-to-the-minis/

Coming up soon! There are going to be great ideas that come out of this meeting!

Looking for opportunities to connect with other women entrepreneurs? Our August dinner is a great time to check out eWomen!

More helpful payroll information shared by our bookkeepers' association IPBC.

A great resource straight from Canada Revenue Agency on what records a business owner is responsible for retaining. Thank you IPBC for the share!

It's vacation time at All Tasks! Our team is taking a well-deserved break and we'll all be back refreshed and ready to serve on July 17th. How do you do vacation in your business?

Interac email transfer payments are problematic right now! If it's urgent, you may wish to use another payment method. Stay updated with more info via Interac! http://www.interac.ca/en/service-update.html

Protecting yourself against fraud - great info here!

Sage One advanced training this afternoon! If you are interested in getting your books onto the cloud and getting some knowledgeable support as you do some or most of it yourself, give us a call!

IPBC Conference - Ed Kless Zen and the Art of Consulting.

Summer Greetings from Team All Tasks! Just want to share a small thing we did in our office that felt wonderful. In the spring Nancy suggested we start collecting donations for the Calgary Food Bank. Our business neighbours have pitched in too and last night Harrison took in our second donation. Great idea Nancy! Now to fill it up again!

GAAP - Revenue Recognition Principle This principle is the foundation on which accrual basis accounting was developed. Revenue is reported when it is earned, not when payment has been received. If a company does work for a client and issues the invoice in the month before its year end, but does not receive payment for it until the first month of the new year, the revenue is reported in the first year when it was earned, regardless of whether the cash has been received. ... Alternatively, if a company receives a deposit (in the month before their year end) for work in the next month, it is not recorded as income on the current year's books, but as unearned revenue, and it remains a liability until the work has been performed and the revenue earned. This principle closely relates to the Matching and Time Period principles.

GAAP - Monetary Unit Principle Transactions are recorded using units of money as the common denominator. It is assumed that the monetary unit is stable, and the transaction is left at original value regardless of changes in currency value, as in when a Canadian company buys a product in US dollars. The cost at the time of the transaction is recorded in CAD dollars, and is not adjusted for changes in currency rates or inflation.

GAAP - Matching Principle Financial statements will reflect accurate information about the actual income earned when the expenses are properly matched against the revenues they helped create. When expenses such as insurance or rent are paid for a period that stretches beyond your fiscal year, the portion that covers time in the next year is recorded as a prepaid expense, and then recognized and recorded as an expense in the fiscal period they belong to. Inventory is converted to a Cost of Goods expense when the product is sold.

GAAP - Going Concern Principle This principle reflects that Financial Statement users assume the business is going to continue in its operations instead of being closed or sold, unless there is evidence to the contrary. An outside stakeholder or an auditor may have concerns about a company's future when there is evidence the company:... - Is having trouble meeting its obligations without frequent restructuring of its debts or sale of its assets - Is defaulting on loans - Is suffering losses - Being denied credit by its suppliers The Going Concern Principle expects that a business will be operating for a length of time sufficient enough to meet its commitments and obligations and carry out its plans for the foreseeable future without being forced to liquidate or close the doors.

GAAP - Objectivity Principle This rule requires financial statement information to be supported by independent, unbiased and verifiable evidence. Examples of independent, unbiased and verifiable evidence are the receipts, bills, statements and proofs of transaction details that doing business generates. While a credit card statement will show that a business (or owner) spent money at an establishment, it is not proof of the business purpose of that transaction. Only the a...ctual source document - detailed receipt - provides verifiable proof of the expenditure, applicable taxes and its legitimate business purpose, and is your most reliable backup in an audit. In our digital age, it's easy to overlook the emailed or downloadable receipts for our business purchases that we make online, but it's worth remembering the Objectivity Principal as you go about your daily business. Best practice is to capture that proof of your transaction for your accounting records as soon as you complete the purchase. Ensure you're getting the full credit for your business expenditures, and capturing all of your GST Input Credits as well.

GAAP - Cost Principle The Cost Principle requires financial statement information to be based on the actual costs incurred in business transactions, or at the cash equivalent given in exchange. For example, a business owner purchases fixtures or furniture for $5,000. Even though they may be worth more (or the owner values them as worth more) they must be recorded at the amount actually paid, or the cash equivalent.... Assets depreciate on a schedule, and we rarely appreciate the value of the items on the balance sheet due to the Cost Principle rule. Over time the actual assets of a business can be under-represented if in fact market value on the assets are higher than the cost of the asset less its depreciation. Appreciation of assets in accounting is less common than depreciation, but some assets such as trademark or logo can appreciate with increased brand recognition. Sticking to the Cost Principle when recording the transactions of the business ensures that the data remains reliable and verifiable, and at your business year-end the appropriate depreciation (or appreciation) can be accounted for.

GAAP - Business Entity Principle The Business Entity Principle stipulates that every business must be accounted for separately from its owner or owners, and from other businesses of the owner(s). A common reason one entity will pay for the expenses of another is due to cash flow. Here are two examples: ... 1. An owner's purchase of groceries or personal items would not be considered a business expense (if paid for out of company accounts, or from receipts submitted for reimbursement). These types of transactions are posted as a draw against Owner's Equity or the Shareholder's Loan. 2. Sometimes a business owner has more than one company, and will use the funds from one company to make purchases for the other company. The cash out of the first company to a vendor on behalf of the second company would decrease the bank (or other funding source) and increase a Receivable from the second company. In the second company the transaction would be recorded to reflect the expense account, GST, and the payable to the first company. Often, a Due to/from Account will be set up in both companies, and the debit balances in one company should equal the credit balance in the other. The proper accounting for transactions of one entity paying for the activity of another will help ensure that the Business Entity Principle is followed.

What's GAAP Got to Do With It? Generally Accepted Accounting Principles (GAAP) What are GAAP? The rules that make up acceptable accounting practices. The primary purpose of GAAP is to make information in financial statements relevant, reliable, consistent and comparable.... Accounting professionals rely on these principles when analyzing and recording the transactions of their clients businesses. These rules help keep us all working within the same framework, and affect the accounting for all businesses. In the coming few weeks I'll post a principle a day in order to illuminate the principle, and show how it applies to your business.

If you're in the early stages of starting and running a small business the learning curve is steep. Once you have created your business idea and established how you will go about providing your services, you now have all of your structure and processes to put into place. It's hard to know what things you need to consider, so here is a small list of some good sources for information you'll need: - CRA Small Business and Self-Employed http://www.cra-arc.gc.ca/tx/bsnss/sm/men...u-eng.html - Government of Alberta http://work.alberta.ca/employment-standards.html - Workers Compensation Board - Alberta http://www.wcb.ab.ca/ - Alberta Registries https://www.servicealberta.ca/Registries.cfm

Very interesting piece on dealing with clients who refuse to pay. What has worked for you?

"Over-thinking is planning for the probability of failure" -Jesse Ross I had not ever thought of it that way, but it feels true.

Hire an employee or contractor? Is your contractor really an employee? What's the difference and what does it mean to the small business owner? The contractor owns their own tools, sets their own hours of work, decides how to manage the job, and carries the risk for his/her business (if there's no work or contracts there's no pay). The contractor withholds and remits tax and CPP to the CRA directly. An employee works for the employer in the employer's work space, using... the tools provided to do the work (some trades employees also do own their own tools) and their hours and work load are managed by the employer. The business owner assumes the risk, if there is less work it does not usually directly affect the employee. The employer must withhold and remit the payroll taxes, plus the company also pays CPP and EI as an expense, The CRA has a guide to help you determine the status of your hire http://www.cra-arc.gc.ca/E/pub/tg/rc4110/README.html

How often does a business owner need to get their books updated? As often as they need in order to review their financial position, provide reporting to the Canada Revenue Agency and other stakeholders, and according to their specific needs (such as bi-weekly for payroll). Many consultants who file GST quarterly also get their books updated on the same schedule. They are able to keep track of their bank account transactions on a day to day basis and are able to find and fol...low-up most discrepancies that can arise in between updates. Other clients who may have payroll, a large volume of transactions and several bank and/or credit card accounts will benefit from more frequent updates. This can range from weekly bookkeeping services that will manage the accounting tasks such as paying the bills and sending out invoices, or simply recording and reconciling the prior month's transactions. Whatever your situation, the team at All Tasks Services will work to make a solution that works for you and your business.

There is no need to be overwhelmed by a big stack of expenses that you need to categorize for accounting. For example, if you have 3 years worth of receipts and revenues to organize, first sort into piles by years. Then reduce the year piles down into months, and when that is done sort the invoices into one group, and your expense receipts by the method they were paid, and attach them to the statement for the account they were paid with.

All Tasks is in business to support the small business owner - we provide reliable, professional bookkeeping and related support services.

Our office on Skyline Crescent NE, Calgary.