Fairfield Bookkeeping Services

In a world where it’s becoming more and more paperless, the rules around record keeping haven’t changed. Here is a good article from Avisar Chartered Professional Accountants about record keeping in today’s digital world. Also. If a friend says to you a buddy of mine told me that because it’s on the visa statement, I don’t have to keep receipts don’t believe him or her. You must keep supporting documentation for each of your transactions. They deduction could be disallowed... if proper records aren’t kept. Make it easy for yourself in the long run. Go through your statements and provide supporting documentation for each transaction. http://www.avisar.ca/accounting-news/for-the-record/

The more days to make a charitable donation for 2017!

Q: Hi Lana, I'd like to start writing off some of my travel receipts for work? What's the best way to go about that? A: Hi, feel free to write off any business related travel to/from clients, business related tolls, parking, etc. However, if you are taking taxi cabs on a Friday night to/from clubs/restaurants - generally that is frowned upon by our Government. Make sure you mark which clients you are seeing in order to alleviate future audit woes.Also - travel to/from your office and home is not an allowable expense.

Tax Time for Sole Proprietors/Partnerships: Unless you are a Jedi-level tax expert, I always recommend working directly with an accountant for your year end taxes. They will be able to help you do some serious tax planning - bookkeepers are great - but accountants will help you see the bigger picture.

Q: Hi Lana - I recently got a speeding ticket while on my way to a client meeting - can I write off this expense? A: Another great question! Short Answer: No - Unless you are part of the mob, generally, if it's against the law - you can't claim it as an expense. I ALWAYS (ok - this is my first time) say "you breaky law, you no writey offy).

Q: Hi Lana - you're such a great bookkeeper - can I ask a question? I'm a small business owner and I do a lot of online purchases - do I still have to keep those receipts? A: Great question and thank you for the compliment - short answer: Yes! You will go to prison and you won't like it. Long answer: Yes! Every expenditure you make must be proved by either a physical receipt showing details of your purchase or an electronic receipt (PDF) - keep in mind this mantra "If you bought it, Prove it!". *please note - I made up the above question.

What receipts should I keep for my business? Short answer: everything. Long answer: for each transaction ($ coming in or $ going out) that happens in your business, you need either an electronic or paper receipt/invoice of what transpired for that transaction. The receipts tell the story of how much you're spending, where you're spending your money, and *sigh* how much money is owed to the government. ... Without the details the story, your story, will be missing a few chapters...

Bookkeeping is a balance between Information and Relationship. Stray too far to one side, and you're either legalistic or unethical.

The Small Details Matter. I often get asked "does it really matter?" when it comes to the little bookkeeping stuff. The Short Answer: Yes. ... The Long Answer: Yes. It's not only a good idea to keep all receipts in case you get audited by the CRA, but it's also important for you to make key business decisions. If you're just "guessing" on what was spent, you will be just "guessing" when it comes to where your business is headed. Accurate Input = Accurate Output.

We are introducing a brand-new client referral program here at Fairfield Bookkeeping Services. If you refer someone to Fairfield that needs bookkeeping services, we will give you a big wad of cash* once they sign a client agreement**. It’s just that simple! There’s no small print. (Please read small print). * By big wad of cash we mean a $25.00 gift card from a local food service establishment ... **Client agreement must be for a minimum of three months For more information about Fairfield Bookkeeping Services, please see our website: www.fairfieldbookkeeping.ca

"The supreme quality for leadership is unquestionably integrity. Without it, no real success is possible, no matter whether it is on a section gang, a football field, in an army, or in an office [or bookkeeping]." Dwight D. Eisenhower [addition mine]

New Year. New Goals... Great time to outsource your bookkeeping *cough* *hint*...

We here at Fairfield Bookkeeping Services are excited about our recent expansion into Alberta. Ok. so maybe it sounds more glamorous than it is, but we are excited! See? Bookkeeping CAN be exciting!