The benefits of bookkeeping

In its Guide for Canadian Small Businesses, the Canada Revenue Agency (CRA) advises small business owners that there are five reasons why keeping records can benefit them:

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Good working habits lead to success in business

One of the good things to work in Proccounting Inc is the opportunity to work with many small business owners. It is amazing to see some business owners running very successful businesses and still having time to enjoy their personal life. And unfortunately, many others are really burned out but their businesses are still struggling. My experience tends to tell me that work habits contribute a lot to the difference. Good working habits lead to success in business.

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Marketing is not just the job of marketing and sales department

In his book The Practice of Management, management guru Peter Drucker argues “any business enterprise has two - and only these two - basic functions: marketing and innovation.” He further points out that “concern and responsibility for marketing must therefore permeate all areas of the enterprise.” Here is a true story illustrating Peter Drucker’s point that marketing is not just the job of marketing and sales department.

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GST/HST Zero-rated vs GST/HST exempt goods and services

While most of supplies are subject to the GST/HST, a limited number of supplies are zero-rated or exempt from the GST/HST. If you are a GST/HST registrant, it is important to know the difference between GST/HST zero-rated and GST/HST exempt.

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2012 Automobile deduction limits and Expense benefit rates for business

Below are the automobile expense deduction limits and the prescribed rates for the automobile operating expense benefit for 2012:

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2013 Automobile deduction limits and Expense benefit rates for business

Below are the automobile expense deduction limits and the prescribed rates for the automobile operating expense benefit for 2013:

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Federal incorporation vs. Ontario incorporation

A business in Ontario can choose to incorporate federally or provincially. This article compares the difference between federal incorporation and Ontario incorporation.

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Accounting source document - deposit slips

When you receive payments from your customers, you will deposit the money into your business account. It is a good habit to prepare a deposit slip whether your bank requires it or not.

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Employment insurance (EI) rates

In the following tables, we list the employment insurance (EI) rates to help business owners and bookkeepers in payroll calculations:

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Canada Pension Plan (CPP) contribution rates

In the following tables, we list the Canada Pension Plan (CPP) contribution rates to help business owners and bookkeepers in payroll calculations:

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