Unlike a business that provides a service (meaning product only goes one way), bookkeeping in the manufacturing industry can be seen as more complicated and more work. This is because you not only have product going out, but you have product coming in as well. This means that you are not only keeping track of your transactions, assets, liabilities, and cash flow, you will likely have inventory that you need to take into consideration and keep track of. Simply put,

Many business owners have concerns about outsourcing work to an outside professional. Bookkeeping is especially sensitive since it involves financial information. Before you decide to outsource your bookkeeping, it’s important to understand the common myths that keep Vancouver businesses from letting an expert take over such a critical task. Myth #1 – Outsourcing Bookkeeping is Expensive The most common myth is that outsourcing your bookkeeping work is expensive and is only something that large corporations can afford. This couldn’t be

As a business owner, it’s important to know about (almost) every part of the business. However, things like accounting should really be left to the accountants. A big reason for this is that there are different types of accounting that need to be used in different businesses. That’s why in this blog we want to provide some insight into the differences between two common types of accounting seen in business – cash and accrual accounting. In simplest terms, the difference

According to the government of Canada, as of December 2018, 97.9% of businesses were classified as small businesses. Most provinces averaged between 96% and 97% small businesses, but B.C. was one of 4 provinces that had an even higher number of small businesses in the market. In B.C. 98.2% of businesses are classified as small businesses, with a large number of these in Vancouver and other metropolitan areas. With over a million small businesses, it is important for business owners

Small business owners are always looking for a way to save money these days. One of the ways this can be accomplished is by using all available deductions at tax time. However, many of these deductions can be complex. Although deductions provide tremendous benefits to businesses and business owners – they can lead to huge headaches if done improperly. In addition to this, many business owners will overlook some deductions that can provide great cost savings for the business. A