Business Management Blog

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03Apr2014

The Top 7 Secrets to Getting Organized – Saving You Time & Money

  • By Jennifer
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The stress of tax season can often cause a lot of last-minute scrambling – you may be realizing too late that you haven’t managed to organize all of the documents, receipts and paperwork ahead of time. We’re here to help.   Our recent presentation outlined a few tips and tricks to get organized (and, more importantly, save money) this tax season. And now we’re sharing these tips with you! Use these each year and minimize that pesky, unwanted tax-time stress.

 

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The Top 7 Secrets to Getting  Organized – Saving You Time & Money:

  1. Be Proactive:
    1. Make lists
    2. Know your deadlines
    3. Open your mail
    4. Keep postage handy
    5. Set up Electronic Fund Transfers for bill payments 
  1. Hire a Professional Bookkeeper, Accountant & Office Organizer:
    1. Recognize your strengths and weaknesses
    2. Falling behind the worst thing you can do with it comes to bookkeeping
    3. Stay up to date on current legislation 
  1. Get Organized, & Go For It!:
    1. Create filing systems
    2. You don’t need every slip of paper, receipt, or even every T4 – many of these documents can be gathered via phone call with the CRA
    3. There is never a good excuse to delay 
  1. Choose Accounting Software Wisely:
    1. Excel vs. Quickbooks – Quickbooks offers much more for your business
    2. Other software is available; find the one that suits your needs 
  1. Be The King (Or Queen) Of Your Cash!:
    1. Create a way to manage your cashflow
    2. Work with your accountant 
  1. Track Down Your HST Savings:
    1. Register for HST as soon as you open your business
    2. Save all complete receipts 
  1. Read Your Reports:
    1. Review Profit & Loss (sometimes called an Income Statement)
    2. Review Balance Sheet

Have any questions or need help filing your taxes? Get in touch: jen@northaccounting.com / 416-519-4859.

 

 

 

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