Discover...The Essentials of Bookkeeping
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Visitor Comments From the Mailbag This is a wonderful site and great information! |
Allow me to be your private tutor to the world of small business accounting. D i s c o v e r ...
... the tools of the trade you need to absolutely take control of your small business accounting in an informal, easy to understand way. ;-) Tools that make it easier than ever to be successful at the financial management of your business.
Because the GOAL is to have a life outside your business ... not to be in business to work every day ... but to build business value. Isn't that what you really had in mind when you started on this path of entrepreneurship?
Discover ... The Essentials Of Bookkeeping
Because Knowledge is Freedom
And Freedom is the Goal, Right?
YOU were the inspiration for this website and I don't want to be impolite so ...
Let me introduce myself, eh (I'm Canadian) :o)
Hi. I'm Laura and I'm pleased to meet you. I'm also known as Lake Girl (Lake for short) as I live year round on lakefront property in British Columbia, Canada. That's my winter view above - well my neighbour's actually.
I work from home as a bookkeeper because I love the flexibility the work style gives me. On a beautiful summer day I can just take my dog and together we jump in the kayak and we're off. Yes, my dog kayaks with me and loves it! But I digress.
If you're like many self-employed, work from home business owners, one of your biggest challenges is keeping on top of your bookkeeping and business finances.
Whether your GOAL is to get your business finances in order, streamline your system for efficient money management, or reduce your taxes; it can be difficult to figure out what to do to get organized on a daily basis.
And even if you DO get your daily and weekly record keeping flowing efficiently, it still may not be an audit proof system.
Do you KNOW how to setup your record keeping system? If organized properly, you will increase the likelihood of a smooth flowing audit ... because the self-employed, unincorporated, work from home business (you've probably heard it referred to as a sole proprietor) has a greater probability of facing a tax audit than any other group of taxpayers, at least that's how it is in Canada.
If you receive a notice saying you are to be audited, what should you do then? Why not be proactive? How about doing some tax planning in advance rather than learn a costly lesson after the fact?
Let's be honest, your best laid plans to organize your books always fall to the wayside because something more pressing or more enjoyable comes along.
You need a simple, efficient accounting system and management reporting package that is easy to understand, allows you to do the basic tax planning yet still help you feel confident in your business decisions.
Wouldn't it be great to be as adept with the financial management of your small business as any CEO in a major corporation, so you can ...
Learn How To - Read financial statements. |
... systematically look over your business finances with an eye to increasing your profits? Plus know how to get all the tax deductions you are entitled to?
You are obligated by law to pay only your fair share of tax, so why pay more?
Would having the opportunity to put more cash in your pocket legally make record keeping more enjoyable for you?
No one will take better care of your finances than YOU. Isn't it time to take control? Even if you have a bookkeeper and accountant, you still need to take time to understand and manage your business' finances.
Discover ... The Essentials of Bookkeeping
Because Knowledge is Understanding
This website is all about bookkeeping - just the essentials for YOU to manage your business efficiently.
Think of this site as the Small Business Accounting Guide for YOU and YOUR bookkeeper ... or a bookkeeping and tax primer for sole proprietors.
Are you ready to experience the satisfaction and confidence that comes from knowing you are "doing it right"? You'll discover ...
- An understanding of essential practices and necessary tools
- How to audit proof your bookkeeping procedures
- Bookkeeping tips and checklists plus month-end procedures
- Common book keeping entries so you avoid beginner mistakes
- Canadian Bookkeeper's Reference Pages for tax filing deadlines and due dates and tax rates ... and HST transitioning
- Recommended book keeping training, reading materials
- Popular small business accounting software
My hope is that this site will provide simple, useful, basic bookkeeping information for YOU and your friends.
New pages will be added on a regular basis ... so use the tools at the bottom of the page, or bookmark it, or or subscribe to my bi-monthly newsletter, or sign up for the RSS feed updates ... and come back often!
... please don't hesitate to contact me through my Meet your tutor Lake page. This website will adjust to your needs and grow over time. This website is for you. Let me know ...
What YOU want it to be ...
How I can help YOU succeed ...
What YOU want to learn ...
What questions YOU want answered ...
With your help and support, I aim to provide the best free bookkeeping resource to work from home business owners and bookkeepers in Canada and the United States.
P.S. How do I offer all this information to you for free?
I earn income from:
- visitors to my site clicking ads;
- home based business owners hiring my virtual bookkeeping services;
- answering bookkeeping questions from this site;
- donations to support the ongoing development of this site;
- paid no-follow insertions; and
- affiliate revenue from some products (not all) recommended or sold on this site.
Bookkeeping-Essentials.com is getting to be a large site, so please subscribe to my bi-monthly newsletter, The Bookkeeper's Notes. Each issue will review an aspect of bookkeeping and payroll, and cover recent CRA and IRS news that is relevant to a business owner working from home.
... So if you enjoyed this site or think this site would be helpful to your clients or friends who do their own bookkeeping ... please let them know. The more visitors to this site, the more free information I will be able to provide ... and thank you for visiting today!
P.P.S. Need a short break? Pull up a chair, relax, refill your teacup and peek ... at some the pages I've done so far.
Infolinks 2011
Small Business Accounting Guide
Table of Contents
| Donate to Bookkeeping Essentials - Support This Site There are a number of ways to donate to Bookkeeping Essentials and help support the continued development of this website. All donations and site participation are greatly appreciated. |
| Bookkeeping Essentials SiteSearch Bookkeeping essentials, basic bookkeeping tips and good bookkeeping practices for the work from home business owner. Search for those tips and practices here. You'll find the site map here too! |
| Shop From Home At The Bookkeeping Shoppe Take an olde fashioned tea break while you shop from home for ... basic bookkeeping exams and tests, paperless technology guides, free bookkeeping tutorials |
| Virtual Online Bookkeeper - How To Take Your Practice Virtual A professional bookkeeper shares her secrets on how to become an online bookkeeper. She shows you how to start a bookkeeping business virtually, step by step, in as little as 30 days. |
| Bookkeeping Tests - Bookkeeping Exams Basic accounting and bookkeeping tests to help a work from home business owner self assess their ability to do their own bookkeeping ... or to prescreen a bookkeeper prior to hiring. |
| Excel Bookkeeping Workpaper Templates 10 Excel bookkeeping lessons on how to use Excel 2010 to create workpapers which assist in analyzing your business data. Sample Canadian bookkeeping templates are included. |
| The Bookkeeper's Notes - Free eBook with Subscription Sign up for The Bookkeeper's Notes, next issue Dec. 15, 2011. A free newsletter on good bookkeeping practices. Each subscriber will receive a free eBook and an Insider's Pass with their subscription. |
| The Bookkeeping Forum ... The Bookkeeper's Meeting Place This is where the site is opened up to readers to contribute and participate. Help and be helped on the bookkeeping forum ... for owners and bookkeepers of small business. |
| The Bookkeeper's Blog ... Blogs on Good Bookkeeping Practices Hey You ... Welcome to The Bookkeeper's Blog! ... blogs designed for the home based business owner who does their own books ... easily keep up-to-date with the Bookkeeping-Essentials.com web site. |
| Learn How To Organize Files - Office Filing System An eBook that teaches you how to organize files in under 30 minutes using this easy filing system. It also offers practical and easy to implement advice on managing your cash flow. |
| Paperless Technology eBook - Creating a Filing System Paperless technology lets you organize your documents affordably. The Paperless Document Organization eGuide leads you easily and systematically through the process of creating a filing system. |
| File Organization - A Portable Document Filing System If you operate a part of your business from your vehicle, file organization is key. This portable document filing system is perfect for you to organize your bookkeeping records! |
| Organized Recordkeeping System - Home Based Office Filing System What is the best recordkeeping system to get and stay organized so you can get rid of those drawers of stashed receipts? Simple choices and guidelines to eliminate stress and panic. |
| Tax Compliance in Canada - Tax Filing Due Dates Canadian tax compliance due dates updated to February, 2012. Also notes and references for 2011/2012 tax season deadlines, GST/HST, payroll source deductions, T4 and T4A information returns, WCB. |
| CRA News for the Work From Home Business Owner CRA news that would be of interest to Canadian business owners who do their own bookkeeping or work from home bookkeepers. |
| The Canadian Bookkeeper's Handy Reference Page The Bookkeeper's Reference Page is for the hard working, self-employed business owner. Find February 2012 Canadian tax deadlines, the latest from CRA, general small business news |
| GST HST in Canada - Canadian Sales Tax Guide The Bookkeeper's Reference Pages for information on GST HST in Canada ... all in one place for your convenience. You'll find commonly asked GST/HST questions, new place of supply rules, and ... |
| GST Registration - A Guide to GST/HST Registration in Canada Should you consider Canadian GST/HST Registration? Who must register with CRA ... How GST works, optional goods & services tax reporting methods, transitional rules ... How to register for GST/HST ... |
| Canadian Bookkeeping Resources ... Tax Information For Bookkeepers in Canada Practical, basic Canadian bookkeeping resources for work from home business owners. Bookkeeper due dates, CRA tax rates, GST/HST Guide, home business tax deductions, audits ... at your fingertips. |
| Canadian Home Business Taxes, Tax Planning Opportunity Part 1 Home business taxes are a tax planning opportunity for the home based business owner ... so you are not caught with your pants down (so to speak) at tax time. Be aware of what is not deductible. |
| Business Vehicle Expenses - Claim Your Tax Deduction on Form T2125 Let's chat about how to claim business vehicle expenses on your personal income tax return. They are claimed on Form T2125 Statement of Business or Professional Activities. |
| Understanding Tax Audits in Canada Reduce your fear of tax audits by understanding the process. It is your responsibility to have knowledge of and apply the tax laws correctly, whether your return was prepared by a professional or not. |
| IRS News For U.S. Work From Home Business Owners IRS news and other information that would be of interest to U.S. business owners who do their own bookkeeping or work from home bookkeepers. |
| U.S. Employee Payroll Taxes For Small Business Owners U.S. employee payroll taxes information for work from home business owners. You'll find classification of employees, payroll tax deposits - FICA, FITW, FUTA, payroll tax rates, employment tax forms |
| Small Business Tax Information for U.S. Work From Home Business Owners The Bookkeeper's Handy Reference page for U.S. small business tax information. IRS interest rates, payroll taxes, self-employment income. Compliance deadlines updated to February, 2012 |
| Learn Basic Bookkeeping - Online Training Learn basic bookkeeping. Two online courses designed for small business owners who are non-accountants. One course is four hours long, the other 20 hours long. |
| Small Business Accounting - Bookkeeping Basics Small business accounting is accomplished by practicing basic bookkeeping procedures consistently. You will find examples of how to record basic accounting entries and basic bookkeeping procedures. |
| Online Accounting Training and Free Bookkeeping Training Accounting training for the self-employed, home based business owner. Bookkeeping essentials to help you understand and get comfortable with the numbers side of your business. Non-accountants only! |
| Reading Financial Statements - A Tool for the Home Based Business Owner An introduction to learning how to read your financial statements and evaluate the information to uncover your business's financial health, problems, and potential outlook. |
| Developing Your Accounting System Your accounting system is more than just the physical bookkeeping ledger or accounting software program you use. It is the gateway to ... |
| Bookkeeping and Accounting Systems - Small Business Bookkeeping Systems Small business accounting systems are numerous nowadays. How do you choose the one that is right for your business? Perhaps you want to know how to record GST/HST using a manual accounting system. |
| What About Internal Controls? Small Business Accounting Decisions Internal controls help protect you and your business against the possibility of fraud. They also reduce the likelihood of a bad tax audit. Here are some simple internal controls to implement. |
| A Financial Plan is Essential for the Small Home Based Business Every business needs a financial plan. Without a plan, how do you know where you are going … and when you get there? Strategic management of your business will keep you focused on your vision and goal |
| Small Business Bookkeeping Tips - Basic Canadian Bookkeeping Tips Over 30 basic home business accounting tips and bookkeeping tips along with information on managing your accounting system. Bookkeeping Essentials is a free resource for your book keeping questions. |
| Bookkeeping Help or Do-It-Yourself Bookkeeping? Do you do-it-yourself or hire bookkeeping help to maintain the books? How do you decide? |
| Meet Your Tutor Lake As your tutor, let me introduce myself, eh. (I'm Canadian.) :0) |
| Virtual Online Bookkeeper - Paperless Bookkeeping in Canada Virtual online bookkeeper located in western Canada. I will work with you so you have internal financial statements to help you run your business profitably. |
| Terms of Use for Bookkeeping-Essentials.com Terms of Use - Legal Disclaimer - Privacy Statement - Advertising Links - Compensation Disclosure for Bookkeeping-Essentials.com ... Please read the terms carefully. |
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From the Mail Bag
Visitor Comments
Thanks for the information. It is nice to see there is an online site where I can go get answers to my bookkeeping questions. It was really a stroke of luck I came across this site. I googled my bookkeeping question to see if I could get an answer, a shot in the dark, and bookkeeping-essentials was one of the results listed. I looked over some other sites but none were as flexible as this site. I got a quick response and I will be using this site in the future. Thanks again.
Bayside, NY, United States
I love your site...its very homey!!! It's like reading/talking to a friend!! Thanks!!
Kim, Jackson, MS United States
Your website is positively BRILLIANT! I don't care at all for the numbers side of my business, but you've made it interesting, fun, comfortable--downright enjoyable! Bite-sized WELL WRITTEN bits walking me through fundamentals, encouraging me, explaining.(Note: "well written" covers everything from "interesting" to "intelligent." The reader doesn't stumble over elementary grammar errors, lots of typos, etc.) I've only just discovered this lovely gold mine!
Cherie, U.S.
I have just come across your site and it's great...thank you so much for the time it must take you to compile the data and information. I have no accountancy or book keeping knowledge and am currently trying to learn QuickBooks via YouTube. (lol) There must be an easier way as I don't have the time or finances, what with starting a new business, to attend a course at college or similar.
Debbie, Vancouver, BC Canada
As a novice at the bookkeeping game, this site has become my go to site for research. Thank you for the great resource. I do my data entry one or twice a year (very low volume) and I find I need retraining on Quickbooks for things like depreciation/CCA.
Den, St. Albert, AB Canada
A More Than FANTASTIC site! So often I've thought about putting something together like your site, but didn't have the time. Googling information about Supplies or Tools over under $500.00 was the most useful Google search I've ever done because of discovering your site. Way to go and THANKS VERY MUCH. PS.... Also loved it that you put the Tax chart for GST HST back to 1997; I spent hours trying to get this information from the CRA website. I've not had time to look at your whole site, but I will be refering to it often I'm sure and will mention anything I think is missing, should I not discover information as I might be looking for it. Thanks, Again
Leona, Sicamous, BC Canada
Thank you for your comprehensive reply to my question. I really appreciate the time you took to explain it to me.
Connie, Canada
This is an absolutely awesome site! I am not lying. I went to Chapters to try to find something just like this and they did not have what I was looking for - which your site does ... which is good definitions and explanations. I am going to book mark this page if that's okay. ... Great job and thank you. I will definitely use this resource.
PK Lethbridge, Alberta
My biggest problem in doing my books is keeping debits & credits straight in liability and equity accounts. I really liked the cheat sheet. (I think that will help me keep the debits and credits straight.)
Lisa, Williston, USA
Lake you're awesome in every way. I have had some insight about how to properly classify some accounts.
Karim, Calgary, Alberta
Thank you so much for this website. I am interviewing for my first bookkeeping position in over 10 years--and my first in Canada. I have AAS degrees in Accounting and Business Admin from the US but have never worked in "my field" since immigrating in 2000. Your website makes me feel more confident I can actually do the job I am interviewing for. So far, I have been refreshing my knowledge and preparing for a job interview. I've bookmarked the site for WHEN I get the job!
Robin, Toronto, ON
I love your website. Just love it.
Carolann
CPB Bookkeeping, Inc.
"The Organizer"
Lake Worth, FL
I posted a question on Accumulated Surplus and you asked me to comment on your comments. I really appreciated reading what you posted and it did help. Especially the part of talking to the accountant. That really makes sense. I find more and more that I interact with the accountants to keep on learning. Love Love Love your website. Just discovered it about 3 weeks ago and have been on it lots since then.
Jan
Red Deer, Alberta
Wow. I'm so thankful to have stumbled across your site, with the assistance of Google. :) I love your style of writing, your approach, and your message. Thank you for your time and efforts. In a nutshell, your light humor and simple approach is refreshing and uplifting.
Kathy, Hillsdale, United States
Your site is great by the way. I just came across it.
Trish, Canada
Thanks for responding so quickly ... I really appreciate all the forum help ... I do Love the forum and have looked through other questions on it and feel it will greatly help in the future. Your site is fantastic and I will recommend it to anyone asking about bookkeeping help.
Cindy, Calgary, Canada
It (your site) is very helpful and thank you for your tips and advice. I am so glad I found your site.
Lee, Calgary, Alberta
Thank you so much for your hard work on your site ... I find I learn quicker and easier with you than I did with courses. Your site has helped my knowledge, learning new things and with the explanation of terms/items. Keep up the good "BookWORK"!
Naomi, Balance Your Books, Squamish, B.C.
This website has been very helpful. It's been too many years since school and I'm a bit rusty.
Sue, Medicine Hat, Alberta
I just found this site tonight. It's going to help me a lot as I learn how to use my Quickbooks more fully (I've only used it for payroll). Don't ask me how I've managed to keep the books this long -5 years- without knowing much more than how to balance a checkbook. I'm getting some help from a professional now, but your site will keep my pro costs down. Thank you. I will definitely donate once I begin to use it with my QuickBooks. It's [your site] easier to understand than Help in QuickBooks. QuickBooks assumes I know bookkeeping concepts. It [your site] appears to be very thorough, though I've only scratched the surface of what I can learn. I took an online bookkeeping class a couple of years ago, but this site has direct application to quickbooks and it's a searchable site!
Ruth, Dos Palos, CA USA
Thank you for providing valuable information regarding home business taxes on this website.
U.C., Toronto, Canada
I started my own bookkeeping business two years ago and enjoy your site. I literally grab my cup of coffee and look around for hours. :D It's a wonderful site with loads of information and I'm all about learning from my peers who might have the answers to some of the questions I may have. Keep up the good work. :)
Tania, TaniasBookkeeping.org
Taking the worry away
Belledune, New Brunswick
BTW, did you say Bookkeeping? Cuz I fell asleep... just kidding!
Dr. Julia
www.advice-with-dr-julia.com
(I love her humour!)
Absolutely a great site! I have often dreamed of having a similar site but figured I might have to wait until I retire to get the time. I have bookmarked this site and will return again.
C.H.
Alwyn Enterprises
Scarborough , Ontario
You have a wonderful website. Thank you so much for letting me know you have one now. [It] is really well done and very, very informative. Also really charming.
R.P.
Reliable Recordkeeping
Toronto, Ontario
I'm enjoying reading your blog! Thought I'd drop you a quick note of encouragement.
Loralee, Red2Black.ca
QuickBooks "one
on one" coaching
Edmonton, Alberta
This is a marvelous site and one that I would like to use as the basis for training bookkeepers. I am a CPA here in the states and am in the process of building a what will hopefully become a substantial bookkeeping business (not a dark wood & gold lettered CPA firm). I want to serve the small business owner with the day to day service they need. You have obviously put in an enormous amount of time and effort here (there is no doubt there) and provide a wealth of fantastic information.
R. Keith Pierce, CPA, P.A.
I'll Sweat The Small Stuff For You - JaxTaxPro.com
Jacksonville, Florida