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Just Starting Your Own Business?

When you are just starting your own business, the number of decisions to be made can be overwhelming. Your accounting system is just one of them.

Your start-up will go easier if you have access to resources and guidance along the way.


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This web site has a few resources to help you out with the bookkeeping side of your business. Here is a sampling.

1. When you run across a bookkeeping question and have no where to turn, let me help you through my service - Ask a Canadian Bookkeeping Question.

2. When choosing your accounting system, make sure you compare your final choice with my list of criteria.

3. You need to make decisions about how you are going to handle and file all of the paper and records that goes along with having a business. I give you a few options to consider in Simple Suggestions to Get Organized With Your Recordkeeping.

4. Take time to read my Tax Planning Opportunities series so that you don't miss out on any tax deductions.

5. Two handy bookkeeper's references are Tax Filing Deadlines and Due Dates and CRA Tax Compliance Rates.

6. The Practice section of this website has articles to help you with the day-to-day tasks involved with bookkeeping.

7. If you decide to hire a bookkeeper, you may want to check out my article on How to Supervise Your Bookkeeper.


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Other Resources That May Be Useful
In Assisting You With Starting Your Own Business


Canada's Economic Action Plan
Resources and Initiatives for Businesses

Here is a partial listing of government initiatives that provide general benefits to businesses ... many are helpful if you are starting your own business:

  • Investing in the Canada Business Network, a government information service for businesses and start-up entrepreneurs offered through the internet, by phone and in-person services. It also provides information to SMEs seeking financing.
  • Industry Canada offers small business financing. It is available through lending institutions if your gross revenues are less than $5 million.
  • Business credit availability program through EDC and BDC
  • Reducing Taxes for CCPCs
  • Canada Youth Business Foundation $15,000 in start-up capital
  • Extending assistance to the manufacturing and processing sector through a temporary 50% straight line accelerated CCA rate on eligible machinery and equipment until 2011
  • Frozen employment insurance premium rate ended December 31, 2010
  • Canada Summer Jobs provides funding for hiring students between 15 and 30. The deadlines have past for this year ... but keep an eye out for this next February.
  • Helping businesses in all sectors invest in computers
  • Canada Border Services Agency's tariff relief on imported machinery and equipment
  • Improving Canada's competition and investment policy frameworks
  • Eastern Ontario Development Program
  • Facilitating the movement of goods in international shipping containers
  • Moving forward with public private partnerships
  • Regional economic development in the north
  • Southern Ontario Development Agency
  • Strategic investments in northern economic development
  • Strengthening aviation security
  • Aboriginal skills and employment partnership
  • Aboriginal skills and training strategic investment fund
  • Community adjustment fund
  • Work sharing
  • Extraordinary financing framework

To get more information on these initiatives and more, go to actionplan.gc.ca. Look at the very bottom of the page and click on What's In The Plan For Me / Business. Once there, you will find detailed outlines for every initiative. You will be able to sort:

  • alphabetically
  • by theme
  • by department or agency
  • by project map

Take advantage of these initiatives while you are starting your own business as you don't know how long they will last ... given the current minority government.


Canada Business Website and Other Government Resources

But if it's just general, all round starting your own business questions or you are wondering how to get your business number (tax registration number) ...

... there are a lot of good government sites dedicated to starting your own business now ... making it easier than ever to get the information you are looking for.

In British Columbia, we have One Stop bc business registry.ca and Small Business BC.ca. Both these sites have lots of good information and are a valuable resource.

Other provinces in Canada have similar web sites. You reach them through the Canadian federal government site - Canada Business.ca. At the very bottom of the page, you will see the links (flag icons) to all the provinces and territories.

Canada Business is dedicated to helping entrepreneurs find information. There is an Interactive Business Planner and Business Start-up Assistant you should check out. They also have a Canada Small Business Financing (CSBF) Program.

The Australian government website has some great record keeping worksheets and guide for small businesses. It helps Australians deal correctly with your BAS, PAYG, etc. There is a great paper (or spreadsheet) accounting system guide to follow when setting up your own system which you can adapt for Canada. You'll find it on ato gov.au under the Businesses tab - Operating a Business - Record keeping essentials.

If you live in the UK, businesslink gov.uk has a terrific interactive Business start-up organizer tool. It's cool and links you up with possible grant and government support ... just as one example. I registered as non-UK visitor to the site and made my way through this comprehensive tool. I like trying out different business plan programs ... as I often pick up new tips ... every tip counts when you are starting your own business.

In the United States, check out Small Business Development Centers located in each state. Another resource ... the U.S. Small Business Administration has partnered with SCORE, a non-profit organization that provides yoou with business training and advice from volunteer business owners and executives.


Other Resources

1. The Scotia Bank has a great site for starting your own business called Get Growing. You can find it at getgrowingforbusiness.com. It's well worth a visit. While you are there, make sure you take a look at My Tools and their featured articles.

2. ... but what if you want a more personal touch? DonnaLynne MacDonald's Home-Biz-Help-Desk.com focuses on direct selling, MLM, and growing an online business. There is a lot of information geared to starting your own business.

One page I liked has some great pointers to help you decide whether you have the right personality for a home business ... better to find out before you've invested oodles of time and money!

You'll also find a great page to help you avoid internet scam business opportunities.

3. Another a web site I have found is run by a former CPA. It's called How to Start a Business Guide.com.

When you visit this site, you will find A Step-by-Step Business Startup Guide. On the home page, there are specific steps to follow (linked to detailed instructions) to maximize your business startup success. While visiting the site, make sure you check out " Your Goals ". This link ...

... takes you to a goal setting evaluation matrix. What a simple method to help clarify and equalize all those ideas floating around in your head!

This site gives you access to the vast knowledge of a CPA (for free) who has hands on experience in running his own successful businesses. By the way, I don't get anything by referring you to this site ... I just like it and I thought I'd share my discovery with you. :O)

The site is US based, but you should be able to adapt the information to Canada where necessary.

4. You might also want to visit Steve Pavlina's website Personal Development for Smart People.

There are two articles that might interest you ... 10 Stupid Mistakes Made by the Newly Self-Employed and 10 Reasons You Should Never Get a Job. The first article has practical advice. The second article might help get you over the hump when it comes and you are thinking of giving up.


Oh, if you are just starting your own business in Canada, don't miss this tax planning opportunity ...

... and remember, if you run across a bookkeeping question and have no where to turn, let me help you through my service - Ask a Canadian Bookkeeping Question.

I am committed to educating and supporting work from home business owners ... just remember, you do have a resource available when you need help with your bookkeeping questions.


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(Listed Under Websites NOT Under Local Business. This website is not associated with any business operating in Bonnyville Alberta.)




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