December is a busy month for most of us; we have work and family functions, gift shopping, sending out holiday cards, and connecting with loved ones near and far. Added to this, for many small business owners, December 31st is year end. Add to your calendar some time to complete government paperwork and pay taxes, and wrap up the year without stress.
Sharlane Bailey, Owner of Canwest Accounting, sees the same cycle every December, when business owners can become overwhelmed with everything they need to do. Sorting through various receipts stashed here and there can be enormously time-consuming when extra time is scarce.
“We help business owners get better organized and streamline their processes, so their bookkeeping is easier to do,” says Bailey.
Bookkeeping and accounting staff at Canwest’s Victoria and West Shore (Langford) offices can help design a filing system for business owners’ receipts to replace the all-in-one shoebox method they may be using. Bailey suggests keeping receipts in separate envelopes based on month and type of expense (eg. automobile expenses, entertainment, rent, etc.).
Simple Steps to Wrap Up Your Finances
Bailey also reminds business owners, especially sole proprietors, to pay their annual or quarterly GST and income tax installments. Failing to do so could result in burdensome interest fees. In general, consulting with Canwest Accounting can provide businesses large and small with a fresh start in the New Year.
If you’re a retiree and planning to withdraw funds from a Registered Retirement Savings Plan (RRSP), it’s a good idea to speak with an accounting professional beforehand, says Bailey. For some, it may make sense to withdraw funds in December 2017 and January 2018, for example, instead of a lump sum in 2018.
Finally, this is often the season of giving. Learn the ins and outs of making donations here and find out whether you qualify for a tax super credit on your charitable donations.
To wrap up, everyone at Canwest Accounting wishes you a Happy Holiday season and wonderful, prosperous 2018!
The suggestions and advice provided by Canwest Accounting should not be relied upon in place of professional advice. You are responsible for checking the accuracy of relevant facts and opinions provided.