December is not Year-end

For corporations, December may not necessarily be year-end. If you would like to sync your fiscal year and calendar year, in order that your personal and corporate tax preparation is facilitated, Canada Revenue Agency permits you to do so: they are just a phone call away.

If you have signed up for GST remittance, due to the fact that your annual gross income is greater than $30,000.00, Canada Revenue Agency will advise you whether your remittances need to be monthly, quarterly or annual. It is advisable to always stay on top of your tax filings and remittances, in order to avoid penalty and interest.

Trusha Desai Innovation Management Inc. specializes in GST reporting and year-end reconciliation in a slew of accounting software. I have ported corporations from Xero and QuickBooks Desktop to QuickBooks Online. As a Certified QuickBooks ProAdvisor, I ensure that your accounts are reconciled between QuickBooks Online and your original software. Please contact me #TrushaDesai.com

#fiscalyear #smallbusiness

Numbers Talk

If you were to ask what bookkeeping, budgets, cash flow management and tax have in common, the bottom line is numbers. What the numbers say on a balance sheet, are not what they inform you on an income statement, though there is at least one number that can be correlated on both financial statements.

With a degree in Math (First Class Honors, I should mildly add), I look at numbers with a degree of detail and precision while the business owner, professional or charitable organization takes in a panoramic photograph. The key is for my detail to mesh with your big picture, so that they are user-friendly.

This is tax season and I do Canadian personal tax as well as GST and PST filing and reports. Bookkeeping is the backbone of a business and without ongoing accounting and bookkeeping and without monthly bank and credit card reconciliation, the business, professional or charity may not know where they stand financially.

I currently have a special for QuickBooks Online. As a Certified QuickBooks ProAdvisor, I can port your accounting data from other software to QuickBooks Online where it is backed up. Bills and payments can have attachments for each transaction.

Therefore, please contact me for your bookkeeping, consulting, coaching and tax requirements. #TrushaDesai.com

#smallbusiness #taxes #financialstatements

Resolutions' Bubble

Image courtesy indiereader.com

Three weeks into 2017, and 2016 is old hat. The bubbly is flat, the credit card bills are due. And as for New Year's resolutions? My monumental one to give up chocolate (O! Tom Hanks would've so hated that one) was broken on the fifth of January.

What happens in our personal lives also sometimes translates into business. When resolutions are broken, when budgets-variance analysis is negative, when cash flow croaks, what do we do?

As budgets can be revised (with approval, of course) during the year when the variance is excessively large, we should also revise our personal resolutions so that we do not live the rest of the year with a feeling of guilt. If I made a resolution, if that resolution was my personal goal, if I find that it will remain unachievable, should I not revise it?

Therefore, long-term planning which is split into short-term plans of six months must be renewed and revised, so that our business is rejuvenated. Sometimes the reason for revision is beyond our control. Sometimes, when we find that we did not achieve what we could have, we take a step back and revise our methodology of planning.

My small business helps other small businesses, professionals and individuals in achieving their goals by using tried and trusted methods of coaching, management consulting, tutoring and mentorship. Please do contact me #TrushaDesai.com

#businessplanning #financialcoaching #smallbusiness