Bookkeeping Essentials – BLOG

Mélyssa Brunet, winner of the RGA micro-enterprise category
November 23, 2021

Mélyssa Brunet, Winner of the RGA Micro-Enterprise Category

Congratulations Mélyssa Brunet, winner of the Gala Espoir 2021 prize for the micro-enterprise category granted by the RGA  On September 29, 2021, Mélyssa Brunet, President of TandemBooks Inc. in Rockland was named the winner of the Micro-Enterprise category Gala Espoir 2021award granted by the Regroupement des gens d’affaires de la capital nationale.  The RGA supports the success of Francophone businesspeople in the National Capital Region. This

Commonly Asked Bookkeeping Questions & Answers
September 16, 2021

Commonly Asked Bookkeeping Questions & Answers

There’s no substitute for accurate bookkeeping when you’re running a business. Whether you need payroll services in Ottawa or assistance in getting your documents ready for tax season, TandemBooks Inc. can help you stay up to date with your financial records and to comply with government deadlines and regulations. Here are some common questions about

Best Payroll Software for Your Small Business
May 20, 2021

Exploring the Best Payroll Software for Your Small Business

Whether you have a small or large business, payroll software can help you automate every step of the payroll process. In Canada, there are several payroll software options to choose from. However, even the “best” payroll software is not a one-size-fits-all solution. That’s why it is so important to hire an experienced bookkeeping service. Professional

Leave Bookkeeping to the Pros and Save Money
April 29, 2021

Leave Bookkeeping to the Pros and Save Money

Many small-to-medium sized business owners believe that handling their own finances will help them save money. While it’s a good idea to learn and understand the basics of bookkeeping, working with an experienced bookkeeper to manage your finances offers you several benefits. One of the main advantages of hiring a professional to oversee your books

Steps for Year-End Preparation for a Corporation
January 11, 2021

Steps for Year-End Preparation for a Corporation

If you are a Canadian resident and own a corporation in Canada, you are obligated to prepare a corporate income tax return (T2). When you report your first corporate return, you must declare a year end. One of the benefits of incorporating is that you can choose any date in the calendar year to be

How to Prepare Your Taxes if You are Self-Employed
January 4, 2021

Steps You can Take to Prepare for Year-End as a Self-Employed Individual

Working for yourself has its benefits, but when it comes to calculating your taxes, you may run into a few challenges. If you are self-employed and need to prepare your income tax return, figuring out how to claim various business-related expenses may not always be as straight-forward as reporting your income if you are a

Canadian Emergency Wage Subsidy (CEWS)
December 24, 2020

A Guide on the Canadian Emergency Wage Subsidy (CEWS)

If you are a Canadian employer who has experienced a decrease in revenue due to the ongoing COVID-19 pandemic, you may be eligible for the Canadian Emergency Wage Subsidy (CEWS). CEWS was designed to help you cover some of your employee wages, retroactive to March 15. The subsidy is also intended to enable you to

Why is law firm bookkeeping different?
December 10, 2020

Why is law firm bookkeeping different?

Bookkeeping for law firms requires an extra understanding of specific requirements governed by the Law Society, which do not apply to your regular bookkeeping client. When you are not familiar with these requirements, it makes it difficult to ensure proper bookkeeping for a law firm. A few differences in law firm bookkeeping are: The Trust

Payroll
October 30, 2020

I CAN RUN MY OWN PAYROLL… RIGHT?

Of course you can, but don’t forget to also pay your payroll source deductions by the required deadline to not have to pay hefty penalty and interest fees, prepare your T4s at the end of the year, prepare your Records of Employment following the rules and deadlines, verify that you are paying the correct minimum