Trusted Tips and Resources

Trusted Tips & Resources

Accounting Tips for Saskatchewan Non-Profit Organizations From Trusted Saskatoon Accountants at Hounjet Tastad Harpham

Hounjet Tastad Harpham has decades of accounting experience working with clients across Saskatchewan. Their expert accounting advice is valued by clients ranging from individuals to businesses small and large. Hounjet Tastad Harpham is a Trusted Saskatoon Accounting firm and in this accounting tip, they share accounting tips to help Saskatchewan non-profit organizations manage finances effectively.  


ACCOUNTING TIPS TO HELP SASKATCHEWAN NON-PROFIT ORGANIZATIONS MANAGE FINANCES EFFECTIVELY 

Managing the financial aspects of a non-profit organization can be challenging, but here are some accounting tips to help:

  1. Understand Saskatchewan Non-Profit Regulations: Familiarize yourself with the specific regulations and reporting requirements for non-profit organizations in Saskatchewan. This includes understanding the rules set by the Saskatchewan Non-profit Corporations Act and any reporting obligations to government bodies such as the Saskatchewan Ministry of Finance or Canada Revenue Agency (CRA).

  2. Implement Proper Fund Accounting: Non-profits often use fund accounting to track and report financial activity for different programs, projects, or restricted funds. Ensure you have a clear understanding of your organization's funds and implement a proper fund accounting system to accurately allocate and track expenses and revenues for each fund.

  3. Maintain Transparent Financial Reporting: Provide clear and transparent financial reports to your board of directors, members, and stakeholders. Ensure your financial statements accurately reflect the financial position, activities, and cash flows of your organization. This includes preparing financial statements such as the statement of financial position (balance sheet), statement of activities (income statement), and statement of cash flows.

  4. Track and Report on Restricted and Unrestricted Funds: Differentiate between restricted and unrestricted funds and accurately track and report on how these funds are utilized. Clearly document donor restrictions, grant terms, and any specific reporting requirements associated with restricted funds.

  5. Stay Compliant with Tax Regulations: Understand the tax obligations and compliance requirements for non-profits in Saskatchewan. This includes ensuring compliance with federal and provincial tax laws, such as filing appropriate tax returns, maintaining accurate records, and understanding tax-exempt status and eligibility for tax benefits.

  6. Implement Internal Controls: Establish internal controls to safeguard assets, prevent fraud, and ensure accurate financial reporting. This includes segregating duties, implementing approval processes, regularly reconciling accounts, and conducting periodic internal audits.

  7. Budgeting and Financial Planning: Develop an annual budget that aligns with your organization's goals and priorities. Regularly review and update the budget to monitor performance and make informed financial decisions. Consider creating a reserve fund to address unexpected expenses or emergencies.

  8. Seek Professional Assistance: Non-profit accounting can be complex, and it's advisable to seek professional assistance when needed. Consult with an accountant or financial advisor experienced in working with non-profit organizations to ensure compliance, accurate financial reporting, and effective financial management.

  9. Track and Report on Grant Funding: If your non-profit receives grant funding, maintain accurate records of grants, including tracking expenses, meeting reporting requirements, and demonstrating the proper use of funds. Understand the specific reporting obligations associated with each grant and provide timely and accurate reports to the funding agencies.

  10. Stay Updated on Changes: Keep abreast of any changes in accounting standards, tax regulations, or reporting requirements applicable to non-profit organizations in Saskatchewan. Regularly review updates from regulatory bodies and attend relevant workshops or seminars to stay informed about best practices in non-profit accounting.

Remember that these tips provide general guidance, and it's important to consult with an accountant or financial professional who specializes in non-profit accounting in Saskatchewan. They can provide personalized advice based on your organization's specific needs and help ensure compliance and effective financial management.


Accounting Services:

If you are looking for a Saskatoon chartered professional accountant for your personal taxes or business accounting needs, contact the team at Hounjet Tastad Harpham today.

Hounjet Tastad Harpham are Trusted Saskatoon Accountants


Trusted Saskatoon Air Conditioning Experts at JOB Share Tips to Optimize Air Conditioning and Improving Energy Efficiency

JOB Heating & Air Conditioning Saskatoon is eager to provide the best possible customer experience. Their aim is to be a professional resource for our clients before, during, and after the sale! Their team takes pride in service knowledge of modern equipment and training. They are recognized by peers and offer sales, service, training & installations for residential and commercial Heating, Cooling, and Plumbing systems in Saskatoon and the surrounding areaJOB Heating & Air are Trusted Saskatoon Furnace and Air Conditioning Experts. 


Tips To Optimize Air Conditioning and Improving Energy Efficiency


Set the Thermostat Appropriately: Set your thermostat to the highest temperature that is comfortable for you. Each degree lower can significantly increase energy consumption. Aim for a temperature around 24-26 degrees Celsius (75-78 degrees Fahrenheit) for a balance between comfort and energy savings.


Additional tips for maximizing air conditioning efficiency:

  • Use a programmable thermostat to automatically adjust the temperature based on your schedule. Set it to a higher temperature when you're away from home or sleeping and lower it when you're present.
  • Consider using a smart thermostat that can learn your preferences and adjust the temperature accordingly, optimizing energy usage.
  • Make use of zoning systems if available. This allows you to cool specific areas or zones of your home rather than cooling the entire space, saving energy.

Other practices to keep your home cool and reduce the need for excessive air conditioning:

  • Use natural ventilation: Open windows during cooler times of the day or night to let in fresh air and create a cross-breeze. Ceiling fans or portable fans can also help circulate air and create a cooling effect.
  • Utilize shading: Close curtains, blinds, or shades during the day to block out direct sunlight and heat. Use light-coloured window coverings that reflect heat instead of absorbing it.
  • Minimize heat sources: Turn off unnecessary lights, appliances, and electronics that generate heat. Use energy-efficient lighting options like LED bulbs that produce less heat.
  • Insulate and seal your home: Properly insulate your home to prevent cool air from escaping and hot air from entering. Seal any air leaks around windows, doors, and ductwork to improve energy efficiency.

Implementing these tips can help you optimize your air conditioning system's efficiency, reduce energy consumption, and lower your cooling costs while keeping your home comfortable. Have question? Contact our team at JOB



Accounting Tips For Small Businesses From Trusted Saskatoon Accountants at Hounjet Tastad Harpham

Hounjet Tastad Harpham has decades of accounting experience working with clients across Saskatchewan. Their expert accounting advice is valued by clients ranging from individuals to businesses small and large. Hounjet Tastad Harpham is a Trusted Saskatoon Accounting firm and in this accounting tip, they share accounting tips for small businesses. 


ACCOUNTING TIPS FOR SMALL BUSINESSES

Managing the financial aspects of a small business can be challenging, but here are some accounting tips to help small business owners:

1. Separate Personal and Business Finances: Maintain separate bank accounts and credit cards for your personal and business finances. This separation makes it easier to track business transactions, calculate taxes accurately, and maintain clear financial records.

2. Implement a Bookkeeping System: Establish a consistent bookkeeping system to track income and expenses. This can be done manually using spreadsheets or through accounting software designed for small businesses. Regularly update and reconcile your books to ensure accuracy.

3. Track and Organize Receipts: Keep a record of all business-related receipts, invoices, and expenses. Organize them by category to make it easier during tax time and to provide supporting documentation for deductions and expenses.

4. Stay on Top of Invoicing and Accounts Receivable: Promptly send out invoices to customers and clients, clearly outlining payment terms and due dates. Monitor your accounts receivable and follow up on overdue payments. Consider implementing an automated invoicing system to streamline the process.

5. Monitor and Control Expenses: Regularly review your expenses to identify areas where costs can be reduced or optimized. Look for opportunities to negotiate better terms with suppliers or find cost-effective alternatives. Managing expenses effectively can positively impact your bottom line.

6. Understand and Comply with Tax Obligations: Familiarize yourself with the tax requirements for your business, including income tax, sales tax (if applicable), payroll taxes, and any other relevant taxes. Stay updated on changes in tax laws and seek professional guidance if needed.

7. Plan for Major Expenses and Taxes: Anticipate major expenses and tax obligations in advance to avoid financial surprises. Set aside funds or create a budget to cover these expenses, such as annual taxes, equipment purchases, or lease renewals.

8. Seek Professional Assistance: Consider consulting with an accountant or tax professional who specializes in small businesses. They can provide valuable advice, assist with tax planning, ensure compliance, and help optimize your financial management.

9. Regularly Review Financial Statements: Understand and regularly review your financial statements, including income statements, balance sheets, and cash flow statements. These reports provide insights into your business's financial health, help track progress, and identify areas for improvement.

10. Continuously Educate Yourself: Stay informed about accounting and financial management principles relevant to small businesses. Attend workshops, webinars, or seminars, and consider joining industry associations or networking groups to learn from other small business owners.

Remember, while these tips provide general guidance, it's important to consult with a qualified accountant or financial professional who can provide personalized advice based on your specific business needs and circumstances.


Accounting Services:

If you are looking for a Saskatoon chartered professional accountant for your personal taxes or business accounting needs, contact the team at Hounjet Tastad Harpham today.

Hounjet Tastad Harpham are Trusted Saskatoon Accountants


Trusted Saskatoon Accountants at Hounjet Tastad Harpham Explain the Key Roles an Accountants Provide

Hounjet Tastad Harpham has decades of accounting experience working with clients across Saskatchewan. Their expert accounting advice is valued by clients ranging from individuals to businesses small and large. Hounjet Tastad Harpham is a Trusted Saskatoon Accounting firm and in this accounting tip, they share the key roles and responsibilities of accountants.


KEY ROLES AND RESPONSIBILITIES OF ACCOUNTANTS

Bookkeepers and accountants play distinct roles in managing financial records and providing financial support to businesses. Here's a comparison between bookkeepers and accountants.

  1. Financial Reporting: Accountants prepare and present financial statements in accordance with Canadian Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS). They ensure accurate and timely reporting of financial information, including balance sheets, income statements, and cash flow statements.

  1. Tax Planning and Compliance: Accountants in Canada assist individuals, businesses, and organizations in understanding and complying with Canadian tax laws and regulations. They help develop tax planning strategies to minimize tax liabilities and prepare tax returns, ensuring compliance with federal, provincial, and territorial tax requirements.

  1. Audit and Assurance: Accountants may perform external audits or provide assurance services to ensure the accuracy and reliability of financial statements. They evaluate internal controls, assess financial risks, and provide recommendations for improvement.

  1. Management Accounting: Accountants provide financial analysis and reporting to support management decision-making. They assist in budgeting, forecasting, cost analysis, and performance measurement to help organizations achieve their financial goals.

  1. Advisory and Consulting Services: Accountants offer advisory services to individuals and businesses. They provide guidance on financial management, investment decisions, mergers and acquisitions, and risk assessment. They may also assist in business valuations and due diligence processes.

  1. Financial Planning: Accountants help individuals and businesses develop financial plans and strategies. They analyze income, expenses, assets, and liabilities to assist in setting financial goals, retirement planning, and wealth management.

  1. Compliance and Regulatory Requirements: Accountants ensure compliance with Canadian accounting standards, tax laws, and regulatory requirements. They stay updated on changes in accounting principles and regulations, such as those issued by the Accounting Standards Board (AcSB) and the Canada Revenue Agency (CRA).

  1. Professional Ethics and Standards: Accountants in Canada adhere to ethical standards established by professional accounting bodies such as the Chartered Professional Accountants of Canada (CPA Canada). They uphold integrity, confidentiality, objectivity, and professionalism in their work.

  1. Technology and Systems: Accountants leverage accounting software and technology to streamline processes, enhance accuracy, and improve efficiency in financial reporting and analysis. They may recommend and implement appropriate accounting systems to meet the needs of their clients or organizations.

  2. Continuing Professional Development: Accountants engage in ongoing professional development to stay current with changes in accounting standards, tax laws, and best practices. They participate in training programs, seminars, and workshops to enhance their skills and knowledge.


Accounting Services:

If you are looking for a Saskatoon chartered professional accountant for your personal taxes or business accounting needs, contact the team at Hounjet Tastad Harpham today.

Hounjet Tastad Harpham are Trusted Saskatoon Accountants


Trusted Saskatoon Accountants at Hounjet Tastad Harpham Explain the Differences Between Bookkeppers and Accountants

Hounjet Tastad Harpham has decades of accounting experience working with clients across Saskatchewan. Their expert accounting advice is valued by clients ranging from individuals to businesses small and large. Hounjet Tastad Harpham is a Trusted Saskatoon Accounting firm and in this accounting tip, they explain the differences between bookkeepers and accountants. 


BOOKKEEPERS VS ACCOUNTANTS

Bookkeepers and accountants play distinct roles in managing financial records and providing financial support to businesses. Here's a comparison between bookkeepers and accountants.


Bookkeepers:

  1. Recordkeeping: Bookkeepers focus primarily on recording financial transactions and maintaining accurate financial records. They track and categorize day-to-day financial transactions such as sales, purchases, receipts, and payments.
  2. Data Entry: Bookkeepers enter financial data into accounting software or spreadsheets, ensuring that all transactions are properly documented and organized.
  3. Reconciliation: Bookkeepers reconcile bank statements, credit card statements, and other financial documents to ensure accuracy and identify any discrepancies.
  4. Financial Reporting: Bookkeepers generate basic financial reports such as income statements and balance sheets, providing a snapshot of the company's financial position.
  5. Payroll Processing: Some bookkeepers handle payroll processing tasks, including calculating wages, deducting taxes, and preparing payroll reports.

Accountants:

  1. Analysis and Interpretation: Accountants analyze financial data, identify trends, and interpret the information to provide insights and recommendations to management. They provide a deeper understanding of the financial health of a business.
  2. Financial Planning and Budgeting: Accountants assist in developing financial plans and budgets, helping businesses set financial goals, allocate resources, and monitor performance against targets.
  3. Tax Preparation and Planning: Accountants have a comprehensive understanding of tax laws and regulations. They prepare tax returns, advise on tax planning strategies, and help businesses optimize their tax positions.
  4. Audit and Assurance: Accountants may conduct internal or external audits to ensure compliance with financial regulations, evaluate internal controls, and provide assurance on the accuracy and reliability of financial statements.
  5. Financial Strategy and Consultation: Accountants offer strategic financial advice, such as analyzing investment opportunities, assessing business expansion plans, and evaluating financial risks.

While both bookkeepers and accountants handle financial data, bookkeepers focus on recording and organizing transactions, while accountants provide a broader range of financial services, including analysis, planning, tax expertise, and strategic advice. The roles and responsibilities can overlap to some extent, and the specific tasks performed by bookkeepers and accountants may vary depending on the size of the business and its specific needs.

In practice, many small businesses may hire bookkeepers to handle day-to-day financial tasks and rely on accountants for more complex financial analysis, tax planning, and strategic guidance. Larger businesses often have both bookkeepers and accountants as part of their financial team, with bookkeepers providing essential data entry and recording functions, while accountants handle higher-level financial analysis and decision-making.



Accounting Services:

If you are looking for a Saskatoon chartered professional accountant for your personal taxes or business accounting needs, contact the team at Hounjet Tastad Harpham today.

Hounjet Tastad Harpham are Trusted Saskatoon Accountants


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Saskatoon, SK   S7K 1N7
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