Trusted Tips and Resources

Trusted Tips & Resources

Welcome Synergy Business Solutions as Trusted Saskatoon Bookkeepers, HR and Business Consultants.

The Trusted Saskatoon team are thrilled to welcome the dynamic team at Synergy Business Solutions to the Saskatoon Directory of Excellence! Their services allow busy Saskatoon small business owners to focus their energies on running their business. They have professional specialists on staff with decades of experience who can assist with everything from bookkeeping to HR consulting. Synergy Business Solutions are Trusted Saskatoon Bookkeepers, HR and Business Consultants.

Are You A Small Business Owner in Saskatoon Looking to Get To The Next Level?

Chances are you are too busy doing things you shouldn't be and that is restricting your growth and potential! Business consulting or management consulting involves the use of an independent, objective professional as a problem solver and ambassador of lasting change...that's where Synergy Business Solutions comes in! 

Who Is Synergy Business Solutions and How Can They Help? 

Synergy Business Solutions is owned by Linda Henderson and Danielle Robson. If you are familiar with the Saskatoon business scene you may have already heard of these two dynamic ladies. When we heard they were getting together to start a business, we knew that it would result in something special. Read about their entrepreneurial journeys below to see why we were excited! . 

Linda Henderson- VP Operations 

Ironically Linda's journey as a serial entrepreneur started out the same time and the the same way as Sara the Trusted founders did! In 2011 Linda and Sara were both fired from their jobs. That awful moment in their lives ended up being the best thing that could have happened to them.

Linda's background was primarily in bookkeeping, with some sales and management that she had picked up on the way in her 25-year career. One of the shareholders of PetroTag ( a technology company serving the oil and gas sector) approached her to ask if she wanted to buy the company. After brushing many doubts aside she became the owner in the fall of 2011. Linda had a 5-year plan to pay it off and ended up paying it off in 1.5 years!  Riding the wave of success she decided to keep the momentum going and started another business in 2013, Crazy Cowboys Instrumentation, followed by a 3rd business in 2015! She was ( and still is ) one of the most successful and respected women entrepreneurs in Saskatchewan's energy industry! 

In 2016 Linda thought it made sense to tap into her experience and start a bookkeeping company Synergy Bookkeeping, to take care of the financials of these companies. The lease on her rental space was coming up and she was a little tired of paying rent, so started shopping around for a building. In April of 2016, she ended up purchasing the very building she was fired in six years previously! 

" Renovating that building was one of the more empowering moments for me. All of the self-doubt went out with the boardroom walls to the Loraas bin."  Linda Henderson
Today life in Linda's world is more about supporting and empowering others in their business life. Synergy Bookkeeping has changed its name to Synergy Business Solutions and Linda is especially passionate about the Business Support Group that meets once a month at the Synergy offices ( in that board room!)

Sara had the opportunity to interview Linda for the WESK  - Shaken With A Twist Series a few years ago - see the full interview here.    

Danielle Robson- President

When Dani was just 18, a family friend who was a Tim Hortons franchisee saw she had a huge entrepreneurial spirit and he suggested she apply for a Tim Hortons Franchise in Saskatoon. Three weeks later, in June 2003, with support from her family, she decided to ditch her law school plans, and they had their first Tim Hortons store in Saskatoon, on Fairlight Drive.

Fast forward many years, and “Hurricane Dani” shows no signs of slowing down. They have ten Tim Hortons stores and two Mr Mikes restaurants. With over 300 employees and a young family at home with three kids under age 10. 

I thrive in chaos and if I wasn’t having a baby or opening a store, I would be bored. Danielle Robson

Danielle is driven to succeed and she is passionate about sharing her skills and helping other entrepreneurs reach their full potential! 


Synergy Business Solutions strive to create a supportive consulting environment for Saskatchewan-based business-owners seeking to improve their personal and professional growth

  Services Offered Include:

  • Bookkeeping/ Finance
  • HR ( Human Resources) 
  • Business Operation Consulting
  • Synergy Business Support Groups

'For Business Owners From Business Owners'

Synergy Business Solutions are Trusted Saskatoon Bookkeepers, HR and Business Consultants.


Trusted Saskatoon Bookkeepers tip on Bankruptcy

Bankruptcy, one of the scariest words to a business owner: 

There have been a few stories of bankruptcies in the news lately and how it affects the clients of the business affected. This got our minds wondering are there other businesses out there that we can help before it gets to this point?

          

As a business owner how can you avoid the troubling financials and potential consequences? Well are we ever glad you asked! 




Pull your head out of the sand

      

If you do nothing and ignore even the smallest blips in your business it can come back to bite you. If you have outstanding amounts owing to your creditors and you do nothing what will happen? The creditors will increase their efforts to get money from you, and your situation will get worse.

Make sure you are always aware of not only the bills your company must pay, but also the money outstanding that is due to your company. 



Hire a qualified Bookkeeper

This is a crucial step. When you start a business it is one of the first things you should do. The sooner your have a great bookkeeper taking care of you either in house or external the better. We have found in our experience that some of the people that wait or try to do it themselves end up spending more overall on bookkeeping services than those who found a bookkeeper immediately. 


Get yourself a great Accountant

Your accountant is a very important part of your company’s financial team and imperative for financial wellness. Accountants not only do your year end accounting and file your income taxes, but they offer invaluable advice for businesses that help to keep you on the right track. 


Talk to a Financial Planner

Financial Planners will help you with life insurance and investments. They have so much to offer their clients to keep them in great financial wealth and to plan ahead for the future should something unforeseen happen. These rock stars can also help you retain employees but providing benefit plans, rrsp's and pension programs. 



 Know what you are good at

The best advice we give is "Do what you know". If you hate numbers and the thought of coming home to a pile of paperwork makes you cringe and rather do house cleaning or other tasks, you need a bookkeeper pronto! 

 

Trusted Saskatoon share a bookkeeping tip - Vacation pay on vacation pay

 


Vacation pay on vacation pay? Does that even sound right?

 

 

 

 

 

 

 

 

 

 

 

We didn't think so either. After some arduous searching and a few phone calls to Sask Labour,

We found this NEW legislature for Saskatchewan that for some reason they've been keeping secret!

If you pay employees vacation pay on each of their pay cheques, you now have to pay vacation pay on the vacation pay!

 

Calculating and Paying Annual Vacation Pay

Most employees are entitled to vacation pay, no matter what hours they work or how they are paid.

There are two options for paying out annual vacation:

Paying employees going on annual vacation; and

Paying employees not taking annual vacation within 11 months of the vacation time entitlement.

 

For example: 

Salary for pay period = $1,200.00

Commission for pay period = $300.00

Total Wages = $1,500.00

Vacation pay on total wages = $1,500.00 x 3/52 = $86.54

Vacation pay on vacation pay = $86.54 x 3/52 = $5.00

Vacation pay on cheque = $91.54

In this example, vacation pay of $91.54 would be payable on the employee’s pay cheque. It is assumed that the employee will save vacation pay over the course of the year, and use the money when going on vacation leave. 


In some circumstances, employers and employees will agree to have the vacation pay paid on each cheque – although not provided for under the Act, as long as there is a mutual agreement an employer can pay vacation pay this way. 

Employers must have a signed document stating that they are paying out vacation pay on each cheque. Signed by both the employee and the employer. 

It is important for the employer to maintain good records of the payment and ensure that it is separately identified on the employee’s pay stub. When paying vacation pay on each cheque, it must include all wages including overtime, commissions, etc. and the vacation pay earned during the pay period are used in the calculation.

To help calculate the amount of vacation pay owed to an employee, please see the online Vacation Pay Calculator

Source: www.saskatchewan.ca

 

Want to know more? Click here for the link. 

 

Trusted Saskatoon share a great tip on the WCB Employer's Payroll Statement and what it means to your business

 

 WCB Employer's Payroll Statement 


Did you know as an employer you are responsible for the accurate reporting of your past years payroll amounts and the estimation of this years amounts to WCB?


It is very important to report your payroll amounts to Saskatchewan Workers' Compensation Board on time each year.
For ease the WCB sends out the Employer's Payroll Statement with detailed instructions each year.

It is important your payroll reporting is done accurately as this makes up part of your premiums for the year. You are only to declare for work completed in Saskatchewan.

Another important part to this reporting is declaring the contractors that you used and did not contact WCB to get a clearance letter for before you paid them.

This portion applies to all businesses in any industry who have hired a person or business to perform work or services on a contract basis.
If you paid a subcontractor for a service and did not call WCB to get a clearance letter first you may have a levy applied to your account.

How do I ensure my business does not pay more?

Make it a practice to always contact WCB for a clearance letter or a letter of good standing before you pay a contractor.

Ensure your Employer's Payroll Statement is filed on time.

Make sure your payments to WCB are made on time.



Trusted Saskatoon Bookkeeping Experts answers your Facebook Fanpage Questions

 

TrustedSaskatoon.com Talk to the Experts 

Q: Brenda Compton : If you have 2 smaller businesses under one roof can you write off double the amounts? eg: office space, utilities, vehicles? etc. 

A: No.  If you are writing off office space you are only permitted one office space per company.  For more specific clarification we recommend you speak with your accountant.

Q: M Liz Beisel: When CRA does an audit, how many years of receipts/data do you need to have? That year or more? 

A: When the Canada Revenue Agency does an audit it is typically for a specific time period.  But you should always keep 7 years.  Even after seven years, it is recommended that you keep all audited financial statements, GST, PST, payroll and any government forms that have been received.  Scanned copies have not been approved by CRA yet so be sure to keep originals of everything.  If your documents have been destroyed by fire, flood etc. you may be required to submit a Loss of Property Declaration to CRA.


Q: Ann Lyte-Maille: What receipts must be kept and for how long? 

A: Keep receipts, tax notices, government forms, invoices etc. for a minimum of seven years.  Even after seven years, it is recommended that you keep all audited financial statements, GST, PST, payroll and any government forms that have been received.

Q: Darryl Spokes: If I am just starting a new business and can’t afford a bookkeeper yet, what would you recommend are the best practices I can set up on my own before I get a bookkeeper

A: Stay organized!  Sorting takes the most time for our new clients.  We tell all our smaller or new companies they will save a lot of money by doing these easy steps.

1. Keep corporate documents like partnership or shareholder agreements in a safe and secure place. 

2. Keep all documentation for asset purchases like vehicles, office furniture, electronics etc. in a separate folder.  You will need these at the end of the year.

3. Write on your receipt what the item was for.  If you went for lunch with a potential client, write “Lunch with potential client” on the receipt.

4. Write on your invoices, “Paid with Cheque No. XX on XXXXX, 2013.” Or Staple the cheque stub to your copy of the paid invoice.

5. Match all the receipts and invoices that you wrote cheques for that are on the bank statement and put them in a folder marked “December 2013 on the Bank Statement”.

6. Take your receipts that you have paid with your own money and put them in an envelope marked “December 2013 Paid with Own Money”.

7. Staple your deposit slip to the invoices that have been paid with that deposit.

8. Put the deposits that are on the bank statement in your monthly folder.

9. Put all your monthly information in a folder or bin and keep it all together.  Lost receipts mean lost tax benefits.  You want to keep all your money in your pocket not the governments. 


Q: Deenna Dekker: Do you charge annually, hourly or is there a monthly set fee?

A: We typically charge by the ½ hour.  We work on an hourly basis and we have descriptive invoices that show you exactly what we have done.  We do work on a monthly basis with some of our clients but we would have to do their bookkeeping for a year before we decide on a monthly contract rate

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ADDRESS

S & E Trusted Online Directories Inc
TrustedSaskatoon.com
129 21st St E #400
Saskatoon, SK   S7K 0B2
Ph: 306.244.4150

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