10 Benefits of Cloud Accounting Software By Trusted Saskatoon Bookkeeping & Tax Services Books & Billing

18. Feb 2023 Admin Saskatoon Bookkeepers, Trusted Tips

Books ’N’ Billing offers full-service, cloud-based, bookkeeping services to sole proprietors, limited liability partnerships, and small corporations within Saskatchewan. Are you a small business owner? Save yourself the stress and let Shelby Prescesky the owner of Books 'N' Billing help you get your business's books in order. Books N Billing is a Trusted Saskatoon Bookkeeping & Tax Services Specialist. In this article, she discusses 10 benefits of cloud accounting software for business.

10 Benefits of Cloud Accounting Software for Business

More and more business owners are turning to cloud accounting software to manage their business’s finances. If you haven’t yet tried it, here are 10 ways online accounting software can help your business.

Save time with automation

Don’t waste time posting and chasing invoices. Cloud accounting software automatically generates invoices— as well as reminders — at regular intervals, meaning you don’t have to manually keep track of debtors. If you combine your accounting software with HR and Payroll applications you can also automatically generate payslips and other HMRC documents.

Work from anywhere with an internet connection

Cloud accounting software means you no longer need to worry about maintaining spreadsheets or installing a program on one machine. The cloud allows you to log in to your business’s account anywhere with an internet connection. Once you sign up, you can get started straight away.

Value for money

Instead of paying a huge one-off fee for accounting software, with the cloud, you can spread the cost by paying monthly — helping you to manage your business’s cash flow. If you do prefer to pay upfront, you’ll benefit from a discount.

Up-to-date data

Automated bank feeds allow you to keep track of your business’s balance sheet in real-time. You can also view a variety of reports that give an up-to-date snapshot of your business finances. Online accounting software makes it easier to get closer to your business and gives you a clearer picture of your finances as a whole.

Keeps your information secure

As your data is saved on a secure cloud server and is constantly backed up, you don’t need to worry about your data being hacked or compromised. Even if your computer crashes, everything is still saved in the cloud.

Intuitive and easy to use

Cloud accounting software makes accounting easy for people who may not have much experience in managing financial accounts. The software is built with non-accountants in mind and help guides are available every step of the way.

Community of fellow business owners

A side benefit of joining the cloud accounting software revolution is joining an instant network of fellow business owners whom you can meet and chat with via community forums and business events.

Give access to multiple users and set permissions

If different people manage different elements of your business, it’s easy to add multiple users to your account and tailor permissions so that people with specific job roles only see what they need to.

Software is consistently updated and improved without you having to do anything

Rather than having to wait for a new integration of a program, cloud accounting software is constantly updated by in-house developers. This means that if things change, cloud software is agile enough to keep up-to-date in real-time. In addition, unlike desktop accounting software programs, these updates are free and included as part of your monthly subscription fee.

Collaborate easily with your accountant

In the past, it was common for business owners to chat with their accountant once a year at year-end — leading to one huge pile of work. Cloud accounting software lets you share your accounts with your accountant throughout the year and work together regularly.

Shelby's mantra and the business tagline is one most small business owners can get behind...

Running your own business can be exciting… managing your own books can steal your joy.

If you need a second opinion, or you are at that stage in your business where you are ready to hand over the bookkeeping to a professional contact Shelby at Book N Billing today!

Books N Billing Bookkeeping Services Include:

Books N Billing is a Trusted Saskatoon Bookkeeping & Tax Services Specialist

Trusted Saskatoon Bookkeeping & Tax Services Books & Billing Tips If You Have Missing Tax Slips

18. Feb 2023 Admin Saskatoon Bookkeepers, Trusted Tips

Books ’N’ Billing offers full-service, cloud-based, bookkeeping services to sole proprietors, limited liability partnerships, and small corporations within Saskatchewan. Are you a small business owner? Save yourself the stress and let Shelby Prescesky the owner of Books 'N' Billing help you get your business's books in order. Books N Billing is a Trusted Saskatoon Bookkeeping & Tax Services Specialist. In this article, she discusses missing tax slips, how to find them, and what happens if you don't.

Missing a Tax Slip? Here's How to Find it and What Happens if You Don't

Walk into a Canadian household in April and you’ll likely find a kitchen table littered with receipts and pairs of reading glasses. Yet with all the receipts and tax slips you’re supposed to keep, it’s likely some are going to go missing – and a missing slip can mean a big swing in your tax bill. Before you go ahead and file your return, you’ll want to do your due diligence to avoid any penalties for missing or inaccurate information.

Check your account online

My Account for Individuals is a great place to start to check your info. Logging into your account, you should be able to find online versions of your T4 slips. You’ll also be able to check carry-forward balances like tuition credits or capital losses, as well as your RRSP contribution limits. While you’re there, you can also sign up for a direct deposit to get your refund faster and deposited directly to your bank account.

Call the CRA

Only some of your tax slips will show up in My Account, namely the slips that begin with T4. To verify all your tax slips that the CRA has on file, particularly ones that relate to investments, you can call the Individual Enquiries line at 1-800-959-8281. Before you call, make sure you’ve got your SIN and last year’s tax return handy (which you can view online). After answering a few security questions, you can ask to confirm the slips they have on file for you and compare their records to yours to see if you’ve missed anything.

How do you know if the CRA has all your slips?

The majority of T3s, T4s, and T5s will all be processed through the CRA’s system. As the processing of these slips requires a SIN, the income on the slip is then attributed to you which you can then verify when you call the CRA.

‍However, not all slips go through the CRA’s system.

‍Certain slips such as T2202As for tuition deductions, T5008s for capital gains and losses, and RRSP contributions are not always processed by the CRA. While the rules differ across the various types of tax forms, some slips can be generated independently and don’t have to go through the CRA’s system first. For these slips, you’re going to want to track them down from the source provider since the CRA won’t have them on file.

For example, if you know you’re meant to receive a tuition credit, call the school to grab your form. If you’ve made some stock trades in the year, call your bank to grab a gains and losses report. Unfortunately, there’s no fool-proof way to know that you’ve got all these types of slips – you’ll just need to remember!

What happens if you still miss a slip?

If you file your taxes with a missing slip, don't expect a collections officer at your place. If the missing slip contained only a small amount of income, you may get lucky and the CRA may just ignore it. On the other hand, if it’s a significant amount of income, you may be automatically reassessed.

When this happens, as long as you’re in a refund position, you likely won’t have the interest to pay. Unfortunately, if the swing is big enough to generate a balance owing, you may have some interest to cover. If you missed a significant slip that the CRA does not have on file such as a tuition slip, not to worry, you can file an adjustment to your return down the road if you’re able to track it down. Before you file your return, double-checking that you’ve got all your slips covered will mean a faster refund, no interest, and less stress!

Shelby's mantra and the business tagline is one most small business owners can get behind...

Running your own business can be exciting… managing your own books can steal your joy.

If you need a second opinion, or you are at that stage in your business where you are ready to hand over the bookkeeping to a professional contact Shelby at Book N Billing today!

Books N Billing Bookkeeping Services Include:

Books N Billing is a Trusted Saskatoon Bookkeeping & Tax Services Specialist

Your Ultimate Tax Checklist From Trusted Saskatoon Bookkeeping & Tax Services Books & Billing

17. Feb 2023 Admin Saskatoon Bookkeepers, Website

Books ’N’ Billing offers full-service, cloud-based, bookkeeping services to sole proprietors, limited liability partnerships, and small corporations within Saskatchewan. Are you a small business owner? Save yourself the stress and let Shelby Prescesky the owner of Books 'N' Billing help you get your business's books in order. Books N Billing is a Trusted Saskatoon Bookkeeping & Tax Services Specialist. In this article, she shares an ultimate tax checklist.

Your Ultimate Tax Checklist

It is that time of year again… tax season! If you are like most people, doing taxes is something you view as a dreaded task or you procrastinate doing. Do not fear, we have a helpful Tax Season Checklist to make doing your taxes easier to organize. This list will outline all the things we could need from you in order to prepare your income tax return.

Tax Slips

T4 slips (Employment income)
T4e Employment Insurance benefits
T4A (other pensions, annuities, and certain scholarships)
T4AP (CPP benefits)
T4 RSP (RRSP income)
T4 RIF (RRIF income)
T4 A-OAS (old age security)
T3 (Mutual Funds, REITs, ETFs)
T5 (investment income – interest, dividends, certain capital gains)
RC62 (Universal Child Care benefits)
T5007 (Social assistance payments/Worker’s compensation benefits)
T2202A (Tuition/education receipts)
T5031 (partnership income)
T2200 (Condition of employment/allowable employment expenses)
All other information slips

Receipts

RRSP contribution slips
Medical expenses
Support for a child, spouse, or common-law partner
Transit pass receipts
Charitable donations
Office-in-home expenses
Moving expenses (including realtor’s commissions)
Exams for professional certification
Carrying charges and interest expenses
Other interest expenses
Political contributions
Childcare expenses
Adoption expenses
Children’s arts and sports expenses
Tool expenses (tradesperson)
Interest paid on your student loans
Professional or union dues
Attendant Expenses for the disabled person
Other Documentation
Notice of Assessment/Reassessment
CRA Correspondence
Amounts you have paid in tax installments
Rental income and expenses
Sale or deemed sale of stocks, bonds, real estate, etc.
Disability tax credit certificate
Business, farm, or fishing income or expenses
Northern resident’s deduction receipts
Commission employee expenses
Automobile/Travel logbook and expenses (self-employed and commissioned employees)
Volunteer firefighter’s certification
Graduate Retention Certificate
Search and rescue volunteer certificate
Legal expenses to collect alimony, pension, or retiring allowances

Running your own business can be exciting… managing your own books can steal your joy.

If you need a second opinion, or you are at that stage in your business where you are ready to hand over the bookkeeping to a professional contact Shelby at Book N Billing today!

Books N Billing Bookkeeping Services Include:

Books N Billing is a Trusted Saskatoon Bookkeeping & Tax Services Specialist

The Trusted Saskatoon team brag about Books N Billing Bookkeeping & Tax Services

28. Feb 2022 Trusted Saskatoon Saskatoon Bookkeepers, Saskatoon Financial Services, Trusted Brag Blogs, Trusted Tips

Books ’N’ Billing offers full-service, cloud-based, bookkeeping services to sole proprietors, limited liability partnerships, and small corporations within Saskatchewan. Are you a small business owner? Save yourself the stress and let Shelby Prescesky the owner of Books 'N' Billing help you get your business's books in order.Books N Billing is a Trusted Saskatoon Bookkeeping & Tax Services Specialist

Meet Shelby Prescesky Of Books N'Billing

Whether you sell handmade soap, own a coffee shop, or drive a truck for a living, there are two things we can guarantee about your business: you earn money and you spend it. Bookkeepers are the ones who help you keep track of all that. We sat down with Shelby, the owner of Books N Billing, to find out why she decided to be a bookkeeper, what she enjoys about the job and who would be an ideal client for her.

Shelby has always enjoyed numbers, in high school she earned University credits for pre-calculus, a subject that makes most people shudder. Shelby however, enjoyed the challenge and she elected to take an additional accounting class, it didn't take her long to decide that this is what she wanted to do for a living!

Shelby gained her Bachelor of Commerce ( B.Com), which is an undergraduate degree in commerce and related subjects. The course is designed to provide students with a wide range of managerial skills and understanding in streams like finance, accounting, taxation and management. After finishing school, her first job on her chosen career path was with The City of Saskatoon. Shelby really enjoyed the job and the people she worked with. The role was a great experience, and she was able to learn about many different industries and see how a huge organization operates. Shelby started off doing payroll for the Police Department, and later moved into the Planning and Building departments, where she learned about the construction process and dealt with everything from books to permits!

What Does a Bookkeeper Do?

A bookkeeper is someone who prepares your business accounts, documenting daily financial transactions. Bookkeepers have been around as far back as 2600 BC—when records were tracked with a stylus on slabs of clay—making bookkeeping, not the oldest profession, but pretty darn close. Today any bookkeeper worth their beans uses some kind of software platform to track finances, and Shelby takes pride in always being up to date with the latest industry news and technology.

Shelby comes from a family of female entrepreneurs, both her Mother and Grandmother operated restaurants and catering businesses, so she knows what it takes to be her own boss. Shelby is not afraid of hard work, and she decided to start her own business in 2021, just after the birth of her 2nd child. As she said, motherhood is great preparation for entrepreneurship, and she enjoys the flexibility of setting her own work schedule at home, around the needs of her young family.

We asked Shelby what the benefits are of hiring a bookkeeper if you have a small business. She shared that her clients tell her that the peace of mind knowing that their books are in order and that filing isn't an annual scramble, cannot be overrated! Shelby makes sure to bring her expertise to the table for her clients. She prides herself on her expertise and she wants to be seen as a valuable part of her client's team. Her biggest driver is helping people, and her enthusiasm for that is infectious!

We asked Shelby what being trusted means to her.

" Trust means reliability - giving your business details and accounts to someone who’s a total stranger is a risk, so it is important to operate with integrity and have ethics at the centre of all I do. I strive to be a valuable resource for clients. " - Shelby , owner Books N Billing

As one of her clients said so well when we spoke to them as part of the unique Trusted verification process ...

" Shelby is wonderful to deal with, she answers all my questions and breaks things down in real speak. if she is not 100% sure of the answer she will go off and find the information before committing. I highly recommend Books n Billing if you are small business in need of a trustworthy bookkeeper!"

When asked who would be an ideal client for Books N' Billing. Shelby shared that her ideal niche is small to medium businesses with less than 20 employees. She really wants to focus on serving local businesses in Saskatoon, Warman, Martensville and surrounding areas. Shelby has a wealth of experience to offer, and in particular, she has done a lot of work for clients in the trucking industry, she knows the industry well as many family members are truckers!

Shelby's mantra and the business tagline is one most small business owners can get behind...

Running your own business can be exciting… managing your own books can steal your joy.

If you need a second opinion, or you are at that stage in your business where you are ready to hand over the bookkeeping to a professional contact Shelby at Book N Billing today!

Books N Billing Bookkeeping Services Include:

Books N Billing is a Trusted Saskatoon Bookkeeping & Tax Services Specialist

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

11. Mar 2020 Trusted Saskatoon Saskatoon Bookkeepers, Saskatoon Business Consulting, Saskatoon HR, Trusted Brag Blogs

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 management to HR consulting. Synergy Business Solutions are Trusted Saskatoon 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: