Elevated Edge: Spreadsheet Shenanigans

  By your favorite Canadian bookkeeper – powered by caffeine, color-coded spreadsheets, and the eternal hope that you checked your receipts folder this month. Ah, the profit and loss report. Or as I like to call it: “The brutally honest best friend who tells you your financial outfit doesn’t match – but also how to fix it.” Every month, this beautiful document lays bare the truth about your business: the revenue highs, the expense oopsies, and the moment you realize you’ve spent $423 on coffee and still forgot to expense it properly. As your ever-diligent Canadian bookkeeper, I am here to lovingly but firmly say: You need to be reading your P&L report. Not once a year. Not “when you remember.” But EVERY SINGLE MONTH. What Even IS a P&L? For those of you who are politely nodding while secretly Googling, let’s break it down: Profit & Loss Report (P&L) = Revenue – Expenses = Net Profit (Or “Ooops”) It’s your business’s monthly diary, but instead of ju...

  By your friendly Canadian bookkeeper who treats spreadsheets like art and panic-proofs balance sheets for a living Let’s be honest: when most people think “financial risk,” they imagine stock market crashes, fire, flood, or their accountant yelling “YOU DID WHAT?!” across the office. But as your ever-watchful, detail-obsessed Canadian bookkeeper, I’m here to tell you: financial risks are everywhere . Hiding in your inventory. Lurking in your unpaid invoices. Sneaking into your budget like a raccoon into your green bin. Feat not, though! Just because the risks are sneaky doesn’t mean we can’t outwit them – armed with a spreadsheet, a pen that clicks aggressively, and a finely tuned instinct for anything that smells even slightly off in your QuickBooks file. First Off: What IS Financial Risk? Simply put: -Anything that could make your business lose money and your bookkeeper cry- It’s like financial weather: -Sometimes it’s sunny with cash flow -Other days it’s a ful...

  By your friendly neighborhood bookkeeper who drinks tea by the liter and talks casually about balance sheets at dinner parties. Let’s talk about the big D and E – Debt & Equity. (What were you thinking?) If you’re a Canadian business owner looking to grow, whether it’s opening a second location, buying a new espresso machine, or finally getting that company-branded canoe, you’re going to need funding. But the question is: Do you take on debt and owe the bank money? Or do you give away a slice of your business pie to an investor and owe them… eternal gratitude, profit shares, and quarterly PowerPoints? It's about finding the delicate balance.  First, What’s the Difference? (A Quick & Painless Accounting Lesson) Debt = Borrowed Money You get money now. You pay it back later – with interest. It’s like borrowing your friend’s truck, but the truck is cash, and your friend wants 9% interest and a full repayment schedule. On the plus side, you keep fu...

  By your friendly and mildly stressed Canadian bookkeeper with a calculator in one hand and a Tim Horton’s coffee in the other Well, folks, grab your receipts and your emergency maple syrup stash, because tax changes are coming – and they’re about as subtle as a moose in a canoe. If you’ve been pretending not to read the news (no judgment, I do the same when my hockey team loses), let me fill you in: Canada’s 2025 capital gains and entrepreneur tax updates are rolling in like a snowstorm in April – unexpected, inconvenient, and guaranteed to make everyone say, “Wait, what now?” So, let’s talk about what’s changing, what it means for your business, and how to prepare without completely losing your marbles (or your margin). Capital Gains: Now 66.67% More “Fun” Let’s start with the big headline: The capital gains inclusion rate is going up. Yes, you read that right. Starting in 2025, 2/3 of your capital gains will now be taxable, up from the current 50%. That’s right. It...

  By your no-nonsense, spreadsheet-loving Canadian bookkeeper with a strong opinion on your pricing and a weak spot for double-doubles. Let’s talk about pricing. That magical number you pull out of thin air after three sleepless nights, two existential crises, and one “competitive research session” (aka scrolling your competitor’s website with judgmental eyebrows). As your ever-watchful Canadian bookkeeper, I see it all – from the folks charging $3 for a service that takes four hours, to the brave souls asking $1,200 for an artisanal dog sweater. Spoiler Alert: Most people are undercharging. And most of the time, your pricing strategy is less “strategy” and more “vibes.” Let’s fix that. Revenue Optimization? Sounds Fancy. It’s Just Money Math. I know “revenue optimization” sounds like something they teach in MBA school while sipping lattes in ergonomic chairs. But really, it’s just a fancy way of asking: “Are you charging the right amount to actually make money and not...

  By your friendly, slightly amused Canadian bookkeeper who is not (yet) a robot Ah, the life of the solo-preneur. It’s thrilling, liberating, chaotic, and just a little bit like yelling into the void while holding a latte and 14 receipts. You wear every hat: CEO, sales rep, HR manager, snack coordinator…and, of course, bookkeeper. Except – you didn’t sign up to be a bookkeeper. You signed up to sell handcrafted dog bowties or revolutionize gluten-free donuts, or run your consulting empire from your favorite café downtown. But guess what? AI is here – and it’s not just for tech bros in Toronto. It’s your new not-quite-human assistant that ALMOST does your books. Let’s dive into how smart tech can help lighten your financial load, without fully replacing your friendly, maple-syrup-fueled Canadian bookkeeper (hi, that’s me!). Meet Your New Assistant: AI (AKA “Always Incomplete,” Kidding….Kind of) So, what can AI actually do? ·        ...

  Alright folks, gather ‘round the virtual water cooler. It’s your friendly Halifax bookkeeper here, and let’s have a chat about expenses. Now, I know what you’re thinking: “Oh great, more talk about receipts. Just what I needed, right after wrestling a rogue seagull for my fish and chips.” But trust me on this one. Mastering expense tracking is the superhero cape your wallet desperately needs, especially come tax time in this beautiful, slightly damp part of the world. See, as a bookkeeper in Halifax, I’ve seen it all. The shoebox overflowing with crumpled Tim Hortons receipts from three years ago (bless your heart, you tried). The frantic scramble in March to remember if that lobster roll you expensed was a legitimate business meeting (spoiler alert: probably NOT). The sheer terror in April when the tax software throws a number at you that makes your heart do the jig. We don’t want that, do we? We want a smooth tax season, a glorious refund (or at least not owing a king’s ran...

  By your slightly caffeinated, borderline-panicked Canadian bookkeeper. Ah, June. The month when the days are long, the iced coffees flow like the Fraser River, and bookkeepers across Canada start making THAT face – you know the one – when we say, “June 30 th is coming.” Listen, I don’t mean to alarm you, but if your fiscal year-end rhymes with “calendar,”, or you’re behind on your HST filings, or you’re just playing a high-stakes game of chicken with the CRA…this is your last boarding call for tax deferrals and deadlines. So grab your receipts (from the glovebox, shoebox, and yes, the back of the junk drawer), and let’s talk about what needs to be filed before the Canada Revenue Agency sends you a very polite, very terrifying letter. Corporate Tax Returns: The “Don’t-Forget-Me” Darling If your corporation has a December 31 year-end, and many do, your T2 corporate tax return is due by June 30. That’s right – this is NOT a drill. You had six months. You told yourself you’...