Given the intricate nature of tax regulations, many small and medium-sized businesses find it daunting to manage on their own. At Transcounts, we’ve assisted over 100 businesses, ensuring unparalleled success in year-end reporting and tax solutions. Attempting to handle corporate taxes without expert guidance increases the likelihood of overlooking potential tax savings. In this post, we’ll highlight five crucial factors to prepare for year-end taxes, focusing on Corporate Tax, GST/HST, Sales Tax, and Payroll Tax liabilities. Careful planning is essential to navigate this complex terrain, e ..read more

It is imperative for entrepreneurs to understand financial statements, as it involves more than just analyzing data; it involves making well-informed choices. Regular financial reports act as a trustworthy compass for business owners. With the clarity they provide, you can make proactive decisions to maintain your business’s financial well-being. Reviewing financial reports enhances long-term profitability and ensures a healthy cash position. Think of it as a roadmap to help you make business decisions. Financial literacy powers your company like a superhero, guiding it toward success, whet ..read more

For plumbing businesses, positive cash flow is like the lifeblood that keeps operations running smoothly. Ensuring a consistent stream of revenue, cash flow management helps you cover day-to-day expenses, invest in equipment upgrades, and cover overhead costs. Let’s look at a few of the top strategies to ensure that your plumbing business always has cash on hand, avoiding credit problems and financial setbacks. 1. Understand Fixed & Variable Cost By understanding the difference between fixed and variable costs, plumbing businesses can effectively manage their expenses and allocation of ..read more

We get it; with responsibilities like drafting marketing strategies and managing employees, accounting is the last thing that comes to your mind. However, in a competitive economy like Vancouver, effective bookkeeping is what helps businesses maintain a positive cash flow. Helping you forecast future expenses and make informed decisions, staying on top of your books allows small businesses to maintain a healthy bottom line. Let’s look at a few tips and tricks to streamline your financial processes and keep your business on solid ground. 1. Plan for Major Expenses As a small business, you mu ..read more

Guide To Get Your Accounting House In Order Download Your Free EBook Guide To Get Your Accounting House In Order A disorganized accounting system poses a challenge for many business owners, potentially leading to financial turmoil and jeopardizing their long-term existence. In today’s fast-paced business environment, it is more important than ever to adopt a disciplined approach to financial management. Businesses lacking a strong foundation in financial management may face difficulties. This guide provides 9 tried-and-true strategies for streamlining your business accounting. By putting t ..read more

When it comes to bookkeeping, there are two common routes to choose from — DIY (Do It Yourself) and DFY (Done for You) approaches. The first type, DIY bookkeeping, refers to managing your financial records on your own. DFY bookkeeping, on the other hand, is all about outsourcing. The third option is hiring an in-house bookkeeper which is not recommended at all to small businesses and startups. Let’s take a closer look at each of these methods, and assess the pros and cons attached to them: The Who DIY Bookkeeping DFY Bookkeeping Freelancers & solopreneurs Low Transaction Volume: Id ..read more

Whether it’s a boot-strapped startup or an e-commerce store, the individuals brought on board can significantly impact the company’s bottom line. But, with hiring comes choices — should you hire an employee or outsource the job to a contractor? Let’s look closely at each of these approaches and weigh their pros and cons. Employee Vs. Contractor: A Quick Glance Aspect Employee Contractor Control Employer has more control over work and schedule Contractor has more autonomy over work and schedule Tax Withholding Employer withholds Income Tax, Canada Pension Plan (CPP) & Employment I ..read more

At Transcounts, we have been working with 100+ ecommerce businesses selling across Canada, the United States, Europe, and other parts of the world through platforms like Shopify, Amazon, Walmart, Etsy, eBay, BigCommerce, etc. We have guided these businesses from solopreneurs to blossoming teams of 20+ along with navigating international sales tax complexities and identifying the most suitable payment processors. Get to know more about Transcounts. Within the broad realm of e-commerce, where user experience is of utmost importance, a seamless payment process is pivotal for converting visitor ..read more

Every move counts in the complex network of company operations. To plan out an efficient strategy, the duties of a bookkeeper, CFO, tax accountant, and office manager should be taken into account. However, a lot of companies struggle to acknowledge the contributions that each role makes, which impedes the smooth collaboration required for optimal performance. These jobs, ranging from careful financial record-keeping to calculated financial planning, and from tax compliance to office management, are the unsung heroes that operate in the background of successful businesses. Ignoring the subtl ..read more

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