Numetrica Cloud Accounting

Converting Your Personal Residence into an Income-Generating Property: A Step-by-Step Guide with Subsection 45(2) of the Income Tax Act (ITA)

Converting your personal residence into an income-generating property can be a strategic move for financial stability or for maximizing the value of your assets. However, this transition comes with significant tax implications, especially in Canada. In this blog, we will explore the proc...

Profit First is a financial management system designed to help business owners, including dentists, prioritize profit by making it a priority and not an afterthought in their operations. In contrast to traditional accounting where profit is typically calculated after expenses, Profit First suggests setting aside profit first and then managing expenses with what's left.

To implement Profit First, you need to:

1. Read the Bo...

Cash flow management is crucial for small business success. Tips include:

1. Optimize cash flow by setting up interest-bearing accounts for your business.

2. Utilize accounting software to track your cash flow and make informed decisions.

3. Stagger bill payments to avoid depleting your cash reserves and maximize interest earned.

4. Avoid customer payment delays by using online invoicing tools and clear payment terms.

5. Schedu...

Business transformation encompasses a range of objectives, from boosting efficiency and profitability to enhancing financial management and team productivity. It's about envisioning a more successful and effective business model, one that potentially saves money and optimizes costs.

Creating a system to grow and manage your business is key to realizing your vision of business transformation. This involves systemizing funct...

Cash flow management is an essential aspect of business that often requires a well-thought-out strategy to ensure a company remains in the black, rather than incurring debts that could lead to its downfall. Businesses can fail when they overlook this concept, with 80% of such cases being attributed to this oversight. It's crucial that sales exceed expenses and that clients are chosen wisely to guarantee collectibility. Professi...

Cloud accounting software works exactly just like the traditional accounting software, only the cloud accounting software just like QuickBooks online is hosted on remote servers of QBO Transaction data is sent into “the cloud,” where it is processed and returned to the user. 

All application functions are performed off-site, not on the user’s desktop. Which enables you to use the platform from any devise as long as you can log in ...

How is Business, Really How is The Business?

Maybe it was an idea that struck you out of nowhere, or perhaps your small business’ inspiration was an idea and plan that was years in the making. Whichever it was, your small business is your baby, and running it successfully is something that is of paramount importance to you. With that being said, there are so many aspects to successfully running your small business that it can...

Running a small business is no easy feat by any means. It requires daily effort, vision, and drive, among many other things. But one area where the mastery of small business finds most owners caught between a rock and a hard place is in the financial management of their operations. This area can affect every other facet of their business and make any normal person mad.

There are so many things to think about, let alone to ma...

Accounting industry has benefited so much from the technology boom. Accounting and running a small business now adays have improved exponentially. It wasn’t long ago that some colleges and university were talking about “general Ledgers” “Books” and so on. Basically, accounting hadn’t changed in a long time.

Now, I am pleasantly surprised when I see new apps are emerging that changing accounting and making it so much more efficient ...

Journey from Inception to Success

It is extremely important for start-ups, entrepreneurs and even business pros to keep track of their business expenses. These expenses will reduce your taxes when it comes to file your personal tax returns (t1) or corporate tax returns *T2).  When tax season starts the deductions will help and forms your strategic plans to perform tax planning, maximize tax deductions and minimize tax owing. So...

5 deciding features in selecting a professional to prepare your personal tax return (T1)

Consider these factors when you are looking for a tax professional, please get a professional to help you if your taxes are complicated.

1.                   Education and training

There are different levels of professionals who prepare tax returns. Some are CPAs meaning they are university graduates who have passed the rigorous CPA exams. None...

As a dentist running your own practice in Canada, tax planning is an important part of managing your finances. Your choices about business structure, deductions, income smoothing, and retirement savings accounts can significantly impact how much you pay in taxes each year.

 An optimized tax strategy can lead to substantial savings over your career. Before delving into key options around your taxes, consult with both a tax professio...

Forget dividends, it is a trap! John is a lawyer and asked me to review his financial statements. While I was reviewing the income statements, I noticed that the total salary for the 12-month period was 45K.

I looked in more detail on his corporation QuickBooks Online (QBO) file and notice his salary was at 22K.

I looked at John and said, you made less than your receptionist?! His response was Moe I’m growing the company. I sa...

Here is my interview with Kristy Cameron about the CEBA LOAN on CFRA.

Consequences of businesses getting closed if they don't pay the CEBA loan.

Ottawa-based accountant Moe Tabesh has started an online petition that is quickly gaining traction. With over 13,000 signatures already, he is calling on the feds to consider forgiveness for unpaid CEBA loans. At the very least, Moe wants the Trudeau government to entertain a n...

As a business consultant, I have witnessed firsthand the struggles of my clients who have borrowed funds through the Canada Emergency Business Account (CEBA) to keep their businesses afloat amidst the economic turmoil caused by the pandemic. These are hardworking individuals who contribute significantly to our economy, yet they find themselves unable to repay these loans due to continued financial hardship.
The CEBA was des...

Salary, Dividends, Due to/from shareholder, Draw - What form of income should I take out?

Which is which?

Which is better?

One thing for sure, don't go for dividends unless you know what is going on.

Most business owners debate about taking salary, dividends, draw and so on.
In this episode, we talk about how much money to draw at a minimum in a form of salary 

What to watch our for making draws from the ...

Eleven Tax Deductions Every Startup Should Know About Specially The Initial Investments

It is extremely important for start-ups, entrepreneurs and even business pros to keep track of their business expenses. These expenses will reduce your taxes when it comes to file your personal tax returns (t1) or corporate tax returns (T2).  When tax season starts the deductions will help and forms your strategic plans to perform tax planning, ...

HST is a topic that many entrepreneurs are interested in learning more about, and it's confusing for them. Our host will talk about HST in this new episode of the Numetrica Accounting and Business Podcast.

What is HST?

HST is a service tax that we charge for our services and products. The number one thing you need to know is there's a threshold. If you ever go over $30,000 in your invoices or product sales, you have to char...