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I remember the first time someone told me that they were working on software that would automatically upload your expenses and categorize them into the right bucket. Wow, I thought – that would be a time saver. But reality quickly set in and we realized that no one had developed software that was judgement proof. […]

Most people I know love to read stories about entrepreneurs and their businesses. With that in mind, we’ve started a new series about companies and the people that run them that we hope you’ll find both interesting and informative. If you’re interested in seeing your business profiled, please contact me at ferngordon@theprofitline.com. 1. What does […]

Most people I know love to read stories about entrepreneurs and their businesses. With that in mind, we’ve started a new series about companies and the people that run them that we hope you’ll find both interesting and informative. If you’re interested in seeing your business profiled, please contact me at ferngordon@theprofitline.com. Tim Jackson is […]

Most people I know love to read stories about entrepreneurs and their businesses. With that in mind, we’ve started a new series about companies and the people that run them that we hope you’ll find both interesting and informative. If you’re interested in seeing your business profiled, please contact me at ferngordon@theprofitline.com. Rob Wong and […]

When the bookkeeper leaves

“We have a full-time bookkeeper who just got a new job.  Everything is up-to-date and at the accountants for our year end”

Music to our ears or so we thought.

 We often take over from in-house bookkeepers or freelance bookkeepers so we’re used to seeing files done differently than the way we do things, but this was amongst the worst.

The day the bookkeeper left for good, someone at the office went through her filing cabinet and discovered thousands of dollars that had been paid in penalties and interest for overdue remittances to the government.

And that was just the beginning.  Bluntly speaking, the file was a mess.  Multiple bank accounts with negative balances that no longer existed.  HST a complete mess, unknown investment account etc.

 We understand the appeal of a full-time in-house bookkeeper, but if it means you stop paying attention to the financial aspects of your business, then it can be a very dangerous thing.

There is no substitute for personally understanding the numbers of your business. 

Be smart and be aware. With a little caution, you can dramatically reduce your chances of being victim to fraud.

According to Canada Revenue Agency, Canadian individuals and businesses owe $25 billion in overdue taxes to the federal government – enough to pay off more than half the national deficit if the money were collected. According to the CRA, the biggest problem is believed to be among the self-employed and small and medium-sized businesses. What’s […]