Streamlining your operations can go a long way to saving you money.
At KWB, we will help you review your day-to-day operations through direct observation and by analyzing your financial information, and will identify areas for savings and tax minimization. We provide services such as budgeting, “what if”scenario planning, cash flow management, and business coaching, that will help you get your business running more efficiently.
Using your year-end statements, as well as other information you provide us throughout the year, we help identify areas in which you can make changes to improve your operations. We can help you determine if you’re spending more than you thought, have room to cut expenses, or what the impact from increasing revenue will be. We make our recommendations based on personal consultations with you, a review of your books, and the use of business modelling tools. This will give you the direction you need to improve your cash flow and profit.
Blog posts about Improving Your Operations
Feb
24
2021
Changes to Employer-Provided Benefits and Allowances
Canada Revenue Agency (CRA) has made changes to taxable benefits for employment conditions such as working from home, commuting, meal costs, etc. These changes are valid for the period between March 15 2020 and December 31 2020.
If you’re an employer, take note of these important changes:
Commuting Costs
If you pay for
Jan
29
2021
Help Manage Stress by Using Technology
As a business owner, you have likely experienced stress and anxiety during the past year. In order to run your business successfully, you need to ensure that your health and wellness takes priority in your life.
When you travel on a plane, the announcer tells you that in case of an emergency, you
Jan
8
2021
Introducing Cash Flow Planner from QuickBooks Online
One of the reasons we really like and recommend QuickBooks Online (QBO) is that like us, Intuit is always looking for new ways to help business owners improve their business.
QuickBooks Online has made managing your business cash flow easier with their new Cash Flow Planner feature, helping you save time working IN your
Jan
4
2021
EDC Business Credit Availability Program (BCAP) Guarantee for Canadian Businesses
One of our goals this year is to show you how having control over your business cash flow will help you to reach your cash flow goals sooner.
Cash flow should always be a priority for your business, but what if your business has been severely impacted by COVID-19? The good news is that
Dec
4
2020
Alberta Fire Code Occupant Load
On Site Fire Protection recently contacted us to inform us of the new occupant load restrictions due to the COVID pandemic. We believe that many of you will benefit from the information.
So what does “Occupant Load” mean? Occupant Load is the maximum number of persons that may occupy a building or
Nov
17
2020
4 Reasons Why Your HVAC Business Needs Jobber
At KWB, we are passionate about QuickBooks Online (QBO) and the apps that integrate with it. We are equally passionate about treating you as a business partner by sharing valuable information, advice, and technology
If you own an HVAC business, we know from experience that QBO and the Jobber app will help you
Oct
29
2020
Tracking Your Mileage
If your business involves any driving, you should be tracking your mileage by using a mileage tracker like Triplog. If you’re thinking that you’re already drowning in paperwork and don’t have time to track your miles, consider this: If you’re not tracking your mileage, you’re leaving your money on the road, cash
Oct
8
2020
An Introduction to QuickBooks Online (QBO) and the Apps we Recommend
A KWB client event - 25 November, 2020 @ 3pm (MDT) on Zoom
KWB clients – join us for an hour of information, tips and advice regarding QBO (Quickbooks Online) and the Apps we recommend. There will also be a half hour of Q & A after the event.
If you own a
Sep
17
2020
Save Money with a Health Services Plan
Save Money with a Health Plan
How can you save $100’s and maybe $1,000’s in taxes in one simple step? Are you an employee of your own company and do you have significant medical expenses each year of $2,000 or more not covered by a health plan? Then creating a “Private Health Services Plan” (PHSP) as soon as possible could save you big dollars.
Sep
8
2020
6 Steps to Increase Your Business Cash Flow
Your company’s sales and revenue may look healthy, however, if the money you have to pay out leaves your business before the money you are owed comes in, this will result in negative cash flow. If you are unable to pay your company’s bills, this can lead to even bigger problems like bad
Aug
11
2020
Supply Chain Disruption
Supply chain disruption has already occurred due to COVID-19 and it’s likely to get worse before it gets better.
Measures that exist to avoid a reintroduction of the virus and new outbreaks will impact production and supply chains.
Immediate Response
For companies that operate or have business relationships in impacted countries, steps should
Jul
28
2020
Emergency Checklist
Be prepared for any emergency that may occur by creating an Emergency Checklist. Many businesses are wishing that they had but there is still a lot of value in creating one now.
What you need for your Emergency Checklist
For starters, your emergency checklist should be outlined in your procedures manual, which documents
Jun
19
2020
An introduction to Quickbooks Online Virtual Event
If you are currently using Quickbooks Online or thinking about switching to "QBO", this event is for you!
Join us on Zoom for a free information session regarding QBO and the Apps in our App Stack.
Date: Wednesday 24 June, 2020 Time: 3pm - 4.30pm
This event is held on Zoom; the meeting
Apr
24
2020
Canada Emergency Commercial Rent Assistance (CECRA)
The Canada Emergency Commercial Rent Assistance Program (CECRA) has been announced to provide rent relief for small businesses struggling to pay their landlords due to financial hardship as a result of COVID-19 for the months of April, May and June 2020.
Who is Eligible?
Affected small business tenants who meet the following criteria:
Apr
23
2020
KWB's Wage Subsidy Assessment and Application
A rapid response plan for your business
Applications for CEWS (Canada Emergency Wage Subsidy) will start being received by the government as of Monday, 27 April 2020.
While businesses may qualify for benefits under CEWS, understanding the program, determining eligibility, and submitting the proper application can create a high level of stress and uncertainty
Apr
3
2020
New Protocol for Applying for the Canada Emergency Response Benefit (CERB) – 3 April 2020
Due to the
volume of Canadians applying for the Canada Emergency Response Benefit (CERB),
the Canadian Revenue Agency has set new protocol for applying:
If you were born in January, February or March, you may apply on MondaysIf you were born in April, May or June, you may apply on Tuesdays.If you were
Apr
3
2020
KWB Summary of Relief Programs - Federal and Provincial - 3 April 2020
To our friends, clients, and business partners,
We hope this newsletter finds you well and healthy. The volume of information we’ve received from provincial and federal governments over the last few weeks has been significant and a bit of a moving target, so we’ve put together a summary of all the relief programs that
Apr
2
2020
The Canada Emergency Wage Subsidy - What It Means for Canadian Businesses – 2 April, 2020
To
help businesses keep and return workers to their payroll through the challenges
posed by the COVID-19 pandemic, the Prime Minister, Justin Trudeau, proposed
the new Canada Emergency Wage Subsidy. This would provide a 75-per-cent wage
subsidy to eligible employers for up to 12 weeks, retroactive to March 15,
2020.
This
wage subsidy aims
Apr
1
2020
NEW information - CERB (Canada Emergency Response Benefit)
CERB (Canada Emergency Response
Benefit) Update – 1 April 2020
The
Government of Canada will provide a taxable benefit of $2,000 a month for up to
4 months to:
workers who must stop working due to
COVID19 and do not have access to paid leave or other income support.workers who are sick
Apr
1
2020
Update - The Canada 75 % Wage Subsidy
Finance
Minister, Bill Morneau, announced today (April 1st, 2020) that the
75 % wage subsidy would be available within 3-6 weeks time.
What we know so far:
The subsidy is available to all businesses, charities and non-profit organizations as long as they can prove that they have lost 30 % of their revenue
Mar
31
2020
What is the Work-Sharing Program?
Work-Sharing (WS) is a program that helps employers and employees avoid
layoffs when there is a temporary decrease in business activity beyond the
control of the employer. The program provides EI benefits to eligible employees
who agree to reduce their normal working hours and share the available work
while their employer recovers. Work-Sharing is
Mar
31
2020
Essential Services - Is your Business on the List?
Overview
The
businesses and services on the essential services list can continue to provide
services at locations accessible to the public and must have proper risk
mitigation measures in place, such as sanitation stations and appropriate
distancing between customers.
The intent
of this list is to provide general guidance to business owners and
operators
Mar
31
2020
What is the Canada Emergency Business Account?
The new
Canada Emergency Business Account will provide interest-free loans of up to
$40,000 to small businesses and not-for-profits, to help cover their operating
costs during a period where their revenues have been temporarily reduced.
To qualify,
these organizations will need to demonstrate they paid between $50,000 to $1
million in total
Mar
31
2020
Explaining the Business Credit Availability Program (BCAP)
Description of the Business Credit Availability Program (BCAP):
On March 13,
2020, the Government announced the establishment of a Business Credit
Availability Program (BCAP) to help Canadian businesses obtain financing during
the current period of significant uncertainty. The BCAP will support
access to financing for Canadian businesses in all sectors and regions
Mar
30
2020
New Information on Wage Subsidy Program - 30 March 2020
Prime Minister Justin Trudeau announced today businesses and non-profit organizations seeing a drop of at least 30 per cent in revenue due to COVID-19 will qualify for the government's 75 per cent wage subsidy program.
The number of people a business employs will not
determine its eligibility. Charities and companies big and small will
Mar
27
2020
Breaking News for Small - Medium Size Businesses - 27 March 2020
Ottawa hikes wage subsidy to 75% for small and medium-sized businesses
The federal government is hiking its wage subsidy for small and medium-sized businesses from 10 per cent to 75 per cent, a
move that business leaders have called for amid the coronavirus outbreak.
Prime Minister Justin Trudeau announced the payroll subsidy,
as well
Mar
26
2020
New Information from the Alberta Government – 25 March 2020
In addition, it is now mandatory for travellers returning
from outside of Canada to self-isolate. This legal requirement also applies to
close contacts of confirmed COVID-19 cases, as well as to any individual with
symptoms, such as a fever, cough, sore throat or runny nose.
“We must do everything we can to protect Albertans
Mar
25
2020
Government introduces Canada Emergency Response Benefit to help workers and businesses
March 25,
2020 - Ottawa, Ontario - Department of Finance Canada
The Government of Canada is taking strong, immediate and
effective action to protect Canadians and the economy from the impacts of the
global COVID-19 pandemic. No Canadian should have to choose between protecting
their health, putting food on the table, paying for their
Mar
25
2020
Support for entrepreneurs impacted by the coronavirus COVID-19
As announced by the Minister of Finance, BDC puts in place additional measures to provide relief for Canadian
entrepreneurs.
Effective
March 18, 2020, new relief measures for qualified businesses include:
Working capital loans of up to
$2 million with flexible repayment terms such as principal postponements
for qualifying businesses;Flexible repayment terms, such
Mar
24
2020
Support for Employers – New Supports Announced 23/03/2020
Corporate income tax changes
Corporate income tax balances and
instalment payments will be deferred from March 19 until August 31, 2020 to
increase employers’ access to cash so they can pay employees, address debts and
continue operations.
Education property tax deferral
Education
property tax rates will be frozen at last year’s level – reversing
Mar
23
2020
Frequently Asked Questions – Temporary Wage Subsidy for Employers
1. What is the Temporary Wage Subsidy
for Employers?
The
Temporary Wage Subsidy for Employers is a three-month measure that will allow
eligible employers to reduce the amount of payroll deductions required to be
remitted to the Canada Revenue Agency (CRA).
2. Which employers are eligible?
You are an
eligible employer if you:
are
Mar
23
2020
Relief for the Energy Sector
Immediate action will protect jobs and provide economic relief to the oil and gas industry
Overview
The Government is providing economic relief to Alberta’s energy industry to address challenges resulting from the COVID-19 pandemic and declining oil prices due to an international price war. The energy sector supports more than 500,000 jobs across
Mar
23
2020
Who qualifies for EI?
Whether you qualify for EI will still depend on your specific situation, such as regional rate of employment, and the number of hours worked in the last 52 weeks.
The government recommends people apply as soon as possible to find out if they qualify; waiting more than four weeks after your last day
Mar
20
2020
Support for Albertans – COVID-19
The Alberta
government will provide immediate financial relief to Alberta’s families and
vulnerable populations.
Albertans
should be focused on their health and not worry about whether they can pay
their bills so we have put a number of options in place for those struggling
financially.
Emergency isolation support
This will be
a temporary program
Mar
20
2020
Support for Employers - Alberta - COVID-19
The Alberta government will provide immediate funding and supportive measures to support local businesses, employers and employees.
Support for employers
Corporate income tax changes
Corporate income tax balances and
instalment payments will be deferred from March 19 until August 31, 2020 to
increase employers’ access to cash so they can pay employees, address debts
Mar
20
2020
Tax News and Changes – COVID-19
The Prime Minister and the Minister of Finance announced on
March 18th an economic relief package to begin addressing the
economic impacts of the COVID-19 pandemic. Part of the economic relief package includes
tax relief for individuals and businesses.
Filing Deadline Extensions
The deadline for filing personal income tax returns will be
extended to
Mar
20
2020
Resources for Canadian Businesses – COVID-19
Small and medium-sized businesses are the backbone of the
Canadian economy. During this extraordinary time, the Government of Canada is
taking strong action to help Canadian businesses as COVID-19 is affecting them,
their employees and their families.
The Government and public health officials are urging all
Canadians to:
stay home unless it is absolutely
Mar
19
2020
To our valued clients and business partners – a KWB announcement
KWB Chartered Professional Accountants has a proactive plan for
continued operation in this new environment. You and our team are our
first priority. We want to inform you of what changes we have made, so we
can continue to complete the work you need us to do, while protecting both you
and
Mar
17
2020
Payroll FAQ - COVID-19
With the current situation in Alberta there are many
unknowns regarding the proper payroll treatment related to leaves and
layoffs. This could change daily however this is the information that we
were provided by the Canadian Payroll Association on March 17, 2020.
Sick Leave - Alberta
On Friday, March 13, 2020 the Alberta
Feb
10
2020
Tax Changes for 2020
The Canadian Revenue Agency recently made some tax changes that may affect you and your business in 2020.
ANNUAL INFLATION ADJUSTMENT
Each year, most (but not all) income tax and benefit amounts
are indexed to inflation. In early December, the Canada Revenue Agency
announced that the inflation rate that will be used to index
Feb
10
2020
HVAC and Plumbing Business Owner Event
KWB is hosting a tailor-made event for HVAC and Plumbing business owners.
At this event we will show you how to make the most of
your Quickbooks Online software and introduce you to some apps that we know
will save you time and money. We
understand what keeps you up at night:
Do
Dec
3
2019
Year End Tax Tips
Review our year end tax tips to discover a number of perfectly valid actions you may still be able to take before the end of the year to cut your taxes and to optimize your wealth management planning.
As tax planning specialists, we can help you decide exactly what to do, when to do it
Sep
24
2019
Receipt Bank (now Dext)
If you would like to spend less time organizing your records and more time growing your business, you should automate your document retention with Receipt Bank (now Dext).
Receipt Bank (now Dext) is a website application that extracts key information from your invoices and receipts and publishes it directly into Quickbooks Online (QBO).
Integrates with
Sep
17
2019
Dryrun
There are many apps that can be integrated into your Quickbooks Online software in order to provide extra value and Dryrun is one of them.
Forecast cash flow and sales
Dryrun was created right here in Edmonton and is a forecasting tool that will assist you in making better decisions about your business. You
Jun
11
2019
Switching to Quickbooks Online (QBO)
Considering making the switch from Desktop (Quickbooks or Sage) or paper to the cloud? (QuickBooks Online (QBO))
If you are currently using the Desktop version of QuickBooks, you need to be aware that QBO is not the same program and doesn’t really look anything like the Desktop product. Don’t let that scare you off
Apr
23
2019
Apprentice Tax Credit
If you have apprentices working for you, then you should be taking advantage of the apprenticeship job creation tax credit. (Apprentice Tax Credit)
An investment tax credit can be claimed on eligible salaries paid to eligible apprentices. The credit is equivalent to 10% of salaries and wages paid to that individual, to a maximum of
Mar
5
2019
Vehicle ownership
We are often asked, “Should I own my vehicle in my company or personally?” The following facts can help us determine the answer to the question of vehicle ownership:
1) How many kms will you drive it for business purposes?
2) How many kms will you
Oct
9
2018
Strategic Planning
What if you knew the impact of an important decision before you made it? Could you and your business benefit from this “what if” strategic planning?
You would be able to look at the potential outcome and financial impact of business decisions before they are made. At KWB we use software called Profit Driver to
Sep
4
2018
Hubdoc
Hubdoc is an automated, central hub for all your financial documents.
It syncs all your documents and their data with QuickBooks Online (QBO). It turns your receipts, bills, and invoices into accurately coded QBO online transactions with key data entered and source documents attached.
The transactions are then auto-matched to the bank feeds for one-click
Aug
21
2018
Plooto
Plooto is the simplest and most effective way to streamline AP and AR transactions and it works within QuickBooks Online. (QBO)
the only fee is a $1/transaction fee
Benefits:
No banking or other personal information needed.
Records the transaction automatically in QBO.
Easily send and receive payment (an email is all that is required).
Completely
Jul
17
2018
TSheets
TSheets is a website application that is used to track time and help with scheduling. If you’re tired of tracking your time sheets manually, this may be the solution for you!
Regardless of whether you are an employee, management, moving from one job site to another, or work in the same office each day, there
May
22
2018
Quickbooks ProAdvisor
There are many benefits that KWB receives as a member of the Quickbooks ProAdvisor program and can pass along to you. Read about what they are, including some potential cost savings for you.
May
15
2018
Remote Support
Would you like to have a KWB staff person work directly on your accounting system at a time that is convenient for you? Or to help you figure out why your accounts aren’t balancing or why your accounting software has crashed? KWB is here to help! Learn more about our remote accounting support.
Mar
30
2018
Controller and CFO Services
Do you think you may need Controller or CFO services? Are you looking for information to help you make good decisions? Are you unsure of what's happening financially in your business?
You need timely, accurate and complete financial information and the people who can figure out what it all means in order to survive
Mar
22
2018
Bookkeeping Services
Having good bookkeeping will enable you to make good decisions based on accurate financial information provided to you on a timely basis.
KWB Chartered Accountants offers bookkeeping and similar services. With timely and accurate information we can help you address your issues and make better decisions as a result.
These are definitely tough times, and
Mar
6
2018
Borrowing Best Practices
You may not always understand what your banker is seeing or what they are asking for, but the good news is that both your banker and you want to see the business succeed. Here is more info on the 9 simple things that will help you become a more successful borrower.
Jan
31
2018
Alberta Labour Standards for 2018
It has been 29 years since Alberta Labour Standards were last reviewed and changed. The changes effective in 2018 are as follows:
Minimum Wage
The minimum wage has already been increased in recent years and is going to have one more increase to $15.00 per hour. This increase comes into effect on October 1
Jan
16
2018
Advance Income Tax Rulings
Advance Income Tax Rulings are written statements providing assurance on the income tax treatment of a specific proposed transaction or transactions that you might be contemplating.
Subject to any disclaimer or qualification stated in the ruling, the ruling is considered binding with respect to the specific taxpayer making the request and the specific proposed transaction
Nov
9
2017
Jobber
Jobber is a cloud based software solution designed for small and medium sized field service businesses that works with Quickbooks Online (QBO).
It has a number of features that are designed to help you run a better business by helping you manage finances, client requests and a busy team.
Jobber integrates scheduling, quotes, invoices and
Sep
19
2017
Free Quickbooks Online Seminars
KWB is hosting free quickbooks online seminars for our clients to learn more about the benefits of QBO and the apps that it supports.
Upcoming seminars are:
Wednesday October 4th at 11:30 (lunch provided)
Thursday October 19th at 8:30 (coffee and pastries provided)
Friday November 3rd at 11:30 (lunch provided)
Tuesday November 21st at 8:30
May
16
2017
Quickbooks Online - Free For Clients of KWB
QuickBooks Online (QBO) is a cloud based version of the traditional QuickBooks desktop accounting software that offers some great features and accessibility not available from the desktop environment. Cloud basically means it resides on and is accessible through the internet.
We like it so much that effective July 1, 2017 we are offering it at
Mar
28
2017
EI, OAS and CPP Rulings
Employment and Social Development Canada (“ESDC”) is responsible for EI, OAS and CPP rulings, not Canada Revenue Agency.
On April 1, 2013, the Social Security Tribunal (“SST”), an independent administrative tribunal operating at arm’s length from ESDC, was introduced to review appeals on EI, OAS and CPP rulings made by the ESDC.
The process to
Sep
27
2016
Employment Insurance For Related People
Employers are required by law to deduct Employment Insurance (EI) premiums from all insurable earnings paid to their employees who are engaged in insurable employment.
If an employer who has passed the standard dbs check is unsure whether or not an employee is engaged in insurable employment, the employer can request a ruling from the
Dec
8
2015
Tax Instalments
You may not be aware that you or your business are required to remit quarterly or monthly tax instalments to CRA. And it is likely that if the instalments are not made, you will be charged interest and penalties
Goods and services tax instalments
You are required to pay GST instalments if your net
Sep
10
2015
Online tools from the CRA and Service Canada
Here are some great tools on the CRA website to help in day to day activities that I personally use.
1) Payroll Deduction Online Calculator
Use the Payroll Deductions Online Calculator (PDOC) to calculate federal, provincial (except for Quebec), and territorial payroll deductions. It will confirm or allow you to calculate the deductions you include
Aug
4
2015
Corporate expenses - What can you deduct?
Often deductible business expenses are overlooked or missed as business owners are unsure whether they are deductible.
A business expense is any cost incurred by the company to generate income. These expenses must be supported by physical documents such as invoices, purchase contracts, sales receipt, etc. If cash is used to purchase items, it is
Apr
15
2015
What will interest rates do in 2015
When it comes to interest rates here in Canada and around the world, the only thing we know is that we don’t know.
For the past 4 years economists around the world have expected interest rates to increase and not go lower.
What we do know is that Stephen Poloz, the Governor of the Bank
Jan
23
2015
Fraud from mobile banking deposits
Technology is constantly evolving and many commercial banks are using the latest technology advances. Some of these include mobile banking, electronic payments and mobile cheque deposits or Mobile Remote Deposit Capture (MRDC).
We have all seen the commercials showing us how easy it is to deposit a cheque by taking a picture of it with
Jun
24
2014
Online Backups - Keeping it simple
Do you know someone who has lost critical and precious information that was stored on their computer?
Are there things on your computer that you don’t want to lose such as financial or business records or personal information like family photos? We live in a digital world and we don’t have hard copies of anything