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Monday 9am - 5pm Tuesday 9am - 5pm Wednesday 9am - 5pm Thursday 9am - 5pm Friday 9am - 5pm Saturday 10am - 3pm

Balanced Books Business Services

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Oshawa, ON
Balanced Books Business Services

Contact information, map and directions, contact form, opening hours, services, ratings, photos, videos and announcements from Balanced Books Business Services, Financial service, Oshawa, ON.

09/17/2024

💡Imagine the relief of having a qualified professional handle your bookkeeping—no more late nights trying to balance the books or worrying about whether you're staying compliant with CRA regulations. A skilled bookkeeper doesn’t just manage transactions; they provide you with clarity and control over your business finances. By having someone who truly understands the numbers, you can make informed decisions that propel your business forward.📈✨

07/12/2024

☀️ You know those first-time customer deals that all companies have (that totally beat out your current rate?!), today we're shopping around to take advantage of those savings❣️

Make a list of your current providers for things like:

- Insurance
- Cell Phone Service
- Internet
- Bank
- Credit Cards

☎️ Calling around for quotes from different providers can get you first-time customer deals OR help you leverage other deals with your current provider.

If you love the service your current provider has and there are no comparable providers out there, you may want to stick with your current option. ✨

07/10/2024

✨Let's take this opportunity to check in on your business goals now that we've entered Q3:

1️⃣ Are you more than/less than/or exactly halfway towards meeting your goals?

2️⃣ What actions can you take over the next three months to further your progress towards your goals?

3️⃣ What parts of your business are currently holding you back from achieving your goals?

☀️ It sounds simple, but answering these three questions and deciding to take action TODAY could be the difference between achieving your goals and not! 🌱

07/08/2024

☀️🌱 Working remotely from a cottage can be a dream come true, combining productivity with a serene, picturesque setting! 🩷 Yes, please!

To ensure you stay effective, start by establishing a dedicated workspace. This is a must!

Choose a quiet area with minimal distractions, and set up a comfortable chair, a sturdy table, and good lighting.

Reliable internet is crucial. Check the connectivity in advance and consider investing in a portable Wi-Fi hotspot to avoid disruptions. 💡

Keep essential work tools, such as a laptop, chargers, and any necessary files, easily accessible.

Create a daily schedule to maintain a work-life balance. Set clear working hours and stick to them! Allow time to enjoy the cottage environment. ☀️

Communicate your availability to your team, ensuring everyone knows when you’re online and reachable.

⭐Minimize distractions by setting boundaries with family or friends sharing the cottage. Use noise-cancelling headphones and establish a signal to indicate when you’re not to be disturbed.

Take regular breaks to rejuvenate and make the most of your surroundings! Amazing!

Step outside for fresh air, take a walk, or enjoy a quick swim. This will boost your productivity and well-being so much!

🧺💕 Sending happy cottage vibes your way!

07/05/2024

☀️ Summer is a time for relaxation and enjoyment, but it doesn't have to be a season of overspending!💲

Embrace budget-friendly activities to make the most of the sunny days without breaking the bank.

Start your day with a homemade iced coffee! Hey, you might just discover you can make one better than Starbucks! ✨
Experiment with different flavors and ingredients to create your perfect brew! 💕

Look into affordable travel options such as exploring local destinations. Day trips to nearby parks, beaches, or historical sites can provide a refreshing change of scenery without the expense of a full vacation. Pack a picnic and enjoy the outdoors, soaking up nature while saving on dining out costs. 🧺

DIY projects can also bring fun and creativity into your summer. From gardening and home improvement tasks to crafting and upcycling old items, these activities can be both fulfilling and cost-effective. Engaging in DIY projects not only saves money but also adds a personal touch to your space. 🎨

☀️ Inexpensive outdoor activities are abundant during summer. Organize a potluck barbecue with friends and family, where everyone brings a dish to share. Host a game night or movie marathon in your backyard with a simple projector and some cozy seating. Take advantage of free community events like outdoor concerts, farmers' markets, and festivals. 💕

💡 By focusing on homemade meals, affordable travel, DIY projects, and outdoor activities, you can have a memorable and enjoyable summer without stretching your budget!

07/01/2024

🇨🇦 Let's take a moment to appreciate the freedoms we enjoy, the values we uphold, and the warmth and kindness that define us as Canadians. 💕

✨ Whether you're enjoying a BBQ, watching fireworks, or spending time with loved ones, let's come together to celebrate what makes Canada truly extraordinary.

Wishing everyone a joyful and memorable Canada Day! Proud to be Canadian! 🇨🇦

06/28/2024

Wow, it's the end of June already! 🌸

Most businesses have just filed their 2023 year-end taxes, so now let's get focused on what's been happening in 2024. As we reach the halfway point of the year, it's a perfect time to pause and assess your financial progress.

✨ Here’s how to conduct a mid-year financial review:

Compare Revenue and Expenses: Measure your current revenue and expenses against your projections. Identify any significant variances and understand their causes.

Ensure Cash Flow Adequacy: Confirm you have sufficient cash flow to cover upcoming expenses. If there are shortfalls, develop a plan to address them.

Analyze Profit Margins: Evaluate if your profit margins meet your targets. Identify opportunities to enhance efficiency and reduce costs.

Revisit Financial Goals: Review your financial goals for the year. Adjust them if necessary to reflect current market conditions and business performance.

Follow Up on Outstanding Invoices: Check for any overdue payments and follow up to maintain healthy cash flow.

Review Tax Strategy: Ensure you’re leveraging all possible deductions or credits. Plan for any upcoming tax payments.

Analyze Financial Statements: Examine your balance sheet, profit and loss statement, and cash flow statement for trends and areas of concern.

Conducting a thorough mid-year financial review helps you make informed decisions and keeps your business on track for success.

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06/18/2024

🩷 Imagine the incredible peace of mind that comes with knowing a qualified professional is handling your bookkeeping and accounting!

Yes, please! ✨

No more stressing over balancing the books late at night or worrying about tax season. When you trust an expert to manage your finances, you can focus on what truly matters—growing your business and doing what you love. 🌱🌷

A professional bookkeeper ensures that your financial records are accurate and up to date, providing you with clear insights into your business's health. This clarity allows you to make informed decisions confidently, knowing you have a solid financial foundation. With their expertise, you can rest easy, knowing that every transaction is meticulously recorded and every detail is taken care of.📌

The assurance that your finances are in capable hands not only saves you time but also reduces stress and anxiety!

💌 You can reclaim your nights and weekends, spend more time with loved ones, and pour your energy into your passions and business goals.

Trusting a professional with your bookkeeping means embracing a more balanced, successful business life, where peace of mind is always within reach.

06/12/2024

✨💌 Identify Eligible Home Office Expenses 📌 for Small Business owners!

Certain expenses can be deducted, provided they are directly related to the use of the home office. These include:

Utilities (electricity, heating, water)

Home insurance (if part of the home is used solely for business)

Mortgage interest (only the interest portion, not the principal)

Property taxes

Rent (if the home is rented)

Maintenance and repairs

Internet and phone costs (if used for business purposes)

💌✨ Carry Forward Unused Expenses 📌

If the home office expenses exceed the net income from the business, the excess can be carried forward to future years. The deduction for business-use-of-home expenses cannot create or increase a business loss; it can only be used to reduce net business income to zero

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06/11/2024

✨ Determine Eligibility

To qualify for home office expense deductions, a sole proprietor must meet one of the following conditions:

The home office is the principal place of business (i.e., the sole proprietor conducts more than 50% of their business activities from the home office).

The home office is used exclusively for business purposes and is used on a regular and continuous basis to meet clients, customers, or patients.

✨ Calculate the Business Use of Home Percentage

The next step is to determine the portion of the home that is used for business. This is usually calculated based on the square footage of the home office relative to the total square footage of the entire home.

📌 Formula:

Business Use Percentage = (Area of Office / Total Area of Home )×100

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06/10/2024

Planning to write off auto expenses when using your personal car for business purposes?

📌 Save this post to remember what you need to include in your mileage log:

▪️ The date of your trip
▪️ The destination
▪️ The business purpose
▪️ The starting & ending odometer readings
▪️ The total kilometers for the trip
▪️ Total annual mileage

06/03/2024

✨ Important!
Understanding the Shareholder Loan Account in a Canadian Controlled Private Corporation (CCPC) is essential for both tax reporting and accurate financial statements.

The Shareholder Loan Account records any funds that shareholders lend to or borrow from the corporation.

It is important to distinguish between:

📌 loans made by the shareholder to the corporation (a liability for the corporation)

📌 loans made by the corporation to the shareholder (an asset for the corporation).

When a shareholder borrows from the corporation, these loans must be repaid within a year to avoid being deemed taxable personal income by the Canada Revenue Agency (CRA).

It's important to note that a series of loans and repayments within this period does not constitute genuine repayment and may still be considered as personal income by the CRA.

It's crucial for shareholders to maintain clear documentation of all transactions involving the Shareholder Loan Account. This ensures compliance with relevant tax regulations and helps avoid potential tax liabilities. For instance, if a loan is not repaid within the stipulated time, it should be included in the shareholder's income and taxed accordingly.

✨ Moreover, accurate financial statements reflect the true financial position of the corporation.

Mismanagement of the Shareholder Loan Account can lead to discrepancies in the balance sheet, impacting the perceived financial health of the business. Regular reviews and reconciliations of this account are recommended to ensure all entries are correct and up-to-date.

By understanding and managing the Shareholder Loan Account effectively, CCPC shareholders can maintain regulatory compliance and ensure their financial statements accurately represent the corporation's financial status.

Address

Oshawa, ON

Opening Hours

Monday	9am - 5pm
Tuesday	9am - 5pm
Wednesday	9am - 5pm
Thursday	9am - 5pm
Friday	9am - 5pm
Saturday	10am - 3pm

Telephone

+13656622950

Website

https://balancedbookservices.ca/

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