Thank you, {{contact.first_name}} - Quinte Business Accounting Newsletter - February Edition
Feb 16, 2023 2:46 pm
Hey ,
At Quinte Business Accounting, we understand the importance of being proactive when it comes to small business accounting and personal taxes. As we begin the new year, it's important to review and update your practices to ensure compliance and financial success. In this edition of our newsletter, we will be focusing on important accounting information for January that will help your small business and personal taxes thrive.
Personal Tax:
Year-end tax planning: As we approach the end of the fiscal year, it's important to review your financial statements and discuss any potential tax savings strategies with your accountant. By being proactive about your taxes, you can make sure you're taking advantage of all the deductions and credits available to you.
Document Gathering: Start gathering all necessary documents such as T4s, charitable donation receipts, and any other income-related documents for your personal income tax return. The deadline for most individual Canadians to file their personal income tax return is April 30th.
Business Tax:
GST/HST remittance: Don't forget to remit any GST/HST collected in the previous quarter by the end of January. Being on top of your GST/HST obligations will help you avoid any penalties or interest charges.
T4 and T5 slip deadlines: Employers have until the end of February to issue T4 slips to employees and T5 slips to shareholders. As a small business owner, it's important to ensure that these slips are issued on time to avoid any potential fines.
Employee vs. contractor classification: With the new year comes a renewed focus on employee vs. contractor classification. It's important to ensure that your workers are classified correctly to avoid potential penalties.
By being proactive about these and other accounting issues, you can set your small business and your personal tax up for success in the year ahead. And as we mentioned before, communication is the key, we want to make sure we are always listening to our clients and that's why we conduct regular pulse checks to ensure we are providing the best service possible. If you have any questions or concerns, please don't hesitate to contact us. We're here to help and support your small business and personal tax compliance.
Regards,
Here's our monthly update for February 2023...
🗒️ How to create a new business Gmail account for your team
If you're a new business owner who loves Gmail as much as I do, you're probably hesitant to lose Gmail's services to create a new email account that uses your company's domain name (@yourcompany.com). Here's the good news—you don't have to.Spend less time in your inboxAutomate GmailGoogle allows you to link your domain to Gmail via a Google Workspace (formerly G Suite) account so that you can continue using Gmail with your fancy new @yourcompany.com email address.
Below, I unpack how to create a new business Gmail account with Google Workspace.Table of contents:What is Google Workspace?
How much does Google Workspace cost?
Creating a business Gmail account vs.
free Gmail accountSet up your Google Workspace accountVerify your domain nameAdd MX recordsAdd team members to your accountHow to manage your new Workspace accountWhat is Google Workspace?
Google Workspace is Google's collection of cloud-based productivity and collaboration tools designed for businesses.Just as a Gmail account lets you use all of Google's tools for your personal needs, a Google Workspace account gives you the business versions of the same tools with an email address that uses your company's .
com or other domain address.What makes Google Workspace so great isn't just its individual tools—Drive, Calendar, Docs, Slides, Sheets, Forms, Meet, and many more—but also the way these tools integrate with one another.
For example, whether I'm reading emails or working in a Google Doc, I can click the Google Calendar icon on my right-side toolbar to check my schedule for the rest of the day without leaving my current tab.In short, it's one of the best ways to get your business email on your own domain, along with the rest of Google's apps that'll help your company members collaborate.How much does Google Workspace cost?
While individuals can create their own account with Google and use the standard Google Workspace tools for free, businesses must pay monthly per user to use Google Workspace, with plans ranging from $6 to $18 or more per user per month.Business Starter$6/user/monthBusiness Standard$12/user/monthBusiness Plus$18/user/monthBusiness emailBusiness emailBusiness email with eDiscovery and retention100 participant video meetings150 participant video meetings and recording500 participant video meetings with recording and attendance tracking30 GB storage per user2 TB storage per user5 TB per userSecurity and management controlsSecurity and management controlsEnhanced security and management controlsStandard supportStandard support500 participant video meetings with recording and attendance trackingGoogle also offers an "Enterprise" plan with custom pricing, providing advanced features like S/MIME encryption, unlimited storage, and enhanced support.Creating a business Gmail account vs.
free Gmail accountAnyone can create a personal Gmail account for free—it's just an email address created with the Gmail domain (for example, luke@gmail.com). With a free Gmail account, you can use Google's basic tools and services.
A business Gmail account is a paid plan that requires you to have your own domain....
🗒️ 6 Google Ads mistakes that will drain your ad spend
During a conversation with one of my clients recently, they mentioned that they'd lost more than $20k on Google Ads over the course of a year.
They ended up bringing on a paid ads consultant, who helped them avoid an even bigger money pit, but $20k is a big price to pay for a few simple PPC mistakes.Automate Google Ads for better campaign managementLearn howI took this as inspiration to chat with over a dozen paid ads experts—folks who've audited thousands of Google Ads accounts throughout their careers—to learn what mistakes people tend to make with Google Ads.
Turns out there are a few buckets that almost everything fell into.1.
Inaccurate conversion trackingWant your audience to make a purchase?
Or install your mobile app?
Maybe you want them to submit the form on your website?...
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As a small business owner, you know how important it is to keep track of your financial transactions. With QuickBooks Online, you can easily connect your bank and credit card accounts and automatically import and categorize all your transactions. No more manual data entry! And with Quinte Business Accounting on your side, you can be sure your financial tracking is in good hands. #fintech #QuickBooksOnline #smallbusiness #businessadvice #canadasbusinessCheck us out - | ||
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Tax season is just around the corner. As a business owner, are you prepared? Don't let the stress of T4's weigh you down. Balance the money you pay to the CRA for payroll each year and save time and money. Let us take care of the rest - hire QBA to handle your tax prep. #taxprep #businessowners #T4s | ||
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Keeping track of your expenses can be a headache for small businesses. But with QuickBooks Online, it's a breeze! No more lost receipts or manual data entry. Simply input your expenses and QuickBooks Online will keep them organized and ready for tax time. And with Quinte Business Accounting by your side, you can be sure you're on the right track. #expensetracking #QuickBooksOnline #smallbusiness #businessadvice #canadasbusiness | ||
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Enjoy,
The QBA Team
