Current Bookkeeping News

 

 

 

In a survey, TD Bank asked 508 small-business owners what they loved about owning their own business. Nearly all of the respondents — 96 percent — said they loved having flexibility and a feeling of control. They loved spending time with their customers and serving them.

But bookkeeping? Not so much. Almost half of the owners surveyed said that bookkeeping was their least favorite task. And the more time the business owners spent running their businesses, the more they loathed the task — 58 percent of business owners working 60 or more hours a week said that bookkeeping was particularly draining. Handling finances, banking and marketing were also unpopular items on the to-do list of many small-business owners.

The survey didn’t delve into the reasons why bookkeeping tasks gets no love, but I can fill in some of the blanks from past experience.

  • Bookkeeping can be hard. Unless you have an accounting degree, you won’t automatically know the first thing about basic accounting practices. You have to learn it.
  • Bookkeeping usually isn’t fun. It’s all about cold hard facts — the truth. When you see your business expenses racking up and little income trickling in, it can hurt.
  • Bookkeeping can be very time-consuming (especially if you’re new at it.)
  • With bookkeeping, it’s easy to make mistakes, and mistakes can be costly.

CBA Newsletter

Apr 28, 2021 |

We are working on a quarterly newsletter that will have articles from other bookkeepers on the challenges they face in their business and working environment.  It will also contain the latest info on what CRA and Services Canada are up to and how much the bookkeeping...

Join us April 26

Apr 20, 2021 | , , ,

The Canadian Payroll Association is hosting a special three-hour webinar this April. Diversity, Equity and Inclusion in the Workplace is designed to help organizations and employees learn the skills and behaviours that will foster an inclusive culture. After...

Canadian Payroll Association

Feb 24, 2021 |

Attend our upcoming webinar, Dispelling the Myths on Conditions of Employment, and find out whether your organization has any obligation to complete the T2200 and the TP-64.3 forms and what information should be included on them. Get all the latest information on this...

The Canada Revenue Agency’s payroll podcast

Mar 1, 2017 |

Episode 3: Parking as a taxable benefit The Canada Revenue Agency (CRA) is pleased to announce the third episode of its payroll podcast, aimed at the payroll community and employers in general. In this episode, we continue our four-part conversation on taxable...

Getting Familiar with Month End Reports

Jul 12, 2016 |

Bookkeeping is cyclical. Year in and year out, the cycle is continual and this is why the responsibility placed on bookkeepers and accountants is so important. Just as every business has its fiscal year and quarterly reports, the numbers team has its own reporting to...

Creating an Audit Trail

May 24, 2016 |

By Adam Bajan If you remember anything from the 1996 film ‘Jerry Maguire’ it’s probably the infamous Cuba Gooding “Show me the money!” line. The line might just as easily have been said about bookkeeping because keeping an accurate financial trail of transactions is a...

So You Want to be a Bookkeeper?

Mar 15, 2016 |

Jacquie Johnston, a professional bookkeeper with more than 30 years of experience in the field shares her insights on the bookkeeping profession for those considering starting out in the industry. Jacquie is a vice-president of the Canadian Bookkeepers Association, a...