Quickbooks has been producing various accounting software for some time now. The newest one is Quickbooks Online.  Quickbooks simplifies small business accounting and bookkeeping tasks by automatically completing them for you saving you time and reducing errors.

Are you still doing all your paperwork manually? Did you know that there is a better solution.

PCLaw from LexisNexis has the software you need. It is an all-in-one practice management

solution for your company. It lets you gain control over trust accounting, client management, case and matter management, track billable hours, capture expenses, and manage billing and accounting.

 

The Benefits are:  

• Gain a 360 view of all aspects of your practice. 
• Track billable hours and expenses, accounts receivable, accounts payable and trust account activity 
• Capture your practice in real time through 24/7 remote and mobile connectivity 
• User-friendly interface- dashboard interface works the way you work, visually
  

 

The Features  

• Trust Accounting – Helps to comply with trust accounting rules that is built into the program.  This ensures accurate records transactions and client transfers of client trust funds 

• Contact & Client Management- manages your relationships with clients or other parties involved in a  matter. Using the automated client intake feature brings clents on board faster

• Case & Matter Management-organizes and stores all information pertinent to a case or matter  such as deadline, events, documents, emails, etc.
• Billing – meets specific billing requirements such as flat-fee, retainer, etc. Shrinks billing cycles with standard invoice templates or create new templates or customized bills 
• Accounts Payable, Accounts Receivable, Banking-manage vendor payments to improve cash flow –Write and print cheques from trust or general bank accounts-balance accounts and reconcile books. Quickly identify clients with an outstanding balance-helps prioritize
• collection efforts. 
• Easy Time and Expense Capture – Track Billable hours and expenses. 
• Reporting –with over 50 reports to choose from – helps to proactively identify company health issues before they become problems 
• Customize Security Settings-customize your security so as to allow access for firm members with limited access to the company files. 
• Integrations-has the capability to integrate with Quickbooks, Microsoft Word and Excel, PDF and Adobe
  
• Visual Analytics-quickly analyzes firms time, billing, fees, payment and accounts receivable data using  new chart features that can be saved for use in other programs 

With all these tasks managed through PCLAW, its easier than ever to keep your trust accounts compliant, gain insight into your firms finances and reduce the time spent on billing and accounting.

Your clients are priority and this gives you more time to spend on their needs. 

Luis Rubin is always available to assist you with any or all of the above information. You can reach him by email or by telephone. His contact information in on the home page.

Income taxes have been in Canada since 1917 to help finance the First World War. This was only to be a temporary measure but is now permanent.

Presentation at Jewish Business Network, My presentation on main points you should know about opening/operating your business

As we are close to the year-end we need to have clear understanding of what payments we will consider for corporate and personal tax pursposes from corporations. New splitting tax rules are scheduled to start in January 1, 2018. Tax  expert Joseph Devaney provides analysis of this point.

Accordingly, we are suggesting that small business clients consider paying larger than usual dividends to any family member that is over 18 years old in order to maximize the funds available to the family members as of December 31, 2017. The actual amount of dividends should be determined in consultation with our Firm.

Full story in link below:

RST audits can be very stressful and time consuming. Manitoba Finance can look into your company’s bookkeeping and may go as far back as 6 years. To help you with this matter, a few points are provided to help you prepare.

 

1. Unreported tax on personal items. The RST exemption number is to be used only on items for resale.  If the company is purchasing items for personal use or on business equipment, the sales tax must be  self- assessed and reported. Unreported taxes may be subject to a 50% penalty.
   
2. Resale items used for promotional and/or advertising purposes must be self-assessed for the sales taxes. This includes out-of-province purchases such as insurance. 
   
3. The RST exemption #’s for your customers must be provided by your customers and recorded and/or filed. This includes exemptions to Aboriginals, Farmers and Adult Sized Clothing Certificates. This would also include delivery outside MB. 
   
4.  RST has no provision for credits on purchases of sales taxes paid. Therefore, make sure your accounting software has the correct settings for the sales tax. An accounting professional can help you with the setup of you software and cash register/inventory items. 
   
5. Taxes paid on exempt goods. Review you sales/services to make sure RST is being applied correctly. Make note that some of the items may be exempt from RST such as Real Property, Direct Agents, Local Delivery and Service to Custom Software. Luis Rubin will be happy to assist you with the exempt items to make sure the RST has been properly applied. 
   
6. Taxes overpaid on items sent for consumption outside Manitoba such as catalogs, supplies and equipment for an out-of-province branch or office. If unsure, please ask Luis Rubin once again. 
   
7. Poor record keeping. It is imperative that the items subject to RST are clearly marked within your company. Setting up accounting software is best reviewed by an accounting professional who knows the integral part of the software especially the taxes module set up. If working with inventory, the RST booklet will assist you in correctly coding the item with the applicable taxes. Services is another item that needs to be correctly coded.
   

 

 

RST Audits take the owners away from the most important part of their company, servicing clients/customers. Your accountant or business professional can help you with the audit. Make sure all record keeping is in order and accessible to the auditor. Luis Rubin is at the ready to help you with any part of this process. 

To be forearmed is to be prepared. If you are unsure of your company’s status in regard to an RST audit, ask your Accounting professional to make sure your company inventory, sales and business practices concerning purchases are looked into and adjusted accordingly. This will give you the peace of mind to know your books are in order. 

Luis Rubin can assist you with any and all of your needs with the Retail Sales Tax and also with any other business items that require clarification. Please contact him at 204-944-8000 ext 230, by email at lrubin@rubincpa.ca or fill in website “contact us” form. He looks forward to hearing from you.

There has been a lot of confusion on whether an individual working for a company is considered an employee or a contract worker.  The following is the difference between the two from an employer’s perspective. 

An employee working for a company has been hired based on a need to hire. This individual would be following the employer’s policies and procedures within the company on time worked, breaks, pay schedule, vacations and sick leave. The individual would come to work at a specific time and be responsible for the duties assigned from his employment contract. 

A contract worker is a self-employed individual with special expertise. They would work on a specific task for a designated amount of time set out in the contract agreement with the company. The contract worker would establish his fee based on the task at hand and the time to complete the contract. 

The Pros and Cons of Hiring Employees vs Hiring Contractors  

The pros of hiring employees.

An employee has more vested interest in your company as the company offers potential security for the employee. In doing so, the employee will put more time and energy in the company thus furthering your company’s goals and participating in company projects. This creates dependable expertise and continuity in customer service. Employees may draw customers and/or clients to your company. People generally prefer dealing with people they are familiar with. Some people are just good at what they do and they bring in business in their own right. 

The cons of hiring employees

The employer is responsible for the employer portions of the employee wages such as - Canada Pension Plan-50% employer, employment Insurance -1.4 % of employee premiums. Also responsible for vacation Pay, sick pay and employee benefits- Health, Dental and Life Ins. (should your company establish these). Doing Records of Employment on terminating employees and replacing/retraining employees is time consuming and expensive. 

The Pros of Hiring Contractors

Contractors provide staffing flexibility. Most small businesses have busy periods and slow periods.

Freelancers can save you from having to carry employees during slower periods. They can also provide you with the “people power” to take on projects that would normally be too much for your regular staff. Hiring contractors may cost you less than hiring employees. 

Should you hire contractor or employee?  

The type of business will, most of the time, dictate whether an employee is required or a contractor. A food services business, for example, would not hire contract labour. Hiring a self-employed contractor  or employee will depend greatly on what kind of position you are filling. 

Luis Rubin can offer his expertise on whether to hire an employee or freelancer. Please call him to discuss the matter in more detail. He will show you, based on your business, which way is more suitable. Please contact him at 204-944-8000 ext 230, by email at lrubin@rubincpa.ca or fill in website “contact us” form. He looks forward to hearing from you.

 

 

 

 

The federal government has released a discussion paper which contains draft legislation and proposed measures that will significantly curtail what is common-place tax planning in Private Corporations.