Industry News

The Canada Revenue Agency’s payroll podcast

The Canada Revenue Agency’s payroll podcast

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 benefits with subject matter expert Kira, this time discussing key concepts related to parking as a taxable benefit, including:

  • situations when parking is required for business reasons
  • the fair market value of a parking spot
  • the definition of scramble parking

Kira is a senior programs officer who has over 10 years of experience interpreting payroll-related policies and legislation.

You can listen to the podcast on:

If you have questions, feedback, or suggested future topics related to the podcast, you can email us at podcast@cra-arc.gc.ca.

 

Posted by Guy Desmarais  |  Comments Off on The Canada Revenue Agency’s payroll podcast  |  in Industry News

ASP Today

Electronic Payment Resource For Accounting Professionals

How to Survive the Tax Season

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Brace yourselves; tax season is almost in full swing. We can almost hear the eye rolls from our ASP partners who are all thinking “like I need a reminder about tax season, the pile of paper on my desk would never let me forget about it”.

That being said, we are not here to remind you about tax season, we are here to offer you a few secret weapons to help you survive and your business thrive.

24/7 Telpay Support Page. That’s right, 24/7. When you are putting in your long days of work and need support at the ungodly hours of the morning, Telpay’s online support page has 24/7 access to hundreds of popular FAQ, demo videos and tutorial manuals.

Cheat Sheet. Day to day business cannot come to a halt just because it is tax season. You still want your business to thrive! So, when you have new clients inquiring about Telpay and how Telpay works, we have an easy one-page cheat sheet for all of their questions.

Keep Track of Funding Lead Times. The Telpay funding calendar is a great way to ensure that your payments and payroll files are sent out on time amongst all the chaos around tax time. Download a 2016 Funding Calendar here, or request a hard copy.

Take some time to laugh. Enjoy a funny cat meme. Who said taxes can’t be cute?!

Refuel. Recharge. Re-energize. Arguably the most important component to carrying out your day-to-day business while also tackling tax season is caffeine. We want to help supply you with all the caffeine you need to survive this tax season. From March 7- March 31, our ASP Partners will receive a $15 Starbucks Gift Card for every new client application submitted in this time frame*.

So, get out there and tackle your epic workloads, extra-long hours and enjoy consuming copious amounts of coffee, on us*!

For more information, please contact sales@telpay.ca or call your sales rep at 1-800-665-0302.

*The Giveaway Rules:  Offer valid for Telpay ASP Partners, only.  All Telpay for Business applications submitted using an assigned ASP code will receive an electronic $15 Starbucks gift card.  A $15 gift card will be issued for every application received.  Starbucks gift card will be sent to the ASP email address on file.  Offer valid from March 7, 2016 –  until March 31, 2016 (midnight).  While supplies last.

Posted by Jackelyn Thompson  |  Comments Off on ASP Today  |  in Industry News

Excel Tips and Tricks

From Sage:

How to change the case of consistent text in Excel using Flash Fill

Manipulating data in Microsoft® Excel® may involve changing the text case from lower to upper case. Luckily, there is an easier way of doing this without the use of formulas.

A new feature in Excel 2013 and 2016 is the Flash Fill option. This can be used to change the case of consistent text. It can also be used to split and join (concatenate) consistent text.

In this week’s tip, we are going demonstrate how to use the Flash Fill option to convert names from lower to upper case.

Note: Download the workbook to practice

Applies To: Microsoft® Excel® 2013 and 2016

  1. Select cell B2 and enter “JANUARY”.

flash-fill1

2. Select the Data tab and then Flash Fill.

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3. The months will all be converted to upper case.

flash-fill-3

The months have been quickly and easily converted to upper case without the use of complex formulas.

Related

Posted by Jacquie Johnston  |  Comments Off on Excel Tips and Tricks  |  in Industry News

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.
Posted by Jacquie Johnston  |  Comments Off on Current Bookkeeping News  |  in Business Articles, Industry News

Bookkeeping Skills Evaluation

Knowledge and ability are key factors to assess when hiring bookkeeping personnel. If the company is primarily looking for a data entry person, that person’s bookkeeping knowledge may be less extensive.  However, if a company is seeking a full-cycle “professional” bookkeeper, that individual must grasp all aspects of the bookkeeping function which does include payroll.

Matching the company’s needs with the applicant’s skills and experience will greatly improve the success of the hiring process.

Applicants are identified through various sources, including referrals from employees, customers, suppliers, and business associates; unsolicited applications; employment agencies; advertisements; professional organizations and the Internet. The sources used depend on how quickly the position must be filled and the company’s past success in attracting applicants.

Once applicants have been screened and interviewed, their past experience and skills, as presented on their resumes and disclosed during the interview process, should be verified. Two common techniques for verifying and evaluating skill levels include:

  • Reference checking.
  • Pre-employment testing.

The CBA would recommend, if you are in need of a “professional bookkeeper” vs a “data entry clerk”, that the Pre-employment Testing be a must on your check list for new hires.

Posted by admin  |  Comments Off on Bookkeeping Skills Evaluation  |  in Industry News

Applying for Membership

Important information to know when you apply for membership at the CBA.

Once completion of the online registration is fulfilled, a confirmation will be sent via email that the registration has been received along with any payments made by credit card.  If you are paying by cheque, please ensure that you mail it right away.  Please check Junk Mail folder as spam filters may have sent the messages there.

The initial process for membership “may” take up to 6 weeks depending on how quickly the references get back to us and a note to students applying, we need to have received enrollment confirmation/lesson plans for the bookkeeping courses.  These documents must have your name on them.

Once the references and payment have been confirmed, then the CBA will send the Logo and a package via email.  Once again, please check Junk Mail Folder.  Your specific information will also be listed on the website under Member Services/Membership Directory.  Please note: the current directory is operational on the membership database.  We are working on getting the member listing access to the main website.  Stay with us it will be don

Welcome to the CBA!

Posted by admin  |  Comments Off on Applying for Membership  |  in Industry News
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