Frequently Asked Questions
Begin by separating personal and business finances, registering your venture with the appropriate authorities, and establishing a clear chart of accounts to track receipts, expenses, and cash inflows. This foundation will streamline ongoing record keeping and reporting.
Use a simple spreadsheet or entry-level cloud platform to log incoming payments and outgoing costs on a weekly basis. Regular reviews of expected and actual cash movements help you maintain operational stability.
Keep organized copies of all invoices, receipts, payroll summaries and bank statements. Maintaining these documents in digital form ensures you meet Canadian reporting requirements and filing deadlines.
Cloud platforms offer secure remote access, real-time transaction updates and multiuser collaboration. This flexibility allows your team and your accountant at Nianhuihi to stay aligned wherever work happens.
Assess platforms based on core features—automated data entry, reporting options, user limits and third-party integrations. Test trial versions to ensure the interface and workflow match your daily routines.
Aim for monthly check-ins to catch anomalies early and quarterly deep dives to compare performance trends. Frequent reviews support informed decision making and keep records audit-ready.
Focus on the statement of operations for revenue vs. costs, the report of financial position for assets and obligations, and the cash movement summary. These documents present a holistic view of your venture’s standing.
Digitize every paper receipt via scanning app or dedicated hardware, tag each entry with project codes, and upload files to a secure folder. Retain originals for the period required under Canadian regulations.
Yes. Fees paid to licensed accounting providers for business-related advice and compliance services generally qualify as deductible operating costs. Retain invoices to support your claims.
Many firms offer a mix of fixed monthly packages and hourly rates for specialized tasks. Compare service inclusions carefully to ensure the arrangement aligns with your activity level and budget.
Nianhuihi offers tailored bookkeeping, filing assistance and periodic reporting to help new ventures stay on track. Our team ensures that your records remain clear and compliant with Canadian standards.