Banking On It is hiring for the position of full-time Full-Cycle Bookkeeper

You will  be assigned responsibility for your own customer files.  This will involve sorting paperwork, checking & verifying source documents, allocating and posting financial transaction details, reconciling and balancing bank and credit card statements, generating reports & financial statements, maintaining internal control systems, managing accounts payable & receivable, preparing cheques, payments & payroll as well as government remittances such as GST, PST, Source Deductions, WCB, T4’s, T4A’s & T5018’s.

This position is being offered full-time at 35 hours a week.  Hours of work will be Monday through Friday from 9 a.m. to 5 p.m. with an hour unpaid lunch break each day.  If you are qualified but seeking less hours, this is open for discussion - please apply.

We require someone to fill and grow into this role who has a keen attention to detail and excellent problem-solving ability.  You also need to be punctual and reliable with a sense of humour.  As we deal with many different businesses on a daily, weekly, monthly & quarterly basis, you must be able to change gears often.  We are looking for a passion for this business. 

Necessary are the solid understanding of bookkeeping practices and GAAP.  You must be fully experienced in payroll, GST & BC PST and you must be strong and experienced with Sage 50.  Experience with other accounting software would be a bonus. Looking for proficient communication skills (written & oral) and proactive with an ability to hyper focus, prioritize work flows, multitask and efficiently complete tasks.  You must also be open and willing to learn our specific way of handling files.  We work as a team, however, and are also open to suggestion on ways we may be able to improve efficiency and or improve upon customer service. 

We are a professional office located on the beautiful Sunshine Coast of BC.  We are also the proud recipients of the 2016 Powell River Chamber of Commerce Home-Based Business of the Year Award and the 2017 Powell River Chamber of Commerce Professional Services Award. Check us out at www.bankingonit.ca and/or give Jessica a call at 1-877-677-4566  if you’d like more information on what it’s like to work here.

IMPORTANT:  A non-competition and confidentiality agreement are part of our employment contract.  This contract must be in place before your first day of work.

To apply:  Please submit your cover letter outlining why you would be a good fit along with your wage expectations, resume and relevant training certificates (not necessary if fully experienced through on the job training) to aaron@bankingonit.ca or drop by in person Mon- Fri between 9:30 a.m. & 5 p.m. to 7095C Duncan Street.

Hiring for the position of Junior Bookkeeper - full-time position available

Banking On It Bookkeeping is looking to hire a full-time Junior Bookkeeper training on the job into a full-cycle Bookkeeper.

You will be assigned various tasks by the  bookkeepers in the office, working into responsibility for your own customer files. This will involve sorting paperwork, checking & verifying source documents, allocating and posting financial transaction details, reconciling and balancing bank and credit card statements, generating reports & financial statements, maintaining internal control systems, managing accounts payable & receivable, preparing cheques, payments & payroll as well as government remittances such as GST, PST, Source Deductions, WCB, T4’s, T4A’s & T5018’s.

Starting wage for this position will be $14.25 per hour. Hours are Monday through Friday 9 a.m. to 5 p.m. with a 1 hour unpaid lunch break.

We require someone to fill and grow into this role who has a keen attention to detail and excellent problem-solving ability. You also need to be punctual and reliable with a sense of humour. As we deal with many different businesses on a daily, weekly, monthly & quarterly basis, you must be able to change gears often. We are looking for a passion for this business.

Necessary are the understanding of bookkeeping practices as well as GAAP and completion of the Applied Business Technology program with the Accounting Specialty or similar training.

We are a professional office located on the beautiful Sunshine Coast of BC. We are also the proud recipients of the 2017 Powell River Chamber of Commerce Home-Based Business of the Year Award as well as the 2018 Powell River Chamber of Commerce Professional Services Award. We moved into our new commercial space on Duncan Street in January of 2018.

Check us out at www.bankingonit.ca and/or give Jessica a call at 1-877-677-4566 ext 101 if you’d like more information on what it’s like to work here.

IMPORTANT: A non-competition and confidentiality agreement are part of our employment contract. This contract must be in place before your first day of work.


To apply: Please submit your cover letter, resume and program certificate copy to aaron@bankingonit.ca or drop by in person Mon- Fri between 9:30 a.m. & 5 p.m. to 7095C Duncan Street (look for the chainsaw carving of the sasquatch!)

 

We're moving!!!!

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After 14 years operating as a home-based business, the time has come to move Banking On It Bookkeeping into a central, commercial space!

Our move will take place in February of 2018 and we'll release more details regarding our new location and our new space in the months to come.

For those customers who rely on our drop box system, we will keep the drop boxes in place at our current location.  However, our new location will be more central for those who would like to drop off and pick up their paperwork during normal business hours.

We are excited about this big change for Banking On It Bookkeeping and we hope our current and future customers are just as excited!

IPBC Ignite Conference 2016

Back in February, I decided that I would spring for Jessica and I to attend the annual IPBC Ignite Conference held in Richmond this year.  

We've been waiting in anticipation to attend this event which covers four days of professional growth and learning with fellow bookkeepers from across Canada.  

The time is now upon us and this evening, we will leave Powell River to drive down to Vancouver to spend a few days taking in learning and growth sessions so that we can better serve our clients.

Lifelong learning - it's important!

Save yourself a trip to the bank. Pay Source Deductions online through CRA!

PAYING PAYROLL SOURCE DEDUCTIONS ONLINE


To pay your payroll source deductions through your online banking using the CRA’s My Payment feature:

To pay online, go to http://www.cra-arc.gc.ca/mypayment/

Follow these steps:

1. Click on “Start My Payment”

2. Click on Payroll source deductions

3. Click on Regular Remittance

4. Fill in the information they request using the information that I’ve provided for you on the form and then click next

5. Double check that the information you filled out matches what is recorded on the next screen. Then click beside the dot beside the amount and click “Confirm and proceed to pay”.

6. This will then let you choose your bank and walk you through processing your online payment. Please be sure to print off the confirmation once your payment has been processed and provide that to your bookkeeper with your next batch of paperwork.

Yes, there’s an app for that!

Did you know that CRA has an app which you can download and set-up to remind you of your due dates for your business?

You can set it up to remind you when your GST, Source Deductions, Corporate Tax, etc are due and it will push a reminder so that you don’t forget.

http://www.cra-arc.gc.ca/mobileapps/

You can access the download on the CRA website at the address above or search CRA in the app store.  The app is called CRA Business Tax Reminders.

Employee Bonuses

Today’s blog post will be generally short but sweet.  Business is going well, you have a little extra cash flow in the bank and you’d like to reward your employees with a cash bonus.

Great!  They’ll be so excited.  But PLEASE, don’t get excited yourself and pull out your chequebook and start writing cheques.  Cash bonuses (including gift certificates as they are considered the same as cash by CRA) are TAXABLE income to your employees.  This means that the bonuses MUST go through your payroll provider – whether it be your bookkeeper or if you use an outside payroll service.  The best way to handle bonuses is to let your bookkeeper/payroll provider know when you submit payroll the amount of the bonuses to each employee.  The bookkeeper will add the bonuses to the employee’s paycheque, deduct the appropriate amounts and the paycheque will be higher that month because of the bonus.

Gift certificates are a little more tricky as you’d be handing over the gift certificate on top of their paycheque.  However, it should be handled the same way.  Let your bookkeeper know, in advance, that you want to give your employees gift certificates for bonuses.  The bookkeeper will show them going onto the employee’s payroll as a bonus, it will get taxed like a cash bonus but the bookkeeper will also deduct the amount of the gift certificate from the paycheque as you’ll be handing them the gift certificate.  It is also important to note when you purchase the gift certificates that they were purchased as employee bonuses so your bookkeeper knows how to allocate the purchase as it will offset against the amounts being recorded through payroll.

As with anything, when you aren’t 100% sure, please contact your bookkeeper or payroll provider to discuss how things should be done.  Communication is always key and finding out the best way to go in advance makes so much more sense than trying to fix things later.

This is just an explanation for dealing with bonuses.  Employers are also entitled to give their employees tax-free gifts for a few reasons throughout the year (gift meaning a physical item you hand them – not cash/cheque/gift certificate).  If you would like more information on gifts, please feel free to contact us.

What employers need to know about Federal Election Day

A big election rule that many employers don’t seem to be aware of is the rule in which employees are required to be given three consecutive hours free from work in order to cast their vote on Election Day – if the employee requests it.

By law, everyone who is eligible to vote must have three consecutive hours to cast his/her vote. If the employee’s hours of work will not allow three consecutive hours to vote, employers must give them time off – without docking the employee’s pay.

In BC, the polling stations are open from 7 a.m. to 7 p.m.  Employers do have the right to decide WHEN the time will be given.  Obviously, if you run an office where your employees work 9 – 5, it would make the most sense to have them come in at ten a.m. or leave for the day at 4 p.m.  This gives them three consecutive hours to vote and costs the employer the least amount of money.  Obviously, if you choose to let the employee off in the middle of the day then it could cost you two or three hours instead of one.

This rule may not apply to those in the transportation industry.

Here is the link to the information on the Elections Canada website:  http://www.elections.ca/content2.aspx?section=faq&dir=off&document=index&lang=e

I did call Elections Canada this morning for clarification as I’d like to see more information on the ins & outs of this in their FAQs on time off to vote.  There is nothing to indicate if employers need to change their scheduling for everyone for Election Day automatically or if this only applies to those employees who specifically ask for it.  For instance, I voted in the advance polls.  If I was an employee it would be ridiculous for me to ask for time off to vote and it would be more ridiculous for my employer to pay me for time off when I don’t need it.  According to “Candace” at Elections Canada, employees request to be given the time.  It isn’t automatic.  However, if it’s requested, employers must allow for it and not dock pay.  However, the FAQs also don’t indicate when the time off must be requested.

In my opinion, while I highly encourage everyone to get their vote on, I think its ridiculous that employers are expected to basically pay people to vote.  I also find the lack of detailed information on this rule – especially with the threat of a $2000 fine and/or jail time – to also be ridiculous.  Considering the availability of advance polls, I think our citizens should make it their own priority to make sure they get to the polls to have their say in the running of this country.  It shouldn’t be the responsibility of employers to pay people to vote.

However, since this is the law and the penalty for non-compliance can be up to $2000 and/or three months in prison, I encourage employers to speak to their employees today and find out what time off people may need for Monday in order to keep your workplace running smoothly.  I would also suggest that employees who do NEED the time off to let their employers know in advance so that they can make sure they have the workplace covered as they need.  Common courtesy and understanding always goes a long way.

Now, get out there on Monday and get your vote on!

When are you running a business?

In the past few months I’ve had some interesting experiences trying to find someone to provide cleaning services for my offices.  While this post is stemming from those experiences, I want to make sure that people understand that I have nothing but respect for those who are in the cleaning and janitorial industry.  It is hard, dirty work and is often very thankless.  I am just using my recent experiences as an example but there are people confused about this topic in all sorts of business types.

What I’ve run in to lately is the misconception from people about what actually constitutes being a business.  For the record, there are different business types.  The most common we deal with here at BOIB are proprietorships (businesses owned and operated by one person), partnerships (businesses owned and operated by at least two people) and incorporated companies (they act as an entity all their own and the business name is ending with Ltd., Inc., Limited, Incorporated).  I, myself, operate a proprietorship.  This means that I am the business and the business is me.  Any income I make after I deduct valid business expenses in each calendar year is taxable income to me at the current personal income tax rates.  In the case of a partnership, the income after expenses would be split between the partners depending on their agreement when they started it and would also be taxed at the current personal income tax rates each calendar year.   An incorporated company runs much differently, as the shareholders must respect that the company is a separate entity and they must take money from their company in the form of being an employee on payroll or in dividends.

So, you’re thinking to yourself.  Well, I haven’t gone to any government agency and registered a name, I don’t have a business licence and I just collect cash for payment so I’m not running a business.  Guess what?  You are very incorrect.  Generally speaking, if you are offering goods or services for a fee, you are running a business.  You don’t need to have a fancy business name registered to have a business.

Legally, my legal business name is Aaron Reid.  I am actually “doing business as” Banking On It Bookkeeping.  It’s a name I registered for my own use but as I’m not an incorporated company, I am the business and the business is me.   In the City of Powell River, anyone doing business within the city limits is required to have a business licence through the City.  Many, many small businesses in town don’t have one, but again, that doesn’t mean they aren’t running a business.

If, you are in fact, offering goods and/or services in exchange for money or something of value and aren’t reporting the income you earn on your income taxes, you are actually operating in the Underground Economy, or as the courts call it, you are committing fraud and tax evasion.