🚨Incorrect Distinction Between Employee and Subcontractor Can Cost You Thousands in Fines! 💰 💭 Are you clearly differentiating between employees and subcontractors? Misclassification can lead to significant CRA penalties. Our guide helps clarify: 👩💼If you control work hours, methods, and tools, the worker is likely an employee. 🕒 If the worker sets their own schedule, uses their own tools, and has project-specific contracts, they're probably a subcontractor. 👉 Learn to navigate these classifications confidently with our detailed insights https://lnkd.in/gVrykrMb #BusinessCanada #CRACompliance #PayrollManagement #YADOntario #accounting #bookkeeping #hiring
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It's important to distinguish between employees and contractors in your workforce. Employees typically use the equipment provided by the business and work exclusively for one employer, while contractors use their own equipment, work for multiple clients, and are hired for specific projects or periods. Understanding this difference can help ensure that you are classifying your workers correctly and complying with labor laws and regulations. 🛠️💼📆 #bookkeeping #bookkeepingservices #smallbusiness #smallbusinessacccounting #taxes #smallbusinessservices #bookkeeper #bookkeepingtips #bookkeepingforsmallbusinesses #outsourcedaccounting #accounting #accountable #businessservices
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Common mistakes business owners make around their finances: • Lack of Organization • Getting behind on paperwork • Math errors • Hiring unqualified staff • Unwillingness to delegate • Mixing business and personal finances • No receipts! • Short term focus • Lack of budget • Lack of knowing the numbers Does this sound familiar? Want some assistance? Call 415-842-7635 today or schedule a meeting at https://lnkd.in/gUtrXpD . . . #appliedfinancialservices #accountspayable #accountsreceivable #financialreports #auditpreparation #billpayment #bookkeeping #budgetentry #budgetpreparation #budgettoactualsreporting #cashflow #cashflowprojections #documentprocesses #financialcleanup #financials #financialmanagement #financialreports #financialstatementpreparation #fundaccounting #funderreports #funderinvoicing #grantinvoicing #governmentgrant #governmentgrantinvoicing #payroll #payrollactivities #programreports#regionalreports #deptmentreports #managerreports
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There are some pretty dodgy myths about independent contractors and here are some of the ones that the ATO have shared. 🚫 Myth: If a worker has an ABN they're an independent contractor 🚫 Myth: Workers used for their specialist skills or qualifications should be engaged as independent contractors 🚫 Myth: My worker wants to be an independent contractor, so my business should treat them as one 🚫 Myth: If a worker submits an invoice for their work, they're an independent contractor 🚫 Myth: If a worker's contract has a section that says they are an independent contractor, then legally they're an independent contractor Understanding your finances puts you in control of your business, so if you're unsure about any of these get in touch. ☎️ 1800 668 225 🌏 www.novabk.com.au #novabusinessservices #bookkeeping #business #independentcontractor #contracting
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Payday just got easier for you and your team. Let us handle the payroll headaches while you focus on what matters most. Choose paper checks or hassle-free direct deposit, even if you're out of the office. #PayrollSolved #TeamworkMakesTheDreamwork #EmpoweringEmployers #smallbusiness #BusinessGrowth #ExpertServices #FinancialManagement #bookkeeping #Advisory #accounting #accountant
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🚧 𝐂𝐨𝐦𝐦𝐨𝐧 𝐁𝐨𝐨𝐤𝐤𝐞𝐞𝐩𝐢𝐧𝐠 𝐌𝐢𝐬𝐭𝐚𝐤𝐞𝐬 𝐢𝐧 𝐂𝐨𝐧𝐬𝐭𝐫𝐮𝐜𝐭𝐢𝐨𝐧 𝐚𝐧𝐝 𝐇𝐨𝐰 𝐭𝐨 𝐀𝐯𝐨𝐢𝐝 𝐓𝐡𝐞𝐦 🚨 Avoid these common pitfalls to keep your construction business on solid financial ground: 1. 𝐍𝐞𝐠𝐥𝐞𝐜𝐭𝐢𝐧𝐠 𝐑𝐞𝐠𝐮𝐥𝐚𝐫 𝐔𝐩𝐝𝐚𝐭𝐞𝐬: Update your books regularly to avoid falling behind. 2. 𝐈𝐠𝐧𝐨𝐫𝐢𝐧𝐠 𝐂𝐚𝐬𝐡 𝐅𝐥𝐨𝐰: Monitor cash flow closely to ensure you have enough liquidity. 3. 𝐅𝐚𝐢𝐥𝐢𝐧𝐠 𝐭𝐨 𝐂𝐚𝐭𝐞𝐠𝐨𝐫𝐢𝐳𝐞 𝐄𝐱𝐩𝐞𝐧𝐬𝐞𝐬: Properly categorize expenses to gain clear financial insights. 4. 𝐎𝐯𝐞𝐫𝐥𝐨𝐨𝐤𝐢𝐧𝐠 𝐏𝐚𝐲𝐫𝐨𝐥𝐥 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭: Ensure accurate and timely payroll processing to keep employees satisfied. 5. 𝐍𝐨𝐭 𝐒𝐞𝐞𝐤𝐢𝐧𝐠 𝐏𝐫𝐨𝐟𝐞𝐬𝐬𝐢𝐨𝐧𝐚𝐥 𝐇𝐞𝐥𝐩: Consult with a professional bookkeeper or accountant for expert guidance. Steer clear of these mistakes to maintain financial stability and success! #Construction #Bookkeeping #FinancialHealth #BusinessSuccess #AvoidMistakes"
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For many small businesses, the workload can be immense. Responsibilities include accounts payable and receivable, payroll processing, bank reconciliations, and generating financial reports. Alongside handling client inquiries and staying updated on regulations…..time management is crucial. Prioritizing tasks, meeting deadlines, and maintaining accuracy are vital to avoid stress and burnout. #Bookkeeping #TimeManagement #WorkloadManagement
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There are some pretty dodgy myths about independent contractors and here are some of the ones that the ATO have shared. 🚫 Myth: If a worker has an ABN they're an independent contractor 🚫 Myth: Workers used for their specialist skills or qualifications should be engaged as independent contractors 🚫 Myth: My worker wants to be an independent contractor, so my business should treat them as one 🚫 Myth: If a worker submits an invoice for their work, they're an independent contractor 🚫 Myth: If a worker's contract has a section that says they are an independent contractor, then legally they're an independent contractor Understanding your finances puts you in control of your business, so if you're unsure about any of these get in touch. ☎️ 1800 668 225 🌏 www.novabk.com.au #novabusinessservices #bookkeeping #business #independentcontractor #contracting
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🔗 Check out our source for today's tip to learn the signs you could be exhibiting Imposter Syndrome, examples of Imposter Syndrome in the workplace, and how to overcome Imposter Syndrome: https://lnkd.in/gMvmy2Mb #edgysolutions #bookkeeping #businessconsulting #taxprep #financefoxes #facesoffinance #smallbusiness #accounting #finance #impostersyndrome #thursdaytips
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New website coming to be re-designed by #Factor7.com and team. New services, new Partnerships, more security. #virtualaccounting #virtualcontroller #controller #operationalaccounting #accountingmanagement #businessoperations #accountingservice #financialprofessional #accountingtipsforsmallbusines #accountingtips #accountingandfinance #financialplanning #businessgrowth #businessplanning #revenue #revenuemanagement #businessgrowthstrategy #financialliteracy #financialservices #businesstip #businessstartup #erpsoftware #erpimplementation #payroll #erpconsulting #erpsoftware #erpsolutions #payrolltaxes #bookkeeping #accounting #businessowners #manufacturing #business
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