BloomAccounting - Accounting and Bookkeeping Solutions

How Yoga / Dance Studios can Save PST on Mat / Towel Rentals

Saturday, April 01 2017

Towel & Mat Rentals = GST & PST taxable

Classes = GST taxable only

What does this mean for your business?

If you want to place 7% back in to your students pockets in form of savings and keep your pricing affordable, you can package your classes and rentals into one package, rather than selling these two components seperately.

For Example

Scenerio 1) Seperate Components

Monthly Unlimited Classes = $100 per month + $5 GST = $105

Monthly Mat & Towel Rentals = $40 per month + $2 GST + $2.8 PST = $44.80

Total Student Pays = $149.80

Scenerio 2) Combined Package

Monthly Unlimited Classes with Towel & Mat Rentals = $140 per month + $7 GST = $147

Total Student Pays = $147

Its a small savings, however might make that little bit of a difference to your students and your business.

Cheers,

Josephreen Luk, CPA, CGA
Bloom Accounting

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Accounting Services for Yoga or Dance Studios

Tuesday, March 14 2017

Autopay Membership Processing

Automate your monthly recurring memberships with MindBody Online payment processing. If your students prefer to pay by pre authorized debit, we will handle the back end and process the electronic funds transfers monthly and update the student's profile in MindBody Online. Need help with collections? We can help make those calls as well

Daily Close Out Reconciliations

We can help train your front desk staff to close out the day's transactions and prepare the nights cash deposits. We will reconcile the daily close outs to ensure accuracy, and verify that funds were deposited into your business bank. In addition to cash sales, we also reconcile terminal POS deposits and transactions ran though Mindbody Online.


	Accounts Payables Processing Send us an electronic copy of your supplier invoices and we will process either by credit card, check(s), or EFT. Your files will be saved and neatly filed in our secure online storage management system at no extra cost. You can access your files at anytime to look up prior vendor history and to view status of pending payables.

	Process Teacher Payments and Payroll We can help with processing subcontractor payments for teachers based on number of classes taught and any other arrangement you have with each teacher. We can also run payroll for your studio staff and prepare the government remittances as well. Do you offer extended health benefits? We can also help with group benefits administration.


	Bank and Credit Card Reconciliations To ensure accurate monthly bookkeeping and recording of your business transactions, we will reconcile your business bank accounts(s) and credit card(s). We utilize transaction downloads to minimize the data entry time and will retrieve your statements online as part of our paperless system efforts.

	File GST, PST, Payroll Taxes, Worksafe and other Government Compliance reports We will keep your corporate governance in check by filing the necessary sales tax, payroll tax, work safe reports, T4 summaries, T5s, Roes and other regular corporate governance reports that pertain to your business.

Budget Vs. Actuals Reports

Let us help with planning and monitoring your budget. We can provide a weekly and monthly variance reports which measures and identifies your business's revenue and expenditures so that your business can adapt quickly to any financial changes and achieve its financial goals.

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We've Partnered with QuickBooks Online

Wednesday, March 01 2017

QuickBooks Online simplifies financial management and
allows you to access your accounts from anywhere, freeing
up more time to focus on other business priorities.

With 15+ Years Full-Cycle Accounting Experience...

Bloom Accounting can streamline your business, keeping administrative costs down, business processes efficient,
while maintaining accuracy and data security by using QuickBooks Online.

Here’s how it could benefit your business:

Create branded invoices and estimates
Quickly create professional looking branded invoices and estimates with your logo and preferred font,
then send them by email to clients. Add a Pay Now button to your invoices and let your customers pay you online.

Get things done when you are on the go
Access real-time customer data and send estimates or invoices from a PC, Mac, tablet or smartphone.¹

Connect to your bank account
Automatically import and reconcile bank account transactions from major banks.²

To find out more, get in touch with us today.

Cheers,

Josephreen Luk, CPA

www.blooombaccounting.ca

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Ways to StreamLine Your Accounting Department

Wednesday, February 15 2017

Over my last 15 years working in the accounting department of a number of small to medium size businesses from 4 - 75 employees, and $1M - $4M annual revenues, I found 1 thing in common and that was:

"the role of a full cycle accountant did not require a FULL-TIME salaried employee".

Most business owners either underestimate, but often overestimate the time it takes an hourly / salary staff to perform its full cycle accounting functions of their business.

As a mom of 2 and a CPA, time has become extremely valuable.

As technology evolves, our tools and opportunities grow, making our job functions more streamlined, accurate and efficient. Gone are the days of "data entry" and accounting can now be automated with the right tools and personnel to keep a business’s financials in order. Services can now be expanded to budgeting, variance analysis, cash flow management and much more to provide business owners with the information that is relevant to them in making their business grow in the right direction.

Ways to StreamLine Your Accounting Department

Automate Transaction Downloads with Quickbooks Online or Xero
Automate monthly membership charges using Mindbody Online
Streamline accounts payable process with EFT Direct Payments
Process Payroll Online through Ceridian, Payworks, ADP and similar service providers
Send Invoices via Email and Accept Credit Card payments online
Deposit checks with a Banking App

I would love to help you with setting up any of the above, and/or discuss opportunities to streamline your accounting department. Seeing businesses thrive and bloom is what I love and am passionate about.

Here at Bloom Accounting, I strive for continuous improvement and if you have other suggestions, I'd love to hear from you.

Feel free to contact me at info@bloomaccounting.ca or leave a comment below.

Cheers,

Josephreen Luk, CPA, CGA, CFP

Bloom Accounting
www.bloomaccounting.ca

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QuickBooks Online simplifies financial management and allows you to access your accounts from anywhere, freeing up more time to focus on other business priorities.

QuickBooks Online simplifies financial management and
allows you to access your accounts from anywhere, freeing
up more time to focus on other business priorities.