Running a business in Vernon is exciting – but when it comes to managing finances, many business owners feel overwhelmed or unsure where to start. Let me help you.
Whether you’re a contractor, retailer or freelancer, understanding the financial aspects of your business is essential to make smart decisions and grow with confidence. At Vernon Elite Accountants, we work with small businesses every day, and we know how important it is to have clear, reliable financial information.
Accounting is not just about taxes. It’s about understanding your numbers so you can make better day to day decisions, track your business’s performance, stay compliant with CRA requirements and manage cash flow effectively. Even basic bookkeeping can give you valuable insights into where your money is going.
Some of the best practices I recommend to every small business owners are as follows:
- Always keep business and personal finances separate and open a bank account strictly for business purposes.
- Keep a track of income and expenses on a regular basis. This would avoid last minute hassle.
- Save all receipts and invoices. Digital copies would be apt and always have back up.
- Reconciliation of your accounts monthly to match all your bookkeeping and bank records would be ideal.
- Review financial reports such as your profit and loss statement for better understanding.
- If GST and PST is applicable, track them on a regular basis.
Using accounting softwares like Wave, QuickBooks, or Xero, most of this becomes easier.
What is the difference between accounting and bookkeeping is a common question you could have. To explain in simple words, Bookkeeping is the process of recording daily financial transactions—income, expenses, payments, and invoices. Whereas, Accounting uses that data to help you understand your business’s financial position, file taxes, and make strategic decisions.
At Vernon Elite Accountants, we provide both, so you get the best of both worlds.
There are different types of accounting services that you may encounter depending on your business needs.
- Financial accounting focuses on official reports like income statements and balance sheets.
- Managerial accounting guides in making internal decisions like pricing or cost control.
- Tax accounting highlights on CRA requirements like tax returns and GST/PST filings.
Most businesses require all the accounting services mentioned and we can guide your business through what’s relevant for you.
During the first stage of business you might only require bookkeeping setup and guidance on tax services. Once your business grows faster, monthly bookkeeping and financial review is crucial. Full service accounting and strategy will be at the final stage of your business. Many Vernon business owners start with monthly bookkeeping and scale up to full-service accounting as they grow.
The next step is to know when to register for GST/PST in BC. When your revenue exceeds $30,000 in a year. PST registration is only required for businesses that sell taxable goods or services. Most service-based businesses in Vernon (like consultants, freelancers, or coaches) don’t need PST—but every case is unique.
In short, you don’t need to be a finance expert to run a successful business—but having the right support behind you makes a huge difference. If you’re a small business owner in Vernon looking for personalized, reliable, and affordable accounting support, reach out to us today.
