Alchemy Accounting

Alchemy Accounting Our Math Your Freedom The team at Alchemy Accounting & Bookkeeping support clients across North America, specializing in coaches and consultants.

Michelle Cooper is the high priestess of profit, a spiritual gangsta, CEO of Alchemy Accounting & Bookkeeping, a Profit First Professional, and author of several books. Michelle took her small accounting firm in rural British Columbia to a thriving online business encompassing coaching and consulting, speaking, and writing while balancing the management and growth of a brick and mortar office. She

has built a solid team of bookkeepers, accountants, tax professionals, and business coaches who support impact driven entrepreneurs to have highly profitable, sustainable businesses while creating the peace of mind that comes from a solid financial foundation. Today, Michelle supports the growth of her client’s business with real strategic planning while also addressing the mindset issues that arise with growth, in order to bust through and rise up to levels they never dreamed possible. Michelle and her team have helped hundreds business owners climb out of entrepreneurial poverty into the land of PROFIT.

Old balances in accounts like Suspense, Uncategorized Income, Uncategorized Expense, or Uncategorized Asset are usually ...
09/01/2026

Old balances in accounts like Suspense, Uncategorized Income, Uncategorized Expense, or Uncategorized Asset are usually a sign that something needs attention.

Here's what to do:

- Run a report for the account and review all transactions.
- Open each transaction to identify the vendor, customer, or bank activity.
- Reassign the transaction to the correct income, expense, asset, or equity account.
- Reconcile your accounts to confirm your books are accurate.

These issues are more common than you think, and they can affect your Profit & Loss, Balance Sheet, and the accuracy of your tax return.

That's why it's important to review and clean up your books regularly.

Have questions? Drop them in the comments below.

Save this post for later and follow for more practical bookkeeping, business, and money tips to help keep your business finances organized.

We’re almost through Q3 and heading into the final months of 2026, so now is the time to focus on your year end goals an...
09/01/2026

We’re almost through Q3 and heading into the final months of 2026, so now is the time to focus on your year end goals and prepare for upcoming deadlines.

This month, take time to:

- Review your August numbers
- Get your books up to date
- Review your year end revenue and profit goals
- Check your cash flow
- Start looking for a bookkeeper and tax accountant now
- Plan for year-end deadlines

What’s one business goal you’re working toward this September?

QuickBooks has been rolling out AI updates, and you may notice a few changes. Here are a few things to know:- Transactio...
08/31/2026

QuickBooks has been rolling out AI updates, and you may notice a few changes. Here are a few things to know:

- Transactions don't post automatically. You decide what gets added to your books.

- Match means the transaction already exists in QuickBooks. You're simply matching it to the bank transaction.

- Categorize means the transaction is new, and you're telling QuickBooks where it belongs.

- AI suggestions can save time, but always review them before accepting.

Think of bank feeds like a helpful assistant. They can save you a lot of time, but you're still the one making the final decisions.

Always review transactions before accepting them into your books.

Ready to spend less time on bookkeeping and more time growing your business?

Book a call using the link in our profile, or comment "books" below to learn more about how we can help.

Before you expand, ask yourself:- Can I afford the additional monthly expenses?- Do I have enough cash flow to support g...
08/30/2026

Before you expand, ask yourself:

- Can I afford the additional monthly expenses?

- Do I have enough cash flow to support growth?

- Is customer demand consistent?

- Have I reviewed my pricing and profit margins?

- Have I created a budget for the expansion?

- Do I have enough cash reserves?

- Do I have accurate financial reports to make this decision?

Expanding at the right time can fuel growth.

Expanding too soon can put unnecessary pressure on your business.

Save this post for when you're planning your next stage of growth, and follow for more practical CFO, bookkeeping, and business finance tips.

Now is a great time to review your books, make sure your records are up to date, and prepare for the September 15 deadli...
08/29/2026

Now is a great time to review your books, make sure your records are up to date, and prepare for the September 15 deadline.

Need help getting your books organized? Book a call using the link in our profile or comment "books" below to learn more about our bookkeeping services.

If you've been feeling overwhelmed by your business finances, it doesn't mean you're bad with money.It may simply mean y...
08/28/2026

If you've been feeling overwhelmed by your business finances, it doesn't mean you're bad with money.

It may simply mean you haven't had the right financial support.

We help business owners:

- Understand their numbers
- Improve cash flow
- Keep their bookkeeping up to date
- Stay tax ready year round
- Make confident financial decisions

Ready for the support your business deserves?

Book a call using the link in our profile or comment "books" below to learn more about our services.

How do I qualify for a business loan?Lenders typically review your credit history, time in business, revenue, cash flow,...
08/27/2026

How do I qualify for a business loan?

Lenders typically review your credit history, time in business, revenue, cash flow, existing debt, and financial records to determine whether your business qualifies.

How much can I borrow for my business?

The amount you can borrow depends on your business's income, cash flow, existing debt, credit profile, and the lender's requirements.

What documents do I need to apply?

Most lenders will ask for:

- Financial statements
- Business tax returns (T2 for corporations or personal tax returns for sole proprietors, if applicable)
- Business bank statements
- Profit and Loss Statement
- Balance Sheet
- Business plan or cash flow forecast (for some loans)

Having accurate, up to date financial records can make the application process much smoother and improve your chances of approval.

Thinking about applying for a business loan? Let us help you get your books organized and your financial reports lender ready.

Book a call using the link in our profile or comment "books" below to learn more about our services.

Are you ready for the PST changes coming October 1, 2026?Sales tax rules can change, and assuming your current setup is ...
08/26/2026

Are you ready for the PST changes coming October 1, 2026?

Sales tax rules can change, and assuming your current setup is still correct could become costly.

Even honest PST mistakes can lead to:
👉 Assessments
👉 Penalties and interest
👉 Tax owed on sales where PST wasn't collected
👉 Compliance headaches during an audit

That's why it's important to review your setup before a problem arises.

In our latest blog, we break down the key questions every business owner should be asking:
• Are you charging PST correctly?
• Have your products or services become taxable?
• Are you applying exemptions properly?
• Is your QuickBooks Online tax setup configured correctly?
• Is your team applying the right tax treatment?

🌟 Read the full blog here: https://alchemyaccounting.ca/bc-pst-changes-every-business-owner-should-understand/

At Alchemy, we can help review your sales tax setup, taxable revenue streams, bookkeeping configuration, and filing processes so you can move forward with confidence.

If you can't remember the last time your PST setup was reviewed, now is a great time to check. Book a call with us!

Happy International Dog Day! Today we're celebrating our loyal companions and best friends.Drop a photo of your dog or s...
08/26/2026

Happy International Dog Day!

Today we're celebrating our loyal companions and best friends.

Drop a photo of your dog or share their name in the comments below!

Here's what you need to know:- If your vehicle is used 100% for business, you can generally claim all eligible vehicle e...
08/25/2026

Here's what you need to know:

- If your vehicle is used 100% for business, you can generally claim all eligible vehicle expenses.

- If you use it for both business and personal driving, you can only claim the business-use portion of your expenses.

Eligible vehicle expenses may include:
- Fuel and oil
- Insurance
- License and registration fees
- Maintenance and repairs
- Eligible loan interest
- Leasing costs
- Capital cost allowance (if applicable)

How to calculate your business-use percentage:

- Add up your total business kilometres and total personal kilometres for the year.
- Divide your business kilometres by your total kilometres driven.
- Multiply that percentage by your eligible vehicle expenses.

Example:
- Business kilometres: 200 km
- Personal kilometres: 200 km
- Total kilometres: 400 km

Business-use percentage:
200 ÷ 400 = 50%

If your eligible vehicle expenses were $500, your deduction would be:

$500 × 50% = $250

Keep good records:

- Track your business kilometres.
- Keep receipts for all eligible vehicle expenses.
- Use either the full logbook or simplified logbook method if you qualify.
- Keep your mileage records and receipts for at least six years.

The CRA also has different rules depending on your vehicle classification, so be sure to confirm which category your vehicle falls under.

Have questions about claiming business vehicle expenses? Drop them in the comments below.

Save this post for later and follow for more practical tax, and business finance tips.

Address

8-6014 Vedder Road
Chilliwack, BC
V2R5P5

Opening Hours

Monday 9am - 4pm
Tuesday 9am - 4pm
Wednesday 9am - 4pm
Thursday 9am - 4pm
Friday 9am - 4pm

Telephone

+16042002963

Website

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