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Framework Bookkeeping, Vancouver, BC (2026)

07/07/2022

We are excited to let you know that Framework has openings to work with new clients!

We are available to assist you virtually with various admin and bookkeeping tasks related to your small business. Working together, you can take back extra time and spend it how you please within your business. Here are some services we offer:
-assistance with general admin tasks,
-email and calendar management,
-business registration information,
-monthly bookkeeping services,
-regular sales tax filing,
-and year-end tax preparation.

If you are interested in stepping back from any administrative components of your company, we would love to discuss things further. Please reach out to us via direct message!

04/19/2022

What does the term accounts receivable (AR) mean?

Simply put: accounts receivable is the balance that is owed to your business from a client based on any products or services you provided.

This is money that will be paid to your business by the invoice due date, which will show as a current asset on your balance sheet. It is an important term to know in accrual accounting.

Keeping any eye on your accounts receivable will let you know what income you have coming your way. It is also the best way to keep track of what invoices haven't been paid and should be followed up on accordingly. Ultimately, it will give a clear understanding of a company's liquidity (which is a very important thing to have).

Do you have questions about getting your books set up to provide yourself with a clear picture of your business? We would love to chat!

03/09/2022

Hello 👋🏻

Our sincerest apologies for going a bit MIA there, tis' the season of busy days for us at Framework. We got a bit carried away, but I promise we are back!

Speaking of this special time of year, we are delving deep into tax season. As one of your bookkeeping resources, it is our duty to provide you with some tax prep information to help both you and your accountant. Here are some things you should prepare and deliver to your accountant:

-Financial reports you may have collected such as profit and loss statements, balance sheets, and cash flow statements.
-An organized collection of receipts from your business expenses.
-Vehicle expenses and tracked kilometers.
-Home office expenses (rent/mortgage interest, utilities, etc.) and what portion of your home you use for business.
-Information regarding new or existing assets purchased by the business.
-Payroll information (if you've got employees).
-Any personal information slips such as T4s, T4As, charitable donation records, medical and dental receipts, etc.

This is just some of the information that should be given to your accountant at tax time as a business owner. The more you can prepare beforehand, the cheaper your bill will be and the easier it is for your accountant. A win for everyone!

For any further information about tax prep services, please reach out to us at Framework.

12/10/2021

When preparing to file your taxes, it's important to include all relevant business expenses. A category that you don't want to miss is home office deductions! Included in the home office expense category is:

-Rent or mortgage interest
-Utilities (ie. heat, water, internet, phone)
-Home insurance
-Property taxes
-Repairs & maintenance fees

After calculating the allowable portion in regards to your workspace, you may deduct these amounts from your business profit when filing. Do keep in mind, this home office does have to be your principal place of business (at least 50% of the time) or a space that is exclusively used to earn employment income.

Be prepared come tax time and supply your accountant with all potential expenses straight away. For assistance with tax preparation, please reach out to us!

11/19/2021

The end of the year is approaching quickly 📆 I know, I know, it can be overwhelming! Depending on what kind of business you run, this may be an extremely busy time for you. On top of your regular workload is now the realization that you've got to wrap up your books in time for tax season!

Here are some tips to help ease the overwhelm:

-Collect all your bank and credit card statements. These will be used alongside your books to ensure there weren't any missed transactions or errors in your records.

-Prepare to count inventory on the last day of your fiscal year. It's so important to start the new year knowing what products you've got on hand.

-Check that all your invoices are cleared and accounted for. Additionally, make sure any outstanding bills that you owe are paid for.

But most importantly, give yourself a moment to reflect on the year. Understand what direction you want your business to go in the upcoming months. Taking the time to reflect will help you see the bigger picture and ultimately make better decisions for both you and your company!

If year end prep is a daunting task for you, Framework can help. Reach out to us if you are looking for support with your year end tasks and tax preparation!

11/04/2021

What does it mean to reconcile your bank accounts?

This is the process in which you compare each transaction from your bank or credit card statement with what was recorded in your books. This is an important practice as it ensures your records are accurate and organized each month.

A bookkeeper will usually complete this task at the end of every month, but more regularly if a large number of transactions are involved. At the end of the reconciliation, the balance of the bank account and the company books should be the same.

What it comes down to, as always with bookkeeping, is that maintaining accurate records is absolutely key. We highly recommend making reconciliations a consistent part of your monthly bookkeeping practice, whether you DIY or get us to!

10/21/2021

Are you ready to take the beginning steps to register your business?

We love to help people solidify their side hustle and get business rolling! We are here to assist you along the way with:

-Registering your business name and number
-Understanding and registering for any applicable sales tax accounts
-Choosing a business bank account that is right for your company
-Setting up bookkeeping software and keeping records up to date

We totally understand that these steps can be overwhelming, so let us help you through this exciting process. Please reach out if you are ready to move forward and grow your business!

09/16/2021

Good news 🎉

Framework Bookkeeping has openings for new clients! Fall has arrived, which means year-end financial prep is coming up quick. Maybe you’ve got some catching up to do and now is a great time to start. If you are ready to hop on the train to having your books in order, please reach out to us!

Additionally, we are now offering virtual assistant services! We understand that there are many more admin tasks related to your business than just bookkeeping. We get that sending wholesale emails and creating spreadsheets just isn’t for everyone.. Luckily, we are the type to genuinely enjoy it and would love to assist you with further with the tasks you simply don’t want to do!

Framework Bookkeeping offers clear and constructive supports for your business. Let’s collaborate to get your business growing! Please reach out to us via direct message or at [email protected].

07/15/2021

I have to say that although they are the most fun, the summer months can be overwhelming. It’s common for people to take part in more activities and have business pick-up. These days I constantly find myself trying to complete a mental checklist that has no end in sight. In order to survive the remainder of these warm weather months, I knew I had to find some sort of relief.

And what did I find? A special little practice called single-tasking.

With a busier schedule I have been trying to find new approaches to effectively slow down. One that I’ve taken to the most is single-tasking. Yes, it is the complete opposite of multitasking but I have found it more productive in many ways. Single-tasking is the process of giving your full attention to one thing and one thing only. Not letting your mind wander to next Thursday’s schedule and really keeping yourself attentive to your current task, giving it your all. I strongly believe that there is a time and a place for multitasking, I haven’t completely given up on it, but it doesn’t always let us produce our best work. With these small changes to my daily routine I haven’t felt so overwhelmed with upcoming projects because I know it will get done when I get there!

Single-tasking not only brings you back to focus, but can truly help you become more productive. It’s such a great opportunity to learn a new habit, take a nice deep breath, and check off one responsibility at a time. ✔️

06/30/2021

It is so important to know the financial health of your company as a business owner. Having an understanding of your revenues vs expenses is a key part of this. If you want a clear picture of your financial condition, you can get one through calculating your net profit.

So, let’s tell you how to do that!

First of all, we want to clarify the difference between gross profit and net profit. Gross profit is the total income that remains after all production expenses are subtracted from sales. The net profit is the income that remains after ALL company costs are subtracted. This is more than just the production costs, but includes all operating expenses as well.

Now that we have the terms sorted out, below is the formula for calculating your net profit.

Net Profit = Total Revenues - Total Expenses

Completing this calculation will give you a better understanding of your company’s actual profitability since it includes all of the expenses incurred in the defined period. It is a great tool that will provide insight into the business’s overall standing.

It feels really good to know how your business is doing, so we suggest you indulge in some essential financial reporting time (or ask us to help you with it)!

06/10/2021

Accuracy is key when it involves your finances. An estimation just isn’t going to cut it when tax season comes around. With this in mind, you can use technology to your advantage to be sure you are producing accurate financial records.

There are an abundant amount of programs that you can use to track, organize, and analyze your financial data. With the use of accounting software, there is much less room for error and ultimately more time for you to focus elsewhere within your business. These programs can connect with your online banking, store receipt data, produce personalized invoices, process payroll, and so much more. It is no longer necessary to put pen to paper when tracking your income and expenses. It’s time to let the software take some of the workload!

05/19/2021

Separating your business finances from personal is an important step to take when starting your own business. Not only is it crucial for proper record keeping, but it can set you up for success in the future. Here are a few reasons why you should open an account before you get your first customer:

-it will make your bookkeeping tasks a lot simpler since you aren’t sorting through a bunch of unrelated transactions

-it’s an accurate way to track company cash flow

-it's important to clearly see how much business related money was spent come tax season

-the separation of finances will give your business credibility. It doesn’t matter that you may not be a corporation with hundreds of daily transactions. If you have taken the time to separate your business from any personal matters, it shows that your company is more than a hobby.

With this in mind, we highly recommend you ensure your finances are well in order from day one. You will thank yourself later!

Framework Bookkeeping

07/07/2022

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03/09/2022

12/10/2021

11/19/2021

11/04/2021

10/21/2021

09/16/2021

07/15/2021

06/30/2021

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05/19/2021

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