The Joy of Accounting
Well, after the accountant left I had to run up and fix the aformentioned (far too many times to bother linking to what I mentioned… erhm… “afor”) ex-coworkers system. Install a virus scanner, nuke the system restore information (as the final virus was hiding in C:\system volume information….), re-run virus scanner, wait for it to finish, try the CD (the other problem was the CD wasn’t working so they couldn’t install the drivers for their fancy all-in-one HP printer/scanner/copier), wait for drivers and software to install, test, prove it all worked, headed home.
The accountant was awsome. She showed me how to reconcile things properly, went through my accounts and fixed up a bunch of things, moved things around, re-arranged the way I had my owners equity set up…. basically got everything in order. I have a few minor expenses I didn’t put in (missed a month of internet or hydro or cell phone here or there), but still have to, not a big deal. Found out running a small business sucks if you actually make money tax-wise.
Because I have relatively minor expenses, with my car (insurance, amortization) and computer equipment being most of my expenses, and pulling in pretty good wage, I get to owe the government a wack of money at the end of the year for CPP and stuff. Unless I start spending a lot (I think she said I’d manage to save about $300 on taxes and paying the government if I spent $5,000 in expenses, which is a bit silly to me), I’ll be paying the government through my nose. Being a sole propriatorship doesn’t have a lot to do with it though, it’s simply because I don’t have enough expenses. I’m thinking that it might be time to quit being frugal and start buying stuff that I want/need that is a justifyable expense. IE: computer parts. Can’t hurt right? 🙂 I’ll have to ask if paying off my car with cash would help out here. It just might, and it’d make my mom happy to know that that albatross is off from my neck. If not, this will probably be my last “big income” month for the company, as I’m scheduled to go full time with $newcompany any day now. I’ll still be able to write off things like computer equipment and internet access, but not as much of the car, or gas, or lunches all the time anymore.
It was still very good to get all my books in order.
Maybe my legions of readers could suggest (legal) ways for me to suddenly find myself a whole lot of expenses before the end of the year?