The Joys of Administration
Hello All,
As we hurtle towards the end of the year and I am in full "year-end finance/tax tips" mode (see this week’s blog post), I keenly feel (both for myself and all of you) the tedium that is associated with getting our year-end affairs in order. It can be difficult to muster the motivation to do anything when you simply want to take some time, watch mindless TV, play video games, and eat tasty food (or whatever it is that you enjoy doing during the holidays).
There are, however, some pleasures to be gleaned from administration.
First of all, there is the elimination of stress plus a sense of accomplishment from doing the thing that you might have been putting off for a long time. The proverbial weight is lifted, and you feel much lighter.
It can also be a great way to contemplate your year. By reviewing your finances (or any other type of admin task), you get to see what you have done and what you weren’t able to do. You might also see that your priorities have changed.
There is no better time to set up a blueprint for next year. It doesn’t have to be fancy (although there are all kinds of templates you can use). Simply listing some goals or habits that you would like to implement can help you feel motivated and empowered. As a business owner, you can set up a budget, list some financial goals, or make a plan to increase your prices. Doing this now ensures that you are ready to take action in the new year.
Reviewing your business analytics might help you uncover hidden insights. You might see interesting or surprising trends in your financial data—a product or service that performed better than expected, a client who consistently refers new business, or areas where you’ve been overspending. These insights can help you make better decisions about your business.
And then of course there are the small joys. There can be a sense of zen when taking on a mindless task like bank reconciliations. Or the satisfaction that comes from an organized workspace after you have scanned and filed (or disposed of) the documents that have been accumulating on your desk for the past year. Untangling the jumble of device related cords, that many of us have, can give you a sense of control.
And of course, the very act of immersion, can help you take your mind off more stressful matters, which can be more pronounced during the holidays.
So, while we can probably all agree that administration is not the most exciting thing, doing whatever you can (assuming you have some time off) can contribute to your overall sense of well being.
I would love to hear your thoughts. Simply hit reply to this email.
P.S. For those who responded about wanting to know more about marginal tax rates, I will be doing a video on it shortly and will post it to my YouTube channel.
Announcements
GST/HST Made Simple Course
I’m very excited to announce that my new (and first) course, GST/HST Made Simple, will officially launch on December 27th, 2024.
This course is designed to help small business owners, administrators, and solopreneurs:
Confidently navigate GST/HST with clear, actionable guidance.
Save time using practical tools, templates, and quick guides.
Avoid costly mistakes that lead to penalties or audits.
Reduce taxes payable by properly claiming expenses.
If you haven’t already, join the waiting list for early access and an exclusive discount.
Free Webinar: I’ll also be hosting a free live webinar on January 7th to share some tips to help you prepare for tax time and answer your questions. I'll share the link to sign up in my next newsletter.
From the Blog
10 Year end finance/tax tips for small business owners and solopreneurs
Key tips for preparing for the new year. By taking some of these steps now, you can feel more prepared for 2025 and save yourself both time and money.
Video Tutorials
What is Deferred Revenue and How to Record it in QBO. In this tutorial I explain the concept of deferred revenue, how to reflect the journal entry to record it and its impact on the profit-loss and balance sheet.
Check out my channel for other QBO, accounting and tax tutorials
If you find the videos useful, please subscribe.
If you would have a request for a video please leave a comment directly in the video or reply to this email.
Articles of Interest
A jumbo interest rate cut: The Bank of Canada reduced interest rates by another 50 basis points. Good for people with mortgages and other variable rate debt and probably the stock market. Bad for savings accounts. Uncertain impact on inflation.
New integration between Amazon sellers and QuickBooks (in the US for now) which should make it much easier to bring in your data.
How earning from online platforms can impact your taxes: Directly from CRA, a breakdown of the tax implications of ridesharing, influencers income, gig contracts etc.
GST/HST Tax Break Info for Business: Since this is now law, business owners should be implementing the changes into their systems. Many businesses and accountants online are also complaining about the onerous impact on Canadian businesses.
Capital Gains Penalty Relief: Since the capital gains proposed legislation is not yet law, there is still confusion around various aspects of the rules. Consequently "Arrears interest and penalty relief, if applicable, will be provided for those corporations and trusts impacted by these changes that have a filing due date on or before March 3, 2025. The interest relief will expire on March 3rd. More information will be forthcoming in the coming weeks."
Living a Better Life: An inspiring and uplifting video from Graham Weaver on the importance of focusing on activities that energize you rather than drain you. He shares a practical framework to help identify what truly matters to you, which I found quite useful.
Are you an unmarried American sitting on $1 million of capital gains? You might want to consider this marriage proposal posted on the Wall Street Bets subreddit :)
How I Help
My goal is to simplify finance, accounting and tax for small business owners, minimize the stress that comes from uncertainty and help improve confidence through financial literacy.
Free Resources
Small Business Books
All books are also available on Amazon
Consulting Services
For those of you who would like personalized guidance about your situation, I provide one one one consultations. For more details, and to book a consultation, check out my services page.
Note that I no longer provide ongoing accounting or tax preparation services.
Reviews/Feedback
For anyone who has purchased my books through Amazon, a review would be greatly appreciated.
Also, a caution, there are some books that have fake reviews (reviews that are for a completely different book). Before buying anything on Amazon, I encourage you to glance at the reviews to make sure it relates to the book/product you are purchasing. Also, report any books/products directly from your desktop - let me know if you need more info.
I would love to hear your comments on my current blog posts, topic ideas for new blogs, book feedback or anything else that you want to talk to me about. You can use my feedback form or email me directly at ronika@montrealfinancial.ca.
Finally, if you think anyone would benefit from this newsletter, you can send them to my subscribe link.
Wishing everyone a joyful couple of weeks replete with administrative tasks :)!
- Ronika
