• Amortzing Prepaid Expenses over the year

    | Categories: Business Tips , Cash Management , Cashflow , Expenses

    Blog by Fuel Accountants

    Sometimes it’s cheaper (or you have no choice) to pay for recurring expenses (such as insurance or software subscriptions annually rather than monthly.  Now this can mess up your cash flow a bit, but if you plan it right you can get both the savings and a smooth cash flow (see my Top 10 Tips to Save Money on your Software Subscriptions article). A question we often get asked is “how do I get my accounting system to spread the expense out over the year even though I pay once a year?” Here are the steps to do this in Xero (you can…

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  • Top 10 tips to save money on your software subscriptions

    | Categories: Expenses , Profit First

    Blog by Fuel Accountants

    Software Subscriptions (SAAS products) are a major expense for many (if not most) business owners.  And it’s no longer just one or two subscriptions - most businesses now have 10 or more active software subscriptions. And prices can be really expensive - I’ve got one that costs us around $1000 a month! Most offer different pricing and payment plans, and many offer the choice between monthly payments and annual payments.  There can be considerable savings by paying the subscription annually instead of monthly.  But not all savings are really worth it. Here are my top 10 tips to managing your SAAS subscriptions. Know…

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  • Managing Expenses on behalf of Clients

    | Categories: Accounting , Canada , Expenses , GST , Sales Tax , Tax

    Blog by Fuel Accountants

    When you work in the service industry it is common to have to spend money in order to deliver the service to your client. In many cases you may be able to charge these expenses back to your client.  This practice goes by many names, including Reimbursements, Recharges, Billable Expenses, Disbursements etc. The issue comes when you are spending money that you then need to be reimbursed for by a client.  This is complicated when there are multiple sales taxes involved and expense deduction limitations (such as on meals and entertainment).  The question is who claims the sales tax back and…

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