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Monday, April 27, 2009

ON THE BUSINESS SIDE: Meeting with my Accountant

I intended to meet with my new Chartered Accountant, John Karram from Norton McMullen & Co. LLP a few weeks ago, really....I did! It's amazing how time slips away.

Fortunately, I had spoken with him in March and had gotten most of the information I needed to collect ahead of time.

I'm surprised he didn't laugh out loud at the amount of Revenue I have vs. the amount of expenses. But hey! I still have a full time 'day job' and photography equipment and supplies are expensive!! ;) He was also surprised at how little mileage I had listed down and was sure it was a mistake. Once I explained where my 'day job' is (approximately a 90 KM round trip each day), the numbers made a bit more sense.

He sent me away to try and find more revenue, more mileage and a few other things. Funny thing was, I actually did find some. Seems I need to keep a bit better track of things. How did he know?!

Amazingly enough, despite my tardiness, it sounds like there's even a chance that they will complete our returns by the end of April on time! Of course, I forgot to confirm what the cost will be. I'm bad that way. I'd buy time if I could. And of course, it was the first thing Paul asked me.

So even though I was relatively organized, it was quite different this year getting things ready for someone else to do our taxes, as well as having to track the business expenses for the first time. I'm sure next year will be even more straight forward. I think I'll invest in Quickbooks though. Seems it would be a bit simpler than using my 'start from scratch' excel worksheets.

The final file of information has been e-mailed to him and now we wait to see how it all turns out.

Don't forget the deadline to file taxes in Canada is this Thursday!!

-- Lisa P.

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