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7. Canadian Business Bookkeeping and Accounting with Erika Dowell
Manage episode 444209099 series 3606548
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In this episode, Esther interviews Erika, a financial literacy advocate and the founder of Signal Operations. Erika shares insights from her entrepreneurial journey and the common pitfalls of bookkeeping she's noticed among Canadian entrepreneurs. She provides essential strategies for managing finances, recommends tools for efficient bookkeeping, and talks about her role in creating the financial literacy course, 'Navigating the Numbers', to empower entrepreneurs. Tune in to transform your approach to finances and drive business success.
Connect with Erika
IG: signaloperations
FB: singaloperations
Connect with Esther
IG: cdnbizwomenpod
FB: cdnbizwomenpod
Tiktok: cdnbizwomenpod
Key Highlights:
[00:01 - 05:17] Erika's Entrepreneurial Journey and Bookkeeping Misconceptions
Transitioned from a 15-year tenure in various industries to founding Signal Operations..
Limited reliable Canadian financial information sources outside of the Canada Revenue Agency (CRA)
Misconceptions about tax write-offs in Canada
Mistakes in Home Office and Personal Expense Claims
Loss or disorganization of receipts leading to issues during audits
[05:18 - 08:29] Essential Bookkeeping Strategies
Importance of using accounting software from the start of the business
Recommendation of Xero and Hubdoc for bookkeeping and receipt management
Ensuring backups of digital receipts as per CRA requirements
Benefits of digital organization for tax preparation and general bookkeeping
[08:30 - 13:17] Mastering Finances for Business Success
Finances as the central aspect influencing other business areas: marketing, HR, taxes, growth
The significance of financial literacy in making informed business decisions
Planning for tax liabilities and potential tax deductions through strategic purchases
Importance of organizing finances, recording invoices, and expenses
Using technology to simplify and reduce the time needed for financial organization
[13:18 - 07:36] Working with Erika Dowell
Services offered: monthly bookkeeping, yearly cleanups, teaching sessions
Working with clients across Canada remotely
"Ask a Bookkeeper" sessions for DIY bookkeeping assistance
Launch of "Navigating the Numbers," a financial literacy course for entrepreneurs
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Thank you for tuning in!
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