RESOURCES

Q&A Virtual Business

What is a Virtual Tax preparation?

  • Tax returns are filed electronically by a Tax preparer certified by Canada Revenue Agency
  • Supporting documents are submitted through a secured portal.

What is a Virtual Bookkeeper?

  • A bookkeeper uses an online accounting software to maintain financial records of client, review, and prepare accurate reports. A bookkeeper telecommutes instead of working physically to a client’s office.

HOW TO PROTECT YOURSELF FROM SCAMS

Scams exist because we let our guard down. They succeed because they are getting smarter in finding ways who to victimize by use of technology. Let’s outsmart them and protect ourselves using these D-I-V-E techniques.

D – Don’t

  • Don’t give others remote access to your computer. Use multi factor password authenticator, choose password with a combination of alphanumeric symbols and characters. Don’t share your password and don’t recycle password.
  • Don’t use public Wi-Fi/hotspot in accessing bank apps/websites.
  • Don’t send money or give your bank information to anyone you don’t know. If you need to send money, make sure to verify by calling this person first and confirm information through telephone call and not through text or email.

I – Ignore

  • Ignore phone calls received from companies pretending to be a government agency/bank and asking for remote access. Scammers would install virus and make your computer data vulnerable.
  • Ignore suspicious text, links, attachment, and pop-up windows if your unsure who is the sender.

V – Verify

  • Verify background information of person you are meeting for a business transaction, do a little bit of research of a company, check any reviews. Always be alert.
  • If you receive an email from a friend and it seems off, contact your friend directly and verify this information. Scammers would imitate similar email. 

E – Examine

  • Examine and review your privacy and security settings on social media (example Facebook, Instagram, twitter, etc.). Check if you notice any suspicious behaviour online and report as spam.
  • When throwing out important bills/statements/financial information, examine that anything with bank/financial information should be shredded or redacted.

POPULAR TAX SCAMS/FRAUD THAT YOU NEED TO BE AWARE OF

Scammers and Fraudsters exist because we are sometimes too trusting and gullible. They thrive and flourish because we lack cybersecurity knowledge.  Here are popular examples of tax scams/fraud to watch for:

  • Mail Scams

Scammers would pretend to be a government body (example Canada Revenue Agency, Service Canda or other service agency) and send a similar document asking for a personal information and or bank information. It may also include some type of threat or ask to meet in a public place.

  • Email Scams

This is a form of phishing emails; scammers would copy a similar email sent by CRA/ government body and it would carry virus/malware that if you click it will infect your computer and data.

  • Phone Call Scams

Scammer will call and pretend to work at CRA and get your vital information.

  • Text Message Scams

Scammers will text you and ask for your personal and bank information pretending to work for the government.

  • Payment related Scams

Scammers demand immediate payment via e interact payment, bitcoin, and or gift cards and pretend to be an official from Government of Canada/agency.

  • Newcomer Scams

Scammers would pretend to be a government official/immigration officer and claim that paperwork is incomplete. Would require personal and or bank information for speedy process. It would also include some threat and other form of persuasion to force you to pay them.

These scams and fraud are dangerous work of art of criminals that based of the recent study it is a multi billion-dollar industry that affects people and organizations around the world. Let’s not be a victim and lose our hard-earned savings from this.

5 Effective Tips for Small Business Bookkeeping

If you have difficulty in maintaining your logbooks and records, you are too stressful to manage your day-to-day operations, reach out to Cecilia Cajurao to provide you support. These effective tips will help you understand and manage your business.

1. Open a business bank account

This will help you keep track of your revenue and expense that are vital to your business decisions.

2. Select a simple and effective bookkeeping software

QuickBooks online is one of the top accounting software.  It helps you prepare and organize financials and it is accessible anywhere. Having reliable financials will help you create relevant financial decisions that is key to your business growth. The software provides an efficient way to file your tax return.

3. Automate

QuickBooks online allows you to automate your banking needs in a secure manner. It gives you an up-to-date financial information. Backs up your information in the cloud like what the bank industry is utilizing.

4. Review Financials & Government requirements

Review your financial records & other items as shown below:

  • Errors are corrected
  • Overdue invoices are followed up
  • Cashflow/financing needs
  • Declining revenue
  • Tax deadlines/govt requirements are complied

5. Consult a professional and Outsource

If you lack time, and patience to maintain your books don’t hesitate to outsource. Working with a CPA/experienced bookkeeper is more cost effective and accurate. Call us today to learn more about what we can offer to you and your small business.