7. Canadian Business Bookkeeping and Accounting with Erika Dowell

Canadian Business Women Podcast

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

Signal Operations

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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