Tenley Consulting

Monthly Newsletter

Business, Bookkeeping, and Taxes

Business Insights

We’re halfway through the year and it’s the perfect time to check in, clean up, and keep your business finances moving forward. Here’s your monthly check-in of helpful insights and reminders to keep your books and business on track.

1. Review your financial reports

Compare this year’s income and expenses with last year. Are you on track? Behind? Surpassing your goals?

2. Adjust your tax planning

If your income is higher or lower than expected, now’s the time to adjust your tax strategy, not in December when it’s too late.

3. Project your cash flow

Look ahead at your upcoming income and expenses. Are there slower seasons coming? Big purchases planned? A clear cash flow projection helps you plan with confidence instead of reacting under pressure.

Upcoming Tax Deadlines

July 15

Payroll remittance due (monthly & quarterly remitters)

July 31

GST/HST return & payment due (quarterly filers – April to June)
T2 corporate tax return due (for Jan 31 year-end)

Final Thoughts from the Founder

Whether this season has been busy, slow, or full of change, you’re doing more than you think and we see it. Thank you for trusting us with your numbers and being part of our community.

We’re deep in mid-year cleanup and strategy sessions, so if you need support whether it’s bookkeeping, planning, or switching tools now’s the best time to reach out before things ramp up again.

Enjoy the summer days, we hope you find time to relax, recharge, and celebrate everything you’ve worked so hard for.

Thinking About Switching Accounting Software?

If you’ve been feeling frustrated every time you open your accounting software, you’re not alone! One of the questions we hear often is: "How do I know if it's time to switch accounting platforms?"

Here are a few signs it might be time:

1. You're outgrowing your current system

What worked when you first started might not support your business today. If you’ve added team members, expanded services, or now manage more complex finances, your software should grow with you and not hold you back.

2. It’s not user-friendly

If you're dreading logging in, getting stuck on simple tasks, or spending more time figuring things out than actually using it, it's time to reassess. You deserve tools that make things easier, not harder.

3. You're relying on too many workarounds

If you’re constantly juggling multiple spreadsheets, apps and software just to track income, expenses, or client invoices, that’s a red flag. Example: if you're manually calculating sales tax outside the system every month, your software isn’t doing its job.

4. You need better reporting or features

Whether it’s real-time insights, integrations, or inventory tracking, the right tools can save you money and stress. The right features can save hours and give you better visibility.

5. Your bookkeeper or accountant is suggesting a switch

They’re in the day-to-day details of your finances, and if they’re recommending a new platform, it’s usually for a good reason like better accuracy, efficiency, or reporting. Trust their insight they’re trying to save you time, money, and stress in the long run.

The best time is when things are steady enough to set it up right. Need help choosing the right platform or setting it up the right way? We can help!

Business Income-Related Red Flags

Nobody wants a surprise letter from the CRA. And when it comes to your business income, there are a few red flags that could draw attention even if you’re not doing anything wrong. Here are some of the most common income-related red flags we see and how to avoid them:

You forgot to include side or payment app income. Platforms like Stripe, PayPal, and Square report that income now. If you’re only counting what hits your main bank account, it’s easy to miss something.

Your deposits don’t match your sales. If your bank shows more (or less) than your actual sales, it can look like you're underreporting even if it’s just messy tracking.

You’re writing off a lot with barely any income. Big deductions with small revenue can raise red flags. Make sure your numbers make sense and match your actual business activity.

Your numbers look different every year. Sudden drops (or spikes) in income without a clear reason could get noticed. Good records help you explain the “why.”

Mixing personal and business income. Depositing personal funds into business accounts (or vice versa) without proper documentation makes your financials messy and harder to defend if questioned.

Inconsistent reporting across documents. What you report on your tax return should match your bookkeeping. Discrepancies between forms, reports, and filings can create unnecessary scrutiny.

Cash-heavy businesses not properly tracked. If you run a business that handles a lot of cash (like hospitality, beauty, or retail), the CRA pays closer attention. Proper logs and consistent records are essential.

If the numbers are off or things aren’t tracked clearly, it can look worse than it is. And that’s where we come in. Need a second set of eyes on your books? Let’s get your numbers clean and audit-ready, without the stress.

Smart Tips for Picking a Business Credit Card

Business credit cards can be incredibly useful, but only if you choose the right one. A business credit card should support your operations and financial goals. The right card can help you manage cash flow, earn rewards, and simplify your business spending, but not all cards offer the same benefits.

Here are a several key things to look for:

1. Look at the annual fee. Some cards offer great value, but make sure the perks actually justify the cost. If not, you might be better off with a no-fee option.

2. Check if the rewards match your business spending. If you travel often, a card with airline or hotel points could be helpful. If most of your spending is on supplies, software, or ads, look for cashback in those categories.

3. Pay attention to the interest-free period. An interest-free window can give you flexibility for short-term purchases without added costs as long as you can pay it off in time.

4. Choose a card that makes bookkeeping easier. Some cards integrate with accounting software like Xero or QuickBooks, or offer downloadable statements that simplify reconciliation and reporting.

5. Consider employee card access. If your team needs to make purchases, look for a card that allows you to issue employee cards with spending limits and tracking features.

6. Evaluate the sign-up bonus. Intro offers can be a nice bonus, but only if the minimum spend fits your usual business activity. Don’t overspend just to earn points.

7. Read the fine print. Avoid surprises by choosing a card with clear, transparent terms. Watch out for hidden fees or unclear reward structures.

We help you make confident decisions with clear numbers behind you. Schedule a call to learn more about our services.

Page updated

Google Sites

Report abuse