February 2010

In This Issue
HST - a lot to think about!
This month's HST topic - Strategy
about accountrain
about e-ccounting

e-ccounting continues to be a free monthly newsletter focusing on accounting tips and solutions.  Our mission is to educate our clients, students and readers by offering these resources in response to your ongoing questions. 

It is our objective to gather information and provide easy access for your current and future needs. Back-issues are available on our web site at www.accountrain.com
This newsletter is not intended to answer complex questions.  As well, each situation is different, you therefore, may want to discuss your specific situation with a professional accountant or government agency.

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In January's issue of e-ccounting we promised this issue would highlight key items concerning the upcoming HST (Harmonized Sales Tax), which is slated to begin on July 1st of this year. 
After attending several sessions on the new tax,  we realize it would be impossible to cover all areas concerning this topic in just one issue of e-ccounting.
Therefore, we've decided to devote the next few issues of e-ccounting to HST and will focus on one key issue at a time. 
HST (Harmonized Sales Tax) a lot of information!
In the meantime I want to leave you with a few topics to consider, as well as the link to the CRA website for more information on their free upcoming HST 1/2 day seminars. 
Upcoming issues:
  • Transitional Rules
  • Place of Supply Rules
  • Reporting
The CRA website for upcoming seminars: 
Please note some of  the larger CA firms may also have seminars focusing on HST.   Check out their websites for more information.
 Hint ~ Don't limit yourself to one!
This month's HST topic  ~  Strategy 
This month's focus will be on your "strategic plan" to put HST into place for your company.   Questions to ask yourself:
  • Do you have the proper personnel working on this project,            ie, IT and accounting (perhaps a committee or task force)?
  • Do they know their roles / tasks?
  • Have you set up timelines and a testing environment?
From all the sessions I have participated in so far, I felt John Smith, Director, Enterprise Business Solutions of the Corporate Renaissance Group summarizes the strategy best.  I have therefore taken the highlights of what he suggests:

HST Project Phases
Diagnostic:  How do these changes impact my organization?
Analysis:  Can my existing system(s) accommodate the new requirements?
Design:  How do I set up new G/L accounts, new tax codes and new reporting requirements?
Development:  How can I test the new design options in a safe environment?
Deployment:  What is the best way to implement training and transfer information?
Operation:  The final step to ensure everything is tested, proper staff have been trained and things are running smoothly.
As mentioned, for the March issue of e-ccounting we will discuss another HST related topic.  Look for it on March 30th.
about accountrain
accountrain simplifies the client / accountant relationship by offering a unique combination of knowledge and people-skills to solve all your accounting needs as we specialize in the how's and why's of accounting. 
accountrain handles all your day to day bookkeeping and accounting needs whether it's weekly, monthly, quarterly, or on an as per needed basis.  
accountrain also offers:
  •   Training ~ one-on-one or classroom setting. 
  •   Workshops, see our website for more details.
  •   Apprentice program for beginner bookkeepers.
  •   Mentorship program for bookkeepers wanting to start their        own business.
For more information on bookkeeping, workshops, programs and to find out if accountrain is the right accounting team for you, contact us by phone or email.

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