PADGETT BUSINESS SERVICES®, a leading source for small business tax, accounting, payroll and business advice, and Intuit Canada, makers of QuickBooks, Canada’s leading financial management software, have joined forces to create greater efficiencies in Padgett’s cloud-accounting services for small business owners.

Under this agreement, Padgett has selected QuickBooks’ all-in-one accounting software as their cloud accounting technology of choice, which will allow Padgett’s accountants and clients to leverage QuickBooks’ suite of financial tools designed to save time and money, by connecting essential business tools that make it easy to bring financials into focus.

This will allow small business owners to focus on making important business decisions, while enabling their growth and prosperity. For Padgett, this agreement allows their focus to remain on providing vital business analysis, interpretation and advice to their clients.

“We are excited to be working with the market leaders in cloud accounting to bring their technology and expertise to our clients for their bookkeeping needs. Working with an organization that offers key financial solutions and technological expertise to empower small businesses will allow us to shift our focus from extensive number crunching to analysis and advice, which is where we believe the true value lies for many of our clients,” said Hal Canaan, Executive Vice President of PADGETT BUSINESS SERVICES® Canada.

Padgett’s principle focus is to provide a unique combination of business services to help small business owners succeed, by leveraging personal relationships and efficient service. They offer small business advice and consultation, tax preparation, government compliance,  and complete payroll services.

“We’re excited to work with PADGETT BUSINESS SERVICES®, who share the same passion in investing in the future and growth of small businesses as Intuit QuickBooks. We believe that increased collaboration with organizations that are supporting small businesses is imperative to providing powerful and essential resources to ensure that small businesses have the tools that they need to succeed and prosper,” said Patrick Harrison, Canadian National Accounts & Quebec Region Leader at Intuit Canada.

“This agreement is going to help us to ensure that the small business economy continues to advance; a lot of accountants take a look in the rear view mirror, we’re more interested in looking through the windshield. We believe QuickBooks Online can help us get there,” concluded Brian Austin, President of  PADGETT BUSINESS SERVICES® Canada

Who doesn’t love write-offs? Did you purchase new assets after November 20, 2018?

In the November 21, 2018 Fall Economic Statement, the federal government proposed three important and immediate changes to Canada’s tax system. In order to enhance business confidence in Canada and stay competitive with the United States:

• The immediate write-off for tax purposes of the cost of machinery and equipment used for the manufacturing or processing of goods (Class 53).
• The immediate write-off of the full cost of specified clean energy equipment (Class 43.1 and 43.2).
• An accelerated capital cost allowance (i.e., larger deduction for depreciation) for all capital property other than manufacturing & processing and clean energy equipment. The Accelerated Investment Incentive will provide a deduction in the first year equal to 3 times the amount that would otherwise apply. It is subject to a maximum write-off of 100% of the cost.

“Part of what contributed to widespread concern about Canada’s competitive position was efforts in the U.S. to lower the overall tax rate on new business investment. Those measures were ultimately very costly. The federal government’s actions today are an attempt to both respond to those immediate pressures, while not completely ignoring their fiscal situation.” said by Francis Fong, CPA Canada’s chief economist.

Go ahead and make new investments with these new write-offs.

For more information contact us at 250-744-3854.