As you may be aware, Telpay is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). FINTRAC is the federal agency responsible for administering the Proceeds of Crime (Money Laundering) and Terrorist Financing (PCMLTF) Act.

As per the PCMLTF Act, Telpay is defined as a Money Service Business or MSB because it engages in the services of “remitting or transmitting funds.” As a result, Telpay is subject to certain reporting, record keeping, and monitoring responsibilities.

Each year, money laundering in Canada represents a $100 billion problem, and the current FINTRAC policies don’t seem to deal with the problem adequately. In this recent Financial Post article, the author writes that the approach to managing money laundering in Canada needs revising.

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It’s that time of year again – when most of the leaves have fallen from the trees, a distinct chill is in the air, and you’re approaching your corporate year-end. If you are dreading the accounting and bookkeeping that year-end entails, or are not sure where to start, you are not alone.

Five Tips to Prepare for Your Accounting Year-End

We’ve compiled a list of five tips to help make the process easier for you.

1. Record All Transactions
2. Do a Bank Reconciliation
3. Review Your Financial Statements
4. Check Your Accounts Receivable and Invoices
5. Ensure employee and supplier information is up-to-date in Telpay

Check Employee and Supplier Information in Telpay

Periodically, but even more so when approaching year-end, check to ensure that the following information you have in your Telpay software is correct.

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If you’re like most business owners, you’ve been hard at work building your business, and as a result, some of your workflow and processes may have taken a backseat. But let’s face it – as an owner, the lack of organization may have resulted in lost money (do you remember if all invoices were paid?) and quite a bit of frustration (exactly how long did it take to find that sales receipt last week?). Plus, every receipt-less deduction and lost invoice could be setting the stage for an audit and no one needs any extra attention from the CRA.

It’s time to clean house and get organized, so it no longer has control over you.

Here are 3 tips to help you not lose sleep and to see that come tax season, you’re not frantically searching for those misplaced gas receipts.

1. Get Familiar with Telpay’s Amazing All-In-One Payments Solutions

As you may or may not know, Telpay has live webinars every week to show our clients how to get the most out of their Telpay software. They’re FREE and all you have to do is register to attend on our website! All webinars are 30 minutes long and give you the ability to ask a real, live person any questions you may have after the session. As the shooting star says, “The More You Know”!

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As most accounting firms know, dealing with banks to make payments for clients can be frustrating, to say the least. But a couple of years ago, that’s exactly what InterPaid was doing — or trying to do.

When Andrew McAuley launched his Sarnia, Ontario-based bookkeeping and business management company in 2019, he had one goal in mind: to enhance the accounting setups of small, medium, and large businesses using a full range of efficient services.

Those services would come to include full-cycle accounting, payroll, remittances, accounts receivable collection, accounts payable management, business optimization, and more. And while InterPaid quickly found early success, banks placed one significant speedbump in the company’s way.

Banking on Inefficiency
That speedbump was the same one faced by many accountants today: making payments using the direct deposit features of their clients’ banks.

“This was an extremely time-consuming and difficult task as we had to have individual logins created, signing authorities depending on the bank, etcetera,” says McAuley. “Not to mention, most banks’ direct deposit payment platforms are not designed for accountants or third-party providers.”

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