When the COVID-19 pandemic hit Canada, the government swiftly rolled out various relief measures to support individuals and businesses. Accountants, too, were quick to respond, helping clients access grants such as the Canada Emergency Wage Subsidy (CEWS) and the Canada Emergency Business Account (CEBA). In this blog post, we highlight how Xero and Wagepoint played crucial roles in streamlining the application process and ensuring accurate record-keeping for these relief programs.
Leveraging Xero and Wagepoint
Simplifying CEWS Qualification with Xero
CEWS was one of the most challenging subsidies, with multiple sources of information causing confusion. Thanks to Xero’s custom reporting template, our team efficiently gathered necessary data from client accounts. We explore how Xero’s user-friendly interface and accurate reporting helped determine eligibility, even for companies reporting under the ‘cash method.
Unlocking Payroll Data with Wagepoint
With Wagepoint as our trusted payroll platform, calculating complex CEWS applications became a breeze. We delve into how Wagepoint’s Reports Library provided essential payroll information for completing the CEWS application. Additionally, Wagepoint’s integration of the 10% Temporary Wage Subsidy within their app helped businesses access short-term cash relief with ease.
Expressing Gratitude and Shout-outs
We express our gratitude to the teams at Xero and Wagepoint for their seamless solutions, which made a significant difference in supporting Canadian businesses during these challenging times. Our blog post includes a shout-out to our own team members for their hard work and dedication throughout this process.
Bookkeeping for COVID-19 Grants
In the next blog post, we’ll focus on the crucial step of accurately recording and bookkeeping the various COVID-19 grants to maintain impeccable balance sheets and profit and loss statements. We’ll provide insights on accurately reflecting grants like the 10% Temporary Wage Subsidy, CEBA, CEWS, and CECRA in your financial records.
Conclusion:
In times of crisis, collaborative efforts become vital in ensuring the smooth distribution and management of government relief programs. Xero and Wagepoint proved to be indispensable partners, simplifying the process for businesses and accountants alike. As we continue navigating these challenging times, efficient record-keeping and accurate reporting will remain essential to support businesses in their road to recovery. Stay tuned for our next blog post, where we share valuable bookkeeping tips for handling COVID-19 grants and subsidies effectively.