Accounting Archives - McCay Duff LLP Chartered Professional Accountants

Every Small Company’s Owner Should Understand Their Financial Statements

April Wheeler - CPA, CGA
Accounting, Business Advisory, Financial Reporting, Small Business
5 minutes of reading

Do you review your company’s financial statements regularly? Do you understand what they tell you about your business? If not, you are not alone. Many business owners are focused on starting, growing, or maintaining their businesses. As a result, they do not take the time to understand their financial statements and the vital information they provide about their business. When used effectively, your financial statements are a tool that will help you plan better, address …

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Should you Incorporate your Not-For-Profit Organization?

Sherrie Moore - CPA, CA, B.COMM
Accounting, Business Advisory, Not-for-Profit Organizations, Tax Planning
2 minutes of reading

Incorporation can require a lot of paperwork and involves incurring legal fees, all of which may lead you to ask, is it worth it? No federal or provincial legislation requires a Not-for-Profit Organization (NPO) to incorporate. Like anything in life, there are both benefits and costs associated with incorporation. The answer to whether or not an NPO should incorporate does not have a “one size fits all” solution. Each NPO needs to consider its activities, …

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Should I Incorporate my Practice?

April Wheeler - CPA, CGA
Accounting, Business Advisory, Tax Planning
4 minutes of reading

Should I incorporate my practice? This is a common question for medical and dental professionals and it is one that has become increasingly more relevant since the new tax on split income (“TOSI”) rules were introduced in 2017. Determining whether or not incorporation is right for your practice is not straightforward and can be costly if you make the wrong decision. To begin the process of determining whether or not you should incorporate, consider the …

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Tips and Traps to Avoid to be An Effective Treasurer

April Wheeler - CPA, CGA
Accounting, Audit, Charities, Not-for-Profit Organizations
3 minutes of reading

To be successful a non-profit or charitable organization must earn the trust and respect of its donors and funders. Due to an organization’s financial management being directly tied to the Treasurer’s responsibilities, their execution of these responsibilities will have an impact on the public’s perception and confidence in the organization as a whole. When an organization is seeking a Treasurer they should keep this top of mind and look for individuals with strong financial literacy …

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Accounts Receivable – Bill Early, Bill Often, Be Vigilant

Dianna Larkin - CPA, CA, Partner
Accounting, Business Advisory
4 minutes of reading

Not every business owner has the luxury of owning a business where customers/clients pay at the same time that the service/product is delivered. While this may be the case for restaurants, retail stores, auto repair shops and so forth, the majority of businesses have to wait for payment. Managing credit risk and collections is a critical aspect of running their business successfully. A key thing to remember is that a sale is not a sale …

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Accounting

Every Small Company’s Owner Should Understand Their Financial Statements

Should you Incorporate your Not-For-Profit Organization?

Should I Incorporate my Practice?

Tips and Traps to Avoid to be An Effective Treasurer

Accounts Receivable – Bill Early, Bill Often, Be Vigilant

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