Building Value before you Sell your Business

Building Value Before you Sell your Business

Whether you started your business from scratch or bought an existing business, it represents a significant asset into which  you have invested a lot of time, money, and effort. Owners want their business to be as profitable as possible, and to one day sell it and use the proceeds to help fund their retirement. As a business owner, you want to make your business look as appealing to potential buyers as possible. The first step …

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Cash Flow Tips for the Small Business Owner

Cash Flow Management Tips for the Small Business Owner

Are you struggling to meet your business’ obligations even though your business is profitable? When it comes to managing a business, cash is king. A business can be very busy with high sales volumes and healthy profit margins, but if cash is not managed correctly, it can be the beginning of the end for a small business. To run a successful business, you need to pay close attention to managing cash flow. Here are some …

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Small business owners increasing profit

As a Small Business Owner do You Struggle with How to Increase your Profits?

As an accountant, one of the most enjoyable aspects of my job is meeting with my clients to talk about their businesses. When I ask them how business is going, a typical response is “things are really busy.” While being busy is often a good thing, it is important to remember that it does not necessarily mean that the business is profitable. Owners often get wrapped up in the day to day activities of their …

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Understanding your financial statements

Every Small Company’s Owner Should Understand Their Financial Statements

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 Not-for-Profit Incorporate?

Should you Incorporate your Not-For-Profit Organization?

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 Incoporate my Practice

Should I Incorporate my Practice?

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

Tips and Traps to Avoid to be An Effective Treasurer

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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