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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A Buy/Sell Clause Helps Prevent Business Divorces from Getting Messy

Business partners set up shop with the best of intentions. It’s a relationship that must be built on mutual trust and respect. But no matter how strong a personal or professional relationship is at the outset, shareholder conflicts and other events may occur that can affect the continuity of the business operations. A mechanism and process that establishes the ground rules for the orderly transfer of the businesses shares caused by unforeseen conflicts or events …

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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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Internal Controls

Internal Controls even the Smallest Business can Implement

We’ve all heard the term “internal control.” Simply put, it involves anything that controls risks to a company, by ensuring reliable financial reporting, and compliance with laws, regulations and policies. Implementing suitable internal controls in larger companies with a large management team is seldom an issue. For smaller companies with only a few staff it can be far more challenging, if not almost impossible. So what can these companies do to reduce the opportunities for …

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When do you Charge HST

When do you Charge HST

Whether you are self-employed or your business is incorporated, it is your responsibility to ensure you register and collect HST when you meet certain conditions set out by the Canada Revenue Agency (CRA). Many small business owners are not aware that whether you are self-employed or incorporated, if your business earns greater than $30,000 in world-wide taxable supplies over any four consecutive calendar quarters you must register for HST, and collect HST, and remit it …

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Red Flags that will get you Audited

Red Flags that will get you Audited

The Canada Revenue Agency (CRA) audits people or companies whose tax returns seem suspicious.  CRA is more likely to audit self-employed individuals and small businesses than employees with a T4 slip. CRA has significant industry and demographic data that they utilize to analyze a wide range of tax claims. Any real or perceived differences or outliers to this data could lead to an audit.  Often, the first step is not a full audit but a …

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