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Fraud – Three Examples of Fraud that Hit Small Businesses (4 min read)

Fraud is not a common topic in small business but when it does occur the results can be devastating. Fraud can take many forms and be difficult to identify. Every business owner must ensure they are taking precautions to protect themselves. To give business owners and idea of what can happen, I will tell you three real world examples that I have come across. The details have been kept vague to maintain privacy. Two stories are from my work as an Accountant and one dates to my University years. In that case, speaking to students about wrongful doings was part of the fraudsters [...]

By | November 15th, 2016|Uncategorized|Comments Off on Fraud – Three Examples of Fraud that Hit Small Businesses (4 min read)

Is Delaying Paying Suppliers Good for Cash Flow or Just Bad Manners? (3 Minute Read)

By Alissa Bryden, CPA, CA In September, I was part of a twitter chat that discussed cash flow for start-ups (StartupCanada Chats). There was a lot of great advice given by the panel of experts. My twitter name is @vhaccounting and I have been involved in a few of these. The next one is coming up on Friday November 11th at 9am PST. There was a lot of discussion around delaying payments to suppliers while trying to collect accounts receivables asap. This cash flow technique is not new, if you get the money from your customers upfront but don’t pay your [...]

By | November 8th, 2016|Uncategorized|Comments Off on Is Delaying Paying Suppliers Good for Cash Flow or Just Bad Manners? (3 Minute Read)

Should I Incorporate my Small Business? (3 min read)

By Alissa Bryden, CPA, CA, Owner of Virtual Heights Accounting Many small business owners are very excited about their new business and think that incorporating is the first step. Incorporating too early can be a costly decision. I would estimate a corporation costs (on average) about $2,000 more per year than a sole proprietorship in accounting and legal fees. My first advice is to talk to a professional. More than this, get them to explain why they think you should incorporate or not. This decision should be based on the facts of the situation and no two businesses, or owners, are [...]

By | October 25th, 2016|Uncategorized|Comments Off on Should I Incorporate my Small Business? (3 min read)

How to Move from a Concept to a Business (4 min read)

How to Move from a Concept to a Business (4 minute read) By Alissa Bryden, CPA, CA As I write this it is small business week, and I want to celebrate both small business owners and the work it takes to get the doors open. Not all ideas or concepts can or will turn into a healthy business. You must first determine if you have an idea worth pursuing. Some do this on the fly, but planning and forethought will save you both money and stress. Preliminary research can give you a better idea on how to move from a business concept [...]

By | October 18th, 2016|Uncategorized|Comments Off on How to Move from a Concept to a Business (4 min read)

How to Charge GST on Your Materials – The Contractor (3 min read)

 By Alissa Bryden, CPA, CA Contractors often ask me about how to charge GST on the materials included on their invoices. There are two main ways contractors can create their invoices. One where the materials are paid for by the client as a reimbursement and one where the materials are part of the sale price. It is important to note that GST charged on your invoices is called “GST Collected”. GST paid when you pay for the materials are called “ITC’s”. When you remit a payment to the Canada Revenue Agency you net these two. Reimbursement When a client is paying the materials as [...]

By | October 11th, 2016|Uncategorized|Comments Off on How to Charge GST on Your Materials – The Contractor (3 min read)

4 Signs Your Bookkeeper is Costing You Money

4 Signs Your Bookkeeper is Costing You Money (4 min read) By Alissa Bryden, CPA, CA […]

By | September 30th, 2016|Uncategorized|Comments Off on 4 Signs Your Bookkeeper is Costing You Money

Are you ready to be an entrepreneur

By Alissa Bryden, CPA, CA (10 minute read) My undergrad degree was a Bachelor of Commerce in Entrepreneurship. I studied entrepreneurship everyday and analyzed case study after case study on business owners and their stories. We looked at the types, traits, life circumstances and then got into the steps they took to make it happen. We looked at cases where they succeeded and also where they didn’t. For my first blog post, I thought it would be an interesting topic to dive back into. With the benefit of experience (and additional education in accounting) I wish I could take another look [...]

By | September 12th, 2016|Uncategorized|Comments Off on Are you ready to be an entrepreneur

The Accountant vs The Bookkeeper

By Alissa Bryden, CPA, CA (4-5 minute read) Within the first meeting of any new small business owner there is a standard question “So do I need a bookkeeper?”. This is a great question and one I thought necessary to discuss. Previously, many CPA firms did not have internal bookkeepers for two reasons 1) Charge out rates were typically too high for it to be recoverable and 2) It was generally thought to be a better service if there was separation of these duties to allow for a “second look”. In the era, of cloud accounting, I would argue these arguments [...]

By | September 12th, 2016|Uncategorized|Comments Off on The Accountant vs The Bookkeeper