The start of a new year is often when business owners take stock of what went well during the previous year and what they'd like to improve during the upcoming year. Many people make New Year's resolutions for personal habits such as eating better and saving more money, but it’s fun to make new year resolutions for your business too. 4 New Year Resolutions for Your Business Here are a few things we commonly hear our clients saying they'd like to do differently as part of their new year resolutions for business. Open those brown envelopes from the Canada Revenue Agency [...]
First of all, at Virtual Heights Accounting, we recommend your accounting review be more often than annually. A bi-annual check-in is much more efficient. Reviewing your business tax and accounting records at mid-year, gives you time to see how your year is going and plan for any changes, such as paying more tax than the previous year. If you’ve never had an annual or bi-annual accounting review, there are many advantages to doing so, especially if you’re considering changes in your business. What is an Annual or Bi-Annual Accounting Review? An accounting review—whether it's annual, biannual, or something else—is where you [...]
Creative entrepreneurs are coming out of the woodwork in the face of COVID-19. Life as we know it has changed dramatically. But that doesn’t mean your business has to close. Things are challenging now, but the entrepreneurial life is one that’s always been full of challenges. Entrepreneurs in many different industries are pivoting so they can continue working. Here are some examples we love. Eat-In to Delivery With government requirements still in place to remain socially distant, businesses that rely on social activities have been forced to close. But that isn’t the case for all businesses in the entertainment industry. Many [...]
Happy new years! As we embark on a new year, it is a great time to reflect but also to gear up to make a difference in 2019. If you are looking to make a difference in your business in 2019. Take a look at these top recommendations to start your goals and planning on the right track. Goal 1: Automate For every task you do, you should think, how can I automate this? Yes – it will require up front WORK but the time saved will result in more time you can devote to earning $. A few of my favorites [...]
As the head of an accounting firm, I talk a lot of about KPI’s in my day-to-day dealings with clients. But I meet a lot of clients who are just really gearing up for growth and financing who tell me stories about having to google what a KPI “Key Performance Indicator” even is. So this blog is all about KPI’s. KPI’s are great but there is no reason to track them if you are not going to use them. It is like having a mountain bike that sits there taking up space. If you want to get in shape you have [...]
I work with a variety of clients, who may have great bookkeepers, but their operations grow beyond that of basic bookkeeping. If you have a fast-growing business or have large aspirations, there are five main reasons you should consider having a part-time CFO. Keep fixed costs low - cash flow is always an issue for every start-up or small business. Hiring a part-time CFO allows you to keep your costs low and scale your services as you scale your business. Not only will you save on the salary (including source deductions and benefits) of a full time CFO but you also save [...]
A quick 4 minute strategy exercise for your small business. It goes quick so be sure to have a fast pen handy. I have included a print out here please print before starting the video: Blog 17 The 4 Minute Strategy Exercise Good luck! https://youtu.be/yorc43zncx0 Virtual Heights Accounting is a CPA and Business Coaching firm. We provide business coaching consulting services to small and medium sized businesses. We focus on strategy and process automation. To learn more about our business coaching services contact Alissa Bryden, CPA, CA, MPAcc, BComm directly at firstname.lastname@example.org.
A business plan is a written document that explains what the business is, how it operates, what it’s goals are and how it plans to achieve those goals. Many think that only those seeking financing need a business plan. They consider the business plan a necessity for the bank – that’s it. They could not be more wrong and here are five reasons why. 1) Benchmarking – A good business plan identifies what are called Key Performance Indicators (KPI’s) for the business. A business can then use these KPI’s to measure its success moving forward. This can help when you are looking at specific [...]