Why You Should See Your Accountant More Than Once a Year

By | May 27th, 2020|Accounting, Business, Taxes|

It’s important to see your accountant more than once a year—during tax season. The health of your business could depend on it. Accountants help with so much more than filing your taxes, yet businesses rarely seem to take advantage of this. Not only will you have a better idea of how your business is doing financially, but when you have regular business checkups with your accountant, you also have the ability to make necessary changes to improve business processes, increase profit, and save tax.   There’s No Time Like the Present to See Your Accountant It’s really difficult to plan for tax [...]

Nix the Cash Bonus: Reward Your Employees While Reducing Your Tax Bill

By | April 23rd, 2020|Accounting, Business, Taxes|

Good employees can be hard to find. When you do find them, you want to keep them as long as possible. It can be tempting to pay a cash bonus to show your appreciation. Everybody loves cash. Accept accounts! Here’s why . . . What’s Wrong with a Cash Bonus? Of course accountants love cash too, but paying cash bonuses can make for a bookkeeping nightmare! When you pay employees with cash, there’s no paper trail. There’s no way to prove to the Canada Revenue Agency (CRA) that you incurred those expenses.  As much as you want to show your appreciation [...]

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Not-For-Profit – Challenge #3 – Budgets and Cash Management

By | May 13th, 2019|Accounting, Not for profit|

How to make your Not-For-Profit make more IMPACT with less administration – Budgets and Cash Management In our last two blogs, we discussed two challenges facing not for profits recruitment and compliance, and now we will tackle budgets and cash management.  We want to show you some technologies that can help you overcome the troubles around budget and cash management in your not for profit. Let's face it, people are busy. You want to ensure you are setting your management and directors up for success. Some may say, well it’s a not for profit and we can’t spend the money on software. To [...]

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Best Practices of Cash Controls in a Small Business

By | November 29th, 2016|Uncategorized|

Cash controls are the controls used in a business to protect a business from cash theft and mismanagement. In a previous blog (Fraud in Small Business), I discussed how a front desk / bookkeeper stole cash from the business. Ultimately, the reason this occurred was a lack of cash controls. Each business is different and each should assess their own cash controls. However, I wanted to provide a quick guide on cash controls that could assist a business owner in looking at their own processes. Cash Controls Separation of Duties This is a big one but is also the hardest one when [...]

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