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Dividends or Salary

By |2023-04-24T22:21:43+00:00August 24th, 2023|Business, Taxes|

Small business owners need to understand how paying themselves with dividends and salary can impact their earning potential. In Canada, these are common payment methods with different tax implications. This post explores the differences, including taxation rates and personal retirement accounts (RRSP and CPP program), to help you make an informed decision. Gain a clear understanding of dividends vs salary and make a plan that maximizes your earnings. Overview of Dividends and Salaries Dividends and salaries are two important components of compensation for owners of a small business corporation in Canada. Dividends are payments made to shareholders as a share of [...]

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The best payment processing solution (for your small business)

By |2023-03-01T00:53:24+00:00June 15th, 2023|Accounting, Business, Technology|

As a business owner, it's crucial to offer your customers a seamless and secure payment experience. With so many payment processing solutions available in the market, it can be overwhelming to choose the right one for your business needs. We'll guide you through the process of selecting the best payment processing solution that aligns with your business requirements. We'll cover essential factors to consider, such as fees, security, and ease of use. By the end of this article, you'll have a better understanding of the payment processing landscape and be able to make an informed decision for your business. Stripe, Square, [...]

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Productivity Strategies for Small Business Owners in 2023

By |2023-01-27T03:20:41+00:00January 27th, 2023|Business, Technology, Xero|

Small business owners need to develop productivity strategies in order to stay competitive. As technology rapidly advances, so do the expectations of small business owners. In the age of digital transformation, it’s more important than ever to stay competitive and increase productivity. But how can small business owners do that in 2023 and beyond? Here are some productivity strategies to help you make the most of your time and resources.  1. Automate Tasks Where Possible  One way to free up your time is by automating certain tasks. You can use automated solutions or third-party services to streamline processes like billing, customer [...]

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Strategies for Growing Your Customer Base in 2023

By |2023-01-19T03:43:08+00:00January 19th, 2023|Business|

Today businesses must stay competitive in order to succeed. But what does that mean? One way to do that is by growing your customer base. To do that you need to anticipate customer needs and trends before they arise, then find ways to capitalize on them. In this blog post, we'll be discussing strategies for growing your customer base in 2023 and beyond.  Know Your Customers  The first step towards growing your customer base is understanding who your customers are and what they expect from you. You should have a clear picture of their preferences, interests, purchasing habits, and more. This [...]

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Setting Business Financial Goals for the New Year

By |2023-01-09T02:50:42+00:00January 9th, 2023|Accounting, Business|

The new year is a great time to set some financial goals for your small business. Whether you're looking to save money, boost revenue, or improve your bottom line, setting specific and achievable business financial goals is a crucial first step. But where do you start? And how can you make sure your goals are realistic and attainable? In this blog post, we'll share some tips and resources to help you set strong financial goals for your small business in 2023. Read on to learn more! 1. Define what you want to achieve. When it comes to goal setting, it's imperative [...]

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Leveraging Technology to Automate Your Financial Processes

By |2022-12-21T04:06:20+00:00December 15th, 2022|Business, Technology|

Technology has made our lives easier in many aspects. One of the most important areas where technology can be leveraged is in finance. Automating financial processes can help small business owners save time, money, and energy while ensuring accuracy and compliance. Here are some tips on how to leverage tech to automate financial processes.  Integrate Your Systems  The first step when leveraging technology for automated financial processes is to integrate your systems. This includes any program or software you use to manage your finances such as an accounting system, invoice management system, payroll system, etc. By integrating these systems, you'll be [...]

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How to Analyze Your Business Financial Statements

By |2022-12-15T15:04:07+00:00December 7th, 2022|Accounting, Business|

Have you ever wanted to analyze your business? Every business owner needs to have an understanding of their financial statements. This is especially true at the end of an accounting cycle, such as year end. Learning to read financial statements is essential for making informed decisions about the future of your business. This also helps you stay on top of expenses. Understanding the importance of your financial statements is the first step to gaining comprehensive insights into where your business is and where it's headed. Analyzing Your Financial Statements  When analyzing your financial statements, start by looking at your total income [...]

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How to Keep Your Business Afloat During Its First Year

By |2022-11-23T03:39:51+00:00November 23rd, 2022|Business|

The first year of business is often the most challenging. You're trying to find your footing, establish yourself in the market, and make a profit. It's no wonder that many businesses don't make it through their first year. In fact, statistics show that nearly 20% of businesses fail within their first year. So, how can you ensure that your business isn't one of them? By following the simple tips outlined below. 1. Make a realistic budget and stick to it. One of the biggest mistakes new business owners make is underestimating their expenses. When you're putting together your budget, be sure [...]

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3 Common Financial Mistakes Small Business Owners Make (and How to Avoid Them)

By |2022-10-28T04:04:29+00:00October 28th, 2022|Accounting, Business|

Being a small business owner is tough enough without having to worry about money troubles. Unfortunately, financial difficulties are all too common for small businesses—but they don't have to be. In this blog post, we'll discuss three of the most common financial mistakes small business owners make and what you can do to avoid them. Mistake #1: Not Keeping Track of Expenses One of the most common financial mistakes small business owners make is not keeping track of their expenses. It's easy to let expenses get away from you when you're busy running your business, but it's important to keep a [...]

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How to Stay Organized While Running a Small Business

By |2022-10-21T03:34:16+00:00October 21st, 2022|Business, Xero|

If you're like most entrepreneurs, you wear a lot of hats while running your small business. From managing employees to keeping up with inventory to dealing with customers, it's easy to let things slip through the cracks. One of the most important things for any business owner is to keep detailed records of income and expenses. Fortunately, there are plenty of accounting apps out there that can make your life a lot easier. In this blog post, we'll give you some tips for staying organized while running a small business, as well as how the Xero accounting app can help. Set [...]

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