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 [...]

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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5 Scary Things About Running a Business (and How to Fix Them)

By |2022-10-07T02:58:40+00:00October 7th, 2022|Business|

Happy (almost) Halloween, small business owners! This time of year can be pretty scary, especially if you're running your own business. But don't worry, we're here to help. Here are five of the scariest things about running a business (and how to fix them.) 1. You're never sure if you're doing things right.  This is a big one. Especially if you're a first-time entrepreneur. As a business owner, you have a lot of responsibility, and there's a lot riding on your success. It's natural to second-guess yourself from time to time. The best way to combat this fear is to surround [...]

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The Top 5 Benefits of Entrepreneurship

By |2022-09-22T18:12:39+00:00September 22nd, 2022|Business|

Every October, the Business Development Bank of Canada (BDC) celebrates small business week. This is a time where Canadians can learn more about the benefits of entrepreneurship and how to start and grow their own businesses. As the largest provider of financing, insurance, and advisory services to small businesses, BDC has a lot to offer. In this blog post, we will discuss the top five benefits of entrepreneurship, as well as some of resources that BDC offers to help small businesses succeed! What is BDC small business week? Small business week is a national event that takes place every October. During [...]

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The Business Accountant: Can They Help You Manage Your Money?

By |2022-08-15T20:05:09+00:00August 8th, 2022|Accounting, Business|

Every business owner knows that cash flow is key to a successful company. But keeping track of your finances can be daunting, especially if you're not familiar with accounting terms and concepts. That's where a business accountant comes in. They can help you manage your money and keep your business on track financially. In this blog post, we'll discuss the benefits of working with a business accountant and how they can help you manage your cash flow. What is cash flow? Cash flow is the movement of money in and out of your business. It's important to track your cash flow [...]

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No-Code Accounting: What It Is and Why You Should Use It

By |2022-08-16T15:25:00+00:00July 20th, 2022|Accounting, Business, Technology|

No-code accounting is a term that you may have heard floating around the internet lately. But what does this mean? Simply put, no-code accounting is an approach to accounting that doesn't require any coding skills.  You may be thinking, but I have never had to know how to code when bookkeeping before. You are right, individual software does not require coding. The term "no-code" refers to building connections between apps that are not already connected.  This can be a huge advantage for small business owners who don't have time to learn how to code or don't want to spend the money [...]

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The Best Year End Date for Your Canadian Corporation: Why December Isn’t the Best Choice

By |2022-07-23T20:06:22+00:00July 12th, 2022|Accounting, Business, Taxes|

When it comes to choosing a year end date for your Canadian corporation, there are a few things you need to take into account. Many business owners choose December 31st as their year end date. They think it will be convenient because it is the end of the calendar year, but this isn't always the best choice when it comes to tax planning. Continue reading to learn what you should consider when choosing a year end date for your corporation. The Best Year End for Tax Planning In Canada, your year end date is set when you file your first corporate [...]

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Charitable Donations in Canada: How to Save the Most Tax

By |2022-07-20T02:02:38+00:00July 3rd, 2022|Business|

As a business owner in Canada, you may be wondering the best way to make charitable donations. Should you make charitable donations through your corporation or personally? There are specific guidelines when it comes to both options. Tax credits and deductions can only be claimed if you adhere to those guidelines.  In this blog post, we'll explore the ins and outs of making charitable donations, through your corporation or personally, and help you decide which option is best for you. What is the charitable donation tax credit? The charitable donation tax credit is a non-refundable tax credit you can claim on [...]

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How to Use the Xero Accounting App to Choose a Business Strategy

By |2022-06-24T01:19:19+00:00June 24th, 2022|Accounting, Business, Xero|

As a small business owner, you have to make tough decisions when it comes to your finances. Should you reinvest in the business? How can you ensure that your money is working for you? Xero is an accounting app that can help you answer these questions and more. In this blog post, we will discuss how Xero can help you choose the right financial strategies for your business. Xero makes it easy to keep track of your expenses, revenue, and cash flow so you can make informed decisions about the future of your company! Let's take a closer look at how [...]

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