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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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Top Questions Small Business Owners Ask

By |2021-10-24T09:53:15+00:00August 13th, 2020|Business, Taxes, Xero|

So, you’ve started a business—congratulations! You’re probably excited to set up shop and get your product or service out there, but . . . there are a lot of things to think about when you first start a business. It's easy to jump right in without giving it much thought, but some things are better considered when you’re just getting started.  Here are some of the top questions small business owners ask. Should I incorporate? When considering incorporation there are two main types of things to consider. You’ll want to think about the legal side as well as how incorporating can [...]

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Why You Should See Your Accountant More Than Once a Year

By |2021-10-24T09:53:16+00:00May 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 [...]

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Need a Controller but Not Ready to Hire? Try Virtual Controllership

By |2021-10-24T09:53:16+00:00May 15th, 2020|Accounting, Business|

Just like we go through awkward stages as humans, as your business grows, it will go through awkward stages too. One of those stages is needing more staff but not yet having the cash flow to hire a full-time (or even part-time) employee to do the work.  While a good employee is well worth it, they can also be expensive. Not only will you pay them wages, but you’ll also pay the company portion of payroll deductions and benefits. In many cases, there’s also the extra time it takes to train someone. That’s where a virtual controller can help. They are [...]

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Inventory Tracking Matters

By |2021-10-24T09:53:16+00:00April 2nd, 2020|Accounting, Business, Technology|

If you own a product-based business, keeping tabs on your inventory is more important than you might think. Not paying attention to depleting inventory levels can cost you sales which costs you money.  Here are some important reasons you should be keeping an eye on your inventory levels. Understand your customers’ needs By keeping an eye on your inventory levels, you develop a good understanding of what products your customers are purchasing. You’ll also be able to maintain inventory levels so you have enough product on hand to meet your customers’ demand.  If a product isn't moving, you may want to [...]

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The Benefits of Paying Wages

By |2021-10-24T09:53:15+00:00February 1st, 2020|Taxes|

An important part of tax planning is determining if you will pay yourself wages out of your company. There are a number of benefits to paying wages, including increasing deductions in your company, contributing to your retirement, and receiving additional tax credits. Here's a breakdown of the advantages that come with paying yourself wages. Reduce Corporate Taxes  When you pay yourself wages out of your company, you can claim a deduction against your company's income.  For example, if you have $95,000 net profit in your company, and you decide to pay yourself $25,000 in wages, your company's income is reduced to [...]

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The Best Strategy – Turning Passion into Profit

By |2021-10-24T09:53:18+00:00March 28th, 2017|Uncategorized|

Many small business owners get involved in the day to day operations of their business and fail to step back and consider their strategy. This can lead to additional stress, overwork and reduced profits. Strategy is the key to success in both “big” and “small” business. At some point you of course have to jump in and "do" but make sure you step back to ensure that you are "doing" the right things for you and your business. What is Strategy? Michael Porter, a Harvard business professor, and a reputed “Strategist”, often explains strategy as “how the organization is going to [...]

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Blog 10 Let’s get Personal – on Taxes!

By |2021-10-24T09:53:19+00:00January 12th, 2017|Uncategorized|

Tax Time Tips Normally, my blogs are dedicated to small business owners everywhere. As my first blog post of 2017, I wanted to get a little more personal – on taxes! Small business owners whether they are incorporated or operate as a sole proprietor need to think about personal taxes too. As we creep closer to the dreaded tax season, I wanted to provide a quick summary on some changes you will see when filing your personal tax returns for 2016. Child Fitness Tax Credit / Child Arts Credit The Liberal budget of March 2016 announced that these credits will be [...]

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Best Practices of Cash Controls in a Small Business

By |2021-10-24T09:53:19+00:00November 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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Fraud – Three Examples of Fraud that Hit Small Businesses (4 min read)

By |2021-10-24T09:53:19+00:00November 15th, 2016|Uncategorized|

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 [...]

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