Posts Tagged ‘Accounting’
I’m a CEO: What Should I Outsource?
If you’re running a company, it probably means that you are A) incredibly adept at working well in a wide variety of disciplines, and B) incredibly worn out from taking care of aspects of your company better left to third parties. The good news is, you can redouble your efforts where you are needed most,…
Read MoreTax Rules for Bad Debts on a Balance Sheet
How do income tax rules treat bad debts? Facts: There are two provisions in the Income Tax Act (ITA) for bad debts. Discussion: The first way to claim a bad debt is covered in Section 20 of the ITA if the following requirements are met: the debt was owing to the taxpayer at the end…
Read MoreIs Xero the Right Accounting Software for You?
The task of managing all your accounting records can prove to be a serious challenge, particularly for a small business with a large quantity of transactions taking place throughout the course of a normal business day. Finding the right accounting software can be a huge boost to your productivity. One such service is Xero, which…
Read MoreTrue Story: Missing Assets Equal to a Year’s Sales
You don’t think finance and accounting matter in small business? Here’s a true story, and it’s about a small business like the ones I write about, in fact one I was involved in, not a large publicly traded company. $3 million worth of assets went missing, but nobody took them. Where do you think they…
Read MoreWhen Should I Book Revenues?
It’s the end of one year and the beginning of the next. Small Business owners have some discretion as to when they book revenues on the last day of the year. First you have to ask, what are you trying to accomplish? Do revenues need to look super strong for investors? Are you trying to…
Read MoreAccounting for Franchises: Tips to Help You Grow
Being a successful franchisee means having at least a general grasp on various aspects of running a business. You might not be an expert in marketing, management, or finance, but being well rounded enough to understand how each of these work will help you thrive with your franchise. Today, let’s talk about accounting. It’s absolutely…
Read MoreA Guide to Balance Sheets and Income Statements
When you own a small business, organization and good recordkeeping are two of the most powerful tools you have at your disposal. Keeping track of things like sales, outstanding invoices and monthly expenses is essential to understanding how healthy your business is at any given moment. Proper records are also a must if you plan…
Read More6 Tax Tips for New Small Business Owners
Did you just start your own lawn service or construction company? Launching a business is one of the most exciting things you can do, but you must be prepared for a whole new set of tax laws and requirements for small business owners. These tips can help you remain compliant with all tax authorities and…
Read More13 Reasons Commercial Accounting Software is Better Than Excel Spreadsheets
It’s a little ironic: Spreadsheets launched the personal computer business back in 1979 yet today spreadsheets can sink your small business…if you insist on using them for your accounting. VisiCalc was probably the first “killer app” and it gave millions of people an excuse to buy a computer for both business and personal use, and…
Read MoreSmall Business Accounting: How Much Of It Do You Really Need?
Entrepreneurs usually know very little about small business accounting when they launch their startup or local business. They’ve had an idea or see a problem that needs to be solved and they “go for it.” This can, however, be a huge mistake. The only way to really judge where your business is going and therefore…
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