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As an accountant I frequently receive panicked calls from business owners who have received ominous letters from the tax authorities requesting that overdue tax returns be immediately filed. Others receive notices of assessments for significant amounts (Revenue Quebec will often slap an $8,000 ass Read More

When selecting accounting software for your small business it helps to have an understanding of what you want your accounting system to do for you. This involves analysing the key aspects of your business, determining what you must have and what you would like to have. Then, like any good cost be Read More

Paying employees (or yourself) requires more than just knowing the amount that you are going to pay. The Canadian tax authorities requires that employers calculate a variety of taxes on the salaries paid, remit them to the federal and provincial governments and prepare annual reports demonstrating Read More

Canada is a nation of small businesses. In fact the vast majority of business in Canada are technically defined as small businesses i.e. less than 100 employees. Industry Canada keeps track of the facts and figures as they relate to small businesses, some of the more interesting ones are enumerat Read More

Most small business owners understand, in theory, that they should have an accounting system. The problem arises when trying to select accounting software when often you are not really sure what your accounting software should do. If you are a freelancer or a small service provider, who prefers to Read More

In an effort to determine whether Groupon is in fact a raging buy or, as alternatively presented, on the verge of insolvency, I have undertaken an analysis of their latest S-1 , which was filed with the SEC on August 10, 2011. The document, which is required by all companies who want to file an i Read More

An accounting system can be an extremely powerful tool for business owners. When structured with the specific needs of the business in mind, it has the power (through the magic of debits and credits) to convert data into a format that actually tells an interactive, completely personalized story a Read More

Building a sales forecast can be as simple as you want it to be and does not necessarily require an accounting degree (or construction materials), particularly when your business is small (although an experienced accountant can certainly help refine and streamline the process). Below are some tips Read More

One of the numerous ways in which technology has benefitted small businesses has been to increase the number of payment options available. While the conventional methods of payment like cash and cheque still exist, there are also a variety of other options like debit cards, internet transfers and Read More

ne of the more unpleasant aspects of being a business owner is having to chase clients that do not pay. It is frustrating, stressful and disheartening. Attempts to collect are an utterly unproductive use of time and can have a significant impact on cash flow, particularly if you are unprepared. Read More