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Most CPA firms create financial statements for their clients. This blog post tells you how to review financial statements efficiently and effectively. The best way to review the financial statements is to have something to compare to. Two years of data are great to look at plus a 3rd and 4 column one showing the differences between the years and also one to show the difference in percentages.  This is called comparative financial statements For our clients, we would look at big differences that pops out. Once we identify them, we question them, why big differences exist. Keep in mid, we a...

Watch this video on What is cash flow management Among the most complex financial balance indicators faced by any organization is the control of profits. We see three critical ways in which the best organizations have true control of cash flow management, which have led to over 20,000 small and medium-sized firms solving cash problems. 1) Measuring cash flow: Cash flow analysis is the first major activity. Manual attempts and innumerable spreadsheets are also needed only to grasp the cash flow at any given time. In accounting system such as QuickBooks online, cash flow report is avai...

The worst nightmare of a boss – an employee is unsatisfied with his workplace and chooses to cheat or rob the company. There are several tales of these crimes being committed by workers and causing tremendous harm. You can lead a satisfied and efficient workforce by identifying signs of workplace fraud, and enforcing procedures to prevent it. Many forms of fraud indeed exist, but not many know much about work fraud. Why is it so necessary for firms to properly defend themselves? What is occupational fraud? Occasionally, occupational fraud is called in-house fraud, but also refer...

Simple, right? But we do not do this, or we do not know that we are doing this unless we take an inventory of our activities. Example: let us have a look at how productive your advertising is. Step 1: create a matrix either on a piece of paper or in Excel Step 2: come up with a heading, in this case advertising results Step 3: write down your advertising activities, this is a good practice to see what activities you do. For example, I heard a guy who complained that he cannot get any leads no matter how hard he tries. I asked him to give me a few examples. He had none, I do not ...

Accounting industry has benefited so much from the technology boom. Accounting and running a small business now adays have improved exponentially. It wasn’t long ago that some colleges and university were talking about “general Ledgers” “Books” and so on. Basically, accounting hadn’t changed in a long time. Now, I am pleasantly surprised when I see new apps are emerging that changing accounting and making it so much more efficient and effective to run a business. Business on your fingertips – literally This app will empower you to run your business even better, save time, your money, and your ...

Number 1:  Ask Five Questions QUESTION 1, WHAT BUSINESS AM I IN? The answer is not as simple as you think.  The new CEO of Coca-Cola asked management, “What business are we in?”  They responded, “Soft drink business.”  He said, “No, we are in the hydration business.  Every human has to consume a certain amount of liquid.  We want to hydrate them”.  You can clearly see how this question expanded Coca-Cola’s horizon and management saw more and more opportunities.  Same thing with Howard Schultz, the founder of Starbucks.  Howard wants to create the 3r...

A little misunderstanding about HST is causing a lot of cash flow issues for many small businesses. Even worst some tax accountants have also misunderstood this concept and are not warning their clients. When new clients come to us, after we migrate their data to QuickBooks Online and attach and integrate a few superpower apps such a Wagepoint, Receipt Bank, and a few more apps. we analyze their data as well and go through a few checkups. We have noticed and discovered that almost all of them have filed their HST incorrectly and inadvertently put themselves in a cash flow issue. (Updated) ...

Let’s face it, hearing the word audit makes everyone nervous, scared, anxious, … however, all the audit is asking for is proving evidence/documents to substantiate your expenses and claims. We helped a client one time with his audit, one of the disputes with CRA was that they wanted to see the receipt. The client did not have the receipt for his phone bill since he made the payment with his bank account and throw the receipt in the garbage. The client and our defense were, look the bank clearly says Bell Canada $XXX. CRA disallowed it and said where is the receipt. I know! ☹ Lesson learne...

Would you like to look at your financial reports on time? Would you like to have a glace at your profit and loss statements and see ratios? Would you like to see more in-depth reports and receive key performance indicators (PKI) right one time? Would you like a Chartered professional accountant represents you when Canada Revenue Agency (CRA) calls? Or better yet, CRA calls them? Would you like your payroll to be run on schedule, on-time without you having to look for time sheets? Would you like to receive advance tax planning strategies for your dental practice right here in Ottawa? ...

Virtual CFO services for your small business are growing faster than ever during COVID-19. The need to maintain and manage growth of your company while innovating your services and revenue streams is more important than ever now. Have you found your small business has come to a bit of a crossroads when it comes to hitting your financial goals? Maybe you’ve heard of something called a virtual CFO, or virtual chief financial officer, and are wondering what that even looks like for your business? Does hiring a virtual CFO have any benefits to the growth of your business? Or would the sheer cost a...