Blog

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...

You know better than me that your time as a dentist is far more valuable than any other profession. As a matter of fact, dentists are the highest point in a totem pole of average income.   Accountants come as the 3rd on the list. So based on that rational, any element of your business that can be delegated will make your time more valuable. One these task is bookkeeping and CFO services. Ho do we do this differently and effortlessly? Setup you on on Dropbox to exchange documents and have a secure lace to store files.Setup QuickBooks Online to perform the day to day accounting tasksSe...

People have called us in Ottawa and asked “file my corporate tax return” never do that. What I mean is never just ask for the corporate taxes to be filed without ensuring that the year-end is complete. In addition, before asking for corporate tax return preparation, ensure that you have had a tax strategy. Ensure that the bank and credit card reconciliation are complete Ensure that your HST reported for the year matches the income in your profit and loss (P&L) statements Ensure that HST balances are reflected correctly in your balance sheet Ensure that if you you want or need to ...

Cash flow management is one of the most important facets of owning and operating a successful small business. Whether you’re just starting out as a business, or you’ve been operating for years on end, how you manage and oversee your businesses cash flow can impact your growth. Have you grown so quickly you don’t know what to do with the newfound flow of cash? Or maybe you never took the time to truly understand a well-managed cash flow and are now scrambling to catch up? Whatever the case may be for you and your small business, there’s no better time than right now to learn what the top 7 tips...

Whether you’re just starting your small business or you’ve been operating for a few years you’ve undoubtedly experienced cash flow problems at some point. Any cash flow problem can be troublesome for the growth and success of your business, and no small business is immune to the many different types of cash flow problems. Today, we’re going to run though a number of problems you may encounter in your small business when it comes to the flow of cash. Invoices This area of any small business can become a full-time job. And what business owner has the time to really focus on this one facet of the...

Are you finding it difficult to get time to sit in front of the one computer that can handle the accounting for your small business? Overrun with licensing costs for your accounting services software every month? You’re not alone in this, but you are able to do something about it and stop being held hostage by your traditional accounting system. Cloud accounting has been quickly overtaking the traditional accounting services for small businesses in recent years. Small business owners are finding the many benefits of it versus traditional accounting systems allow them to focus more on...

Who is running and managing your business. When you are running and managing a small business, most of the time you may find yourself just insisting on handling every aspect of it. And why not? It’s your baby, your dream and only you have that clear vision for how it will become the success you know it will be. While, yes, this is all true, it is not a mindset that creates a space for your small business to thrive. From insisting on doing the bookkeeping yourself instead of using a cloud accounting service, to packing every box for every order, micromanagement may be running rampant in your sm...

Running a small business is no easy feat by any means. It requires daily effort, vision, and drive, among many other things. But one area where the mastery of small business finds most owners caught between a rock and a hard place is in the financial management of their operations. This area can affect every other facet of their business and make any normal person mad. There are so many things to think about, let alone to manage. Do I hire an accounting services firm to help? Which cloud accounting software is the best for the needs of my business? And that’s not all you need to be t...