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 Almost every business has to deal with debt collection. It’s just part of the business landscape. Customers can have more problems in today’s difficult economy than usual with loan payment. If invoices are not charged, it may be time to appoint a recovery officer to help settle the debts. Commercial collection firms are private debt collection specialists. There are good ways and poor ways to collect debt, as with any sector. Here are few ways to boost your accomplishment. Be prepared. Make sure you know all about the client when you initially reach out to the delinquent customer. C...

Payroll handling can be hard for businesses in a number of ways. Some of the duties that come with payroll in Canada are handling employee turnover, time off requests, making sure that deductions and payments are made in line with the law, and running benefit plans. If you don't want to pay for an in-house payroll manager, you can outsource payroll services to take care of all the routine tasks involved in running payroll for your team. Payment processing can help your small or big business save time, money, and stress. You can be sure that the payment for your business is being done correctly...

Are you running your own dentistry practice accounting and finding it? Or maybe you’re just finding it hard to keep track of the accounting, budget, expenses, and when all else is said and done taking what little is left as your pay? When it comes to dentistry and dentists who run their own practices in Ottawa, this lack of a ‘profit first system’ is quite common. Being sure that you’re taking care of yourself and your pay first can be backwards thinking to what you’ve been engrained to believe. Especially when it comes to accounting for dentists in Ottawa. We’re taught to think that when ther...

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...

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...

Both the cash flow and profit are critical accounting indicators for businesses, and it is not unusual for financial and accountancy beginners to misunderstand both words sometimes. However, money flow and profits are not the same thing. In making important decisions about market results and financial health it is crucial to understand this. It is necessary to consider the distinction between them. The investors can asses whether a productive business is successful when they look at profit and cash. These are some elements to consider What is Cash Flow? Cash moves in and out of any business ev...

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) ...

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...