Why Business Planning is Not A One-Time Event

You’ve written your business plan. You read all the business plan writing guides to make sure it was perfect, you’ve performed your SWOT analysis, you’ve calculated one-year growth estimates given ideal, average, and poor market climates, you’ve created a strong organizational structure, and you’ve positioned yourself in the market. Whether you created the plan to guide your own behaviour or … Read More

Steps To Take Before You Prepare Your Taxes

It’s February, and you know what that means – tax season is upon us. This article is going to focus on personal income tax, both because that’s what time of year it is, and because preparing business taxes are often a lot more complex. Though the tax deadline in 2020 is April 30th, you can get ready to file right … Read More

5 Things Most Startup Plans Are Missing

A startup plan is a truly wonderful document – it’s filled with your aspirations, the research you’ve done, the reasons why investors should be interested, and your plans for the future. Startup plans are dreams put to paper. You can find a number of guides telling you how to write a business plan, but these guides can often lack guidance … Read More

The Benefits Of Performance-Based Reporting

Performance management has an absolutely fascinating history. According to Harvard Business Review, there are three main lenses through which you can look at performance management: as a tool for developing accountability, as a tool for employee development, or a third way, which incorporates elements of both. Companies have tried going numberless, tweaking how they manage performance-based reporting, and going back … Read More

What Is A TFSA?

A TFSA is a Tax-Free Savings Account. The Tax-Free Savings Account differs from most methods of saving money in a way that you can probably guess at – it’s tax-free! That means contributions to the account are tax-free. What’s more? Withdrawals from the account are also tax free. In this way, TFSAs differ substantially from other types of investments like … Read More

Why Clients Need Detailed Records Come Tax Time

  Accounting and bookkeeping are intimately linked and bookkeeping is the art of keeping detailed records. Dedicating resources to proper bookkeeping is essential to understanding one of the core elements of your business: how much money is coming in and how much money is going out. That should establish that it’s important to keep detailed records at all times, but … Read More

When Should An Employee Be A Contractor?

Whether you’re just starting your first business or you’re operating a giant multinational company, keeping costs down is important. Payroll is one of the biggest expenses for any business, so it makes sense to constantly evaluate who you’re employing, what you’re paying them, and what kinds of benefits you’re offering. You’ll also want to look at the cost of hiring … Read More

What To Know When Automating Client Processes

Advances in information technology have created a surge of automation in recent years and the trend shows no signs of slowing. From self-driving cars to self-checkouts, automation is changing the way we live and work. There are a lot of advantages to automation but there are certain things you should keep in mind when you’re automating client processes. There’s an … Read More

What Is An RRSP?

piggy bank in front of a chalk board

An RRSP is a Registered Retirement Savings Plan. RRSPs were created by the Government of Canada in order to encourage people to save money for retirement. There are a lot of different reasons they want to encourage this behaviour. The first is that when you have access to a lot of wealth when you retire, you’ll be less reliant on … Read More

Invoicing Tips To Get Paid Sooner

According to a recent report by Sage, 1 in 10 invoices are paid late. The report further finds that these late invoices are costing small and medium enterprises (SMEs) about three trillion dollars, globally. That seems like a huge number (it is), but for context, it’s the result of 10% of invoices being paid late. SME owners understand the impact … Read More