Author: SKPC

Keeping track of sales, earnings, expenses, and purchases is fundamental to the overall health and sustainability of your business. Effective bookkeeping produces the data you need to evaluate your current practices, anticipate challenges, and set attainable future goals. But despite their proven importance, many business owners dread and avoid accounting tasks. In fact, 40% of surveyed entrepreneurs claim that bookkeeping is one the worst parts of running a business! Wondering…  Read more

Good morning! You may have heard about the new Underused Housing Tax and are wondering what is the government changing? Does this affect me? What about that huge penalty for failing to file? What do do? This is a heads up about the filing obligations and some of the possible implications of this new UHT. What is the UHT? Take a moment to check out the Introduction to the Underused…  Read more

Although most entrepreneurs recognize the importance of careful financial management, few want to spend their time dealing with numbers. Unfortunately, not keeping a close eye on your income and expenses can be very costly for a business. Here are five of the most common bookkeeping pitfalls, and some simple tips for getting back on track. Mixing business and personal All too often, entrepreneurs adopt a “buy now, sort later” approach…  Read more

Good morning! Being Fraud Prevention Month, we have been learning about what is new on the scamming scene and how we can learn more ways to avoid becoming a victim of this. One handy way to inform yourself is through this test of your knowledge on scams. It’s great to be thankful if you haven’t been a victim, or an attempted victim, but being in the know of what is…  Read more

On average, small business owners spend 10 hours each week recording, organizing, and processing financial transactions – everything from accounts receivable and payable, to employee payments, expense receipts and supplier invoices. While the process may be time-consuming (and tedious!), effective bookkeeping is the foundation of sound financial management – which in turn, is the lifeblood of your business. Feeling overwhelmed by mountains of paperwork and complex calculations? Here are three…  Read more

March is recognized as Fraud Prevention Month. As individuals and business owners, we need to stay vigilant on the new schemes, and scams. Here is an excellent link from the Government of Canada, helping you stay informed! https://ised-isde.canada.ca/site/competition-bureau-canada/en/fraud-and-scams/tips-and-advice/protect-your-business-fraud-what-canadian-businesses-should-watch    Read more

There are some things in life that go together well and others that definitely do not. Business and personal finances are in the category of items that should not be mixed. Although it may seem like a headache to keep them separate—who wants to manage all those bank accounts?—your life will be greatly simplified once you separate your personal and your business finances, especially your expenses. Paperwork and taxes will…  Read more

Small business owners know how important it is to save money. They know that one day that dollar could come in handy, especially during slower times. Saving money is definitely important, but there are also things small business owners can – and should – spend their money on today. It might seem counterproductive to spend money when you want to put it in the bank – and make no mistake,…  Read more

Running a business in a smaller city may mean you have a more limited talent pool to draw employees from, but it doesn’t mean you won’t have access to top notch workers. You may need to alter your recruiting strategy to show those skilled employees why they should consider working for your smaller business instead of going to a large corporation in a big city. Here are some ways you…  Read more

The working environment of the past 2+ years has brought the concept of burnout to the forefront. Unexpected work-from-home situations, juggling the new normal, and mental fatigue have all contributed to the issue. Recognizing employee burnout and having a plan to address it will ensure you retain employees and keep your company healthy. 1. Ensure everyone takes their time off In an attempt to appear as though they can handle…  Read more

Many entrepreneurs believe that hard work and dogged determination are all it takes to build and sustain a successful business. But when you consider the pressures of running a company, it seems wise to add effective stress-management to the list. Left unchecked, stress can erode your passion and undermine performance – not to mention, take a serious toll on your health. Research compiled by Office Vibe reveals that over 70%…  Read more

Important Notice  To my wonderful clients  I know you’re aware of the current inflationary pressures we are all facing right now, and I’m no stranger to them in my accounting practice either. In addition to increased costs for everything, including insurance, staffing, and software, I am facing greatly increased complexity and risk in the tax world and the accounting standards world as well. I have absorbed these increased costs and…  Read more

According to Google, which offers employees a course on mindfulness meditation, and Lululemon, a company that keeps a Director of Mindfulness on staff, the answer is a resounding yes. Mindfulness, as American scientist Jon Kabat-Zinn defines it, is simply “paying attention in a sustained and particular way – on purpose, in the present moment and non-judgmentally.” Research has shown that practicing mindful meditation can lead to reduced stress, lowered blood…  Read more

Photo By Luis Villasmil Lack of sleep, anxiety, depression, low self-esteem, paranoia and hopelessness. When asked, the average Canadian might associate these as symptoms of poor mental health. While that statement would be true, these emotions are also common symptoms of poor financial health. The relationship between one’s financial and mental health is a close one. And while over the last 10 years various initiatives, campaigns and brave individuals have…  Read more

Wondering if you’re doing everything you can to boost revenue and cut costs? Or if your business is actually more profitable this year than it was last? The best way to answer these questions is with a thorough assessment of profitability. That’s where gross and net profit calculations come in. These are two of the most important metrics for measuring your capacity to generate earnings relative to costs and expenses.…  Read more

The beginning of a new year is the perfect time to reflect on what’s working in your business, and to set some goals for the year ahead. As you kick back over the holidays, set aside some time to think about your recent achievements, and any current challenges. Think about your work style, too. If you’re like many small business owners, you may be guilty of bad habits that can…  Read more

New Year resolutions – we’ve all made them, and broken them − often before the end of January. There’s something about New Year celebrations that makes us yearn for a fresh start, but is there a way to make that desire for change more permanent? Here’s a twist that can make your resolutions more durable, more beneficial and less prone to that embarrassing quick fade. Align goals to your business…  Read more

The turn of the year usually prompts most people to think about some business planning for the year ahead. Here are some tips to make the planning more productive. Get your team involved Business planning works best when it’s a team effort. Involve your key staff and your advisors, such as your accountant (hint hint!), your mentor (if you have one), and others who can contribute meaningfully to the planning,…  Read more

Solid cash flow management is vital to ensuring your business survives, but not everyone understands what cash flow is or how to manage it. That’s likely what makes it a leading cause of stress for small business owners. Cash flow refers to the movement of money into and out of your business. It’s based on the amount of money you bring in minus the amount you spend. A positive cash…  Read more

We now look at eight characteristics important to successful businesses. International researchers who have studied many small businesses have found that these characteristics consistently play a part in the success of small companies.   The eight characteristics are: Owners leading by Example Having a simple business structure Information sharing among employees Staff are carefully chosen Staff commitment and loyalty A unique product or service A specific Customer focus Prompt follow…  Read more