How to forecast sales during COVID-19

Sales forecasting helps your business avoid unforeseen cash flow problems and allows you to manage business operations without any liquidity crisis. A sales forecast is an essential tool to analyze future cash flows. If you can prepare sales forecasts for your business, it will help you to analyze factors that impact the sustainability of your…

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Can I still get CERB for my Toronto Small Business

Although the Canada Emergency Response Benefit (CERB) program has ended, CRA continues to accept and process applications retrospectively until December 02, 2020. The CERB provides financial support to employees and self-employed Canadians who are directly affected by COVID-19. It is important to know that the CERB will give you a taxable benefit in your 2020…

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7 KPI's You Should Be Tracking in Your Business

It is important to track your business performance through pre-established KPIs. Key Performance Indicators (KPIs) are the tools you can use to track the progress of your business. It is essential that you set and update KPIs for all functional departments of your business and then track the progress on monthly basis. Tracking the progress…

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What to do if you have a Cash Flow Deficit

COVID-19 has disrupted almost all types of businesses and the impact of the coronavirus on small businesses is horrific. Businesses around the world are facing a liquidity crisis. It is hard for business owners to manage their cash flows during this unprecedented time. Although, the Canadian government has launched various programs to financially support different…

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8 Tips for Better Cash Flow Management During Covid-19

Cash flow management should be an integral part of your business’s risk assessment and action planning. If your business is facing liquidity issues, it should trigger an alarm so you can conduct a risk assessment and take the necessary steps to manage your cash flows. During the COVID period, almost all brick and mortar businesses…

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Correct Your Taxes Even After They've Been Filed

The CRA gives you a second chance to correct your taxes through a Voluntary Disclosure Program. As a policy matter, the CRA warns all those individuals who’ve unreported incomes from the previously filed tax returns, to disclose their earnings to the CRA right away. If you approach CRA for the correction before they come to…

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5 Tips to deal with CRA tax obligations

When you work somewhere, you don’t have to worry about your tax obligations to the CRA, as your employer will primarily remit all the payroll related tax liabilities to the CRA. All you need to do is to file your personal income tax return every year and fill out all the data of T4 Slips…

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Everything you need to know about bank reconciliations

The basic purpose of a bank reconciliation is to protect your business from unauthorized transactions that may appear on your bank statement or that may also appear anywhere in your internal books of accounts. When you reconcile your bank statement, you should compare every transaction of your cash book and other accounting ledgers with a…

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What important questions should a small business owner ask before hiring an accountant?

External accountants are normally held responsible for a company’s financial operations, day-to-day funds management, preparation of financial records, and submission of tax documents. External accountants help business owners in making business decisions by using their financial intelligence. The financial performance of your company is primarily dependent on the informed decision making of your external accountant.…

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