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…

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…

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…

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…

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…

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…

Small business owners who do not have a professional accountant often try to hire a freelance bookkeeper to manage their books. They set aside all their bills in a box and speak to tell themselves that at the end of the year they’ll find an expert to put them in order. It seems that now…

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.…

Small business owners often consider bookkeeping activity as an unnecessary evil. Everyone knows that accounting is crucial and necessary for all businesses, yet the vast majority do not take it seriously. Without good accounting management practices, you may have a distorted view of reality and the financial affairs of your business. There are many mistakes…

Bookkeeping is one of the difficult tasks that a small business owner would never want to do themselves. It is important to have an insight into your bookkeeping complexities. When you do the business bookkeeping yourself, you will not find it so interesting but when you want someone to do it for you, the fear…