GTA Accounting Insights

Category: Bookkeeping & Accounting

Collection Powers of the CRA vs. Bankruptcy

The CRA understands that for many, these are challenging times as people have lost their businesses and jobs due to COVID-19. The Canadian economy is shrinking day-by-day and many economic indicators reveal the country’s alarming situation. However, the Canadian government has launched many emergency programs that have helped businesses and individuals survive during this unprecedented…
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How to Forecast Your 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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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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Why Working With an Accounting Firm is Better Than a Freelance Bookkeeper

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…
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What Important Questions Should a Small Business Owner Ask Before Hiring an External 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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Common Bookkeeping Mistakes That Could Bring Down Your Business

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…
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