Accounting is an essential component for any business because it plays a crucial role in the business’s operations and directly impacts its growth and profitability. No matter what the core of the business is, accounting is a requirement for every business, and law firms are no exception. Usually, big law firms outsource their accounting to…
Running a successful business isn’t just about making a great product or delivering exceptional service to customers; there are a lot of other things involved as well. Some of the most crucial aspects of running a successful business include making sensible and smart financial decisions, managing your business’s cash flow efficiently, and keeping it positive in…
Canada is one of the most immigrant-friendly countries and encourages people from all backgrounds and cultures to come to Canada and lead prosperous lives. Since more and more people are immigrating to Canada, the country has seen a boost in new business start-ups. However, many of these new start-ups fail to sustain themselves due to…
The e-commerce industry is the world’s fastest-growing sector. This may be partially due to the pandemic and partially because of the relative ease of online purchasing. Many aspects of online retail businesses differ from physical stores, including their accounting needs. Unlike brick-and-mortar stores that require simple crunching of numbers, E-commerce businesses have an added layer of…
Rapid inflation has resulted in a significant increase of 6.3% to personal income tax and benefit amounts for 2023. For example, the income level at which OAS repayments commence is now $86,912 (from $81,761), the capital gains exemption for the sale of certain small businesses is now $971,190 (from $913,630), and the annual TFSA contribution…
As technology advances rapidly, the field of accounting isn’t exempt from the revolution. Innovative and modern accounting processes that use cloud technology are slowly replacing traditional ones. Cloud-based accounting software isn’t just for storage anymore; it has become an integral part of the accounting industry. In this blog, we’ll explore how cloud technology is revolutionizing the…
E-commerce businesses face unique challenges, and one of them is online sales accounting. As a virtual business, e-commerce enterprises are quite different from normal businesses. Their processes, practices, and methods of doing business are different. Therefore, you can’t use the same accounting methods in an e-commerce business that you do in a regular business. While setting…
As we close out this year and prepare for the next, it’s important to take a moment to reflect on the past twelve months and see where we stand financially. Making small changes in your financial statements can benefit you and your business in the long run. Here are a few reasons our tax accountants…
If you’re running a business, you’d know how important financial statements are. But what exactly are they? What information do they contain? And how can you use them to make better business decisions? In this blog, we’ll answer all these questions and more. So, whether you’re a new entrepreneur or a seasoned business owner, there’s…
It’s no secret that technological development is fueling the growth of the corporate world. As a business owner, you already have a lot on your plate, and it can become a nightmare for you to track every expense and revenue. So, what do you do to improve your financial performance? We recommend using cloud-based accounting as it…
