Do you know that the wages you pay your employee is not all that your employee costs?
You understand the phrase, “Time is money” better when you are in the labour market.
Tax Day is just right around the corner
Facebook started in 2005 as a small networking site at Harvard University.
What is really happening in the life of our small business?
There’s a reason “The Room Where It Happens” is one of Broadway hit Hamilton’s standout songs: the track’s theme -- longing to be included among key decision-makers in the place in which decisions are made -- is timeless.
Bank feeds are a core component of Xero, giving you an up to date view of your cash position so you know how your business is performing.
If it’s going to survive, a startup needs to grow.
In today’s competitive environment, businesses can survive and thrive when managers or owners implement measures that encourage their employees to share new ideas and innovations to improve the workplace. As a temp administrative assistant, I have observed many innovations that work - and don't work- on the job.
TIP: All leaders that are good need to focus on days to come. You have to know what's next and how to prepare for it.
Make it a point to look for hidden talent in your teammates. It should be easy to determine who benefits you the most, when you are looking for helpers.
As part of the Beautiful Business Talks hosted by Xero at this year’s Accounting Business Expo, I was given the opportunity to present on how accountants and bookkeepers can provide advisory services to their clients.
When it comes to businesses and the publicity they involve, losing one customer can cause a chain reaction that makes you lose several other customers; existing and potential.
The concept of search engine optimisation (SEO) is literally everywhere. It is so important now, and every webmaster needs its knowledge, so content marketing is as effective as it is supposed to be.
Benefits have evolved. Once upon a time, “word-of-mouth” adverts was what worked, later on, if you couldn’t get your business to be on the television or radio, you were not dreaming big enough.
Ever heard about SSL Certificates?
You probably have.
So you didn’t follow the Elon Musk path of creating a computer game at age 12 or cold-calling a corporate banking maven to snag a paying internship? You can still become a compelling, talked-about entrepreneur if you follow a few best practices.
When was the last time you stopped to think?
I mean really stopped.
One of the biggest mistakes made by new business owners is not to engage startup legal services to handle possible issues for their new venture.
The difference between cash basis and accrual basis accounting comes down to timing. When do you record revenue or expenses?
China is currently developing a kind of social credit system, not dissimilar to a financial credit system, designed to reward people for doing good deeds and demonstrating honesty and integrity while punishing people for committing untrustworthy acts.
For hundreds of years, paper was the gold standard of written communication.
Anything you needed to record or remember, from love letters to receipts, was printed on paper.
Accounts receivable is the money you’re owed by customers. Once you send an invoice (or bill), it becomes part of your accounts receivable – until it’s paid.
Starting up a small business is no easy feat. It requires a great deal of vision and effort. Every small business is unique, and so, it comes with its peculiar rise and falls.
A business does not exist in the absence of customers. Implying that every company needs to have customers flocking around; new or existing. This is the exact reason why several brands keep thinking of new ways to expand their customer base.
There’s always “that” leader everyone looks up to; people want to talk like them, act like them, sound like them, and above all, have the privileges they have. However, it is important to realise that with great opportunity comes great responsibility. Every leader has qualities in them that make them stand out from followers. Yet, many followers have the abilities to become a leader.
Up until recently, Twitter advertising has been a redundant marketing channel in place of the giants like Facebook, Instagram, and Pinterest.
If incurring child care costs with a recreational or educational component, consideration may be given to claiming these amounts as a child care expense, up to the maximum allowed amount. That is, an annual amount of $8,000/child under 7, $5,000/child aged 7 to 16 and $11,000 for a disabled child.
The annual TFSA contribution limit for 2019 will be increased to $6,000 (from $5,500) due to indexation...
Review whether capital purchases should be accelerated, and whether the accelerated deduction should be claimed given your particular situation
Be prepared by reviewing protocol and obligations in respect of client information hacks and losses. Quick response can assist in rectifying the integrity of the data and the relationship with the client.
Although it may be possible deduct travel amounts against employment income, such amounts are often challenged by CRA.
Does your business surge at specific times of the year, and lag in others? That’s typical for most professionals—there are certain times of the year when business is booming and other times when it is lacking. While it may be nice to have a break to catch up on those must-do administrative tasks, wouldn’t it be better to have steady business all year long? Of course, it would! So let’s take a look at some marketing ideas to grow your business and keep your clients engaged even during the off-season.
I was tired of spending my days staring miserably at mind-numbing spreadsheets and desperately wishing for our systems to crash so I could go home early.
Cash flow is a critical component of small business success. This is especially true if you run a trade business. Your ability to purchase tools and supplies, pay staff, and keep your vehicles running relies on having cash in the bank.
In this blog post – we explore the top 10 signs that your business is ready for (and will benefit from) a Messenger chatbot!
Messenger marketing is a rather new concept when it comes to business and that’s really exciting, but it can also be a little bit intimidating or maybe a little bit scary. So, if you’re like most business owners, who are a bit intrigued by the idea of chatbots and Messenger marketing, but you’re just not sure if it will work for you, this is the video that you need to watch.
There is a tendency in nature for apex species to get larger and larger. But there is a counterbalance where nature has a tendency of making larger species extinct quickly. This is also true in business: the bigger the business, the more fragile it becomes.
The theory of overdone strengths
Employers should budget for higher CPP costs on continual increases over the coming seven years.
The direct proceeds from the federal carbon tax will be returned to the territory or province of origin.
In this era where a lot of activities are digital, no individual or organization wants their information lost. People also want to have access to their information; especially at the point of their needs. Therefore, one thing of increasing importance is the issue of accessible data storage.
Effective job scheduling is one of the most important but least understood disciplines of business management.
For most of us the internet is an intrinsic part of our lives. We rely on it to get us where we are going, connect us to friends and family and answer all of our questions, no matter how banal. It has also quickly become an integral part of most businesses, enabling them to complete business transactions in mere minutes as well as connect to their customers and a global network.
UX (User Experience) is at the heart of every good design. It’s the difference between your customers groaning in wretched frustration, or grinning with enjoyment; with them shaking a defeated fist at your site and hastily clicking away from it, or completing a satisfying purchase and wanting to return for more.
It’s the time of the year when the streets look very beautiful as snowflakes fall on them. Parties are being planned, holiday reservations are being made, families are gathering together, and everyone is preparing for loads of fun.
Business negotiation is a world of contradictions. You’ve got to be firm but flexible open and sharing, but a little cagey. There’s a lot to get your head around. But your state of mind might be the most important thing. Aim for a mutually beneficial outcome, and you’ll find the whole exercise more comfortable. Follow these five tips to prepare for your next negotiation.
When a customer asks you for a quote, they're giving you a golden opportunity. With the right response, you can close the deal quickly and win new business. Here's how to make the most of price quotes.
Offices used to be essential for most businesses. But mobile technology and new working practices mean that many small businesses don't need any office space. Here's what you need to know about having a mobile office.
Contrary to what you've always been told, thinking negatively can very much be a good thing.
Some benefits of social media and content marketing are normally inaccessible for small businesses and startups because:
Owning a small business is exciting. You get to do what you love, day in, day out. But traditionally, small business accounting isn’t exciting. So how can we change this stereotype and make accounting fun and easy?
The $20,000 instant asset write-off threshold has been extended to 30 June 2019. This means you can continue to claim the cost of new or second-hand assets that are less than the threshold of $20,000.
Email is a notoriously fickle channel. Something as simple as tweaking the subject line can be the difference between an 8 percent or an 80 percent open rate.
A few weeks ago, the new shiny iPhone XS entered the market. For all the Apple lovers out there, this might mean being the first to wrap your hands around the irresistibly smooth all-glass design, or finally upgrading your old glitchy iPhone 6 to the new model.
If this is you, I’m guessing you’re focused on the opportunity to start afresh, buy a new case, clear all those apps cluttering your current device, and start playing with its new features. Right?
Construction is unlike any other business. Building projects can last for months or even years – and you might be both an employer and a contractor. So how do you learn the basics of construction accounting?
Successful businesses spend that little bit of extra time on record keeping and getting their tax right, including preparing and lodging business activity statements (BAS). Once set up and organised, you’ll save time in the long run.
Want to peek into the mind of your ideal customer and find out how they engage with social media video? How they are interacting with brands via video? How are they purchasing?
Take a seat, because in this post we break down exactly how customers are watching social media video and more importantly, how they are purchasing from video.
And it’s all based on data and research, so you can start using this intel now, to get results in your business.
We equate being busy as being virtuous. When we’re maxed out, it feels safe. It must be productive. (Or is it?) It’s a badge of courage, honor or something …
Cloud computing got you perplexed? You’re not alone. Most of us talk about ‘the cloud’ without even realising what it really means. We’re clearing the air on cloud computing and how it can benefit your small business.
U.S. Supreme Court decision found that a business with no physical presence in a state may still be required to collect and remit state sales taxes.
A private corporation’s income from a specified investment business (SIB) is not eligible for the active business tax rates (varying from 10% to 31%, depending on a number of factors
Be cautious when acting as a director or taking responsibility for loans when not directly involved in a corporation’s activities. Failing to take certain actions may result in personal liability for certain corporate tax debts.
A person who earns income while receiving EI benefits can keep $0.50 of their EI benefits for every dollar earned, up to 90% of their previous weekly earnings.
The facts of each situation must be considered to determine whether an exception from TOSI is available, and whether remuneration in the form of dividend, salary or both is most appropriate.
Anticipating future demand is a tough job, wrought with ways you might go wrong. Proper demand forecasting and inventory control can save a company from buying too much or too little of something, which of course avoids expensive overstock scenarios or stockouts.
Offers for grants worth over $3.5 million will support 7 businesses to help launch their innovative products, processes and services into domestic and international markets.
The funding has been provided from the Accelerating Commercialisation element of the Entrepreneurs’ Programme.
We no longer need studies to tell us: Smartphones are almost everywhere. Most of the customers coming through your doors have a mobile device with them. And these devices aren’t always shoved in pockets or bags — shoppers are using them while they’re in store too.
There’s literally hundreds of blog posts giving you the 7-10 steps to reduce debtors and improve cashflow. Yet the debtors problem still exists to some extent in the majority of small and medium size enterprises (SMEs) globally.
Over 100 accounting/bookkeeping, marketplace and banking partners across Asia joined us in Brisbane this year to attend Xerocon, the most innovative conference for cloud leaders in Asia, Australia and New Zealand.
Too often businesses leave collecting debts at the bottom of the pile. Why? Often there is anxiety and worry around the process, or lack of trust in collection agencies. Sometimes lack of time and understanding of the process.
Clichés. Can’t live with them, can’t live without them. (See what just happened there—it’s that bad).
The most widespread, just-waiting-to-pop-out-at-you, cliché is a very short one, measuring just three words—time is money.
The homepage is the most important page of your business’s website. It is the virtual shop front to your business, providing your customers a first impression of what you have to offer. You only have seconds to grab your customer’s attention so it is key to make sure that they can find what they’re looking for quickly and easily.
During the Christmas holiday season, businesses of many types employ seasonal or casual workers to meet extra demands. Often these workers are hard-working young people who have travelled from overseas, bringing with them their own language and culture. This international melting-pot makes for a fun and productive work environment, although it can also present challenges.
Consider reviewing terms of worker engagement with a professional. Agreement on Contractor Status Is Not Enough.
Whenever a settlement is being negotiated, ensure there is mutual understanding on the tax treatment to prevent potential nullification.
Tax time is fast approaching—it’s important to do your homework and know exactly what tax deductions you can claim.
If you are a director and legal representative of a corporation, ensure that you are properly protected if distributing assets.
On taxable benefits arising from employer-sponsored, if the cost exceeds $150/person, the entire amount, including the additional cost, is a taxable benefit to the employee.
If stating interest rates in legal contracts, ensure to also state them in per annum terms
If employees are using a business aircraft for personal use, attention should be paid to whether employment benefits are being properly calculated and reported.
CRA stated that they do not consider meals subsidized by the employer to be a taxable benefit provided the employee pays a reasonable charge.
CRA may request taxpayer information from third-parties...
Effective March 31, 2019, charities and qualified donees must include the new website address of CRA, www.canada.ca/charities-giving on all donation receipts.
One may need to track any return of capital which is not reinvested to determine interest deductibility.
Failure to make the claim on a return filed within four years of the end of the appropriate period is fatal to the claim.
CRA provides a number of mobile phone apps that taxpayers (individuals, corporations, etc.) can use to assist with their tax obligations...
T5018 should be filed for any subcontractor payment or credit made relating to goods or services received in the course of construction activities...
A travel allowance paid to an employee for the use of their personal vehicle for business purposes will be non-taxable if it is reasonable...
U.S. State Department was able to deny or revoke passports to U.S. citizens having a “seriously delinquent tax debt”...
Two significant changes are proposed. First, a limit to the small business deduction for CCPCs generating significant income from passive assets, and second, a new regime to stream the recovery of refundable tax to the payment of specific types of dividends
Gains or losses from selling or buying DCs must be reported on one’s tax return... DC received in exchange for goods or services must be included in the seller’s income for tax purposes. GST/HST would also apply on the fair market value (FMV) of goods or services
CRA states that T4s are required for all employees, including family members, and subject to payroll deductions, as appropriate.
CRA require PayPal to disclose sales records of Business Account Holders...
Of the approximately 28 million personal tax returns filed for the 2016 year, 58% got refunds. 68% received them by direct deposit. The average refund was $1,735.
Individuals that receive certain types of income derived from a “related business” will be subject to Tax on Split Income (TOSI) unless an exclusion applies. TOSI is subject to the highest personal tax rate with no benefit of personal credits.
Do I have to check up on a supplier when paying them GST/HST? Yes.
Implement a system for checking GST/HST numbers, especially for major purchases, in CRA’s GST/HST registry...
The legislation to legalize marijuana for non-medical purposes works its way through parliament (Bill C-45 entered the Senate phase on November 27, 2017). Producers, vendors, regulators, enforcement, and potential customers are seriously considering the implications.
There are special laws which hold a director personally liable for certain amounts that their corporation fails to deduct, withhold, remit, or pay. Most commonly, these amounts include federal sales tax (GST/HST) and payroll withholdings (income tax, EI and CPP). It does not generally include normal corporate income tax liabilities.
CRA noted that “if insurance agents, realtors, mutual fund salespersons, or other professionals are legally… precluded from assigning their commissions to a corporation, then the commission income must be reported by the individuals, and cannot be reported through a corporation, regardless of the documentation provided”.
If the loan was made to earn income and other conditions are met, you may be able to write-off half against your regular income as an allowable business investment loss (ABIL). A recent tax court case shed some light on defining whether the loan was made to earn income...