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No business owner can ever tell what’s in store for the business in the coming months. Although most of them would be hopeful that they’d be able to grow their business and bring in more profit, not one of them could say that one strategy will make it work for them today and in the future. Half of the year has passed, what have you done for your business? The next six months will be crucial. It will present both opportunities for growth and risks for failure, that’s why you should always be ready for what will come your way.
Overcome the risks and take advantage of the growth opportunities when they come your way. Be prepared to sit down and make a financial plan for how it can be done. It is essential to know what you need to be financially prepared for in the next six months for the lack of it will have a direct impact on the success of your business. What do you need to do? This is where you begin:
- Keep Yourself Updated
- Make a List of Possible Expenses
- Update your Knowledge Regarding Taxes
Whether it is the beginning of the financial year or in the middle of it, there’s no denying how important it is to plan, especially when it concerns your business finances. In the midst of all these, you can count on an accountant in Edmonton to help you through it. All you need is to ask for help, and it will come.
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Every start-up business owner will agree that doing things on your own is the best way to save on costs. There is always that strong urge to do everything requires of the business to ensure that you are on top of everything. However, when you ask business experts, this practice isn’t the best one after all. It is critical that you consider hiring people who are experts in their field to do the job – especially when it comes to business accounting. Even if you are an accountant yourself, it is still best to have someone do the accounting of your business for you.
At this point, you might be wondering when the right time to hire one is? Do I need to hire an accountant now? Here are situations that will help you realize that hiring an accountant now may be the best decision you’ll ever make for your business:
- When the recording of all the expenses becomes time-consuming. Whether you are starting up or are in the process of growing your business, keeping up with the cash flow can be quite tough. There is that constant need to put the figures in the books, achieve a balance in the sheet, not to mention the computation of taxes. If you have an accountant, you are buying yourself not just expert work, but some free time as well. When it feels all too overwhelming to balance the books, hire an expert accountant in Edmonton and get yourself some time to focus on growing your business like you always wanted to.
- When you are new to handling business or know very little about accounting, then hire an accountant now. Just like any other skill, accounting takes a lot of time to learn and master. It requires a whole lot of practice not to mention the exposure to various sheets that will show you all the possible ways you can save on business costs and taxes. Rather than wasting your time on a minor part of your business, you should focus more on marketing it to grow as an empire. Leave the accounting to someone who knows it all too well.
- How much of the tax regulating your business do you understand? Dealing with such and the changes that it comes with can be quite tricky, that’s why it is best to leave it to the expert accountant who can be on top of it. Not only are they knowledgeable of the regulation, but they can also decipher the meanings of such laws – which is very important in keeping the business afloat.
When you ask yourself if you should hire an accountant to do the job for you, you wonder if it is worth it. ATS accounting will be of great help.
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Federal or provincial? These are the two types of incorporation you choose from whenever you decide to incorporate your business. Perhaps it has crossed your mind a couple of times in the past. In fact, you must have thought of it the moment you decided to start your own business. Other people you have consulted regarding incorporating your business, in the beginning, must have discouraged you from going for it. And most expert accountants in Edmonton would only tell you that the decision is solely based on what you think.
Is business incorporation necessary? Law does not require it for all businesses, that’s why it is essential to know when the right time is for you to incorporate your business if you decide to. Although you may have apprehensions concerning it, incorporating a company comes with its own set of benefits, and that pertains to taxes.
Have you heard of small business tax deduction? The tax on businesses that fall under it is calculated at the rate of 17% of the first $500,000 income. When you incorporate your business, it means that you are distributing the shares of the business to the people that you trust. Most business owners who decide to incorporate the business declare their family members as shareholders of the company. Since the income doesn’t go to one person alone, the tax that you are charged with becomes smaller.
SBD or Small Business Tax Deduction may perhaps be the best form of tax exemption that you benefit from incorporating your business. Apart from that, you become more in control of when you will receive your share in the income earned by the business. This means that you can decide to distribute income when the tax rates are low. Such manipulation can be done best with the help of an expert accountant or an accounting firm in Edmonton.
Lastly, tax deferrals are also one way you can potentially save on tax payments in case you decide to incorporate your business. Ask an accountant in Edmonton for help to help you understand how your business can belong to the lower slab in case of tax rates.
Whether you decide to incorporate your business is really up to you. But to make a wise and sound decision, it is best to consult the expert on what to do. Only trusted accountants in Edmonton can honestly explain to you what comes with the choice and why it is best for your business today and in the future.
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How do you put together a business plan that sells? More than being a benchmark for success and growth, a good business plan must be able to attract potential investors to come in. Acquiring funds for business is not limited to how much the company earned over a span of time. Money could also come from individuals or institutions who are interested in investing in your business project to help it in its expansion. More than any other endeavor, creating a business plan that will get you the money that you need to improve your business.
You’ve prepared yourself for the sales pitch, but before you present anything, potential investors will always look into your business plan first. You must make sure that the plan is clear, concise and complete. But how do you get it done right? Here are some tips to do it:
- It must highlight all the key factors that make your business a success. The growth of the business is not dependent on one factor alone. In fact, it may be a combination of a number of factors working together. However, it is important that you are able to visualize this for your target investors. When they see that these factors are actually tangible and controllable, they can easily realize what they can expect when they put their money in your business.
- Be positive in your tone when it comes to packaging your business. Load with a lot of positivity and enthusiasm. The goal is to compel your investors to put their money in your business immediately after reading your business plan. What goals have you set for your company? Include that alongside the mission and vision of the company.
- Clearly define the potential of the business to grow even more. The growth that it has had in the last few years since it started its operation isn’t enough to get investors to sign in. They have to see where their money is going and how far it will grow. Identify your market and let them see for themselves how knowledge of your clientele will help in growing the business.
- What is the business idea? Assuming that the investor already knows what the business is about is one of the biggest mistakes that you can do as a business owner. When you present the business plan, make sure you explain the jargons that you used. Make the presentation as simple as possible. Complicating it will not get you the investment that you need.
These tips will help you put together a business plan that will sell. Follow it religiously, and you’ll be surprised at how effective your business plan will be.