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Every business owner has heard the saying that, “cash is king”. However, too often, businesses find themselves short on liquidity at the times they need it most. Monitoring and understanding an enterprises’ cashflow provides cushion in times of hardship and ensures that your employees are paid the right amount on time. Read on to learn
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I studied at Brock University for 4 years in the Bachelor of Accounting program, but it wasn’t until I worked at HSS that I learned about what actually goes on in an accounting firm. In school, we were obsessed with audits. We glazed over the terms “review engagement” and “compilations”, but we had 3 courses
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Financial bootstrapping is a term used to describe all the different ways companies can generate the cash they need for growth and expansion without turning to outside investors. While the amount of cash available for your use may be limited compared to funds you could obtain through, say, issuance of stock or taking on an
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Every business needs some type of capital to grow and thrive, and for business owners who are just starting out, that capital may come in the form of personal savings, personal lines of credit or loans. Those sources may be fine for starters, but as your business grows, you need to understand capital structure at
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Understand the differences between Traditional Volume-Based & Activity-Based overhead-cost allocation systems to enhance your business operations and create more accurate balance sheets. You need a strategic way to calculate how much profit your products and services are generating in relation to overhead costs. Each cost-allocation system has its benefits and shortfalls. Therefore, it is always
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As an entrepreneur, you are used to handling a lot of different roles to ensure your business runs as smoothly as possible. And while you may be adept at handling many of the duties that come your way, handling your own accounting and bookkeeping instead of hiring an experienced accounting firm is a risky endeavor
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Income tax time can cause businesses a lot of stress and hassle. However, income tax deductions can also be essential in creating a buffer for your bottom line. From minor expenses such as entertainment to employee salaries, business owners can greatly reduce their cash outflow by accurately filing their taxes. Read below to learn about
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Establishing internal audit compliance demonstrates to stakeholders how effectively the company is aligning with financial and governmental processes. An internal audit looks at the financial health of your company with consideration of operational and financial management. The auditor aims to uncover whether or not financial controls are promoting the sustainability of your enterprise. What is
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Hogg, Shain & Scheck’s entrepreneurial clients need to understand how to properly report business income from other countries to avoid taxation penalties. Businesses succeed because they strategically operate within a global value chain that elevates their products while minimizing their costs. However, when you earn income in other countries, come tax time, you need to
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Tax audits are Canada Revenue Agency’s (CRA) way of ensuring that your tax return accurately represents the taxes you owe the government. There are two levels of severity when it comes to tax audits that a Canadian enterprise may face. One is a desk audit, which is when Canada Revenue Agency simply wants to look
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Sole proprietors cannot leave their businesses to someone. The taxation and legal structure of a sole proprietorship makes it so that technically, the business dies with its owner. In their will, sole proprietors may transfer their personal and business assets to beneficiaries. However, this process is fraught with a variety of legal and accounting considerations
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As 2014’s tax season comes to an end, accounting firm Hogg, Shain & Scheck has finally eased up on the crunching of numbers, as the team celebrates a break from overtime hours. Aside from satisfied clients sending in thank you notes and small tokens of appreciation, the firm has also been awarded international recognition for
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