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Hogg, Shain & Scheck (HSS) was honoured to be a winner for the 4th Annual International Finance Awards (IFA) 2016. The Award for Excellence in Strategic Financial Accounting – Ontario & Sustained Excellence In Tax Services and the award for Best Auditing & Tax Accounting Firm – Ontario was bestowed upon HSS, putting them at
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Your financial statements play a critical role in your business decisions, and for most business entities, financial reporting is also a legal requirement. While some businesses may require the in-depth analysis of an audit, many smaller, privately held companies can benefit from a less comprehensive compilation. Unlike an audit which requires the auditor to perform,
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Entrepreneurs need to properly manage profit and loss to ensure the long term sustainability of their businesses. When sales exceed expenses, the business profits. When the opposite is true, the company generates a loss. This calculation is straightforward enough, but managing profit and loss is a delicate balance that requires a thorough understanding of how
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Developing a personal financial plan for the year ahead will help you stay focused and organized. We have outlined some important steps to consider when making your plan. Determine your financial goals for the next year Determine how much money you require to meet your goals and an action plan to meet those goals. Be
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On September 11, 2014 Federal Finance Minister Joe Oliver announced the creation of the Small Business Job Credit. This credit will apply to Employment Insurance (EI) premiums paid by small businesses in 2015 and 2016 and will result in a 15% net reduction in EI over those years. The credit is effective for two years,
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An income statement is one of the many financial tools that Canadian entrepreneurs can use to measure profitability. Learn how to use an income statement to evaluate your business’ sustainability. What is an income statement? A calculation of a company’s revenue and sales less its expenses over a designated period of time. What profitability measurements
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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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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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Understanding unique financial reports and what they contribute to financial planning better enables business owners to manage opportunities and risk. Profit & loss budgets and profit & loss statements are commonly confused terms. Read on to learn the difference and to better understand how Profit & Loss budgets and statements can benefit your business. What
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Your company should prioritize a strategic accounting audit to ensure that the procedures you have in place are complying with a strategy for long-term success. Long-term success will differ from company to company. However, if you ever want to make your success a reality, it needs to be well defined within a strategic plan. Schedule
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What is a profit & loss statement? A record of a company’s revenues and expenses within a specific period of time These statements demonstrate whether or not a company is generating a profit or loss If a company is losing money, they identify how much and where revenue is being generated and what cost structures
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Learn how to recruit and retain an effective board following a company’s declaration of bankruptcy. Our firm explores the complexities that arise when recruiting board members for a post-bankruptcy vs. a financially sound company. We hope to demonstrate how to create an effective board of directors that will position your company for long-term success, rather
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