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Talking about small business accounting , accounting apps, business management, profits, HST, personal and corporate tax, advantages and disadvantages. The how of business so you can run your business faster, smarter, better and with more profits. Working on your business, not in your your business. What is your major challenge in running your business? let me know and I can provide you my suggestion. moe@numetricacity.ca Check out our website at https://www.numetricacity.ca
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Startups face numerous challenges, particularly in the realm of accounting. Accounting lays the groundwork for all other business operations and can be complex, but mastering it is crucial for success. Here's a condensed guide on how startups can manage their accounting needs: **1. Importance of Accounting** - Accounting is vital for understanding …
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Converting Your Personal Residence into an Income-Generating Property: A Step-by-Step Guide with Subsection 45(2) of the Income Tax Act (ITA) Converting your personal residence into an income-generating property can be a strategic move for financial stability or for maximizing the value of your assets. However, this transition comes with significan…
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Profit First is a financial management system designed to help business owners, including dentists, prioritize profit by making it a priority and not an afterthought in their operations. In contrast to traditional accounting where profit is typically calculated after expenses, Profit First suggests setting aside profit first and then managing expen…
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Cash flow management is crucial for small business success. Tips include: Optimize cash flow by setting up interest-bearing accounts for your business. Utilize accounting software to track your cash flow and make informed decisions. Stagger bill payments to avoid depleting your cash reserves and maximize interest earned. Avoid customer payment dela…
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Business transformation encompasses a range of objectives, from boosting efficiency and profitability to enhancing financial management and team productivity. It's about envisioning a more successful and effective business model, one that potentially saves money and optimizes costs. Creating a system to grow and manage your business is key to reali…
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Cash flow management is an essential aspect of business that often requires a well-thought-out strategy to ensure a company remains in the black, rather than incurring debts that could lead to its downfall. Businesses can fail when they overlook this concept, with 80% of such cases being attributed to this oversight. It's crucial that sales exceed …
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Cloud accounting software works exactly just like the traditional accounting software, only the cloud accounting software just like QuickBooks online is hosted on remote servers of QBO Transaction data is sent into “the cloud,” where it is processed and returned to the user. All application functions are performed off-site, not on the user’s deskto…
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How is Business, Really How is The Business? Maybe it was an idea that struck you out ofnowhere, or perhaps your small business’ inspiration was an idea and plan thatwas years in the making. Whichever it was, your small business is your baby,and running it successfully is something that is of paramount importance toyou. With that being said, there …
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Running a small business is no easy feat byany means. It requires daily effort, vision, and drive, among many otherthings. But one area where the mastery of small business finds most ownerscaught between a rock and a hard place is in the financial management of theiroperations. This area can affect every other facet of their business and makeany no…
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Accounting industry has benefited so much from the technologyboom. Accounting and running a small business now adays have improvedexponentially. It wasn’t long ago that some colleges and university weretalking about “general Ledgers” “Books” and so on. Basically, accounting hadn’tchanged in a long time. Now, I am pleasantlysurprised when I see new …
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Journey from Inception to Success It is extremely important for start-ups, entrepreneurs andeven business pros to keep track of their business expenses. These expenseswill reduce your taxes when it comes to file your personal tax returns (t1) orcorporate tax returns *T2). When taxseason starts the deductions will help and forms your strategic plans…
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5 deciding features in selecting a professional to prepare your personal taxreturn (T1) Considerthese factors when you are looking for a tax professional, please get aprofessional to help you if your taxes are complicated. 1. Education and training There are different levels of professionals who prepare taxreturns. Some are CPAs meaning they are un…
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As a dentist running your own practice inCanada, tax planning is an important part of managing your finances. Yourchoices about business structure, deductions, income smoothing, and retirementsavings accounts can significantly impact how much you pay in taxes each year. An optimized tax strategy can lead tosubstantial savings over your career. Befo…
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Forget dividends, it is a trap! John is a lawyer and asked me to review his financialstatements. While I was reviewing the income statements, I noticed that thetotal salary for the 12-month period was 45K. I looked in more detail on his corporation QuickBooksOnline (QBO) file and notice his salary was at 22K. I looked at John and said, you made les…
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Here is my interview with Kristy Cameron about the CEBA LOAN on CFRA. Consequences of businesses getting closed if they don't pay the CEBA loan. Ottawa-based accountant Moe Tabesh has started an online petition that is quickly gaining traction. With over 13,000 signatures already, he is calling on the feds to consider forgiveness for unpaid CEBA lo…
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As a business consultant, I have witnessed firsthand the struggles of my clients who have borrowed funds through the Canada Emergency Business Account (CEBA) to keep their businesses afloat amidst the economic turmoil caused by the pandemic. These are hardworking individuals who contribute significantly to our economy, yet they find themselves unab…
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Salary, Dividends, Due to/from shareholder, Draw - What form of income should I take out? Which is which? Which is better? One thing for sure, don't go for dividends unless you know what is going on. Most business owners debate about taking salary, dividends, draw and so on. In this episode, we talk about how much money to draw at a minimum in a fo…
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Eleven Tax Deductions Every Startup Should Know About Specially The Initial Investments It is extremely important for start-ups, entrepreneurs and even business pros to keep track of their business expenses. These expenses will reduce your taxes when it comes to file your personal tax returns (t1) or corporate tax returns (T2). When tax season star…
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HST is a topic that many entrepreneurs are interested in learning more about, and it's confusing for them. Our host will talk about HST in this new episode of the Numetrica Accounting and Business Podcast. What is HST? HST is a service tax that we charge for our services and products. The number one thing you need to know is there's a threshold. If…
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This podcast provides an overview of (Harmonized Sales Tax) HST. What is it? When to register HST Account ? Setting up HST Period, yearly, quarterly, monthly HST Threshold What is ITC Filing HST on line Activating HST Account Can you back date your HST Account Period. What is needed to back date your HST account What happens to your HST collected a…
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How and Why to Delegate We all have heard, work on your business not in it. What does it mean? or Delegate. But how and why and which tasks. I'm the only one in the business. In this episode we look at a few philosophy from a few business titans: Peter Drucker William Edwards Deming Wilfried Fritz Pareto Cyril Parkinson Tony Robbins and a bonus Tit…
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Running a small business is no easy feat by any means. It requires daily effort, vision, and drive, among many other things. But one area where the mastery of small business finds most owners caught between a rock and a hard place is in the financial management of their operations. This area can affect every other facet of their business and make a…
  continue reading
 
What is Cloud Accounting and what it means to your business Cloud accounting meaning for your business. Cloud accounting software works exactly just like the traditional accounting software, only the cloud accounting software just like QuickBooks online is hosted on remote servers of QBO Transaction data is in “the cloud,” where it is processed and…
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CFOs are not just for big businesses. Small business can have and must have CFOs. Of course, CFOs are expensive however, best to get hire them on a part time, ie, once a week, 2 weeks, and so on. They will hold your business accountable to be profitable, cut unnecessary expenses, monitor your growth and so . What is virtual CFO? Virtual CFO is the …
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How to save more time with QBO Time formerly T Sheets, Simply, T sheets keeps track of employees work hours. It has a few great features. 1) where and when the employee started working. This is great if you are sending your staff to different locations and you are not there to see when they started their work 2) Verify the employee. T-sheet kiosk c…
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In this episode we talk about how cloud accounting can transform your business. Making it better, faster, smarter. Cloud Accounting Benefits In a nutshell, cloud accounting provides time, delivers supports, focus business resulting in more sales. Cloud accounting provides time needed to better focus on business. Cloud accounting can provide the edg…
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