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.
Contrary to what you've always been told, thinking negatively can very much be a good thing.
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.
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.
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.
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?
Some benefits of social media and content marketing are normally inaccessible for small businesses and startups because:
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.
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 …
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.
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.
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?
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?
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.
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.
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 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.
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.
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.
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
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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”.
Tax time is fast approaching—it’s important to do your homework and know exactly what tax deductions you can claim.
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...
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...
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.
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.
CRA stated that they do not consider meals subsidized by the employer to be a taxable benefit provided the employee pays a reasonable charge.
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.
CRA may request taxpayer information from third-parties...
If employees are using a business aircraft for personal use, attention should be paid to whether employment benefits are being properly calculated and reported.
If you are a director and legal representative of a corporation, ensure that you are properly protected if distributing assets.
If stating interest rates in legal contracts, ensure to also state them in per annum terms
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.
Working from home is becoming increasingly common as many employees look for flexibility and work-life balance.
You almost certainly started your business for one of two reasons: you can do something better than anyone else, or you have a burning passion so deep you cannot focus on anything else.
The proliferation of e-commerce has been a game changer in the world of retail, and if adopted correctly can be hugely beneficial for manufacturers too.
Almost every small business struggles through ups and downs on their journey to funding business growth.
An accounting firms' success is increasingly due to their people skills, rather than just their ability to crunch the numbers.
“Success.” Typically defined as: ‘the accomplishment of an aim or purpose.’ Success means a lot of different things to different people. Success may mean wealth, or it may mean happiness.
With more than 800 million active monthly users, Instagram is a social media channel of massive proportions. And, when used strategically, it can reap major benefits for your retail store.
Meet Alana Turner, the co-owner of Poopsie’s, a quirky gift shop in Galena, IL. When Alana and her co-owner took over the business in 2010, they had about 5 employees.
You may have come across two terms which are often confused – Business-to-Business (B2B) retail and Business-to-Consumer (B2C) retail. In this article, we outline the key features of each model so that you know the differences between the two.
Grow your business by strengthening its eCommerce capability. eCommerce is one of the most rapidly growing ways to sell products to customers in most countries globally.
Question: are you planning to bring anything new to the in-store experience? If your answer is “no,” then brace yourself. The coming years could be rough for your retail business.
At Debtor Daddy, we’re firm advocates for giving customers reasonable time to settle their debts. Go in too hard, too soon and you’ll burn your relationships; leave it too late and you’ll waste a disproportionate amount time and money trying to collect what’s due. So when is the right time to engage a third party debt collection agency?
The Asia-Pacific region has seen an online boom over the past decade, particularly in eCommerce. This part of the world has the largest online market globally and high levels of growth in the Australian eCommerce market have had a lot to do with this.
This is a post by Alexandra Sheehan. Most thriving retail businesses process many transactions on a daily basis, sometimes thousands.
Successful marketing is key to raising brand awareness and growing your advisory services. By ensuring that clients receive a professionally branded report and a tailored advisory experience at each meeting, you will enhance the overall perception of your brand to the wider business community and are more likely attract new clients.
As passionate believers in the healing power of flower essences, Scott Harris and his co-founder Jayne Tancred established Tribe of the Tree in Sydney seven years ago.
Delving into the e-commerce world is an exciting adventure albeit somewhat daunting. You need a ‘shopfront’ – somewhere you can show off your wares to customers. Here we review some points to consider when choosing your cloud-based e-commerce software.
The manufacturing industry is changing and new trends are shifting the way manufacturing companies operate their facilities. In addition, manufacturing companies are looking to become more sustainable in their operations.
As businesses grow, it is often inevitable that additional entities will be needed. Typically these will arise from international expansion into new markets or for legal and risk mitigation.
Your profit margin is a metric that should always be on your radar, and for good reason: it answers critical questions about your business, like whether or not you’re making money or if you’re pricing your products correctly.
Strategic planning is the blueprint for your business. It’s an aspirational and practical plan for your future that can give you an exact outline of where your business is, and where it should be.
Over 2,000 years ago, Aristotle said “ First, have a definite, clear and practical ideal; a goal, an objective. Second, have the necessary means to achieve your ends: wisdom, money, materials and methods. Third, adjust all your means to that end.”
The world of accounting and bookkeeping is changing. It was a decade ago that I decided to upgrade our small business from spreadsheets and Word documents to a proper accounting system.
Students in the US won’t be flocking back to campuses until September, but for retailers, it’s high time to ramp up back to school (BTS) and back to college (BTC) marketing campaigns.
Outsourcing ‘business as usual’ tasks can bring focus and efficiencies your business needs in order to succeed in today’s fast paced environment. A new level of agility and access to quality analytics and expertise can be brought into your business. To get ahead of the competition, consider outsourcing.
Seasonality might make you think of the holiday season but seasonality is not exclusive to Christmas, Easter or Halloween! Seasonality also encompasses the summer seasonal boom.
As traditional retail channels dwindle in popularity, more businesses are turning to multi-channel retailing to provide an extra income stream and keep business ticking over.
The shopping habits of consumers has changed significantly over the past 10 years and will continue to change over the next decade too.
The UK retail landscape is changing rapidly. Consumer spending is decreasing, competition is increasing between businesses, and people are turning to e-commerce at an unprecedented rate.
These days, it seems like every retailer is running some sort of sales promotion. 25% off, $5 off a purchase of $50 or more, buy-one-get-one-free — these approaches are becoming so commonplace that it’s easy to get lost in the mix.
CRA provides a number of mobile phone apps that taxpayers (individuals, corporations, etc.) can use to assist with their tax obligations...
U.S. State Department was able to deny or revoke passports to U.S. citizens having a “seriously delinquent tax debt”...
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...
In the cosmetic industry, managing the supply chain efficiently and effectively is crucial for cosmetic companies to gain a competitive advantage.
13 may be unlucky for some but if you follow these 13 top tips on how to use Xero and make the most out of your account you won’t need luck.
Have you ever considered selling private label products? If so, keep reading. For this post, we caught up with Sarah Ferrence, the founder of Mod. Merchant, a firm that helps retailers and wholesalers adapt and grow their businesses in the new era of retail.
Many firms will decide to take on debt at some point, at different stages of growth and for several reasons.
Managing seasonal pressures in the automotive industry is an ongoing struggle for car dealers, repair shops and others in the auto business.
Father’s Day is just a few short weeks away, and while this holiday isn’t as huge as the day dedicated to moms, consumers still increase their spending quite a bit.
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
As more businesses use online inventory management, manufacturing and procurement tools, businesses that stick to traditional ways of operating are likely to surrender their competitive advantage.
Scammers use clever tricks to reel you in and get you to reply to their email or not hang up the phone. Most scams seem like genuine offers but they are carefully designed to trick you into giving away your money or your personal details.
One of the major differences between brick-and-mortar and ecommerce retail is the ability (or inability) to create a physical customer-product interaction.
When was the last time you gave your retail checkout counter some love? (And no, we’re not just referring to cleaning up your countertop or moving some stuff around.)
CRA states that T4s are required for all employees, including family members, and subject to payroll deductions, as appropriate.
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 require PayPal to disclose sales records of Business Account Holders...
Competition is rife in every industry. In order to keep up with competitors you have to be innovative and quick.
There are many factors that can contribute to business success or otherwise. When first starting out, business owners can be focused solely on serving customers that they forget to check out the competition.
In an ideal world, your business would never have excess or obsolete inventory. However, this can and often does happen when demand for certain products decreases and supply remains steady or increases.