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22-Oct-2018

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TAX TICKLERS… some quick points to consider…

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.

19-Oct-2018

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RETAINING EMPLOYMENT INSURANCE (EI) BENEFITS: Starting Part-Time Work

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.

19-Oct-2018

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DIRECTOR’S LIABILITY: Helping Out Family

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.

19-Oct-2018

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TAX ON SPLIT INCOME (TOSI): Can I Take a Salary Instead of a Dividend?

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.

19-Oct-2018

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ACTIVE BUSINESS VS. PROPERTY INCOME: Music Royalties

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

18-Oct-2018

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Tips for managing seasonal workers

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.

18-Oct-2018

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Make your business's homepage stand out!

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.

18-Oct-2018

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If You Don’t Got the Time, You Don’t Got the Money

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.

18-Oct-2018

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Debt Collection: The Whys & When

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.

18-Oct-2018

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Customer-centric banking innovation in Asia

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.

18-Oct-2018

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Creating a business without debtors

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.

18-Oct-2018 Vend

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Crafting Your Mobile Strategy: How Retailers Can Go Mobile and Increase Sales

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.

18-Oct-2018

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Aussie businesses get over $3.5m to launch their innovative idea into global markets

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.

18-Oct-2018

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Accurate Inventory Forecasting, No Crystal Ball Needed

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.

18-Oct-2018

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CONTRACTOR VS. EMPLOYEE: Agreement on Contractor Status Is Not Enough

Consider reviewing terms of worker engagement with a professional. Agreement on Contractor Status Is Not Enough.

18-Oct-2018

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DIVORCE SETTLEMENT: Family Business

Whenever a settlement is being negotiated, ensure there is mutual understanding on the tax treatment to prevent potential nullification.

16-Oct-2018

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BUSINESS FAILURE: Personal Liability for Corporate Tax Debt

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.

09-Oct-2018

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COMMISSION PAID TO A CORPORATION: Any Issues?

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”.

03-Oct-2018

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Tax deductions for small business owners

Tax time is fast approaching—it’s important to do your homework and know exactly what tax deductions you can claim.

02-Oct-2018

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INCOME SPRINKLING: Where Are We Now?

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.

25-Sep-2018

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INPUT TAX CREDITS: Checking Up On Suppliers

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...

18-Sep-2018

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LOANS TO A RELATIVE’S BUSINESS: What Happens When It Goes Bad?

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...

11-Sep-2018

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MARIJUANA: A Growing Industry

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.

04-Sep-2018

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TAX TICKLERS… some quick points to consider…

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.

24-Aug-2018

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SUBSIDIZED MEALS: Are They a Taxable Benefit?

CRA stated that they do not consider meals subsidized by the employer to be a taxable benefit provided the employee pays a reasonable charge.

24-Aug-2018

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EMPLOYER-SPONSORED SOCIAL EVENTS: After the Party

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.

23-Aug-2018

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TAX TICKLERS… some quick points to consider…

CRA may request taxpayer information from third-parties...

23-Aug-2018

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PERSONAL USE OF BUSINESS AIRCRAFT: How Big of a Taxable Benefit Is It?

If employees are using a business aircraft for personal use, attention should be paid to whether employment benefits are being properly calculated and reported.

23-Aug-2018

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DIRECTORS: Can They Be Liable for Corporate Income Taxes?

If you are a director and legal representative of a corporation, ensure that you are properly protected if distributing assets.

23-Aug-2018

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INTEREST ON DELINQUENT ACCOUNTS: Proper Disclosure on Legal Documents

If stating interest rates in legal contracts, ensure to also state them in per annum terms

22-Aug-2018

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DONATION RECEIPTS: How Complete Is Complete?

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.

22-Aug-2018

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INTEREST DEDUCTIBILITY: Returns of Capital

One may need to track any return of capital which is not reinvested to determine interest deductibility.

21-Aug-2018

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INPUT TAX CREDITS: Making Timely Claims

Failure to make the claim on a return filed within four years of the end of the appropriate period is fatal to the claim.

29-Jul-2018 Employment Innovations

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Working From Home – Managing the Risks to Reap the Rewards

Working from home is becoming increasingly common as many employees look for flexibility and work-life balance.

29-Jul-2018 Float

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Top 7 Tips for Finding the Right Business Software

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.

29-Jul-2018 Unleashed

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The Benefits of e-Commerce for Manufacturers

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.

29-Jul-2018 Float

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Ready, Set, Grow: A Guide to Funding Business Growth

Almost every small business struggles through ups and downs on their journey to funding business growth.

29-Jul-2018 Spotlight Reporting

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Marketing your Advisory Services

An accounting firms' success is increasingly due to their people skills, rather than just their ability to crunch the numbers.

29-Jul-2018 GoRoster

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Is Revenue A True Predictor Of Success?

“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.

29-Jul-2018 Vend

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How to Post on Instagram: A Comprehensive Guide for Businesses

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.

29-Jul-2018 Vend

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How to Double Your Retail Sales: Lessons from the Gift Shop Poopsie’s

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.

29-Jul-2018 Unleashed

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B2B Retailers versus B2C Retailers: What’s the Difference?

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.

29-Jul-2018 Unleashed

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A Quick Guide to Getting Started with eCommerce

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.

29-Jul-2018 Vend

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7 Ways to Create In-Store Experiences That Drive Traffic and Sales

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.

26-Jul-2018 Debtor Daddy

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When to engage a debt collection agency

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?

26-Jul-2018 Unleashed

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Emerging eCommerce Trends in Australia

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.

26-Jul-2018 Vend

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Cash Registers vs. POS Systems: How to Tell Which Is Right for Your Retail Biz

This is a post by Alexandra Sheehan. Most thriving retail businesses process many transactions on a daily basis, sometimes thousands.

26-Jul-2018 Spotlight Reporting

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Branded Reporting for Advisory Success

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.

28-Jun-2018 Unleashed

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Tribe of the Tree grows flower essence business with cloud inventory management

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.

28-Jun-2018 Unleashed

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The 7 P’s of E-commerce Software

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.

28-Jun-2018 Unleashed

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Sustainability Improvements for Manufacturing

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.

28-Jun-2018 Spotlight Reporting

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It's time to consolidate in the Cloud

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.

28-Jun-2018 Vend

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How to Increase Your Profit Margins: 8 Proven Tips for Retailers

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.

28-Jun-2018 Float

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How Strategic Planning Can Help Your Business In The Long Run

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.

28-Jun-2018 Employment Hero

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Dream big: Making it easier to reach your financial goals

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.”

28-Jun-2018 Float

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A Bookkeeping Revolution

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.

28-Jun-2018 Vend

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9 Back to School Marketing Tips to Fuel Your Campaigns

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.

28-Jun-2018 Debtor Daddy

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8 Reasons Why You Should Outsource

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.

27-Jun-2018 Unleashed

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Preventing Mishaps During the Busy Season

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.

27-Jun-2018 Unleashed

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Multi-Channel Retailing: A Quick Guide for SMEs

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.

27-Jun-2018 Unleashed

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Combining Digital with Brick-and-Mortar Stores

The shopping habits of consumers has changed significantly over the past 10 years and will continue to change over the next decade too.

27-Jun-2018 Unleashed

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3 Emerging Trends in UK E-Commerce

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.

27-Jun-2018 Vend

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11 Unique Sales Promotion Examples to Help You Stand Out and Attract Foot Traffic

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.

01-Jun-2018

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CRA MOBILE PHONE APPS: Tools for Individuals and Businesses

CRA provides a number of mobile phone apps that taxpayers (individuals, corporations, etc.) can use to assist with their tax obligations...

31-May-2018

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U.S. CITIZENS: Risks of Tax Non-Compliance

U.S. State Department was able to deny or revoke passports to U.S. citizens having a “seriously delinquent tax debt”...

31-May-2018

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CONSTRUCTION ACTIVITIES: Reporting Obligations for Subcontractors

T5018 should be filed for any subcontractor payment or credit made relating to goods or services received in the course of construction activities...

31-May-2018

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REASONABLE AUTOMOBILE ALLOWANCES: GST/HST Claim

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...

29-May-2018 Unleashed

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Understanding the Cosmetic Industry’s Supply Chain

In the cosmetic industry, managing the supply chain efficiently and effectively is crucial for cosmetic companies to gain a competitive advantage.

29-May-2018 Float

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How To Use Xero in 13 Easy Steps

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.

29-May-2018 Vend

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How to Start a Private Label: A Chat with Sarah Ferrence of Mod. Merchant

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.

29-May-2018 Float

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How to Refinance Your Business Debt

Many firms will decide to take on debt at some point, at different stages of growth and for several reasons.

29-May-2018 Unleashed

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How the Automotive Industry Manages Seasonal Pressures

Managing seasonal pressures in the automotive industry is an ongoing struggle for car dealers, repair shops and others in the auto business.

29-May-2018 Vend

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6 Father’s Day Promotion Ideas to Try in Your Retail Store

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.

29-May-2018

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CORPORATE PASSIVE INVESTMENT INCOME: Proposed Changes

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

28-May-2018 Unleashed

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What’s the Buzz About Innovation?

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.

28-May-2018 Money Smart

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Tricks used in Scams

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.

28-May-2018 Vend

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9 Reasons Your In-Store Retail Displays Aren’t Working — and What to Do Instead

One of the major differences between brick-and-mortar and ecommerce retail is the ability (or inability) to create a physical customer-product interaction.

28-May-2018 Vend

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12 Retail Checkout Counter Ideas to Try in Your Store

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.)

28-May-2018

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FAMILY MEMBERS: Can I Pay Them a Salary?

CRA states that T4s are required for all employees, including family members, and subject to payroll deductions, as appropriate.

28-May-2018

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DIGITAL CURRENCY: Basics And Tax Implications

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

28-May-2018

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TAX TICKLERS… some quick points to consider…

CRA require PayPal to disclose sales records of Business Account Holders...

27-May-2018 Unleashed

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The Reluctance to Automate Leaves UK’s Food Industry Stagnant

Competition is rife in every industry. In order to keep up with competitors you have to be innovative and quick.

27-May-2018 Unleashed

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Looking to your Competitors for Business Success

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.

27-May-2018 Unleashed

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How to Deal with your Excess Stock and Stay Green

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.

27-May-2018 Float

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How to Avoid Cash Flow Problems

Cash flow can be hard to get to grips with for any business; whether you’re growing, just starting out, or established. In fact, 82% of businesses become insolvent because of bad cash flow.

27-May-2018 Unleashed

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Get Your Staff Ready for Cloud-Based Software

Shifting data, systems and the inner workings of a business onto the cloud can be a big move. However, it’s hard to stay away from the cloud these days; the applications of cloud-based software are seemingly endless.

26-Apr-2018 Unleashed

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Putting Two and Two Together: Manufacturing Inventory Management and Quality Control

When it comes to quality control as a manufacturer, it’s important to remember the role inventory management has on your ability to moderate quality. In terms of running a business, your aim will be to make quality products that will sell, with as little waste as possible.

26-Apr-2018 Vend

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How to Train, Manage and Motivate Part-Time Retail Staff

There were almost 5 million retail sales jobs in the U.S. in 2016. Those workers, both full- and part-time, represent a sizeable chunk of the workforce, and they’re also a key component to every growing retail business. (post by Alexandra Sheehan)

26-Apr-2018 Vend

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How to Engage and Sell to Gen Z

While millennials are still a significant consumer segment for retailers, there is another shopper group that’s continuing to gain spending power.

26-Apr-2018 Float

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Best and Worst Businesses for Cash Flow

No matter how inventive or simple your business model is, you can still have problems with cash flow. Here is a rundown of the best and worst businesses for cash flow.

26-Apr-2018 Vend

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7 Examples of Good Customer Service in Retail (and How to Apply Them to Your Stores)

While there are many things that can affect the in-store experience (e.g. products, prices, store environment, etc.) customer service is always going to be one of the top factors that impact how shoppers perceive your brand.

26-Apr-2018 Unleashed

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3 Key Trends That Will Drive Business Success in FY 2019

As some of us begin a new financial year, it’s time to reflect on trends from the year that’s been. The 2018 financial year continued the dramatic trend of change that small and medium sized businesses have been experiencing for the last few years.

25-Apr-2018 Vend

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The Retailer’s Guide to Cashier Training: Getting People up to Speed with Your POS

Perhaps the most important part of retail is the moment of the transaction — when money transfers from the customer to the cashier. (post by Cara Wood)

25-Apr-2018 Vend

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Local Store Marketing for Retailers: 6 Ideas to Boost Your Presence in the Neighborhood

Local store marketing is critical for many retailers, particularly those who have brick-and-mortar stores. Chances are, the bulk of your foot traffic comes from people in the neighborhood, so it’s vital that you get yourself in front of as many locals as possible.

25-Apr-2018 Unleashed

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Innovation Poses New Challenges and Opportunities in the Food and Beverage Industry

One critical factor for food and beverage industry growth is innovation. While the food and beverage players are experienced innovators, the industry itself is facing new consumer, food safety and regulatory challenges.

25-Apr-2018 Vend

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How to Prevent and Handle Internal Theft in Retail Stores

When thinking about threats to your retail store, shoplifting is probably number one, right? The idea of someone swiping hundreds of dollars of products into a giant bag and walking out with them is horrifying, isn’t it? (post by Cara Wood)

24-Apr-2018 Unleashed

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Why Do Businesses Fail to Grow?

No entrepreneur or business startup sets out to fail, yet in every industry, there are those companies that grow and dominate their markets, while others stagnate or ultimately fail.

24-Apr-2018 Float

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How to Stay Productive When You Work Remotely

Working remotely or freelancing has its positives— working in your pyjamas being one of them— but when it comes to self-motivating and staying productive, it can be an uphill battle.

24-Apr-2018 Unleashed

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Avoiding Supply Chain Woes

Controlling a supply chain can be a very difficult exercise. Businesses can struggle to control what is going on in their supply chain and this can result in failure.