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Cybersecurity and Your Business

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Cybersecurity is the technologies, processes, and practices designed to protect networks, devices, programs, and data from attack, damage, or unauthorized access. You may think that your business will not be a likely victim but the risk is not limited to businesses that sell products and handle credit card information and it’s not just large companies that are targeted. If your business collects, processes, and stores data on computers and other devices, you are at risk. Protecting your company and its information needs to be a top priority. There are a number of safety measures you can take to ensure that your systems, data and site are as secure as possible.

    • Train your employees: Establish basic cybersecurity practices and policies for your company and train all employees regarding these. Inform employees regarding all security issues. Have a clear email and Internet use policy. Provide regular updates on new protocols and conduct regular training sessions to review IT security best practices. Create a culture of cybersecurity awareness.
    • Secure your network, database and website: Install the latest anti-malware, antivirus, spam blockers, spyware detection and anti-ransomware software. Consider using a service like PayPal to process payments and protect customer information.
    • Establish safe passwords and authentication practices: Data breaches often happen due to lost, stolen, weak or easy to guess passwords. Consider a  Password Manager App, a software application designed to store and manage online credentials in an encrypted database. Multi-factor authentication that requires additional information to gain entry is another possibility. Change passwords every 3 months. Give employees access to only the specific data systems that they need for their jobs and require permission before installing any software. No one employee should have access to all data systems.
    • Implement penetration testing: Penetration testing involves hacking into your own system to expose vulnerabilities in your host network and network devices. It identifies problematic access points in your system and provides suggestions for hardware and software improvements to upgrade your security.
    • Provide firewall security: Install a firewall on all devices; a set of programs that prevent outsiders from accessing data on a private network. If employees work from home, ensure that their home systems are firewall protected. Firewalls give you the best chance of protecting your site before an attack is successful and they result in a faster and safer website. Many companies install internal firewalls to provide additional protection.
    • Do private browsing with a VPN (virtual private network): Business owners/employees often use temporary workplaces and remote locations (coffee shop, airport, home office) increasing the risk of outsiders gaining access to business data. A VPN creates an encrypted connection between your computer and the remote private network making it necessary to have the key to decode information. Your data can’t be monitored, tracked, collected and stored.
    • Create a mobile device action plan: Mobile devices (laptops, tablets, USB drives, smartphones) create a security risk for your company. Require employers to have password protection, encryption software, and a remote lock and wipe app.
    • Encrypt your emails: Email messages and attachments are not a safe way to send confidential/sensitive information. Email encryption software ensures that only the sender and recipient can read the email/attachment thus preventing data breaches. The email contains a hyperlink to a website controlled by the sender.
    • Subscribe to a Cloud service; an easy and affordable way to get data security from a company that specializes in handling security threats.
    • Backup business data and information: Automatically backup critical data (word processing documents, electronic spreadsheets, databases, financial files, human resources files, accounts receivable/payable files) and store the copies offsite or in the cloud. Check your backup regularly to ensure that it is functioning correctly.
    • Outsource your IT: A third-party IT provider hires and trains the best security people, gives you a set monthly fee, remotely manages your servers (24/7) and responds to emergencies.
    • Dispose of data safely: When disposing of outdated computers, completely destroy the data on the hard drive by using a wiping/degaussing system and then physically destroying it with a hard-drive shredder or crusher.
    • Secure your Wi-Fi network: Set up a wireless access point/router that is secure, encrypted and hidden. Password protect access to the router.
    • Talk to your professional accountant to ensure that your information is protected on their end.

 

Increase your vigilance regarding online security in order to protect your intellectual property, financial data, personal information, or other types of data from unauthorized access or exposure. Undertake proactive measures to protect your business computer, network, data, and website. Be aware of recent attacks and adjust your protection as needed. Stay ahead of cyber attacks, cybercriminals and emerging trends in cybercrime. The Canadian Center for Cyber Security provides online training, checklists, and information specific to protect online businesses.

 

Concerned about the safety of your company’s information? Want an accountant versed in cybersecurity? Contact Cook and Company Chartered Professional Accountants. Whether you operate a sole proprietorship or a sizable corporation with multiple subsidiaries, Cook and Company uses their experience and expertise to help your business. Contact us for a complimentary consultation.

 

 

 

References:

https://www.wordstream.com/blog/ws/2019/03/12/video-advertising-trends

https://www.wordstream.com/blog/ws/2019/10/31/pre-roll-ads

https://smartyads.com/blog/what-is-ott-advertising/

https://instapage.com/blog/pre-roll-ads

https://instapage.com/blog/digital-advertising-trends

https://financesonline.com/advertising-trends/

https://financesonline.com/advertising-trends/

https://marutitech.com/benefits-chatbot/

https://blog.templatetoaster.com/google-alp/

https://www.business2community.com/digital-marketing/top-10-trends-in-digital-advertising-in-2020-02263555

https://www.singlegrain.com/digital-marketing/digital-marketing-trends-2020/

https://instapage.com/blog/what-is-outstream-video

https://www.curalate.com/blog/google-shoppable-ads/

https://www.3playmedia.com/2018/09/20/3-reasons-why-you-need-video-transcription/

https://www.tintup.com/blog/user-generated-content-definition/

https://www.google.com/search?client=firefox-b-d&q=what+is+a+remarketing+ad

https://www.investopedia.com/terms/o/over-top.asp

https://digitalguardian.com/blog/biggest-incidents-cybersecurity-past-10-years-infographic

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Preparing a Business Plan

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In order to secure the money your business needs from a bank, you’ll have to prepare a business plan. It’s a factual description of your business and its projections. This document describes your plan for your company showing its structure, products, services, marketing strategy, budget and financial projections. It’s an informational document intended to showcase your company’s operations, goals and potential. Make sure it includes the following:

 

  • Executive summary: This section briefly summarizes the entire business plan. It describes the company, your product/service, the industry, your competitive advantage and the prevailing economic climate.
  • Description of the company: This segment of the document fully describes the history, current operations, strategy, mission statement, principals, strategic partners and corporate structure of your company.
  • Management team experience: This is your chance to showcase the skills, experience and qualifications of yourself (owner), any co-owners and each member of your management team. Include an organizational chart and salary forecasts. If you have a board of directors, list them along with relevant experience.
  • Key financial data: Report the fiscal strength of your company. Provide financial statements and forecasts for the next 2 to 3 years and include historical results for the past three to five years. This portion of the plan should include income statements, cash flow statements, capital expenditure budgets, balance sheets, profit and loss statements, sales forecasts and relevant financial metrics for your industry. Provide monthly, quarterly and yearly projections.
  • Market analysis: Provide a competitive analysis of your market identifying existing gaps that your business intends to fill. Include an industry overview, information on your target market, planned marketing strategies, your knowledge of relevant regulations and your past compliance with them.
  • Production plan: Describe your company’s product/service in detail. Itemize the product line with the current and planned pricing structure. Include the estimated life-cycle of the product/service and a description of any trademarks/patents/intellectual property rights you own.
  • Supporting documents: Append principal’s resumes, tax returns, real estate documents, processing flowchart, letters of intent from buyers of your product/service, marketing materials, training certificates, research supporting your forecasts, clients testimonials and media reports.

Tips:

  • Use simple language, avoiding technical terms and acronyms.
  • Your proposal should be clear, well-structured and easy to read.
  • Don’t hesitate to sell yourself!
  • Demonstrate that you have contingency plans.
  • Consider working with a professional to help you to lay out the document.

 

Preparing a clear, well-documented business plan is crucial for getting the money your business needs. Create a detailed, precise, informational document that presents your business in the best possible light. Demonstrate your willingness to make a success of your business. If you need help creating your plan, talk to your chartered accountant. They will have the knowledge, experience and skills to help you create a professional business plan.

 

Need help preparing a business plan? Contact Cook and Company Chartered Professional Accountants. Whether you operate a sole proprietorship or a sizable corporation with multiple subsidiaries, Cook and Company uses their experience and expertise to help your business. Contact us for a complimentary consultation.

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Preparing a Business Budget

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A budget is a financial plan for a company’s future; an estimation of revenue and expenses over a specified period of time. Creating a budget for your business promotes accurate goal-setting, assists in writing a business plan, informs spending decisions, unifies stakeholders, attracts investors and aids in determining staffing needs. It makes operating your company easier, more efficient, gives you the best chance of achieving your long term goals and helps you reap rewards for your hard work. So, how do you go about preparing a business budget?

 

  • Tally income sources: Determine how much money your business brings in each month and where that money comes from. Tally sources for a 12 month period. Look for seasonal patterns.
  • Determine fixed costs: Fixed costs are expenses that don’t change. They may occur daily, weekly, monthly or yearly and include payments such as insurance, rent, website hosting, payroll, bank fees, accounting and legal services, supplies, debt repayment, taxes and equipment leasing.
  • Include variable expenses: Variable expenses are costs that change each month based on your business performance and activity such as usage-based utilities, shipping, packaging, sales commissions, travel costs, inventory, production costs, professional development and marketing.
  • Predict one-off costs: These costs fall outside the usual work of your company. They may be start-up costs (equipment, furniture, software) or infrequent expenses (business course, cost of moving to a new location, purchase of real estate, purchase of new equipment, large-scale facility upgrades, severance pay, etc).
  • Create a contingency fund: Prevent the problems associated with unexpected costs by keeping extra cash on hand for difficulties such as equipment breakage, inventory damage, a security breach, etc.
  • Put it all together: Tally the total income and expenses. Then compare cash flow in to cash flow out in order to determine profitability. Adjust the figures throughout the year. As projections change, alter how money is spent and allocated.
  • Create a budget spreadsheet: A simple spreadsheet provides you with all the information you need at a glance making summarizing and reviewing your finances easy. Make budget evaluation a regular habit. Monitor and adjust numbers as needed.

Creating a budget takes time and effort but it’s worth the toil. Budgeting gives you the insights you need to make good decisions regarding your company’s finances. It’s an essential process for all businesses and will help you grow your company, compete and ensure a solid emergency fund.

Need help preparing a budget? Contact Cook and Company Chartered Professional Accountants. Whether you operate a sole proprietorship or a sizable corporation with multiple subsidiaries, Cook and Company uses their experience and expertise to help your business. Contact us for a complimentary consultation.

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Why a Small Business Needs a Budget

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A budget is a financial plan for a company’s future. It projects revenue and expenses, enabling a business to make confident financial decisions. Many business owners underestimate the value of a budget. The following are a number of reasons why your company needs a budget.

 

  • Enables accurate goal setting: A budget helps a business to set goals, priorities and spending caps. It shows where funding comes from and where new strategies might bring in revenue. A budget reminds you of your overall strategies when making decisions.  
  • Assists in writing a business plan: A realistic budget is an essential part of the business plan needed to raise capital for a company. It Indicates that the company has a viable strategy and a practical plan for making a profit.
  • Allows planning in advance: A budget helps your company account for long term needs, maximize profits and distribute revenue effectively over the course of a fiscal year.
  • Informs spending decisions: A budget establishes spending limits, promoting accountability. It shows how increased expenditures in one department can be balanced by a decrease in another, helping managers work together to avoid overspending while still providing necessities. 
  • Informs and motivates employees: A budget helps to unify and engage your employees by giving them quantifiable goals on which to focus. It encourages them to think of solutions to sales shortfalls/expense overages and to help the business hit its budget targets.
  • Unifies stakeholders: A solid budget gets stakeholders on board with your goals, keeping all parties in agreement with the company’s objectives and plans for meeting them. It helps gauge progress enabling investors, shareholders, owners and managers to work together to keep the company healthy and on track.
  • Enables performance evaluation: By tracking revenue and expenses, a budget helps evaluate the performance of your business over the course of the fiscal year. It ensures your company is sticking to the plan, pinpoints problems and identifies opportunities.
  • Attracts investors/satisfies lenders:  A detailed budget that your company adheres to shows lenders and potential investors that your business plan is working and inspires confidence in your business. 
  • Aids in determining staffing needs: A comprehensive budget will help you decide how many full-time, part-time or contract employees you need to reach your goals. It will assist you in determining whether you should do your own accounting/payroll or hire an outside consulting firm. 
  • Assist communication: The clear plans and expectations of a budget minimize confusion and create clear communication between departments and levels of management.

 

Budgeting is especially important for small businesses where being off on cost projections or estimated earnings can have a devastating effect on the company. Creating a budget for your small business makes operating your company easier, more efficient, gives you the best chance of achieving your long term goals and helps you reap rewards for your hard work. Consider hiring a Chartered Professional Accountant with expertise in business finance. They willl help your business create a detailed and viable budget. 

Need help in creating a detailed and realistic budget for your business? Contact Cook and Company Chartered Professional Accountants. Whether you operate a sole proprietorship or a sizable corporation with multiple subsidiaries, Cook and Company uses their experience and expertise to help your business. Contact us for a complimentary consultation.

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Cash Flow Management Tips for Small Businesses

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Has your business ever had trouble paying vendors, making loan installments or meeting payroll requirements due to cash flow issues? You’re not alone! Cash flow management is one of the biggest challenges that small business owners face. Though every business’s needs are unique, the following are some strategies that may improve your company’s cash flow position and ease the strain on your working capital.

 

  • Ask for a deposit: If your product or service requires considerable cash or effort before delivery, consider asking clients for a deposit.
  • Examine your debt collection procedures: Be prompt with your collections and follow up on past-due accounts receivable by sending reminders. Offer a discount for early payment of invoices.
  • Cut and/or delay expenses: If your company manufactures products, consider using lower-cost inputs to deliver the same goods. If you are a service company, opt for spending less time on the same work. Exhaust existing inventory before purchasing more. Hire part-time or contract employees to replace full-time employees.
  • Get a business credit card: Choose a card that rewards with points that can be used for travel and business purchases. Many cards come with innovative reporting options that illustrate spending trends to help business owners optimize their cash flow.
  • Get creative with marketing: Instead of expensive radio, TV or newspaper ads, opt for a less costly social media marketing campaign.
  • Restructuring your terms with vendors (an extra week or two for payments) can make a substantial difference. Once you have reached an agreement, be timely and dependable with your payments.
  • Finance purchase orders: If you’re a manufacturing or merchandising company and you require a significant amount of cash to fulfill your orders, financing purchase orders may be helpful. The financing company pays the vendor so you can acquire the merchandise/inventory you need to fulfill the order. This allows you to take large orders that you don’t yet have the cash to fill.
  • Increase margins: If your business has a unique product/service or a high demand for your product/service, consider increasing your margins by increasing your charges. 
  • Sell or lease idle equipment: Utilize eBay or Craigslist to sell redundant or idle equipment and use the proceeds to ensure cash flow.
  • Sell future revenue: Consider taking a loan that is automatically repaid via a percentage of your business’s credit/debit card transaction volume. 
  • Turn down, shift or postpone work to manage the volume of business for consistency over time. Offer good clients a discount for postponing their work, order or service. This will not be a viable strategy for companies with strong seasonal businesses (retailers, accountants, etc.).
  • Invoice factoring involves selling your invoices (an asset) to a factoring company. Instead of waiting 15, 30 or 60 days for your money, your business gets payment upfront.
  • Hire an accountant: A Chartered Professional Accountant will have the knowledge and experience to offer you creative solutions to your cash flow problems. 
  • Restructure payroll: Switching to a less frequent pay period can save on administrative costs (collecting, verifying, tabulating information). Direct deposit can also help stabilize your payroll withdrawals.
  • Borrow money before you need it: When your business is doing well, open a business line of credit. Interest rates can be as low as 6 to 7%. Ask for more than you need so you have reserves to draw from when times are tough.
  • Evaluate your cash flow on a regular basis. Calculate how much debt you can take on and not be overleveraged.  Factor in time, interest, ROI. Have a repayment plan in place for borrowed money. If possible, maintain a rainy-day reserve in case of an emergency.
  • Take advantage of technology by using apps and software to streamline your business processes and increase efficiency. Technology can enable you to spend less time worrying about cash flow and more time running your business.

Working capital is the fuel that powers small businesses. Managing cash flow is critical to running a profitable long-term business. Constantly look for new ways to improve cash flow management in your company.

Looking for ways to examine and improve your cash flow? Contact Cook and Company Chartered Professional Accountants. Whether you operate a sole proprietorship or a sizable corporation with multiple subsidiaries, Cook and Company uses their experience and expertise to help your business. Contact us for a complimentary consultation.

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What Financial Statements Does my Business Need?

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Financial statements are a set of documents showing a company’s current financial status. They communicate what your business owns and what it owes at a fixed point in time and provide details about your assets, liabilities and equity. There are three statements that all businesses require for tax, financing and investing purposes.

 

Balance sheet:

The balance sheet is a snapshot of a company’s performance at a given time. It identifies the company’s assets (inventory, equipment, vehicles, furniture, property, cash), liabilities (short term debts, long term loans, accounts payable) and equity (what would be left if assets were sold and debts paid). The balance sheet is an indication of the health of a business and helps business owners make decisions regarding how much inventory to order, if assets should be sold and whether a cash infusion is called for. Lenders use a company’s balance sheet to evaluate collateral and risk.  

 

Income statement:

The income statement, also known as a profit and loss statement, summarizes a company’s revenue and expenses for a given period of time. This report shows the company’s bottom line. The income statement consists of four sections; revenues (net sales), cost of goods sold (inventory, freight, labour, indirect expenses), expenses (wages, advertising, depreciation, payroll taxes, office expenses, utilities) and other income (assets sold, interests on loans/investments). The income statement is the document you show to potential lenders/investors and is necessary during tax season. It indicates the profitability of a business’ current operations and guides management in how to expand or cut operations for greater profits.

 

Cash flow statement:

The cash flow statement reports the cash and cash equivalents that flow into and out of a company in a given time period. It measures how much cash a company has on hand. Your income statement shows your company’s bottom line while the cash flow statement shows how your business earns cash and where it goes. The information in this report is used to project how much revenue can be expected in the future, estimate upcoming expenses and make judgments re revenue gaps that may result in non-payment of business liabilities and debts. There are three activities documented in a cash flow statement; operations (accounts receivable, accounts payable, wages, merchandise expenses), investments (equipment and merchandise purchased, purchase of an asset, loans made to vendors, payments related to a merger or acquisition)  and financing (bank loans, shareholder monies, personal investments, dividend payments, loan repayments, sale of company stocks). This report informs management of how much cash is available to pay expenses and invest in the business. Large discrepancies between the cash flow statement and the income statement help identify problems in a business’s operations.

Financial statements are written records that convey a company’s activities and financial performance. The balance sheet provides an overview of assets, liabilities, and stockholders’ equity. The income statement focuses on a company’s revenues and expenses. The cash flow statement measures how a company generates cash to pay its debt obligations, fund its operating expenses, and fund investments. These three main financial statements are interrelated and help you make smart financial, investment and management decisions. All businesses should prepare these reports on a regular basis. Talk to your chartered accountant. They will have the knowledge, expertise and experience to provide you with the financial statements you require. 

Need help with your company’s financial statements? Contact Cook and Company Chartered Professional Accountants. Whether you operate a sole proprietorship or a sizable corporation with multiple subsidiaries, Cook and Company uses their experience and expertise to help your business. Contact us for a complimentary consultation.

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Why do I Need a Financial Statement for my Business?

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Financial statements are records that communicate the activities and the financial performance of a business. They generally include a balance sheet, an income statement and a cash flow statement. They indicate:

  • How much money is made
  • How much money is spent
  • What the company owns
  • What the company owes
  • The net value of the business
  • Where the money came from and where it went
  • The amount of money kept in the company

Companies generally hire an accountant to prepare their financial statements then use the reports as a management tool to affect positive change within their organization. There are several reasons why a business needs financial statements:

  • For performance measurement: Financial statements provide a gauge of performance that helps you review the success of your business and communicate your past, present, and future prospects to stakeholders. It allows you to assess management’s stewardship of the company, the viability of the business and is a starting point in forecasting future performance.
  • For loan applications/investors: Many lenders will not consider a loan application without up to date financial reports. The information in a financial statement forms the foundation of a bank’s decision whether to fund a venture or a company. A business can use financial statements to persuade an investor to buy into the company, or to attract a venture partner who can put money into a new project.
  • For the CRA: In order to file corporate tax returns, Canadian corporations are required to produce financial statements. To avoid penalties, a company needs to have financial statements prepared on a yearly basis.
  • For regulating cash flow: Financial statements help a business anticipate borrowing needs. Reviewing your statements can reveal trends your business can use in its cash flow strategies.
  • For decision making: Financial statements provide decision-makers within a company with the up-to-date information necessary to make effective choices. Financial reports are used to provide shareholders, partners and/or potential investors with key business metrics.

 

Start your business off with the correct financial statements and a maintenance plan for keeping them in order. These reports will assist you when measuring the value of your company,  applying for a loan, attracting investors and/or selling your business. They are a powerful diagnostic tool you can use to evaluate your firm’s strengths and weaknesses, helping you chart the way forward. Talk to your accountant about the statements that your business needs. They will have the knowledge, experience and expertise to help you with your financial statements.

Need help with your company’s financial statements? Contact Cook and Company Chartered Professional Accountants. Whether you operate a sole proprietorship or a sizable corporation with multiple subsidiaries, Cook and Company uses their experience and expertise to help your business. Contact us for a complimentary consultation.

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Should I Incorporate my Business?

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When you incorporate a business, you create a distinct legal entity separate from its owners and/or shareholders. This entity has the same rights as a person. It can own property, obtain loans, enter into contracts, sue, be sued and be found guilty of a crime. You can incorporate either federally or provincially. Which you choose depends on whether you intend to do business in more than one province. Though there are a multitude of advantages to small business incorporation, it is not the right path for every company. Carefully examine the pros and cons of incorporation before deciding.

 

PROS:

  • Limited liability: Incorporating provides a layer of security against personal liability. You’re not responsible for the corporation’s financial obligations, personal assets cannot be taken to pay business debts and you do not answer to company lawsuits.
  • Lower tax rate: Corporations are taxed separately from their owners/shareholders. This is an advantage as corporate tax rates are typically lower than the tax rates for individuals.
  • Tax deferral: Instead of taking a salary, you can choose to leave income in the business, taking it out when your personal tax rate is lower.
  • Continuous existence: Corporations continue to exist unless they wind-up, amalgamate, or give up their charter. An incorporated business continues to exist even if the ownership changes making the selling of the business easier.
  • Better Access to Financing: Corporations are often able to raise money and grow more easily because they can issue bonds/shares to investors and borrow money at lower rates.
  • Income Splitting: The owner of an incorporated company can hire their spouse and children, a significant tax advantage. The company deducts the amount it pays them as an expense, while family members pay tax at their personal income tax rate.
  • Business name protection: When you incorporate your business provincially, the business name you choose is reserved for you. If you incorporate federally, you have the right to use your business name throughout the country. Without incorporation, anyone can start a business with the same or a similar name.

CONS:

  • Costs of incorporation: The process of incorporation requires completion of legal paperwork and the associated costs. Ongoing costs include annual legal filing fees and professional accountant fees (filing an annual corporate tax return, notices of any changes and articles of amendment).
  • Multiple tax returns: Owners of corporations must file personal income tax returns and an additional tax return for the company.
  • Increased administrative requirements: The owner of an incorporated business needs to maintain a minute book containing corporate bylaws and minutes of corporate meetings. They must also maintain up to date records of business activities.
  • More complexity: An incorporated business has individuals who act on its behalf (shareholders, owners, directors, CEO, CFO, president, etc.). The company requires a paper trail of activities of these individuals to ensure all by-laws are followed.
  • Reduced tax flexibility: When revenues are high, there are many tax advantages to being incorporated. When a company experiences losses, incorporation can be a disadvantage. Losses can only be carried forward or back to reduce the company’s income from other years, not in the year the losses are incurred.

When it comes to small business incorporation in Canada, it’s wise to consider every angle before making your decision. Talk to your accountants. They will provide you with advice and information to help you decide whether incorporation will be a benefit for your company.

Considering incorporation? Contact Cook and Company. Whether you operate a sole proprietorship or a sizable corporation with multiple subsidiaries, Cook and Company uses their experience and expertise to help your business. Contact us for a complimentary consultation.

 

 

References:

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How can an Accountant Benefit your Business?

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To make good business decisions and ensure a healthy cash flow your financial data must be current and accurate. The process of keeping your information correct and up to date is complex and time-consuming. A professional accountant can help. But accurate data is not all an accountant offers. Your accountant can assist your business with:

 

The Start-up Process:

Your accountant can help create a strong foundation for your business by:

  • recommending the business structure that will best suit your business objectives, finances, and circumstances (sole proprietorship, corporation, partnership or other).

  • helping develop a business plan.

  • providing advice regarding accounting software.
  • assisting in the opening of a business bank account.
  • offering ideas regarding market opportunities.
  • providing advice for keeping personal and business expenses separate.
  • offering information regarding raising finances through loans, crowdfunding, investors or other types of financial opportunities.

 

Daily Business operations:

Once your business is up and running, your accountant can help by:

  • providing reports that monitor your financial progress, so you can make adjustments where necessary.
  • overseeing payroll.
  • helping set up accounting software.
  • providing advice regarding debt management.
  • helping you deal with unpaid invoices.
  • preparing and filing business taxes.
  • assisting with writing loan applications.
  • producing an accurate budget.
  • helping you take advantage of business deductions.
  • recommending strategies for inventory management.
  • preparing for and guiding you through an audit.

 

Business growth:

When you’re ready to grow your business, an accountant is an invaluable resource. Your accountant can:

  • provide insight on cash flow patterns, inventory management, pricing, and business financing.
  • present information on property and equipment leasing and purchase.
  • help you come up with strategies to manage cash flow.
  • create financial forecasts to assist in decision making.
  • help in creating a business budget that will support your goals.
  • assist with goal setting and give you tools to measure your progress.

An accountant is an invaluable resource for your business. They will provide you with advice and information to help you establish, operate and grow your company. Enlist the help of a professional accountant to help maintain the fiscal health of your business.

Need help with start-up, daily operations or business growth? Contact Cook and Company Chartered Professional Accountants. Whether you operate a sole proprietorship or a sizable corporation with multiple subsidiaries, Cook and Company uses their experience and expertise to help your business. Contact us for a complimentary consultation.

References:

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Accounting Software Benefits

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Though spreadsheets have been helpful in accounting processes for many years, they can’t meet the demands of modern business. Accounting software is now widely used by many sizes and types of companies. It may be desktop software installed on an office computer or cloud software that can be accessed from anywhere. These systems provide features such as time and attendance tracking, direct deposit, check printing, storage of payroll records, form printing, management of multiple money types (i.e. tips and commission), deduction calculation (taxes, insurance, retirement) and tax filing. There are numerous advantages to using one of the many accounting software packages.

  • Reduce costs: Processes that took several hours and required a team of workers can be accomplished by a single employee in a few hours allowing for a reduction of the number of staff in an accounting department.
  • Increase efficiency: Accounting software performs tasks automatically or requires only a few minutes of time freeing up team members to focus on more important tasks.
  • Reduce the need for specialists: Learning to use accounting software is relatively easy allowing you to assign the task to an employee without an accounting background. It’s simple to train several employees in its usage making it easier to cover vacation or sick leave.
  • Minimize errors: Since data is entered only once and withholdings are automatically calculated, the risk of human error is significantly decreased.
  • Track inventory: Many quality software packages can track product inventory and provide up-to-date details on the amount of stock in hand.
  • Generate reports: Accounting software provides detailed reports on your business processes and helps track money flow in your organization. You can get a clear picture of your costs and revenue at any time.
  • Ease access: Information (historical and current) is stored and easily and securely accessed by supervisors and/or managers. Benefit information is available to employees who can make and review claims online. You can review, reprint, and resend invoices if needed and easily search by invoice number, name and/or amount.
  • Protect the environment: Accounting software decreases paper usage reducing your carbon footprint and eliminating excess waste.
  • Enhance data security. Most accounting software uses state-of-the-art security to protect sensitive data and reduces the need to send private information to a third party.
  • Create an audit trail: With accounting software, you can easily review payments and check tax in a matter of minutes.
  • Ease use of multiple currencies Many accounting packages allow a business to trade in multiple currencies with ease. Problems associated with exchange rate changes are minimized.
  • Increase compliance with the CRA: Some systems provide reminders of filing deadlines reducing penalties and keeping your business compliant. They’re programmed to calculate deductions and taxes for your location and can access updates related to tax codes and changes in tax law. These programs can be set to alert key people to review new compliance requirements.

Reduce costs, increase efficiency, minimize errors, ease access to information, enhance data security and increase compliance by using accounting software. Choose a system with tutorials, a comprehensive support services package and features that suit your business needs. You will not regret the investment.

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