4 questions you should ask your accountant

Ideally, you and your accountant are more than just “adviser” and “client”. With your combined skills, expertise, and shared mission to support a thriving business, you’re more like strategic partners. The key to achieving success in any partnership is, of course, strong communication. At your next meeting, be sure to ask your accountant these four important questions. 1. What’s my best strategy for increasing revenue? Every business owner strives to improve…  Read more

Why your salary should be your business’s first monthly expense

It’s the line item most often left out of a small company’s budget: the business owner’s salary. Let’s face it: you can always spend cash on your business. From office expenses to employee salaries to rent, every month a portion of your revenue is accounted for. But paying yourself first is a must. You need to earn a living – and paying yourself can actually help your business succeed. Here’s…  Read more

Do you know your break-even point?

All business owners should be aware of their break-even point — that is, the number of units you need to sell in order to cover your operating costs. Once you’ve reached your break-even point, it’s time to celebrate: your business is no longer in the red, and you are officially earning a profit. In this article we will show you how to calculate your break-even point so you can make wise…  Read more

Property taxes – what’s going on?

It’s unusual for tax to be a front page issue but right now there are a lot of headlines being generated and a lot of hyperbole being used by many media commentators. This article is an attempt to look past the spin to make sure that you are up to speed with the tax changes that have occurred that will affect you now as well as the proposals that have…  Read more

Value based pricing vs charging by the hour

Ever heard the story about the engineer who fixed the broken machine with a single tap of his hammer? He sent his clients an itemised bill for his work: Tapping with hammer: $5 Knowing where to tap hammer: $95. This is an example of value-based pricing. If you’re like most freelancers or contractors, knowing how to price your services can be a real struggle. Charging an hourly rate can feel less…  Read more

How to set payment terms if you’re a freelancer or contractor

Following up on late or non-paying customers is no freelancer or contractor’s favourite task. Which is precisely why you need to set payment terms up front – and in writing – before you work with a new client or customer. By communicating and agreeing on the non-negotiables for doing business with you, you’ll avoid awkward misunderstandings, frustrating disputes, and in most cases, the ugly hassle of debt collection. These tips will…  Read more

5 PayPal alternatives for online payments

PayPal is the world leading online payment service. You can transfer money to and from your bank account, pay for goods, and even receive payments worldwide. It’s a useful tool for entrepreneurs, freelancers, and even for personal use. However, it does have its drawbacks. PayPal takes a significant chunk of money when it comes to converting and billing international payments. You could end up losing about 5% of your cash…  Read more

Property restructure fish hooks

From time to time we get asked by clients about moving their rental property into a different entity. Usually when doing this, a property will be “sold” to a related party. The reasons for the request vary but usually relate to a change in the relationship of the people that own the property, a perceived tax benefit from restructuring the finance at the same time as the ownership or else…  Read more

Reasons to consider hiring a financial planner

For business owners who want financial security now and freedom in retirement, having a financial planner on the team is a must. A financial planner will create a customized, strategic action plan to help you achieve your personal financial goals. Getting to know you and your business inside out is the first step a financial planner will take to understand where you are now, where you want to go, and then…  Read more

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