What’s New in Apps: July 2017
- Written by Intuit
- Hits: 1958
- Findjoo: Membership Management Software. Synchronize customers, sales, products and inventory with QuickBooks Online.
- InLattice – AP/AR Automation: Exchange documents, such as Invoices, Purchase Orders and Payment Information, with your customers, vendors and employees.
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How to get money from your corporation in a tax-friendly way
- Written by Globe and Mail
- Hits: 2031
My friend James owns a manufacturing company and was interviewing for a warehouse manager position.
One candidate – a balding gentleman – excused himself after five minutes and returned to the interview room wearing a hair piece. Sort of odd. I guess some people just don’t plan ahead very well. Turns out he didn’t get the job.
Failing to plan ahead when it comes to your income taxes can be even more costly. Last week, I shared some tax issues related to those who own a corporation. This week, I want to share a primer on how to get money from your company in a no- or low-tax manner. Here are the top ideas to consider.
1. Take repayment of shareholder loans.
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WHAT TO LOOK OUT FOR WHEN DOING YOUR OWN BOOKKEEPING
- Written by Small Business BC
- Hits: 1858
Many small businesses do their own bookkeeping. And why not? Initially, when your business is small, the bookkeeping is quite simple.But what are the things you should look out for when you’re managing your own books?
Ensure Your Bank Accounts and Credit Cards Are Reconciled
This may seem foundational, but in my experience, this critical step is often ignored. It’s one of those important, but not urgent tasks that always seems to fall to the bottom of the to-do list. The purpose of a bank reconciliation is to ensure that all of the transactions on the bank statements are captured. This is a critical step to ensure accuracy of these bank accounts and credit cards.
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A COMMON SENSE APPROACH TO IT SECURITY FOR SMALL BUSINESS
- Written by Small Business BC
- Hits: 1910
The internet is full of amazing websites, informative articles and has revolutionized how we live and do business. Threats come in many types and they evolve in an everlasting cyber battle.
General Small Business Cyber Security Statistics
- 43 percent of cyber-attacks target small business.
- Only 14 percent of small businesses rate their ability to mitigate cyber risks, vulnerabilities and attacks as highly effective.
- 60 percent of small companies go out of business within six months of a cyber-attack.
- 48 percent of data security breaches are
- caused by acts of malicious intent. Human error or system failure account for the rest.
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Five small financial mistakes that can lead to a major cash crisis
- Written by Globe and Mail
- Hits: 1884
Making a few mini money mistakes here and there isn’t uncommon for budding entrepreneurs. I made a habit of this during my first few years of entrepreneurship. Here’s the trouble with the philosophy I adopted: Over time, tiny neglect resulted in a cash flow crisis.
Individually, the money mistakes I made weren’t financially crushing. I got into trouble when I began to layer these babies on top of each other. After making several mistakes, I made matters worse by not taking the time to undo the mess or get myself organized -- I considered this time to be non-revenue generating and non-productive. I told myself that when I hit my revenue goal, I would take a few days or a week to get organized, fix my habits and ask my accountant for help. I didn’t want to distract myself from making money.
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