Depending on the nature of your business, you may have workers who are employees or contractors, or you may have both. Each has its merits, but it’s important to review which are which to meet your tax obligations. When you have an employee, you must withhold income tax as well as report on additional benefits. Contractors generally look after their tax obligations. It’s against the law to treat an employee… Read more
If you’re like many business owners, you may find yourself struggling to understand what your finances mean or how you can use your financial information to make decisions for your business. Often we get into business because we love a product or service we want to provide. It’s not as common that we love managing the financial aspects of our business. As a business owner, you have the best chances… Read more
Customer service is the heartbeat of any successful business. It’s the unsung hero, that transforms a potential disaster into an opportunity, and a mere transaction into a lifelong relationship. In the narrative of customer loyalty and retention, service is the protagonist. Your approach to customer service has the power to attract and retain customers. Why stellar customer service is key The importance of customer service for loyalty and retention cannot… Read more
Upgrading or changing your payroll system comes with a ton of wonderful benefits. Saving time and money, making everyone’s lives easier, and better integration are all good reasons to consider a change. But if the switch is mishandled, the results can be catastrophic and lead to long-lasting problems. Read on for some tips on how to avoid a disastrous payroll system migration. 1. Give the project the time it needs… Read more
When embarking on your own business venture, it is crucial to have sufficient capital to cover expenses until your company becomes profitable. The amount of funds required will vary depending on the nature and size of your business, potentially amounting to thousands of dollars per month to cover overhead costs. If you are seeking sources of funding for your business start-up, there are several options available to you. Each option… Read more
On average, small business owners spend 10 hours each week recording, organizing, and processing financial transactions – everything from accounts receivable and payable, to employee payments, expense receipts and supplier invoices. While the process may be time-consuming (and tedious!), effective bookkeeping is the foundation of sound financial management – which in turn, is the lifeblood of your business. Feeling overwhelmed by mountains of paperwork and complex calculations? Here are three… Read more