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What is a profit & loss statement? A record of a company’s revenues and expenses within a specific period of time These statements demonstrate whether or not a company is generating a profit or loss If a company is losing money, they identify how much and where revenue is being generated and what cost structures
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Learn how to recruit and retain an effective board following a company’s declaration of bankruptcy. Our firm explores the complexities that arise when recruiting board members for a post-bankruptcy vs. a financially sound company. We hope to demonstrate how to create an effective board of directors that will position your company for long-term success, rather
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At Hogg, Shain & Scheck, we look forward to the opportunity to work with entrepreneurs. Our team loves to fuel innovation by refining the financial practices of Ontario’s business owners. To serve our clients better, we continuously perform research to remain aware and ahead of trends that may affect entrepreneurs and their growing businesses. Our
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As an entrepreneur, you know that one of the keys to your business’ success is being able to make educated judgments about the future. In order to drive your business and your dream forward, you need to offer investors, partners and employees a clear vision of your company’s future to spur both innovation and investment.
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Risk directly and indirectly affects your business’ balance sheet. Proper risk management is important to mitigating risks as to avoid excessive expenditures or the loss of growth opportunities. When a company has a high amount of risk associated with their enterprise, they should acknowledge this on their balance sheet in a number of ways. Alternatively,
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What is a Sole Proprietorship? Entrepreneurs can structure their businesses in a variety of ways, one of which includes a sole proprietorship. A sole proprietorship is established when business owners do not seek limited liability status or incorporation for their business. Instead of seeking a legal separation between personal and corporate entities, a sole proprietor
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Ian began his presentation by explaining the importance of knowing the road ahead and being familiar with every potential problem around each corner, emphasizing that if you are familiar with the potential problems ahead, you will be able to deal with them effectively. His presentation was on the Organization Lifecycle Stages during the growing and
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Good business fuels the Canadian economy. Canadian start-ups and small businesses provide jobs and re-distribute income back into our country. The Canadian government leverages Investment Tax Credits to encourage innovative citizens to launch businesses and adhere to financial best practices, enhancing our Canadian landscape. Investment Tax Credits (ITCs) reduce the amount of tax that a
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Proper accounting practices can make or break a growing business. Business owners need to be aware of current government regulations when filing their taxes. From expense management and deductions to maintaining proper documentation, working out how taxes will affect your business is integral to your success. Here are ten tips that will add value to
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Have you noticed you are not accomplishing as much as you would like during the work day? It is essential to find a balance to make your day as efficient and productive as possible. We at HSS have summarized some important steps and tips to keep you on schedule and increase your productivity. Make Daily
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CPA, CA, BBA Canada is the second largest country in the world with a population exceeding 37 million; more than half of which resides within 150 kilometres of the U.S. border. Canada’s exports approximately 74% of goods to the United States, 10% to Europe, 4.9% to China and 2.4% to Japan. Businesses currently benefits from
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Leveraging the Wrong Legal Identity When establishing your business, you need to decide what legal identity will best suit your company now and down the road. There are five legal identities that Canadian businesses can choose from. Know the different tax laws that apply to each to ensure that you make an effective choice. Consult
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