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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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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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Many business owners make the mistake of combining business and personal finances, using personal funds to pay for business expenses or business funds to cover personal expenditures. While it may not seem like a big deal when you’re doing it, commingling business and personal finances can leave you with a tangled mess to unravel at
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Hogg, Shain & Scheck is proud to be a longtime member of MSI Global Alliance (MSI), a flourishing global association of legal and accounting firms. According to the Accounting Bulletin World Survey, released on 3 February 2014, MSI’s annual member growth is 12%. When compared to other professional services associations that have seen an average
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Applying for a business loan can be a daunting endeavor, however it is often a first step towards obtaining the necessary funds to support business growth. Below is a list of factors which are likely to be considered by your bank’s credit department when determining the risk profile of your business and ultimately whether to
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If you’ve been handling the accounting for your business for a while, you may feel you’re pretty good at what you’re doing. The scary fact is most entrepreneurs who think they can simply pick up a piece of software to handle minor and major accounting tasks wind up losing money or even leaving themselves open
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Even before your business began operating, chances are you developed a business plan to help you establish your business’ purpose, set goals and plan an initial course of action. Over time, your business has evolved and hopefully, you understand how and why those changes have occurred. Having an accounting firm that can help you track
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Have you ever had one of those dreams where you’re driving in a car and you need to get somewhere by a certain time – but you have no idea how to get there and you keep encountering obstacle after obstacle that blocks your path? Nearly everyone has. Although it’s stressful, it’s actually a pretty
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Certainly, preparing for an appointment with your tax accountant makes his or her task simpler, but it also benefits your business in some big ways. First, when you’re prepared, your meeting is probably going to take significantly less time, and more importantly – preparing for your appointment can help you uncover additional questions and concerns
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If you own a business, to some degree, achieving a financial balance is determined by your spreadsheet and financial goals. Your financial planner can be your ally in establishing realistic goals and determining how much money can be spent on company needs and how much is available to you as salary or bonus. Having a
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Although a Not-for-Profit organization (NPO) may be thought to be the same as a charitable organization there are significant differences. What is a Not-For-Profit Organization? A NPO can either be incorporated or not incorporated. A NPO is a club, society, or association that is not a charity. It is organized and operated solely for: ■
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Taxpayers in Toronto and the rest of Canada have rights. But what exactly does that include? The Taxpayer Bill of Rights is a set of 16 rights that you have in your relationship with the Canada Revenue Agency. Canadian Taxpayer Rights As a Canadian taxpayer, you have the right to: • Receive entitlements
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