Managing Growth

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Should You Transfer Your Sole Proprietorship into a Corporation?

September 24, 2014 by

Many businesses – even some of today’s top companies – begin as sole proprietorships, simply because it’s the simplest and most straightforward type of company for beginners to undertake and understand. But as a business grows, the sole proprietorship often is not the ideal choice, and many businesses choose to convert to a corporation. While
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Financial bootstrapping: Generate cash with a little ingenuity

August 22, 2014 by

Financial bootstrapping is a term used to describe all the different ways companies can generate the cash they need for growth and expansion without turning to outside investors. While the amount of cash available for your use may be limited compared to funds you could obtain through, say, issuance of stock or taking on an
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What Is Capital Structure?

August 20, 2014 by

Every business needs some type of capital to grow and thrive, and for business owners who are just starting out, that capital may come in the form of personal savings, personal lines of credit or loans. Those sources may be fine for starters, but as your business grows, you need to understand capital structure at
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The Differences Between Traditional Volume-Based & Activity-Based Overhead Cost Allocation Systems

August 15, 2014 by

Understand the differences between Traditional Volume-Based & Activity-Based overhead-cost allocation systems to enhance your business operations and create more accurate balance sheets. You need a strategic way to calculate how much profit your products and services are generating in relation to overhead costs. Each cost-allocation system has its benefits and shortfalls. Therefore, it is always
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External Financing Options for Entrepreneurs

July 16, 2014 by

When more capital is required to start and operate a business than business owners can put forth, entrepreneurs must be aware of their external financing options. Below, our accountants list some of the various options for funding your entrepreneurial enterprise. External Financing Options: Angel Investors Provide capital in exchange for convertible bonds The holder’s investment
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Important Tax Issues to Remember When Starting a Business

July 4, 2014 by

At Hogg, Shain & Scheck, we are passionate about helping entrepreneurs to launch successful and sustainable businesses. We have been privileged to meet incredible innovators whose ideas could revolutionize industries. However, before your startup or small company can takeover the market, you need to be sure that financial negligence does not hamper your earning potential.
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Cost Allocation for Manufacturing Overhead

June 20, 2014 by

Accurate cost allocation for manufacturing overhead enables companies to price their items accordingly to produce a profit. To protect your profit margins, you need to understand exactly how much each aspect of your business costs. Manufacturing overhead refers to all of the costs associated with producing a product, over and above direct labour and material
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Profit & Loss Budgets vs. Profit & Loss Statements

June 11, 2014 by

Understanding unique financial reports and what they contribute to financial planning better enables business owners to manage opportunities and risk. Profit & loss budgets and profit & loss statements are commonly confused terms. Read on to learn the difference and to better understand how Profit & Loss budgets and statements can benefit your business. What
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Why your Company Should Prioritize a Strategic Audit

June 6, 2014 by

Your company should prioritize a strategic accounting audit to ensure that the procedures you have in place are complying with a strategy for long-term success. Long-term success will differ from company to company. However, if you ever want to make your success a reality, it needs to be well defined within a strategic plan. Schedule
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When Should your Enterprise Prepare a Profit & Loss Statement

May 30, 2014 by

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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Things to Consider when Buying a Business in Canada

May 9, 2014 by

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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