Today we will talk about another advice to improve your business: The need of keeping detailed records.
 
The registers - Accounting books - in which we record quantitatively all the commercial and operational operations of our businesses, in chronological and orderly manner, have the purpose of showing us the financial situation of the company at any time of the year and its results allow us to make the right decisions.
 
Example: when reviewing how much it costs you to produce a certain article, you can see if the sales prices are adequate and the sales have a favorable economic result. Thus, we can analyze different areas such as: cost of services, prices, reduction of expenses, to which products / services we should dedicate more attention and the ones we must even eliminate since they are not profitable at all.
 
"During a fiscal year there are a lot of economic movements. Beyond the income and expenses of the company, all properties and assets owned by a company must be taken into account, so it is not enough to keep a record of the movements in the company's account in an Excel file "(Judith de Quipu)
 
When keeping records is important that you keep track of all your bank accounts and credit cards movements, as well as your Account Receivables and Accounts Payables cycle. It’s possible that you have money in your savings account, but you owe must of the funds to third parties: CRA, vendors, Credit Cards balances, that is then an indicator that you need to plan better with cash flows, collect the money your clients owe you and even increase your sales!
 
It is also important to maintain detailed records that can demonstrate that our income and expenses are adequate when filing tax returns. In this way we avoid paying penalties and more taxes than we really need.
 
I hope your records are up to date!
 
Your comments are welcome!


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​Running your own business is an exciting journey that can also be sometimes hard to take on. We found obstacles that we must overcome to build successful enterprises. Today we’ll share some tips we use to keep us going on this ride to reach our goals. sometimes they are just common-sense practices that will help us create more successful and successful businesses. There is no exact formula to create a profitable business, but there are basic rules that can help us.

The first impediment usually is a disorganized office. The first advice then: Organize yourself!

And when we talk about organization we include not only the missing papers, or the sticky-notes that are flying everywhere. Organization includes: our daily activities, documents, goals, objectives, plans, our financial statements, debts. The first step in fixing a problem is to recognize it, and if we do not find what we are looking for, or do not know how much money they owe us, or what we owe to the creditors, we cannot take corrective measures to help us overcome this problem.

A good idea is to create:
- List of activities / tasks that must be completed on the day.
- Calendars that allow us to work with deadlines.
- File systems where we can easily find the documents we are looking for.
- Updated financial statements that we can make sense of
- Cash flows that help us understand our inputs and outputs to plan collections and payments.
- Work plans and goals, which allow us to work with a priority plan.

As I said, there is no single model and every business is a world, but these basic rules will allow us to work with more productivity, and we can have control of the decisions we must take to make our businesses successful. 

On following weeks we’ll keep giving you tips to create better business and help you pave your road to success.

What advice do you have that can help us to organize ourselves better? What techniques do you use to improve your productivity?

As a business owner you need the right tools to success. Let me help you build strong foundations for your business.

This seminar will help you decide the right structure for your business, the basics of the bookkeeping process, the need for keeping good records and how to use your Financial Statements in the decision making process.

Attendants will gain skills in Chart of Accounts, Financial statements reports and Planning.

There will be a second seminar on Sept 20, 2017 to complete the cycle on using Cash Flow and Budgets to keep your business on track. Join us!

Ticktes:
-Early Birds: $45.00 - Register before Aug 31, 2017
-General Admission: $50.00
-Duo - Attending 2 seminars (Sept 13 & 20) $80.00

​TICKETS @ EVENTBRITE
https://www.eventbrite.ca/e/your-business-in-canada-structures-accounting-and-taxes-tickets-36721876120

​Once you have developed your business idea and expect to run your business and get a profit from it, it’s time to decide the structure of your future way of life.

There are 3 way of structure your business: as a sole proprietorship, a partnership or a corporation. Today we will go over the first type of business.

A sole proprietorship is an un-incorporated business with just one owner: You! 
You are then responsible for paying personal income tax on the profit of your business. A small business run by one owner is the easiest and less expensive way to set up your enterprise. The government regulations are usually minimal.

There is no legal distinction between you and the business, then you are personal responsible for the business decisions, financing and debts. In case your business is not able to cover its debts you are hold to pay by the creditors. Maybe you have to declare bankruptcy.
​
As a sole proprietorship you are considered a self-employed (not salaried) and you need to pay taxes based on the personal rates. Good news? Any loss can be used to reduce your taxable personal income.