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Spring Cleaning Your Finances: Embracing the New Fiscal Year Ahead

As the seasons change, it’s not just our homes that benefit from a thorough spring cleaning. Our finances, too, deserve a fresh start. For individuals and businesses in Simcoe County and the Southern Georgian Bay area, March is an ideal time to review and refresh financial strategies. It’s important to note that while many companies

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Maximizing Tax Returns for Small Businesses in Simcoe County

For small businesses in Simcoe County, navigating tax season effectively is not just a compliance requirement; it’s an opportunity to enhance financial health. This guide offers strategic insights into maximizing your tax returns, capitalizing on the unique opportunities and challenges faced by local businesses.   Understanding Tax Deductions and Credits: Business Expenses: Dive deeper into

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Understanding the Distinct Roles of Bookkeepers and Accountants in Business Finance

In the business world, the roles of bookkeepers and accountants are both distinct and complementary. This article explores their unique functions and how they collectively contribute to the financial health of a business, especially in regions like Simcoe County and the Midland/Penetanguishene areas.   Bookkeepers: The Financial Record Keepers   Primary Role: Bookkeepers meticulously record

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Getting Ready For The Holidays: An End-of-Year Bookkeeping Checklist

  The holidays are just around the corner, and as a business owner, you’re likely preparing for festivities and well-deserved time off. However, before you dive into the holiday spirit, it’s crucial to ensure that your business finances are in order. A stress-free holiday season starts with a well-organized end-of-year bookkeeping checklist.   Compile Your

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Weathering the Upcoming Winter Lull: 4 Strategies for Small Businesses

Winter in Simcoe County is a picturesque season, with its pristine snowscapes and cozy charm. However, for the small businesses in the area, it can often be accompanied by a noticeable slowdown in business activity. It’s not all doom and gloom, though, because in this blog we’ll explore four distinct strategies to keep your small

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Maximize Your Small Business Budget: Tips for the First Year

Starting a small business can be daunting, especially when it comes to finances. Many small businesses fail during their first year of operation due to poor financial planning. However, with diligent planning and smart budgeting strategies, your small business can thrive. In this blog post, we will provide you with tips on maximizing your small

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Top 5 Financial Habits of Successful Small Business Owners

As a small business owner, every financial responsibility from managing expenses to tracking revenue streams is yours. However, having a solid financial strategy can help you not only stay afloat but thrive in today’s competitive marketplace. In this blog post, we’ll share the top five financial habits that successful small business owners do to keep

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Should You Take a Salary or Dividends as a Business Owner?

As a business owner, you have the option of taking a salary or dividends from your company. Both have benefits and drawbacks that you should consider before making a decision. Here’s a breakdown of each option to help you decide which is best for you. The Difference Between a Salary and Dividends A salary is

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Top 5 Reasons Why You Should Not Do Your Own Bookkeeping

While we all might think we have a pretty good grasp on how to maintain our personal and business finances, the fact is that bookkeeping is a complex and detail-oriented task that is best left to the professionals. Here are the top five reasons why you shouldn’t do your own bookkeeping. 1. You might make

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When Does My Small Business Need to Start Collecting HST?

As a small business owner, do you know when your business should start collecting HST?  The Canadian Revenue Agency (CRA) states that you have to register for an HST account if:   You make taxable sales, leases, or other supplies in Canada And you are not a small supplier   This could be confusing, especially