 Scott Park, CPA, CA
It is very common for start-up companies to have to incur upfront costs for leasehold improvements or renovation costs on a store front or an office space even before they officially open their doors to the public. For businesses in the start-up phase, cash flow may be very tight, therefore every cent counts. It is important to for new business owners to be aware of the topic of GST and how it can positively impact their business from a cash flow perspective.  Scott Park, CPA, CA
For most businesses, there comes a point when it’s time to hire a professional to handle the financial function of your business operations. If you are at this point in your business, then congratulations! You have grown your business to the stage where you should be handing off some of those hats you wear as a business owner. Although your initial thought may be to hire a full-time or a part-time bookkeeper, a smarter decision may be to outsource your bookkeeping needs to a team of professional accountants. Here are the top reasons why you should consider outsourcing your accounting and tax needs to a professional accounting firm.  Scott Park, CPA, CA
Many Canadians typically start their own business as a sole proprietorship. This form of business is quite common because it’s the simplest way to structure a business while minimizing costs. As the business grows, the topic of incorporating the sole proprietorship becomes something to think about. Here’s what you need to know when converting your sole proprietorship business into a corporation, which could save you thousands of dollars in taxes.  Scott Park, CPA, CA
For many new entrepreneurs and start-ups, the decision to incorporate a business is an exciting yet potentially daunting step to take. The goal of every business owner is to hopefully make a profit, but let’s face it, the start-up capital or money needed to fund the operations of the business when things get started may be a little tight. This typically forces the business owner to do things on their own to get things done even when they are out of their comfort zone or area of expertise. As a business owner, having a strong work ethic and do-it-yourself mentality is certainly a good thing; however, when it comes to something as important as properly incorporating your business it is best to avoid the pitfalls of doing it yourself. The problems can be fixed, of course, but not without time, effort and money. Here are some of the common mistakes to avoid when incorporating.  Scott Park CPA, CA A common question I am often asked by entrepreneurs and those looking to create a new start-up business is whether they should start a proprietorship or incorporate?
And secondly, for those that have already started their business as a proprietorship the next question becomes when should they consider incorporation? |
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December 2021
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