Funding Sources For Your New Business Venture
It is exciting to start a new business venture. It is every entrepreneur’s dream to go out on their own and earn an income that can be used to finance their personal expenses and investments. But where does one begin? It can be challenging to navigate the financial capital landscape, especially if it is one’s first venture. Fortunately, we live in an entrepreneurial society where sources of funding are available around every corner. The following are some useful tips for how to structure the capital acquisition phase of your new business venture.
Simplifying Taxes For Small Businesses
Taxes are an intricate part of the small business landscape. As a small business owner, it is not necessary for you to become a bona fide tax expert but you should develop a sense of the basics. Tax preparation is a skill, just like any other, and unfortunately, it is one that is necessary and will never go away. “Why not just outsource?”, you might ask. This can certainly be part of the picture, but it is unwise to outsource everything. Having a basic working knowledge of filing your taxes is important so that you can make sense of the various tax options open to you. When it comes to outsourcing, working with credible professionals can be smart, but an overreliance on them can leave you feeling powerless. The following six tips will help you navigate the landscape of taxes for small businesses.
Tax Evasion & Avoidance
Even though it might be tempting to think of taxes as a fixed amount that must be paid each cycle, business owners actually have a fair amount of leeway in determining how much their business owes in taxes. Businesses engage in tax planning and can reduce taxes in two broad ways. These are known as tax avoidance and tax evasion. Tax avoidance is quite legal and is practiced by businesses interested in tax planning. Tax evasion on the other hand, is not legal, and is considered a crime.
Outsourcing Your Accounting
One of the most commonly-held beliefs among those who run a business is that the decision to outsource a function should be made when the activity is not central to generating profits or competitive success. For most businesses, their accounting operations fall squarely into this category and as such, are a perfect opportunity for outsourcing.
Selecting an Accountant – What you need to consider for the Right Fit
Almost every small business owner starts out by doing their own accounting. As the business grows, the accounting duties become more time-consuming, the financial problems more complex, and the need for professional advice more imminent. Hiring an accountant – whether as an employee or through an accounting services firm – is a milestone for a business. It marks a significant stage in a company’s history.
The Next Stage of Corporate Growth
Energy, enthusiasm and good management can drive a company’s growth through the startup phase. Taking the company to the next level, however, requires scaling, a strategic approach to building the people and processes that will expand the business presence and ensure greater productivity. In this paper, Miller Bernstein discusses best practices for scaling your business.
CPA Canada Federal Budget Commentary 2014
The Federal Government presented its 2014 Budget, “The Road to Balance: Creating Jobs and Opportunities,” on Tuesday, February 11. The Budget includes in its 419 pages approximately $280 billion in spending over the next several years.