What Would The Dragon’s Den Say About Your Business?

kelowna accountantIf you watch shows like Dragon’s Den and Shark Tank, then you will agree that those guys can be brutally honest when somebody comes in with a plan or a project that really needs to be shelved. Despite this, using their approach can often help you in tough times.

The best way to learn how to build your business is to talk to people in business.  Entrepreneurs tend to be too close to their project and definitely emotionally attached. If your business is starting to fail, the odds are you don’t recognize it or you simply don’t want to… Continue reading

How To Negotiate A Payment Schedule With CRA

Kelowna AccountantKelowna accountant Ken Davidson talks about negotiating payment schedules with the CRA. Is it possible? Find out below.

Have you been audited recently and have a hefty tax bill to pay? Or maybe you didn’t put enough money aside to pay your year end taxes. Either way, many people wonder how much room there is with Revenue Canada (CRA) to negotiate a payment plan.

If you do not have all the money available to pay your tax bill here’s what to do:

  1. Wait for your notice of assessment to arrive in the mail
  2. The minute you receive your notice of… Continue reading

3 Tips For Quickly Increasing Cash Flow

increasing cash flowKelowna accountant, Ken Davidson, gives a few tips to entrepreneurs that will quickly help them with increasing cash flow in their business.

Obviously increasing cash flow in your business is extremely important. Without enough cash flow, you’re going to have problems. The businesses that generally run into cash flow issues are those that require significant amounts of inventory. For example, the service industry very rarely tends to have a cash flow problem other than collections.

Come to think of it, let’s talk about collections because that is the first way you can start increasing cash flow.

Are You… Continue reading

Official HST Transitional Rules Announced To Begin Phasing Out

HST Transition RulesThe big buzz in BC right now is centered around the HST transitional rules for the tax’s elimination in the province after a short reign. Overwhelming public outcry led to a referendum resulting in favour of cutting the controversial tax and now the real confusion has begun for many businesses.

The HST is a combination of the 5% federal tax and a 7% provincial tax that will be replaced by its predecessors, GST & PST, on April 1, 2013. The changes released by the province will affect home builders and their customers and BDO Canada has addressed this in a… Continue reading

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