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Top Accounting Challenges Faced Through Business Expansion

Taking your business from a Start-up to a Scale-up is an incredible milestone. As you focus on building your brand and raising capital to grow, it is vital to simultaneously focus on financial reporting. Having a proper financial reporting structure not only demonstrates success, but it also instills investor confidence in the business, and its management.

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The Importance of Policies and Procedures

Have you ever reviewed an expense transaction in a corporation’s books and wondered, “is this expense allowed?” Or have you ever expensed a transaction and asked yourself the same question?

If you have been in this situation, as a business owner or an employee, you are probably far too familiar with this “grey area”. There are those clear transactions that are not permitted, and often times you can identify these by merely appraising the vendor to whom the payment was made. On the flip side, you have other transactions that are undeniably business-related. Although it should be logical to decide whether or not to make that payment or swipe that corporate card, the question actually becomes, “will I get away with it?”

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Is Your Company “Audit Ready”?

Audit ready or audit readiness is just as the name implies: ensuring that your organization is prepared for an audit. Achieving audit readiness not only supports the external auditor’s objectives, but it also benefits the organization internally through the tracking of financial results against operations, and externally, through the reporting to lenders and investors. The following steps will ensure your team is audit ready all year round!

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Corporate Social Responsibility: An Organization’s Corporate Value

One may think that the main objective of a business is unequivocally about the “bottom line” (i.e., profits). However, this is often a mistake that may cause a business a lot of trouble and ultimately, negatively impact profitability. While we can all agree that the bottom line is extremely important to an organization’s success, several other aspects are intertwined with the overall value of the entity. This value extends far beyond mere economic factors to include social and environmental factors mending together as “the company”.

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New Luxury Tax Coming into Effect on September 1, 2022

Budget 2021 had announced the introduction of Luxury Tax on the sale or import of certain vehicles, boats, and aircraft. With the Luxury Tax set to take effect as of September 1, 2022, now is the time to buy the luxury goods subject to the tax, before the tax comes into effect. This article will discuss how the Luxury Tax works, as well as the implications to the vendors that may be required to register.

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Ontario 2020 Budget – Tax Measures

On November 5, 2020, Ontario Minister of Finance Rod Phillips announced the province’s 2020 Budget.  Highlights of the tax measures in the 2020 Budget are discussed below:

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