Step 4: Accounting Record Keeping and Tax Planning

Accounting and tax can be confusing to many business owners. However, good accounting and tax record keeping is essential if you want to maximize your tax savings and also not getting in trouble with the CRA. In this session we will cover:

  • Accounting for business owners – proper record keeping
  • Understanding Balance Sheet, Income Statement and Cash Flow Statement
  • Tax:  how to use business expenses to offset  income and other tax planning strategies
  • HST filing and registration
  • How to pay yourself from the business
  • Bonus: free personal and tax filing included

Stacey will work with you one-on-one from Step 1 through to Step 5 to get an in-depth understanding of your business operations and financials. If you need guidance on one particular step of the 6 steps, consultations are also available on individual topics. Stacey will provide you with guidance and resources and keep you accountable by assigning action steps after every meeting that will help your business run more smoothly and efficiently.



There are 5 keys steps you must go through to make sure your business is running efficiently. It looks like this:

Accounting Record Keeping and Tax Planning

Step 2: Evaluating Business Financial Performance

Knowing how to evaluate the financial health of your business will help you make better  decisions - where to cut costs, how to manage inventory and how to increase profit. The 3 key measures are: profitability, cash flow, and liquidity. In this session we will cover:

  • How to measure profitability, cash flow and liquidity - understanding the balance sheet, income statement and cash flow statement
  • How to evaluate operational efficiency - where to cut costs and how to manage inventory
  • Identify opportunities and strategies to maximize profit and revenue
  • Free take-home resources: Tools to help you measure the financial health of your business

Join the Startup Resource Community. Sign up to our Newsletter!

Stacey will work with you one-on-one from Step 1 through to Step 6 and to get an in-depth understanding of your business operations and financials. Stacey will provide you with guidance and resources  - anything from how to write grant applications to how to do proper accounting record keeping. You name it - she can help. Consultations are also available on individual topics listed above.


Stacey will keep you accountable by assigning action steps after every meeting that will help your business run more smoothly and efficiently. At the end of each session, you will also be provided with a ton of free resources.



How Does Stacey Help?

Business Essentials.

Evaluating business financial performance


How Does it Work?

Writing a Business Plan

Choosing

Business Structure

Financial Planning for Business Owners

Financial Planning

The Process

Startup 201

Business Operation Success

Cross your t's. Dot your i's.

Are Your Business Operations Running Smoothly


​​​​

You have processes and systems set in place to run your business but is it running in the most efficient way? Do you know the best business structure to choose? Or how to evaluate the operational and financial health of the business?

Accounting and tax for businesses can be boring and confusing, but it's important to make sure accounting record-keeping are correct and you are maximizing all tax planning strategies both personally and in the business. Having access to financing is also crucial, either for survival or expansion - it's worth the time to find grants and negotiate loans.

I am here to help you take a detailed look at your existing business and its operational and financial health and work together with you to make sure all the t’s are crossed and the i’s are dotted when it comes to running a successful business.

Step 3: Obtaining Business Financing

Looking for financing to expand and grow your existing business - financing can come from the government or private sectors - in the form of loans or grants. In this session, we will cover:

  • Loans available from the government and private sectors
  • Grants available to all businesses and specific to your industry and how to apply for them
  • What to do before applying for a loan - check credit score, increase credit score, etc.
  • How to negotiate for better loan terms and conditions
  • Bonus: Free help with writing grant application

Business structure: should I incorporate my business?


Obtaining business financing


Obtain Business Financing

Step 1: Choosing Business Structure

Your business is generating revenue and making a profit. The next step is to determine the right type of business structure - sole proprietorship, partnership or professional corporation. In this session, we will cover:


  • Key differences between a professional corporation and sole proprietor/partnership
  • Evaluate pros and cons of incorporating your business
  • Determine if your business is ready to be incorporated and if not, how to evaluate when to incorporate
  • Tax planning strategies with sole proprietorships, partnerships and corporations

Bonus Step: Writing a Business Plan

A business plan is required to obtain financing and funding but it also helps you understand the business better and help identify action steps to take in order to improve your business. In this session, we will cover the following:


  • Components of a business plan
  • How to write a business plan
  • Costly mistakes to avoid when writing a business plan
  • Bonus: Sample business plans and tailor-made templates to use in creating your business plan

Accounting record keeping and tax planning strategies


How Does Stacey Help?

Evaluating Financial Performance

Step 5: Financial Planning

When you're a business owner, the personal and business financials often co-mingle. You may have to deal with fluctuating cash flows, and tax considerations.Your savings/investing and or retirement plan needs to change accordingly. In this session we will cover the following:

  • Dealing with fluctuating cash flow – how to budget
  • How to minimize business and personal taxes
  • Creating an investment portfolio in synergy with the business
  • Retirement planning as a business owner
  • Bonus: Customized financial plan on how to manage your personal and business finances