• Is Your Contracting Business Running Out of Fuel?

    | Categories: Profits , Building Strategy , Business Coaching , Business Growth , Business Tips , Future Financial Planning

    Blog by Fuel Accountants

      CashFlow is the Fuel That Keeps Your Business Running For contractors, the idea of cash flow management can seem overwhelming. But with the right strategies, you can ensure that your business has the necessary funds to cover expenses and remain profitable. With Profit First, you can learn how to manage your cash flow so that you always have the right amount of cash in the right place, at the right time. In this blog post, we’ll take a closer look at how Profit First can help contractors make sure their businesses stay solvent and profitable. Understanding Cash Flow Management for Contractors and Specialty…

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  • There are none so blind as those who cannot see…

    | Categories: Building Strategy , Business Coaching , Business Tips , Productivity

    Blog by Fuel Accountants

    What is always in front of you but can’t ever be seen?  Yup, the future. None of us have a crystal ball where we can clearly see the future. But that doesn’t mean we can’t be response-able to meet any challenges that are thrust upon us. Sounds simple? It is simple, but it’s not easy. Preparing for the future requires 2 things: A Plan Discipline to execute the plan First the plan  What components should be in your business plan: A 3-5 vision statement 1-year strategic objectives 90-day Rocks 3-5 year Vision Statement This is a statement of clarity. We recommend a compound sentence that covers the following: Revenue targets Market segment(s) Product/…

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  • How to improve your inventory process

    | Categories: Business Coaching , Business Tips , Inventory , Management , Productivity

    Blog by Fuel Accountants

      A business that involves inventory is exciting to set up, but it also comes with its share of challenges. It’s easy to become overwhelmed by inventory management. Adopting some helpful tools and strategies will make the inventory management process much easier. Read on for some tips on how to improve your inventory processes. Use barcodes It’s typical for a small business to start out with simple price tags because they’re inexpensive and relatively simple. Something quickly stamped out of a pricing gun or even handwritten is common. However, there will come a time when this practice starts to hurt you. The margin…

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  • Five Frogs are sitting on a log….

    | Categories: Business , Business Coaching , Business Tips , Management

    Blog by Fuel Accountants

    “Five frogs are sitting on a log. Four DECIDE to jump off. How many are left? Five, because deciding is different than doing.” What is the meaning of this riddle? Allow me to state the obvious. Just because four frogs “decide” to jump off the log doesn’t mean any of them actually jumped.  Does this ever happen in your business? A decision is made to go in a certain direction, or take on a particular project. Everyone is smiling and nodding their head at the meeting. But afterwards nothing happens. Why???  Commitment. Deciding IS different than doing. Ask yourself these questions. Does everyone have: Clarity:…

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  • How much you should raise your prices

    | Categories: Building Strategy , Business Coaching , Business Growth , Business Tips , Finance , Money

    Blog by Fuel Accountants

    Few business owners enjoy breaking the news of an upcoming price increase. However, when you own a business you have to deal with ever-increasing costs. Although inflation is an unpleasant part of life, it is still part of life. Price increases are inevitable for a sustainable business. If you want to stay afloat, you’ll have to do them – and regularly. Read on for some tips on how to determine how much you should raise your prices. Company costs The type of business you run will determine how much it costs to stay in business. If you’re service-based, you will need to…

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  • 5 common payroll implementation errors you can easily avoid

    | Categories: Building Strategy , Business Coaching , Business Growth , Business Tips , Finance , Future Financial Planning , Organized Financial System , Staff , Wage

    Blog by Fuel Accountants

    Upgrading or changing your payroll system comes with a ton of wonderful benefits. Saving time and money, making everyone’s lives easier, and better integration are all good reasons to consider a change. But if the switch is mishandled, the results can be catastrophic and lead to long-lasting problems. Read on for some tips on how to avoid a disastrous payroll system migration. 1. Give the project the time it needs It’s true that people may enjoy coming to work. But for most people, earning money is the main reason they seek out employment. Our jobs make the world go round, and support…

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  • Time Blocking vs Time Boxing, other techniques, and how it all fits together

    | Categories: Business Coaching , Business Growth , Business Tips , Management , Productivity , Time Management

    Blog by Fuel Accountants

    In a world with endless distractions, it’s no wonder that we find it difficult to complete tasks. Focus is hard to come by these days. This is especially true when you’re working from home. Household tasks that would otherwise be out of sight and out of mind are suddenly in your workspace. With that said, there are some proven methods to help you get things done. Time blocking and Time boxing are the two main techniques, though there are some others as well. Read on to find out what might work best for you. Time Blocking You’re probably most familiar with time…

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  • Season’s Greetings from Fuel Accountants

    | Categories: Accountant , Bookkeeping , Finance

    Blog by Fuel Accountants

    Fuel Accountants wishes you and your family a wonderful Holiday Season and a happy, healthy, and peaceful New Year 2023!

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  • How to manage small business inventory

    | Categories: Small Business , Business Growth , Business Tips , Inventory , Management , Small Business Accountants

    Blog by Fuel Accountants

    When starting a small business, business owners often think about things like the storefront, branding, and displays. They think of smiling employees and happy customers. It’s not usually the image of the shelves and cupboards in the back stockroom that fill their heads. But inventory is a critical component of your business. Sales are made and lost because of inventory control so it can’t be overlooked or left to sort itself out. Here are some tips for how to manage inventory for your small business. Look back to look ahead Forecasting is a vital activity when running a business, especially if you’re…

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  • The differences between wages, salary, commission, and bonuses

    | Categories: Business Coaching , Business Tips , Employees , Finance , Management , Organized Financial System , Remuneration , Staff , Wage

    Blog by Fuel Accountants

    There are a few different methods that employers use to pay their employees, and while they may have similarities, they each also have their own implications for your business and its employees. On top of that, there may be a blended model at play, in which you offer two types of compensation at once, such as a wage and bonuses. How you pay your employees will impact your finances and your reporting requirements. Read on to learn the differences between the main ways of earning money in the workplace. Wages Most entry-level positions offer an hourly wage in exchange for work. An…

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  • 5 advantages to using electronic onboarding

    | Categories: Business Growth , Business Tips , Cloud Bookkeepers , E-Commerce Accountants , Finance , Management , Online Accounting , Organized Financial System , Software

    Blog by Fuel Accountants

    The process of onboarding employees is often lengthy, but it’s important. New hires need to learn your company’s culture, policies, and procedures. You also need to get some critical information from them so that they can legally work for you. The onboarding process is typically long and a little dry. It may include training, equipment distribution, benefits orientation, and security policies, just to name a few.There are many benefits to switching this traditionally paper-heavy and arduous process online. Read on to learn 5 great reasons to make the switch. 1. Make a great first impression Some surveys suggest that up to 50%…

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  • 6 Reasons Why You Should Raise Your Prices

    | Categories: Profit , Business , Business Coaching , Business Growth , Business Tips , Customers , Finance

    Blog by Fuel Accountants

    There comes a time for every small business to raise their prices. While it may seem scary, remember that it’s your job to keep prices fair, both for you and your customers. That means you have to charge prices that work for you and allow you to remain in business. Read on for six reasons to raise your prices. Your costs have grown The thing about inflation is that everyone is going to feel the pinch – including you. If your business supplies are now more costly than they were before, you have to pass those costs on. Otherwise you’re the one losing…

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  • 5 ways to combat inflation

    | Categories: Small Business , Business Growth , Business Tips , Expenses , Financial Coach , Future Financial Planning , Personal Finance , Profit First Coaching

    Blog by Fuel Accountants

    It seems that every news outlet is sounding the alarm about high inflation these days. While it might sound like it’s time to panic, you don’t have to. With a few adjustments, you can handily fight off inflation and possibly even benefit from the current economic climate. Read on to discover 5 ways you can combat inflation and make your money work harder for you. Find out what you spend and how you can save Like most pieces of financial advice, everything starts with a budget. It’s crucial to understand exactly where your money is going because it’s not going to go as…

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  • 5 ways outsourcing payroll can help you

    | Categories: Accountant , Bookkeeping , Business Tips , Employee , employment , Finance , Management , Profit First Accountants , Staff

    Blog by Fuel Accountants

    When you start a business, you’re typically your only employee and payroll is about as simple as it gets. But as you grow, you hopefully find yourself in the position of needing to take on more employees. Before you know it, what was once a very straightforward task becomes a giant undertaking that’s sucking up most of your time. This is when it makes sense to outsource your payroll. While this is yet another cost to consider, it’s actually a great idea that easily pays for itself. Here are the ways outsourcing your payroll can help you: 1. Free up your time In…

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  • What is lifestyle planning and how does it affect my finances?

    Blog by Fuel Accountants

    When you think of financial planning, you probably imagine ways to increase your wealth, such as making a budget, reviewing what’s coming in and going out, and creating a plan for how to make the most of your money. You may think of investing in stocks or bonds, or of starting a retirement fund. Perhaps you think of saving for a major expense, like a home or education for your children. And that all counts as financial planning. But lately, the concept of lifestyle planning is giving financial planning a run for its money. What is lifestyle planning? Lifestyle planning is the idea of…

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  • Should I be issuing T4A slips?

    | Categories: Taxation

    IMPORTANT: This post is specific to Canada. If you are not a Canada business/taxpayer then it is probably not applicable to you.

    If you are a business or non-profit organisation in Canada then the answer is YES. You are required to issues a T4A slip to ANYONE who you pay any of the following types of revenue to:

    • pension or superannuation
    • lump-sum payments
    • self-employed commissions
    • annuities
    • patronage allocations
    • registered education savings plan (RESP) accumulated income payments
    • RESP educational assistance payments
    • fees or other amounts for services
    • income replacement payments made under the Veterans Well-being Act
    • other income such as research grants, payments from a registered disability savings plan (RDSP); wage-loss replacement plan payments if you were not required to withhold Canada Pension Plan (CPP) contributions and employment insurance (EI) premiums, death benefits, or certain benefits paid to partnerships or shareholders

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  • How to use your website to attract quality staff

    Blog by Fuel Accountants

    Most companies need a website to conduct their business, but it’s also a critical piece of the puzzle in attracting amazing team members. Here are a few things you can do to make sure your website is always making a great impression, so you can attract great people to join your team. 1. Think of your website as your storefront These days, your website is the online face of your business. It can be even more important than your physical office. Potential employees are going to check it out first to decide if you’re a good fit for them. They will decide…

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  • How to respond effectively to complaints

    Blog by Fuel Accountants

    Complaints are an unfortunate part of running a business, but they do happen. No matter how hard you work to please your clients, eventually someone will have something negative to say. However, with the right approach, you can turn complaints into a useful tool to strengthen your business. Here are 6 tips to effectively responding to complaints: 1. Remember that this is not an argument The reason that a client complains is disappointment. It’s a symptom of a need that wasn’t met. They are not looking to fight with you. In fact, taking the time to complain signals that they wish to continue…

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  • 3 Tips to Make the Most of the End of Financial Year

    Blog by Fuel Accountants

    Preparing your End of Financial Year (EOFY) information often feels stressful—there are receipts to sort out and reports to review, and you need to make sure you have all the necessary information about your income and expenses. It can be overwhelming, and it can make the EOFY feel daunting.

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  • Is your home loan protected?

    Blog by Fuel Accountants

    Buying a property is a big investment. It’s often one of the most important investments people make in their lives. When it comes to getting a mortgage, many buyers focus solely on the immediate steps they have to take and fail to consider the right protections.

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