• Who wants game changing business advice that will 100% guarantee that your business is profitable?

    | Categories: Profit , Building Strategy , Business Growth , Business Tips , Cash Management , Profit First

    Blog by Fuel Accountants

    Did I just get your attention? I’m very glad I did!! So by now you’re asking how in the world can I make such a bold claim. I can absolutely guarantee it. How? By implementing our “Profit First Cash Management System (PFCMS)". Have you heard of Profit First? Our friend (yes, he’s our friend) Mike Michalowicz wrote a book a few years ago called “Profit First.” I first became acquainted with Mike at a conference several years ago. I was so enthralled with his presentation that I immediately bought and read his book. Then I called up his office to see what…

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  • Do you need a Shareholder Agreement?

    | Categories: agreement , Business Tips , contract , directors , dividend , shareholders

    Blog by Fuel Accountants

      Frequently we get a new client that has a great business and is running it with their “best friend.”  They have total alignment and everything is running smoothly and they can’t foresee even the possibility of things not working out perfectly. We love these clients!  But we hear ominous ticking sounds.  At some point this pollyanna-ish position will change and a dispute will arise.  Having a Shareholders’ Agreement is an absolute necessity when you are doing business with anyone other than your spouse (even then it’s still a good idea, but consult with your family lawyer as well here as local…

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  • GST Changes for Holiday Accommodation

    | Categories: GST , Holiday , New Zealand , Tax

    Blog by Fuel Accountants

      Starting in April 2024 new rules apply to charging GST on holiday accommodation in New Zealand.  Previously, if your gross revenue from accommodation was under $60,000 per year then you did not have to register for GST or charge your guests GST. While that general rule continues to exist, operators of Online Accommodation Platforms (such as airbnb, vrbo, bookabatch, etc.) are required to charge and remit GST on all rentals facilitated through their platforms.  This means that your guests will be paying GST whether you are registered or not. An interesting part of this new plan is that the OAP will…

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  • Customer Frustration Department

    | Categories: Customer Frustrations , Building Strategy , Business Tips , Customer service

    Blog by Fuel Accountants

        Last week I got an automated call from my credit card company.  They had noticed some strange activity on my credit card and wanted me to call to verify the details.  Their message was pre-recorded and automated (I’m feeling suspicious already - I already get several scam calls a week with pre-recorded messages), they included their address in the message (why? They’re not asking me to write to them are they? - this is public data - is this a scammer trying to give me a false sense of security with publicly available information?) and gave a phone number to…

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  • Taxing Crypto in Canada

    | Categories: Profits , bitcoin , Building Strategy , Canada , Cryptocurrency , mining , Tax , Trading

    Blog by Fuel Accountants

      IMPORTANT NOTE: This article discusses Canadian Taxation matters and may not be applicable to those outside of Canada.  Personal circumstances play a significant role in determining your taxation situation and should be discussed with a tax professional to determine your unique situation.  This information is provided for informational purposes only and does not constitute tax advice. SECOND IMPORTANT NOTE: Be careful where you get your tax advice from.  Rules in the US are quite different from rules in Canada, and most stuff you find on the internet is written from a US perspective.  Also, don’t take tax advice from a plumber!…

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  • Do You Know Your Business 3 R’s? 

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

    Blog by Fuel Accountants

    In school, our parents and grandparents studied the 3R’s. Do you know them? Reading, Righting, and Rithmetic. There is even a song about it called “School Days.” How about putting a more modern spin on it? 'Reading' “There are none so blind as those who will not see.” This has nothing to do with eyesight. I’m talking about your openness and desire to see what really needs to be seen in your business. It’s easy to see things like our daily tasks (Send an email, make phone calls, etc). But how good are you at reading your business? Do you have a clear picture…

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  • Making Business Tax Payments to CRA

    | Categories: Business , Business Tips , Canada , GST , Online Accounting , Taxation

    Blog by Fuel Accountants

    Most online banking platforms have a Tax Payments module that will allow you to set up your business tax payments.  Please note that most will need payments setup one day in advance of the due date.  Please note that if the due date falls on a Saturday, Sunday or non-banking day then the payment is due on the following banking day. Please note that personal income tax payments are usually handled as a Bill Payment (and not covered in this article).. Setting up your online banking tax payments usually requires two steps: (1) Setup and (2) Payment. IMPORTANT NOTE: Online corporate tax payments…

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  • Shutting down your business

    | Categories: Building Strategy , Business , Business Coaching , Business Tips , GST , Tax

    Blog by Fuel Accountants

      We love to focus on profit and business growth. But sometimes (for all sorts of reasons) we still need to shut down a business. This needs to be done and planned well.  It will take several months and the steps will vary based on location and situation. The following steps are designed for a Canadian incorporated business, but the general steps may be similar in other locations as well. Cease Trading. It's important to have all operations completed. If you’re still accepting orders or doing the odd job this will stretch out this process. Make sure that your website reflects your non-trading status (we recently had…

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  • Managing Expenses on behalf of Clients

    | Categories: Accounting , Canada , Expenses , GST , Sales Tax , Tax

    Blog by Fuel Accountants

    When you work in the service industry it is common to have to spend money in order to deliver the service to your client. In many cases you may be able to charge these expenses back to your client.  This practice goes by many names, including Reimbursements, Recharges, Billable Expenses, Disbursements etc. The issue comes when you are spending money that you then need to be reimbursed for by a client.  This is complicated when there are multiple sales taxes involved and expense deduction limitations (such as on meals and entertainment).  The question is who claims the sales tax back and…

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  • Typical problems contractors have implementing our Profit First Cash Management System (PFCMS)

    | Categories: Profits , Accounting , Building Strategy , Business Growth , Business Tips , Productivity , Profit First Accountants , Profit First Coaching

    Blog by Fuel Accountants

    You’ve Got Problems? Whoa, Dude (or Dudette), We need to talk!! Last month we started talking about how our “Profit First Cash Management System” can help you better manage your contracting business. Now it’s time to show you some of the snakes hiding in the grass. Oh yes, there are snakes… While it sounds simple to create a few extra bank accounts and start allocating cash into them, that doesn’t mean it’s easy. There is a big difference between simple and easy, you know. Simple means that it’s doable. But sometimes it takes a lot of work to get to “simple’” And…

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  • I’ll Make Them An Offer They Can’t Refuse…

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

    Blog by Fuel Accountants

    One look at my name and you’ll know that I have an Italian background. You should also know that I’m from Chicago, and yes, I really do have an Uncle Vito. So I speak with some authority when talking about a “Mafia Offer". What is a mafia offer? It’s an offer too good to refuse. And it’s one of the most powerful ways of increasing sales and margins at the same time. The problem: We constantly hear from customers that their biggest concern is cost. I’m not about to suggest that cost is not important. But focusing sales efforts on beating the competition…

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  • Underused Housing Tax Act

    | Categories: Canada , Property Investing , Tax

    Blog by Fuel Accountants

    Canada's Underused Housing Tax requires reporting of many residential properties in Canada and tax payable if the property is vacant.

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  • Setting business financial goals for 2023

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

    Blog by Fuel Accountants

      Businesses tend to progress more consistently if the owner sets financial goals and makes a plan to achieve them. The new year is a natural time to decide what you want to achieve and how. With that in mind, read on to learn the steps for setting financial goals for your business for 2023. 1. Review and evaluate your 2022 goals You’ve got to see where you’re coming from to know where you can realistically go. At year’s end, review the goals you set last year and use your numbers to see how your business measured up. Whether or not you met your…

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  • Is Your Contracting Business Running Out of Fuel?

    | Categories: 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

    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

    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

    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

    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 , Organized Financial System

    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 , 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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