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…

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

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…

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…

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%…

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…

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…

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…

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…

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

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…

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…

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.

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.

Sales is about addressing your customers' needs and problems. By understanding the issues clients face, you can show them how your solution solves their problem.

Businesses are increasingly moving online to expand their reach and provide the best possible experience to their customers. Being online, however, means more competition, so business owners must come up with ways to amp up their game to gain a bigger market share.

Traditionally, employers have relied on giving employees raises as a way to retain their staff and reward them for being hard-working and loyal. Raises can get expensive, and there is often an upper limit for what you can offer when it comes to increasing salaries and wages.

Keeping your employees happy makes business sense. You want to keep your good employees, and it costs money to find, hire and train new staff. Beyond that, employees that are satisfied and feel valued are more motivated and productive.

If you’ve been considering making the move to a cloud-based accounting system, you’re not alone. Cloud technology has impacted many business functions, including making managing financial aspects of your business easier and more efficient.

Cloud-based accounting moves your accounting from being hosted on your computer’s hard drive to an online platform. Cloud-based platforms like QuickBooks and Xero offer important features that save you time and money, freeing you up to focus on other important business activities. 

From calculating taxes on online sales to inventory management to figuring out shipping logistics, running an eCommerce Fulfilled By Amazon (FBA) business comes with a whole host of challenges and considerations. Your bookkeeping and accounting solution needs to be able to keep up. As experts, we at Fuel Accountants want to help our clients by ensuring their books are clean so that you can run your business efficiently.

Early retirement may sound like a big dream, but it is achievable if you’re willing to do some planning and stick to your strategy.