The Coronavirus disease (COVID-19) has tested the resilience of businesses around the world, and Canadian businesses have not been spared from the devastating economic impact of the pandemic. 

With the Coronavirus disease impacting almost every economy around the world, it has become imperative for businesses to take advantage of digital opportunities to help keep them afloat. As companies move boldly toward a more digitized future, the chief financial officer is in the best position to support business strategies in digital transformation.

With the technological innovations we’ve seen in the past decade and the performance of global markets today, businesses have reaped the many benefits of outsourcing. Indeed, the advantages of business process outsourcing far outweigh its disadvantages.

As a small business owner, you understand how crucial cash is to your business. To keep your business in good shape, it is important that you know how to improve cash flow in your small business.

The Small Business Administration states that there are 30.7 million small businesses in the United States. These make up for 99.99% of all businesses in the country for 2019. This translates to millions of jobs and a huge piece in the US economy. All the more, small businesses need a strong financial business plan to drive growth and achieve their goals. A well-thought financial business plan will allow you to make reliable financial projections, get a better picture of your resources, and make important decisions early on. However, it is also important to update your plans to accommodate unforeseen circumstances that come your way. Here are some signs that your business needs to improve on its current business financial structure:

Bookkeeping is an essential part in running your small business smoothly. However, with limited resources, some small business owners choose to cut corners and settle with mediocre processes while others even choose to do their bookkeeping on their own. This may lead to irreversible damages, especially if the business owner does not have sufficient knowledge and time in keeping the books updated. Here are the small business bookkeeping errors you should avoid and tips on how you can avoid them: