As your SME moves into a more advanced phase, your critical business numbers will inevitably go along with it. More than anything else, this means you need to pay closer attention to your business finances. You can do this through an internal financial audit. A financial audit works well in keeping profit initiatives in check, ensuring compliance with accredited accounting regulatory bodies and protecting you from fraudulent business transactions. If you want to take a dip into financial audit, here’s a basic checklist that can serve as a guide:

The value of financial management may vary depending on the nature of your business and the ways and means by which you manage your cash flow. For some, managing their finances is important as it keeps them from missing payment deadlines. Others pursue financial management to keep better track of their invoicing and debt collection processes. Meanwhile, there are also some business owners who simply want to ensure the wise use of their cash flow. Regardless of why you want to do it, the how-to’s of getting it done remain the same. Here’s a basic rundown of how you can manage your business finances in the best possible way:  

According to reports from Industry Canada, small businesses accounted for 42% of the country’s private sector GDP. This means that small businesses in Canada have a huge impact on the country’s economy.   As we all know, your business needs to have a strong cashflow and a thriving business performance in order to contribute largely to the economy, . Ensuring that a strong business financial plan is in place can help you do just that. Here are some signs that your business needs to improve on its current business financial structure:

If taxation was a game, it would be a very expensive one. This is why you should make sure that you thoroughly understand tax matters before you decide to work these out on your own. As a small business owner, you might be inclined towards the DIY mentality.

According to the prestigious accounting firm PwC, Canada ranks as the ninth among 157 countries worldwide that has a high level of tax payment ease. This report attests to the efforts of the Canada Revenue Agency (CRA) to improve the rate of tax compliance among Canadian taxpayers. Unfortunately, there are still some who are not working out their taxes well. Could you be among those who are committing expensive tax mistakes? Take a look at these to find out.

The late filing of a tax return can have costly consequences. Penalties for tax returns for the tax year 5 April 2015 will start to accrue from 31 October 2015 for paper returns, and 31 January 2016 for online returns. The tax penalty also rises when you owe a higher amount of unfiled tax. If you have been charged with late filing penalties, you have the option to appeal against a late filing penalty.