C4 Pivotal Bookkeeping Ltd.

Cash Flow management Tip #3 Finance big purchases rather than depleting your operating cash. Looking to grow or buy a large asset? Even if you have enough cash in the bank, look for a lender. Use your cash flow projection to plan ahead instead of waiting until you're in crisis, when lenders may not be so eager to help.

Cash Flow management Tip #2 Look into the future and prepare a cash flow projection! Figure out what you've got coming in and what you need to put out. Doing this will help you prepare ahead of time for potential slow periods. Check your actual cash flow against your predictions regularly to deal with any divergences.

Cash Flow management Tip #1 Check your profitability by analyzing your profit margins. Have a look at each product or service you offer to see if it's pulling it's weight.

One of the main causes of business failure is poor cash flow management, says Susan Rohac, Vice President, Cleantech Practice at BDC. Getting control over your cash flow helps you prepare for slow periods, plan your financing and have peace of mind, Rohac says. Stay tuned for cash flow management tips.

We love our clients! If you're travelling through Fox Creek, AB any time soon, stop in at FC Botanica and check out what they've got in store!

Have you ever heard the phrase "Cash is King"? Tell us what it means to you!

We enjoy working with is great group of people!

A big shout out to these guys on their soft opening day! If you get a chance today Head on down, check out their stock and learn all about how they can process wine, beer, cider and other non-alcoholic kits to build your collection

It’s in the math!

Creative Financing and Real Estate Investing go hand in hand! Going live with The Place To Mortgage - Danelle Cole Danelle is not only a high volume mortgage ...broker, she’s an active real estate investor, and my original connection to all things private mortgages. I have her to thank for the introduction to the registered fund mortgage model - which has become a HUGE part of my business. This is not one that you are going to want to miss!

#financialeducation

Some good news

https://www.canada.ca//cpp-post-retirement/eligibility.html

I won against Charlene Sisson

For our entrepreneur friends

This video answers SO many questions about the available support for small businesses right now. Have a look!!

Copy and Paste if you want: Accurate at March 27, 2020! BUSINESS OWNERS:... Well, a new day, a new announcement as our government struggles to keep up with the havoc this virus is creating in economies around the world. There are no details on these new program changes and announcements yet. GST/HST Announced today, hours ago, is that GST/HST payments WILL have deferrals, but (currently) only until June. Duties and taxes owed on imports will also be deferred to June. My advice: Set that money aside if you can, or use it to paydown any lines of credit that you can access again quickly. June isn’t that far away, and this will get worse before it gets better. PAYROLL Payroll is NOT deferred, but does have a subsidy that has been increased from 10% to 75%, retroactive to payroll paid after March 15, 2020. The goal of this measure is to encourage companies to NOT layoff employees, and to hire them back if you have laid them off. While we won’t likely be able to keep all of our employees at their pre-COVID pay levels with this subsidy it might be possible to keep them at something more than their expected EI rates. My advice: If you are a tier three remitter (monthly payroll, source deductions paid on the 15th of the month following) please process your payroll exactly as normal. Record your payroll as if the full amount of source deductions were payable. When the new calculators for the subsidy come out in the next week or two we can adjust the payable to account for the subsidy. Right now no one knows how it is going to be done, just that it will be. There will undoubtedly be hiccoughs in the process, but we can work through them later. CANADA EMERGENCY BUSINESS ACCOUNT Banks will soon offer $40,000 loans which will be guaranteed by the government to qualifying businesses. The loan will be interest-free for the first year, and if you meet certain conditions, $10,000 of it will be forgivable. In my opinion the banks are going to be swamped with phone calls about this today and they won’t have answers for anyone, wait until next week (or later if you can) when they will announce the procedures and what we have to do to apply/qualify.

An UPDATE from the department of finance offering help to all Canadians during this time EVEN all of you self employed!! If you don't have access to "My CRA Account Online" I would recommend you get that ball rolling as it will be the portal used to apply for benefits that are available. I'm here if you need help or have questions!... https://www.canada.ca//departm/economic-response-plan.html

https://nationalpost.com//government-extends-tax-deadline-

Where my truckers at?! https://lenduboistrucking.com//long-haul-trucker-tax-basi/

Come say Hi! You'll find us at 3708 39 St in Whitecourt!

Shout out to Fabutan in Whitecourt opening its doors today!! They’re located downtown where MnM Meats was!

Serving all of AB, get your taxes done without even leaving the comfort of your own home! We're ready when you are!

C4 Tax Tip Did you know that you can claim the additional cost of gluten free food as a medical expense on your tax return if you've been diagnosed with Celiac disease?

Have you heard of the Simplified Method for meals and travel expenses? More often then not, calculating your travel expenses by multiplying the KM travelled by the CRA prescribed rate for the year will result in more of a tax benefit than trying to total all those pesky fuel receipts. If you’ve got vehicle expenses to deduct, a record of KM driven for the year can be worth more to you than receipts. This goes for travel related meals as well :)

We are gearing up for the 2019 tax filing season over here! EFILE will be up and running on February 24th! Curious, how do you feel about filling your taxes every year? Give us your opinion

It's the worst part of the game

Quickbooks online users now have the ability to track mileage automatically from their mobile device. One of the reasons we support cloud based accounting software is the ever evolving features that become available. This feature is a total game changer!

How did your 1st day back at it after the Thanksgiving weekend go? Do you find it hard to get back in the swing of things or recharged because of the break?

A great company to work with!

Here's a great read about juggling family and business! https://www.patrickbetdavid.com/juggle-family-business/ We would love to hear any tips you've got that work well to balance your life as an entrepreneur!

You should know that you are not alone and there is usually always a solution to your dilemma.

Significantly underpay your quarterly estimated taxes, and you’ll get hammered with fines from the CRA. Overpay them, and you’re effectively giving the CRA an interest-free loan. Paying your quarterly estimated taxes shouldn’t be guesswork. There’s a variety of methods you can use to figure out how much to budget for taxes, but they depend on you knowing your average month-to-month income. Calculating it is tough if your bookkeeping is out of date or you don’t have financial statements on hand.

Ever have that sense that you’ve got money coming your way from clients, but you’re not sure how much it will beor when it will arrive? Or do you come up with an empty wallet when it’s time to pay your bills? You need cash flow statements. A cash flow statement tells you how much money other people owe you, and how much money you owe other people. It’s kind of like a crystal ball that shows you the future of your bank account.... With a proper bookkeeping solution in place, you can get updates on your cash flow every month.

Suppose you just found out that, if you are using space in your home to work, you can deduct a portion of your personal expenses for business. This is fabulous. Only, now you’re thinking about all the years you spent without filing this deduction, the extra money you could have saved, and how you could have spent it. The sooner you know about small business tax deductions, and the sooner you take advantage of them, the sooner you’ll benefit.... Part of a bookkeeper’s job is to take every business expense you incur and categorize it properly. In the process of doing so, they’re able to spot obvious deductible expenses such as mileage. Ultimately, an accountant with experience in your industry is most qualified to give you comprehensive guidance regarding tax write-offs. But many business owners only talk to their accountants during tax season. A good bookkeeper who understands your business’s needs can help you out during the rest of the year.

Your year end should be simple. Your bookkeeping hands off your year end financial information to you accountant, your accountant uses those numbers to file a return. You receive your tax refund. Done. Your year end just simply won’t look like this if you hand off messy or incomplete books to your accountant. Handing your books off to your accountant should be a simple, easy process. No pain necessary.