The Accounting Practice

The Accounting Practice wishes you a productive week ahead!

Covid-19 has stopped the world in its tracks but all might not be lost, here are some of the takeaways from this experience. Business owners are learning that you do not need 20,000 sq. ft. of office space and thousands of dollars in overhead to run a successful business. Employees can be even more efficient off-site than at the office. Advice business owners should take this quiet time to evaluate how they do business, run the numbers and figure out the best ways to put... your dollars to good use. Ensure your cash-flow is as accurate as possible. Employees are finding their new work-flow and taking more initiative in getting their jobs done. Employers can benefit from more engaged employees since there are lots of studies finding that employees are spending commuting time working instead. Advice happy employees leads to greater productivity and stronger organisations. Empowering employees is always key to successful businesses. Start-ups As the old saying goes, ‘out of adversity comes opportunity’, here is your opportunity to think about new businesses the world needs post-Covid-19. I believe that this virus is just one of the many challenges we will face. Think about the products and services which are essential to our survival now. These are opportunities for you. Advice don’t waste the downtime you may have now, research your ideas and lay out a plan of action. Existing businesses from the look of things as at April 29, it will appear that we are in for a long arduous journey to normalcy again but sustenance and survival are key. We need to seriously think about pivoting businesses to survive in the ‘new’ normal. How can you adjust your business to survive in a world where social distancing and isolation might become the norm? Advice in the world of technology and AI, let’s think how we can harness the use of these great gifts to drive businesses and sustain our communities. It is very easy to lose hope and fall into despair in these times, it’s a tough world right now and everyone is doing their part to ensure that few people as possible are lost to this horrific disease but all is not lost and we need to keep our eyes on the light at the end of the tunnel, for there is one and with time and perseverance we will get there.

When life gives you lemons, make lemonade. Everybody's world is tough right now but one thing we all have is downtime. Do not waste it, make a list of all the tasks you can and cannot do, then focus on those you can get done. Months from now when we return to some semblance of normalcy, make sure that you can look back with minimum regrets. Time is opportunity... do not waste it

CRA Targets certain industries for audit. Put your affairs in order if you fall into any of the following categories: Independent couriers Construction and home building subcontractors Unregistered car salespeople Home renovations including carpet installers... Direct sellers Mechanics and auto body repairers Service industry workers (waiters, waitresses, bellhops) Those selling goods on internet portals like eBay See more