How to address cash flow problems in Canadian businesses?
Prioritize timely invoicing and implement clear payment terms to accelerate cash inflow and reduce overdue accounts. Use automated billing…
How to handle missing receipts for business expenses in Canada?
If you lose a business expense receipt in Canada, take immediate action by gathering any supporting documents that can verify your purchase.…
How to handle accounting system failures in Canada?
Implementing a comprehensive backup and recovery plan prevents data loss during system failures, enabling rapid restoration with minimal…
How to address payroll tax errors in Canada?
Start by reviewing your payroll records to identify the specific error, such as incorrect deductions, misclassified employees, or inaccurate…
How to correct accounting errors in previous periods in Canada?
If you uncover an error in financial statements from previous years, addressing it promptly and accurately is crucial. Canadian accounting…
How to handle unclaimed HST/GST input tax credits in Canada?
If you have accumulated HST/GST input tax credits that remain unclaimed, it is crucial to handle them correctly to stay compliant with…
How to handle reconciliation discrepancies in Canadian bookkeeping?
Identify the root cause of mismatches by cross-referencing each transaction with supporting documents and bank statements. Use detailed…
What are the financial planning aspects of mergers and acquisitions in Canada?
Prioritize thorough financial due diligence before engaging in any merger or acquisition process. Accurate valuation of target companies,…
What to do if you receive a CRA audit notice in Canada?
Immediately review the audit notice carefully to understand which tax years and specific issues are being scrutinized. Document all relevant…
What to do if you’re behind on bookkeeping in Canada?
Begin by organizing all your financial records, including receipts, invoices, bank statements, and payroll information. Sorting these…