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The Blog

Stay up to date on the latest accounting tips for small businesses!

Evaluating Business Performance: Key Metrics and Indicators Every Entrepreneur Should Track

6 min read

Evaluating Business Performance: Key Metrics and Indicators Every Entrepreneur Should Track

Evaluating business performance is crucial for entrepreneurs to understand the health and growth potential of their ventures. Monitoring...

MLHC Professional Corporation

2 min read

How SMART are your goals?

Have you ever heard of SMART goals? Why spend time on creating these types of goals? What’s their use and does your business actually...

Setting up your business for success in 2022

MLHC Professional Corporation

2 min read

Setting up your business for success in 2022

It's here. The year we've all been waiting for as the turning point. Welcome 2022! If you're a business owner, now is the time to get all...

Answering your urgent questions regarding HST - Part II

MLHC Professional Corporation

1 min read

Answering your urgent questions regarding HST - Part II

How much GST/HST is charged to customers outside of your province? Charging the right sales tax (GST/HST) is crucial for a number of...

Answering your urgent questions regarding HST - Part I

MLHC Professional Corporation

2 min read

Answering your urgent questions regarding HST - Part I

All business owners must be aware of HST filing obligations. Since most business owners have the same type of questions, here's an easy...

Shareholder Loans: what are they, how to treat them and what to be aware of?

MLHC Professional Corporation

1 min read

Shareholder Loans: what are they, how to treat them and what to be aware of?

What are shareholder loans? As a shareholder, there are a few ways to withdraw funds from your corporation, such as: paying yourself a...

How to avoid the employee or self-employed trap?

MLHC Professional Corporation

2 min read

How to avoid the employee or self-employed trap?

Your business is growing - bravo! You’ve decided you need help however do not want the worker to be on payroll. No problem. You can...

Should you incorporate or remain a sole-proprietorship?

MLHC Professional Corporation

1 min read

Should you incorporate or remain a sole-proprietorship?

This is one of the most common questions entrepreneurs usually ask and it really depends on a few things. There is no 'one-size fits all'...

To lease or not to lease? That is the question

MLHC Professional Corporation

1 min read

To lease or not to lease? That is the question

Your business needs new equipment and now you’re faced with a tough question – to lease or not to lease, or rather - to lease or buy?...

MLHC Professional Corporation

2 min read

How to get better control of your AR?

Accounts Receivable Once your business issues an invoice to a customer and until a payment is received, the amount sits in the accounts...

MLHC Professional Corporation

2 min read

How to get paid as a business owner?

You work so hard to make your business a success and like anyone else, deserve to get paid. As an owner of an incorporated business, you...

Bank reconciliations are not important at all. Or are they?

MLHC Professional Corporation

2 min read

Bank reconciliations are not important at all. Or are they?

You know these bank statements you get every month? The ones you sometimes don’t even bother looking at, or even worse – throw out? Well,...

MLHC Professional Corporation

2 min read

How to get ready for a CRA audit?

So, you received a brown envelope in the mail. You dreadfully open it and realize that you’ve been selected! However, unfortunately, you...

MLHC Professional Corporation

2 min read

Is your business ready for a CPA?

You've probably heard about CPAs in the past but you're not quite sure what they do. You think they're accountants or do something...

Government grants - do you qualify for any of them?

MLHC Professional Corporation

2 min read

Government grants - do you qualify for any of them?

Everyone knows that cash is king and for small businesses, this is the equivalent of oxygen. There are a few popular ways to inject cash...

Why does your business need an accounting firm?

MLHC Professional Corporation

3 min read

Why does your business need an accounting firm?

People don’t like to admit they need help, especially when it comes to do with numbers. I get it. I used to be one of these people. The...

How to identify what can be improved in your business operations?

MLHC Professional Corporation

2 min read

How to identify what can be improved in your business operations?

No business is perfect and that's a fact. It may not be making enough money or it's wasting too much of it. It could have something to do...

Why am I running out of cash if my company turns a profit?

MLHC Professional Corporation

1 min read

Why am I running out of cash if my company turns a profit?

Many business owners think that if their company turns profit, then they should have money in their bank accounts. Unfortunately, the...