10 Tips for Managing Business Cash Flow


Tip #1. Control credit

It is all about getting paid as soon as possible. It is important to put some procedures in place such as:

 Setting clear credit limits and payment terms for your customers

 sending out invoices promptly,

 firmly chasing all debts when due.

 Constantly monitoring customer payments

 stop offering credit to bad payers.

Alberta's Relaunch Moves Into Stage 2


This week, the Government of Alberta announced that Alberta is moving into Stage 2 of the relaunch strategy sooner than expected, due to low numbers of COVID-19 cases. Starting today, June 12, more businesses, sport, and recreation services can open and some larger gatherings will be permitted. ⁣

Expansion of Eligibility Criteria for (CEBA)- Canada Emergency Business Account

The Government of Canada has announced an expansion to the eligibility criteria for the CEBA to allow more Canadian small businesses to benefit from the interest-free loans.


 This expansion will make the CEBA available to more businesses that are sole proprietors receiving income directly from their businesses, businesses that rely on contractors and family-owned corporations that pay employees through dividends instead of payroll.


To qualify for the CEBA, applicants with payroll lower than $20,000 would need the following:


• A business operating account at a participating financial institution

• A Canada Revenue Agency (CRA) business number and to have filed a 2018 or 2019 tax return

• Eligible non-deferrable expenses between $40,000 and $1.5 million. Eligible non-deferrable expenses could include costs such as rent, property taxes and insurance.

Source: https://www.canada.ca/en/department-finance.html

The Canada Emergency Business Support (CEBA)

To support small businesses and not-for-profits affected by Covid-19


This Program is meant to help businesses to pay non-deferral operating expenses and quickly return to providing services to your community and create employment


Up to $10,000 loan forgiveness


By repaying 75% of your loan on or before December 31, 2022, you can keep the remaining 25% (up to $10,000)!


Flexible terms

If the loan cannot be repaid by December 31, 2022, it can be converted into a 3-year term loan with an interest rate of 5%.

Repay at your pace


Principal payments can be made at your pace, without fees or penalties, by December 31, 2022.

Fast and easy


Applying is fast and easy. Contact your primary financial institution today.


For more details on the Canada Emergency Business Account,visit the Government of Canada’s website


Is my business eligible?


Below are some of the eligibility criteria

Is my business eligible?

Your business is Canadian-based and in operation as of March 1, 2020

The business’s 2019 payroll was between $20,000 and $1.5 million

The loan is used to continue or resume operations

You have not previously used the program and will not apply for it at a different financial institution

The business has a federal tax registration

Visit the Government of Canada’s website for the complete information.




                        Covid-19

Dear Customer,


With the ongoing COVID-19 situation, we are working remotely to ensure the health and safety of the public and our team members in accordance with social distancing safety guidelines. We are closely monitoring the situation and adjusting our business practices rapidly as required.


At Beacon, the health and safety of our team members are our priority. As such, we have implemented a contingency plan allowing our employees to work remotely. You are also welcomed to drop your boxes of documents at our office as well. We are taking every step to ensure that all customer service continue to be available to you.


Along with the usual means of contacting us, we invite you to:

Facebook: https://www.facebook.com/beaconaccountingservices

Twitter Handle: https://twitter.com/Beacon_accountg

Instagram: https://www.instagram.com/beaconbookkeepingservices/


In this unique time, our team remains committed to assisting you virtually, and providing the same services and support you expect from us.

We thank you again for your loyalty and continued trust.




Management

                          2020 Taxes

If you started and haven't completed your tax return, it's never too late. In fact, the filing due date is June 15, 2020 for self-employed individuals and their spouses.

Any balance owing has been extended to September 1st, 2020.

If you've already filed and have yet to receive your refund, be sure to visit this page from the CRA or from Revenu Québec for refund status information.

Canada's Covid-19 Economic Response Plan

Support for businesses

To avoid layoffs, rehiring employees and creating new jobs,the government of Canada has put in place the following financial supports to help business:

1.Canada Emergency Wage Subsidy (CEWS)

The government is covering 75% of an employee's wages – up to $847 per week - for eligible employers. The CEWS will allow you to re-hire your employees and avoid layoffs during the crisis.The program will be in place until August 29.


https://www.canada.ca/en/revenue-agency/services/subsidy/emergency-wage-subsidy.html


2.Temporary 10% Wage Subsidy

The Temporary 10% Wage Subsidy is a three-month measure that allows eligible employers to reduce the amount of payroll deductions required to be remitted to the Canada Revenue Agency.


https://www.canada.ca/en/revenue-agency/campaigns/covid-19-update/frequently-asked-questions-wage-subsidy-small-businesses.html


3.Extending the Work-Sharing program

We have extended the maximum duration of the Work-Sharing program from 38 weeks to 76 weeks for employers affected by COVID-19. This measure will provide income support to employees eligible for Employment Insurance who agree to reduce their normal working hours because of developments beyond the control of their employers.


https://www.canada.ca/en/employment-social-development/services/work-sharing/notice-covid-19.html#_Employers


4.Creating new jobs and opportunities for youth


We are creating up to 116,000 jobs, placements, and other training opportunities to help students find employment and develop valuable skills this summer and over the coming months.

We also made temporary changes to the Canada Summer Jobs program to allow employers to:

receive an increased wage subsidy, so that private and public sector employers can also receive up to 100 % of the provincial or territorial minimum hourly wage for each employee;

extend the end date for employment to February 28, 2021;

adapt their projects and job activities;

hire staff on a part-time basis.


Learn more about the various programs:


Canada Emergency Wage Subsidy (CEWS)

https://www.canada.ca/en/revenue-agency/services/subsidy/emergency-wage-subsidy.html


Canada Summer Jobs program (Calls for applications closed)

https://www.canada.ca/en/employment-social-development/services/funding/canada-summer-jobs.html


Youth Employment and Skills Strategy (Calls for applications closed)

https://www.canada.ca/en/employment-social-development/programs/youth-employment-strategy.html


Student Work Placement Program

https://www.canada.ca/en/employment-social-development/programs/work-integrated-learning.html


Mitacs

https://www.mitacs.ca/en


Business + High Education Roundtable

http://bher.ca/


Blog

7 Top Reasons to choose Beacon Bookkeeping services:

Posted on March 9, 2018 at 1:20 PM

Maximizing Deductions

Amateurish bookkeeping may lead to overlooking legitimate tax deductions. CRA may also disallow your deductions if they are not backed-up.Always keep in mind that CRA is always right and you are always wrong until your records prove it.

Keep a Clear Picture of your Company’s Financial Health

By giving you a good picture of your business cash flow into the business and out of the business, you can know if you're making profit and hitting those milestones you projected. It also helps you make better decisions before it’s too late.

Time and Money Saving

No last minute rushes. We help you record your transactions as you go.

Keep you Away from CRA Audit

Want to avoid an audit? Do your books. Messy records and books are one of the audit triggers that could get you audited.

Reduce Audit Grief

Incase you are audited, your books are in good order, and the CRA will let you go sooner than later so that you could face your business. On average a company loses one to two weeks complying with CRA auditors.

Eliminate CRA Fines and Claw backs

If your business does not have adequate records or you may face fines and/or sanctions.

Peace of Mind

With Beacon Accounting services we guarantee peace of mind.

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