Cash flow Management

Cash flow management is important in all businesses but this is even more important for small businesses. Small businesses have more cash flow needs than the cash they collect. One of the cash flow obligations is that small businesses pay more taxes every year but they may not know why. Tax obligation is the same as any other debt.

According to Canada Revenue Agency (CRA), most businesses have owners and a group of dedicated employees. Their businesses are a success because owners work hard to stay on track. Owner manage– their store…

…business plans… , …and of course, taxes too.

Business owners manage cash flow, and put aside funds to meet tax obligations. CRA points out that business owners must not use the amounts deducted from employee’s wages and the GST/HST that they collect from their customers as cash flow for the business. It’s not their money.

But sometimes, business cash flow isn’t as good as it should be. CRA offers many ways of supporting businesses in such circumstances.

Most small businesses PAY TOO MUCH in taxes every year and are not aware about the CRA’s help in managing tax-debt.

Your Accountant or Bookkeeper may be a sleep at the wheel. Ask yourself…..

– Does your Accountant or Bookkeeper ONLY CALL at tax time?

– Are you consistently paying a little more tax each year but aren’t quite sure why?

– Can you remember the last time your Accountant or Bookkeeper CALLED YOU with a tax saving strategy?