The Fuel Accounting blog page
Profit First vs. Traditional Budgeting: Which One Works Better?
Many business owners struggle with cash flow and profitability. Without a solid financial management system, they often find themselves making decisions based on immediate cash availability rather than long-term sustainability. Two primary approaches to financial management are Traditional Budgeting and our Profit First Cash Management System. But what’s the difference, and which one works best for your business?
Wow!! If you’re using Google Workspace, Gemini is your FREE AI Assistant
Are you a small-business owner using Google Workspace? If so, you may already have a powerful AI tool at your fingertips—Gemini. Better still, it comes at no extra charge if you’re on a core Google Workspace plan (like Business Standard, Business Plus, or Enterprise). This AI-driven upgrade slots right into familiar apps like Gmail, Docs, Sheets, Slides, and Meet, giving you a productivity boost without the hassle of switching platforms or paying another subscription.
Waaaaa, Waaaaaa, Call the Waaaambulance…
Whining—about the weather, the government, some sort of inconvenience, or the endless lament of unmet expectations— we all do it. But why? Let’s dig into it and see what we can see. At its core, whining is an expression of dissatisfaction or discomfort. It often has a tone of helplessness or an implicit demand for attention. Whining can feel circular and repetitive, focusing more on the problem than on resolving it.
Should the business pay for the owner’s tax in Profit First?
If you’re implementing our Profit First Cash Management System (PFCMS) in your business, you already know the power of allocating money with purpose. You’ve set up your separate bank accounts, and you’re diligently distributing funds to Profit, Owner’s Pay, Taxes, and Operating Expenses. But one question that often comes up is: Why should the business pay for the owner’s tax?
Business Relationships Defined at Last!!
If you strip a business down to its core, what remains? It’s not the products, services, or technology—it’s relationships. Whether between employees, leaders, or customers, the strength of these relationships determines whether a company thrives or struggles.
ChatGPT Free, Plus, or Pro? Which is better?
In the ever-evolving landscape of artificial intelligence, staying ahead means leveraging the best tools available. ChatGPT, a frontrunner in AI-driven conversational agents, has recently unveiled its “Pro” subscription tier priced at $200 per month. This new offering promises unlimited access to the advanced 4o and o1 models, setting it apart from the existing Plus subscription.
GST/HST Rules for Supplying Goods and Services to First Nations Customers in Canada
When a GST/HST-registered supplier provides goods or services to First Nations customers in Canada, the tax treatment depends on various factors, including the location of the transaction and the specific provincial rules that apply.
How Small Businesses Can Win Big with AI: Lessons from the Leaders
Artificial Intelligence (AI) isn’t just the tech industry’s shiny new toy. According to Harvard Business Review’s recent article, What Companies Succeeding with AI Do Differently, organizations that thrive with AI share a few core habits—habits that even the smallest businesses can adopt. If you’re running a boutique retail shop, a local service business, or a micro-agency, here’s how you can leverage AI successfully without a big corporate budget.
Dext’s new Mileage Claims Feature
Dext has recently introduced a game-changing Mileage Claims Feature, designed to streamline the reimbursement process for employee travel expenses. This powerful tool can help businesses stay organized and compliant with Canadian tax regulations. We were already huge Dext fans (it’s our go-to tool for receipt and bill data entry), and this new feature makes it even more useful.
Do you even know if you have enough Working Capital?
For small businesses, managing working capital—the cash required for daily operations—is crucial to implementing this system effectively. Our Profit First Cash Management System (PFCMS) revolutionizes cash management by prioritizing profit over expenses.
