The Fuel Accounting blog page

Cloud storage is now easily available to everyone.  This gives the advantage of knowing that your files are backed up and being able to access them from anywhere. You shouldn’t be storing important files on your computer alone or on memory sticks.  But just throwing files randomly in a folder isn’t helpful either. 

Instead of living in the “Cost World” try living in the “Throughput World.” If you are focused on the speed and amount of throughput in your business (while maintaining costs) you are assured of making more money now and in the future. Why is that? It’s because you are looking operationally and systematically at things you can do to improve throughput, which ALWAYS results in making more money.

Such a question!! And the answer changes about every 15 minutes. Some economists say yes, some are not so sure. Isn’t it strange that we keep listening to disciplines that never have to be right? Economists and weathermen! People we love to hate!! So what should we do about this?

Frequently we get a new client that has a great business and is running it with their “best friend.”  They have total alignment and everything is running smoothly and they can’t foresee even the possibility of things not working out perfectly. We love these clients!  But we hear ominous ticking sounds.

IMPORTANT NOTE: This article discusses Canadian Taxation matters and may not be applicable to those outside of Canada.  Personal circumstances play a significant role in determining your taxation situation and should be discussed with a tax professional to determine your unique situation.  This information is provided for informational purposes only and does not constitute tax advice.

Most online banking platforms have a Tax Payments module that will allow you to set up your business tax payments.  Please note that most will need payments setup one day in advance of the due date.  Please note that if the due date falls on a Saturday, Sunday or non-banking day then the payment is due on the following banking day. Please note that personal income tax payments are usually handled as a Bill Payment (and not covered in this article)..

You’ve Got Problems? Whoa, Dude (or Dudette), We need to talk!! Last month we started talking about how our “Profit First Cash Management System” can help you better manage your contracting business. Now it’s time to show you some of the snakes hiding in the grass. Oh yes, there are snakes…

One look at my name and you’ll know that I have an Italian background. You should also know that I’m from Chicago, and yes, I really do have an Uncle Vito. So I speak with some authority when talking about a “Mafia Offer”. What is a mafia offer? It’s an offer too good to refuse. And it’s one of the most powerful ways of increasing sales and margins at the same time.

Oh Great, Another New Tax to pay?? Underused Housing Tax Act (UHTA): Canadian Bill C-8, which proposes the Underused Housing Tax Act (UHTA), was introduced in December 2021 and received royal assent in June 2022. What is it? It applies an annual 1% tax on certain underused residential property in Canada. 

A business that involves inventory is exciting to set up, but it also comes with its share of challenges. It’s easy to become overwhelmed by inventory management. Adopting some helpful tools and strategies will make the inventory management process much easier. Read on for some tips on how to improve your inventory processes.