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Wednesday
February 17, 2010
Income Tax for Small Business
Topics Include:
* The fundamentals of tax planning
* CRA and you
* The hows and whys of record keeping
* Criteria for deducting various expenses
* Your tax return
* Procedures for reporting business income
Note: Seminar not intended for an incorporated businesses.
Location:
Small Business Centre
Address:
316 Rectory St., 3rd Floor
Registration Deadline:
Tuesday, February 16th
Presented by
Collins Barrow
To register
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NETWORKING |
Sponsored by
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Join us for some tasty appetizers, reunite with old friends, and make new contacts in a relaxed atmosphere!
Time:
5:30 PM - 7:30 PM
Location:
Address:
316 Rectory St. 3rd Floor, London
Cost:
Registration Deadline:
Monday March 1, 2010
To Register
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FOLLOW US |
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Welcome to the February 2010 issue of the Small Business Centre Newsletter.
 In this issue, we will give you updates on networking opportunities, seminars, and an editorial piece on choosing an accountant and/or a bookkeeper.
We started the month off with Networking Wednesday on February 3rd, thanks to everyone who joined us at the Friday Knight Lights. Watch for the pictures on the Networking Wednesday Photo Gallery! Our next networking event is scheduled for March 3rd at the Small Business Centre. Don't miss it, register today!
Venture London finalists were announced yesterday. Congratulations to Lifelines Financial Planning, Green Energy Dynamics Corp. and Gaming Union in the Existing Business Category, as well as, ENT Simulation Technologies Inc., The Ant Firm Inc. and London Documents in the Proposed Business Category. The winners will be announced at the Awards Presentations on March 2, 2010 at the Four Points by Sheraton, London. For details visit www.venturelondon.ca
This is also the time of the year when we receive many tax related inquiries. Don't miss our Income Tax for Small Business Seminar on February 17th.
Maja Pental
Business Information Advisor/Newsletter Editor
e-mail: mpental@sbcentre.ca
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| Clients in the News... |
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 The following clients have recently been featured in the local media. Congratulations!
Where: Business London Magazine
When: January 2010
Who: Sue Regier of Vantage One Writing.
Sue Regier's website NetworkingToday.com is featured in January's Business London issue as a dynamic website that uniquely blends face-to-face networking with explosion of Internet marketing - a winning combination that is growing exponentially.
Where: The London Free Press
When: January 18, 2010
Who: Rob Braise of Braise Food and Wine
 Rob Taylor of Braise Food and Wine was featured on the front page of Biz Monday in the London Free Press as "A passion for hospitality". The article mentions of Rob's employment history and it's relevance in the creation of Braise Food and Wine. Visit Braise Food and Wine to experience fine-dining in a comfortable atmosphere of sheer elegance with a cosmopolitan twist! 125 Dundas St., London.
Where: The London Free Press
When: January 25, 2010
Who: Ali Adlan of Hyland Theatre
Movies for mommies, a weekly movie event for parents and babies has set up a shop at London's Hyland Theatre. Movies for Mommies, runs at the Hyland Cinema every Thursday at 1pm, admission is $9 for adults and free for infants. For more Info visit Hylandcinema.com
Where: Woodstock Sentinel Review
When: January 2010
Who: Jason Rodak of Rodak's Acoustic Boutique
Rodak's Acoustic Boutique is an acoustic guitar shop boasting a relaxed atmosphere for guitar players and musicians of all skill levels. Whether you are looking for a beginners guitar, recording quality instrument, or performance guitars, Rodak's Acoustic Boutique has them all! Visit Rodak's Acoustic Boutique at 951 Devonshire Ave. in Woodstock.
If you are a Small Business Centre Client and have been featured in the media recently, we would like to hear from you so we can pass it along. Send details to mpental@sbcentre.ca and we may include it in our next newsletter.
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| On Tap with The Entrepreneur's Club... |
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Each month, members of The Entrepreneur's Club meet to learn from seasoned professionals, share knowledge and skills, and develop valuable business relationships.
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At the January meeting, Josée Lemay, IMJ Group, shared her experiences as she's transitioned through various business models and how she's rebranded to pull it together.
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Are you interested in becoming a member of
The Entrepreneur's Club?
Attend a Water Cooler meeting to find out what we're all about. All you have to do is pay for breakfast. Attend two meetings without obligation...and then we'd love to have you join us regularly.
Check out our Searchable Directory. You can be included, too...simply become a member of The Entrepreneur's Club - it's part of your membership fee.
Join us at our next meeting on
Wednesday, February 17th at 7:00 a.m.
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| Business, Government Services and You |
Join us for an informational networking event with representatives from more than 20 government organizations.
Free event, but registration required
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| Grants and Finances |
Entrepreneurs often report that getting financing is the most challenging aspect of starting or growing a business. If you are looking for money for your business, you should start by learning about the different types of financing that are available and assessing which one is best for your needs. You can also reduce your need for loans by managing your finances effectively. 
How to get money for your business
Managing your finances
Source: CanadaBusiness.ca |
| Accountant or Bookkeeper... Which does your business need? |
 Many new business owners have the daunting task of compiling and interpreting the financial records of their companies. If the business owner is skilled in accounting or bookkeeping, this may be a rather simplistic endeavor. For those business owners who do not know the first thing about managing their financial records, turning to an accountant or bookkeeper may be the answer. It is important to find a credible candidate to fill the role of accountant or bookkeeper within your business. It is also important to understand what role you need to fill. There are some fundamental differences between the two roles.
The roles of a Bookkeeper:
- monitors and maintains all documents that come into the business
- records all transactions in detail into bookkeeping entries
- creates a financial statement for each complete period that is reviewed by the owner
- records and adjusts entries for each complete period including bad debts, depreciation and asset reserves
The roles of an Accountant:
- may include many of the same roles of a bookkeeper
- reviews all bookkeeping entries to identify any errors or omissions
- summarizes information for the owner
- projects future growth of the business
- develops business processes to aid in daily operation
- fraud prevention
- examines and explains differences between actual and projected business performance
- may file income tax
Once you have determined if you require a bookkeeper or an accountant, it is wise to do your research to find one that is credible. Getting a referral from a friend, business associate, lawyer, or financial advisor is always a good option. You can also try various directories, including the yellow pages, to find and an accountant or bookkeeper. In this case be sure to do your research, ask pertinent questions and ask about their qualifications. Most qualified accountants will be registered as one of the following: CA Chartered Accountant, CGA Certified General Accountant or CMA Certified Management Accountant.
Selecting a Bookkeeper or Accountant can be a difficult task, however it is an important one. Be sure to understand what your needs are before choosing one and be wise in your research methods.
Accountant Referral Service: Tel: 1 (800) 668-1454 ext. 243 or 245
If you are interested in discussing some of your Accounting needs and questions with a Certified Accountant, The Small Business Centre offers an Accounting Advisory service on the first Tuesday of each month. Please visit http://www.sbcentre.ca/professional_advice.htm for details or call us at 519.659.2882 to book your appointment.
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