Helping Small Business with Healthy Births

Beth Graddon

Professionals in the tax, bookkeeping and accounting industries can add big value to stimulate healthy new births in a new economy. Based on newly released statistics on November 10, professionals could be more proactive in improving survival rates…but how? One way is to formalize business planning, budgeting and forecasting service offerings.

Here’s what the statistics show in the Entrepreneurship indicators of Canadian Enterprises, 2018 report released by Statistics Canada on November 10. In 2018, of a total of 1,138,170 active enterprises with one or more employees in Canada, there were 86,650 births and 87,890 deaths. It was mostly small active enterprises with one to four employees that contributed to the enterprise dynamics: small enterprises with one to four employees accounted for 82.9% of all deaths and 84.4% of all births of active enterprises with one or more employees.

The professional, scientific and technical services sector had the most enterprise deaths and births, representing 16.8% of all deaths and 17.4% of all births of active enterprises with one or more employees.

Today, even the smallest business requires timely and reliable information, if it is to succeed and thrive despite the pandemic and the constant threat of future CRA auditing. A new course from Knowledge Bureau, Budgeting & Forecasting for Small Business is designed to teach you how to use the information within bookkeeping systems to assist business owners to make sound business decisions throughout the year: an essential service during these times.

Your role. It is the role of any professional who assists with documentation to provide financial statement for tax or banking purposes to assemble the right financial information in order to assist business owners and managers in making business decisions.  Get the credentials you need by taking the Budgeting and Forecasting for Small Business certificate course.

You’ll learn:

Chapter 1 | The Role of the Management Accountant
Chapter 2 | Basic Account Analysis
Chapter 3 | Introduction to Cost Accounting
Chapter 4 | Budgeting Basics
Chapter 5 | Fixed Assets
Chapter 6 | The Sales/Production Budget
Chapter 7 | Other Budget Items
Chapter 8 | Cash Flow Budgeting
Chapter 9 | Periodic Management Accounting Functions

Jenifer Bartman, CPA, CA, CMC, MFA™-Executive Business Growth Specialist, RWM™  and author of this course will be bringing this topic to the virtual stage as well at the November 18 CE Summit.

Three important components of year end business management will be discussed: 

• How to help owner/managers analyze their results
• Budgeting for 2021 business outcomes
• Managing cash flows

Additional educational resources: The upcoming November 18 Virtual CE Summit is focused on Year-End Tax Planning for Investors and Owner-Managers and is another invaluable resource for those in the business of helping small business thrive and survive during these tough times, and beyond!