In a colossal world of high-tech accounting options available for small businesses, we grilled them down to two of what we think are the best options for cloud lovers: Wave and Xero. In Part I of this blog series, we talk about how the advantages (and limitations) stack up for Wave Accounting.

Many people choose the direction of becoming an entrepreneur and having ultimate freedom in their lives. However, with the myriad of choices and freedoms come a variety of challenges that are often overlooked and ignored. Some are not always positive and may even be self-destructive.

Imagine you have received your results for the first quarter of this year and it appears that your sales and productivity have improved significantly from last quarter. But how significant is it compared to how well others are doing in the same industry as you?

Everyone thinks that the key to budgeting is to save money and cut your spending. But as a small business owner, the real reason is to understand the types of expenses in your budget that you are rightfully entitled to deduct. These types of ‘hidden’ expenses are usually undiscovered because they may have never been discussed with an accountant before.

One of the most dreaded terms you’ll ever hear in the history of small businesses and sole proprietors is the CRA audit. With the rise of CRA audits conducted per year, it is likely that small businesses will be subject to an audit at least once (if not more) throughout the life span of the business.