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The key to successfully navigating your business through an economic downturn is to ensure proper monitoring, control, and management of cash flow. In times of financial trouble the tendancy is to sit back and wait for things to improve; however, that might exactly what you shouldn't do.

Who needs an accountant? Many people don't know that a good accountant can save you and your business time and money. Whether you are just starting a business or are self-employed, you definitely need an accountant. While many people have the idea that they simply can't afford an accountant, the truth is very often that they can't afford not to.

The Canadian Accounting Standards are in transition. After extensive consultation within the industry, the Accounting Standards Board (AcSB) is adopting International Financial Reporting Standards (IFRS) as the new Canadian standard. Adoption to the new standards is required by government business enterprises; however, private enterprises have the option to change to the IFRS for fiscal years beginning on or after January 1, 2011.