Erika Yohn

In today’s competitive world of ecommerce, small businesses face the challenge of managing their finances effectively while trying to grow their brand. With so many things to oversee while operating a business, it’s easy to see why entrepreneurs become overwhelmed. That’s where professional accounting for ecommerce services comes in, providing many benefits crucial for the […]

You’ve probably heard the term “working on commission” and have a general sense of what it means, but what is commission pay really? Whether you’re a business owner that’s considering this pay structure or not, it’s helpful to get to know what it is in case an employee asks about it. You may even decide […]

When it comes to financial statements for business management, small business owners tend to fall into one of three categories: Small business owners who have their financial statements completely in order and use them to drive a thriving company. Small business owners who understand how financial statements work but are too busy to fully apply […]

On March 28, 2023, the government released its federal budget for 2023, titled “A Made-in-Canada Plan: Strong Middle Class, Affordable Economy, Healthy Future” (Budget 2023, for short). As inflation has created significant financial hardships for many Canadians, Budget 2023 proposed measures to provide various relief to both small businesses and individuals, while simultaneously tightening certain […]

As the year draws to an end, you may find yourself wanting to show your appreciation by offering an employee bonus. If it’s a fit for your company culture and budget, it’s a great thing. But it also made us curious about who gives employee bonuses and why?  General Trends for the Employee Bonus Accounting […]

New employees can be vulnerable, out of their element, stressed, and eager to please. Instead of providing a nurturing environment and offering instant validation, however, many businesses expect their new hires to turn into genuine attack dogs in a matter of weeks, providing little training coupled with high expectations. Given that the newest workforce generation […]

Commercial insurance is vital for managing business risk. But since no one can predict the future, shopping for a business insurance policy quickly becomes a nerve-racking game of, “Do I need this or not?” This anxiety about business coverage is justified. Business owners are in danger of either under- or over-insuring their businesses. The former […]

This post is written for Canadian self-employed sole proprietors. For the American version, click here.  Company of one? If you’re the only owner of your business and you haven’t formally incorporated, you’re a sole proprietor. If you work for yourself with your main source of income stemming from this business, you’re also self-employed. Congratulations and […]

In any payroll, there is always a certain portion paid out toward an employee’s income, such as regular wages, and a certain portion that is deducted from an employee’s income — aka payroll deductions. Knowing what these are will make sure you’re remaining compliant each pay run and your employees are paid accurately. What are […]

In this post, we’ll outline the types of payroll deductions you need to make, along with which kind of remittance schedule you’ll need to follow. As advocates of simple, fast, friendly payroll, we’ll do our best to try to make this as painless as possible.

A year can be divided in multiple ways: 52 weeks, 365 days, or 12 months. This means there are different payroll schedules that a business owner can follow — weekly, bi-weekly, semi-monthly, or a combination of a few. How do you know which payroll frequency is the most optimal for your business? While there are […]

Where there is an employer-employee relationship, and the employer pays the employee, the payroll is subject to Ontario’s Employer Health Tax (EHT).

This blog post is written for Canadian businesses. Click here for How to Handle Taxes on Bonus Wages for US companies. As exciting as bonus payouts can be for your employees, for most of them, it’s a bittersweet payment because of the amount that is paid out in taxes. While those concerns are valid, they […]

It’s the end of December! Businesses around the world are planning for the new year and thinking about what they’d like to accomplish in the coming year. Call them what you will — goals, objectives, milestones, Key Performance Indicators (KPIs) — it’s important for small businesses to plan and set targets for the business and […]

As a payroll practitioner and professional bookkeeper, Melissa Lenos, CPB, PCP, of King Business Solutions knows her stuff when it comes to the payroll and bookkeeping process. She understands the implications of many finer payroll details that small business owners might not know to look for, what the consequences are of not meeting compliance or […]