The Royal Report is a blog designed to share with you some valuable insights, tips, tricks, stories, and of course some general nattering. We would love your feedback, and if you have anything you would like for us to discuss in a blog post please share it with us.
Preparing an exit strategy Research has repeatedly shown that businesses that have been prepared for the owner’s exit are significantly more likely to endure than unprepared businesses. These guidelines around an exit strategy can help your business legacy live on – and get you a satisfactory... Read More
Becoming a Better Leader by Developing Communication Skills Perhaps you have noticed that it is not always the smartest or most capable person that gets a promotion or has management roles seemingly thrust at them. Studies have shown that a person with better communication skills can typically achieve... Read More
Bookkeeping Basics for Small Business Owners On average, small business owners spend 10 hours each week recording, organizing, and processing financial transactions – everything from accounts receivable and payable, to employee payments, expense receipts and supplier invoices. While the process... Read More
5 Environmental Conservation Tips for Small Businesses While major companies create powerful green initiatives, many small businesses use the excuse of “no resources” to do nothing. However, everyone plays an important role in protecting the environment, and small businesses have a unique... Read More
Paying down debt Debt can be a crippling problem for small businesses wanting to grow or just break-even during difficult times. By reducing debt you’ll improve the value of your business, its financial situation, and its ability to continue operating into the future. Assess your debt situation Take... Read More
Do you have what it takes to run your own business? Getting your business up and running and making a profit is usually much more difficult than it sounds. This article focuses on the skills you’ll need to make it happen, either by acquiring these yourself or consulting professionals to help you... Read More
Tax Season Tips for Small Business Owners Preparing for tax season is really a year-round endeavor. Tip number one for SMB owners is to update financials on a monthly basis, using a streamlined software or cloud-based system. This way, come tax time, everything you need is all in one place. And well... Read More
How to sell more to existing customers If growth is your primary goal, take note of these two essential sales strategies: cross-selling and upselling. Why? Because it’s much easier to sell to existing customers than to acquire new ones. According to Marketing Metrics, the probability of selling... Read More
Save time with appointment booking apps Like other time saving apps, tools designed to automate your booking calendar are a huge boon to busy small business owners. Put an end to time-wasting telephone tag and those endless back and forth emails with any of these 4 popular scheduling apps. Calendly Calendly... Read More
Tips for switching off during the holidays The holiday season is once again here, and with it comes time to relax, focus on family and friends and take stock in what is really important in life. Unless you’re a small business owner. Every small business owner knows that being away from the office... Read More
8 Must-Have Bookkeeper Payroll Software Features Clients look to their bookkeeper or bookkeeping firm as their guiding light when it comes to payroll and paying their employees. No surprise then that as a bookkeeping firm owner, we do a lot of payroll. Meaning I needed to find the right payroll software.... Read More
Tips to Keep Your Business Finances in Order If you’re like most small business owners, you spend the majority of your time managing daily operations, keeping customers happy, and looking for new ways to grow. Spreadsheets, cash flow analysis, and financial projections are probably not your first... Read More
Three reasons entrepreneurs need legal help In business, mistakes can be expensive and as an entrepreneur, although you’ll know many of the regulations that apply to your business, there are so many you can’t possibly remember all of them. Depending on the type of business you run, you could... Read More
Similarities and differences between a bookkeeper and an accountant They both work with financial data; they’re both essential for managing a successful business. Yet the roles and duties of a bookkeeper and accountant don't necessarily overlap. If you’re like many business owners,... Read More
Using KPIs to monitor and improve business performance The key performance indicators (KPIs) for one company will invariably be different from the KPIs of another firm. What both hypothetical companies share however, is the challenge of selecting which KPIs are best suited for measuring the goals... Read More
Why Bookkeeping is Crucial to Your Success Keeping track of sales, earnings, expenses, and purchases is fundamental to the overall health and sustainability of your business. Effective bookkeeping produces the data you need to evaluate your current practices, anticipate challenges, and set attainable... Read More
Tips for writing effective performance reviews The performance review has become a rite of passage in the business world, yet many managers and employees fail to make the most of the opportunities these important discussions can provide. When used properly, the annual review process can provide managers... Read More
What to do if you get audited No business owner looks forward to a letter from the taxman requesting a closer look at the books. If you’ve received an audit letter – an official request by the tax authority to review your accounts and confirm your taxes have been paid to date – don’t... Read More
5 Apps for Tracking Small Business Expenses Did you know that 50% of small business expenses are generated on the go? It’s no wonder the majority of expense receipts end up shoved in coat pockets or an old shoebox. In spite of all of the high-tech options out there, 47% of small businesses are... Read More
How to run an event for clients and prospects In today’s fast-paced, digital world, interacting face to face with clients and prospects may seem passé. In fact, face time is more important than ever. For one, you’ll stand apart from your competitors who only touch base with their... Read More
What are the warning signs of employee fraud? Billing schemes. Skimming. Check tampering. Employee fraud is a real risk for entrepreneurs of fewer than 100 employees. In fact, according to the Association of Certified Fraud Examiners 30% of fraud cases take place in small businesses. This article... Read More
Improving cash flow: How to get paid faster Maintaining positive cash flow can be challenging for small businesses, whether you’re just starting out or have been running your company for years. The difficulty often comes down to waiting for clients to pay their invoices. One or two chronic late... Read More
How to manage small business inventory When starting a small business, business owners often think about things like the storefront, branding, and displays. They think of smiling employees and happy customers. It’s not usually the image of the shelves and cupboards in the back stockroom that fill... Read More
How flexible work arrangements can help you attract new staff Remote working isn’t the only type of flexible work arrangement you can offer your workers, but it is one that can work well in a variety of businesses. Not only does it give your clients flexibility in accessing your services, it provides... Read More
5 non-salary ways to attract staff Attracting highly qualified staff is difficult, especially when you’re watching your costs. Often, business owners assume that the only way to attract talented people is to offer them more money. While money can be an incentive for people to join your team, if... Read More
4 ways technology can make running your business a smoother process Many business owners dream of establishing a business that works like a well-oiled machine. As the tech landscape continues to evolve, this dream is becoming easier to achieve. By integrating the right technologies into your business,... Read More
Using a talent gap analysis to address staffing issues If you’re responsible for hiring, it’s vital that you know what staffing needs are on the horizon. Obviously, you don’t have a magic ball to let you know for sure what will happen, but a talent gap analysis can enable you to predict... Read More
We have an important announcement for our clients that are using QuickBooks Payroll. Back in January, Quickbooks sent a notification about 2022 tax table updates released late on January 7, 2022. Due to the late release, some January paycheques may have been calculated at the 2021 CPP tax rate of 5.45%... Read More
Canadian Covid-19 Subsidy Programs The Government of Canada has introduced 3 new subsidy programs to replace the programs that ended October 23rd, 2021. These programs are: Tourism and Hospitality Recovery Program (THRP) Hardest-Hit Business Recovery Program (HHBRP) Canada Recovery Hiring Plan... Read More
What we need to know about your Pandemic Plan As all of you are aware, these are challenging times. With the increasing spread of the pandemic, all businesses are finding themselves impacted with staff absent from work. With this in mind, we wanted to share with your how we are managing our staffing... Read More
2019 Federal Tax Deadlines; Mandatory Masks in the City of Edmonton The CRA is extending the payment due date for 2019 individual tax returns, and 2019 or 2020 corporation and/or trust returns, as well as for installment payments, to September 30th, 2020. The previous extension for the payment due date... Read More
COVID-19 Response Updates - Bill 24, Bill 32, & CEWS Extension Bill 24, The COVID-19 Pandemic Response Statutes Amendment Act, 2020 – On June 18, 2020, the Alberta government introduced Bill 24, the COVID-19 Pandemic Response Statutes Amendment Act, 2020. This Bill extends the temporary... Read More
Xero and Cloud Accounting We first started looking into Xero in 2015, and from there we did a deep dive into the platform. In 2017, Xero became our cloud-based software of choice. Xero is newer in Canada, and we love that they are listening to requests from bookkeepers and accountants. ... Read More
CEBA Expansion, CERB Extension, CEWS Update, & Reopening Your Business The Canada Emergency Business Account (CEBA) Expansion – On June 15th, 2020, the CEBA website (https://ceba-cuec.ca/) was updated to include additional FAQs focused on the details and differences between applying under... Read More
CEWS Extension, Regional Relief and Recovery Fund (RRRF), CECRA, and Reopening Your Business The Canada Emergency Wage Subsidy (CEWS) – On May 15th, 2020, it was announced that CEWS will be extended for an additional twelve (12) weeks, to August 29th, 2020. There are further potential adjustments... Read More
Canada Emergency Commercial Rent Assistance Program & Applying for the Canada Emergency Wage Subsidy On April 16th, 2020, the Canada Emergency Commercial Rent Assistance (CECRA) Program was introduced without detail, and on April 24th, 2020, a few details were provided about the program which is... Read More
Canada Emergency Wage Subsidy (CEWS) Calculator and Application Information The Canada Emergency Wage Subsidy (CEWS) - Beginning April 27th, 2020 applications will be available for the 75% wage subsidy, but it is recommended to use the calculator before you apply. You can find the CEWS calculator at... Read More
Canada Emergency Wage Subsidy (CEWS) Now that the Federal Government has passed the necessary legislation regarding the Canada Emergency Wage Subsidy, as of April 11th, 2020, further information has come to light on this program. If you would like to read into these updates further, please visit... Read More
COVID-19 Response Updates - Wage Subsidies, Canada Emergency Business Account, Sales Tax Remittance Payments, and EPL New information has been released regarding the announcement of the temporary wage subsidies for qualifying businesses. If you would like to read into any of these updates further, please... Read More
COVID-19 - Temporary Wage Subsidy Increase, GST/HST Remittances, & EPL Insurance Information There was an announcement yesterday morning about further changes from the federal government. Not all of the information is available yet, we are being told we should know more by Monday,... Read More
Response to the Coronavirus (COVID-19) - CERB, Temporary Wage Subsidy, & WCB Premiums We hope this update finds you well. As we are all getting multiple emails about COVID-19, we are attempting to keep you informed with what we feel is the most relevant information to our industry, without... Read More
Tax and CRA Updates - Response to the Coronavirus (COVID-19) The coronavirus pandemic is creating an everchanging environment, with businesses, governments, and health officials reacting and responding to the crisis day-by-day. We will do our best to keep you informed with any relevant information... Read More
The Corona Virus (COVID-19) What You Need to Know as an Employer During This Time We have spoken to Alberta Labour Standards, ROE personnel, and EI Insurance personnel to obtain accurate information for you as an employer. We have gathered this information for you for ease of use, this is not... Read More
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