James D. Peros C.A. C.P.A

Buying Business Software “There was a time when nails were high-tech.” ‒ Tom Clancy What software tools does your business need to support normal  operations? Every business requires certain software functions: word processing, spreadsheet creation, email and calendar, Web browsing, PDF reader and printer, and antivirus protection. The options that can fulfill these tasks are almost endless, and range from “freeware” (sometimes saddled with an unsuspected spyware, embedded ads, or viruses) to whatever amount you want to spend. The secret is to match the software to your business needs and then purchase programs that are not only intuitively easy to use but actually improve productivity. In addition to your company’s basic software needs, each business also has its own niche software requirements driven by core activities. To determine what will work best for your business, have your employees evaluate the effectiveness of the software they currently use and ask t...

Here’s a Tip Point of sale software tracks gratuities as they pass through the hands of both restaurant owners and servers. Electronic point of sale (POS) software on a tablet carried by a restaurant server has revolutionized the way restaurant patrons are seated, orders taken and sent to the kitchen or bar, and the way customers are billed at the end of their visit. Order information is also streamed wirelessly to the central POS system where the invoice is created and the customer’s payment recorded. Payments usually include a gratuity for the server in the form of cash on the table or added to the credit or debit card amount processed at the POS “cash register” or on the wireless debit card device or tablet. When a patron pays using a debit or credit card, the amount deposited to the bank will include the gratuity recorded on the POS. Owners and Servers Should Be Aware Electronic POS systems now track all the data associated with a transaction including any gratu...

Considering a Vacation Property? Don’t let vacation dreams become your financial nightmare. Fantasy The dog days of summer spent fishing off the dock, the sun sinking slowly behind the distant shore, the call of the loon, or cross-country skiing and a warm fire at the end of a winter day. Whether these are fond memories of childhood or an imagined future, the desire to own a vacation property for personal use or even for investment purposes may blind you to the real cost of owning a second home. Reality Year-round vacation properties are costly. For example, getting a mortgage may be a challenge, especially if you do not have at least 20% of the property’s appraised value as a down payment. (Some banks offer financing for 95% of the property’s value, but default insurance − often referred to as mortgage insurance − is required on any amount over 80% of the appraised value and, in some cases, on any amount over 65%. Canada Mortgage and Housing Corporation ...

Buying a Franchise Do your research before buying a franchise. Many people who want to be self-employed consider buying a franchise. Unfortunately, it is all too easy to get caught up in the excitement of the franchise concept, particularly in light of hugely successful franchises such as Tim Hortons or McDonald’s. It is, however, best to weigh the pros and cons of franchise ownership before you decide whether a franchise is right for you. Franchise Defined The foundation of any franchise is the granting of a licence by the franchisor to another individual or company (the franchisee) to operate under the franchisor’s name. Most franchisors have an established business model the franchisee must follow. As well, the franchisor provides assistance for a set length of time. Most franchises include a renewal option. Advantages of Owning a Franchise Franchise ownership has many advantages:   The business model is already established and success...