Testimonials

Hammad Naseem

 “We started off as a small company and needed assistance with bookkeeping and year-end tax preparation. I am happy to say that within three years, we have enjoyed substantial growth and are well on our way into being a success story. Throughout this growth period, Williamson Accounting has been with us side by side- each month, providing updated financial reports and guidance needed to direct our business and keeping us on track. At the company’s year-end, they have been dependable in providing tax planning we need including issuing and filing T4’s for our employees and corporate and personal tax returns. They are a great resource for any start-up or growing business and we highly recommend their service.”


Hammad Naseem, Co-Founder, Flarian Innovation Inc.

 

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Williamson Accounting Inc. helping your small business to reduce taxes and simplify accounting in the Greater Toronto Area (GTA) and across Canada.

For a free initial conversation about your business, call (416) 444-8747 or Contact us.

Managing Debts and Your Bottom Line

j0423062Paying your company debts is just as important as collecting your own accounts receivable, and they need just as much management.

The good thing is, you actually have a surprising amount of control over how and when your company's debts are paid and that provides several advantages.

First, you want to adopt good internal controls for the payment of your bills, so you need to reconcile both:

Purchase orders with the invoices and statements your vendors send, and

Accounts payable
subsidiary ledgers with the general accounts payable ledger.


Once you have those controls working, here are a few ways to effectively manage your company's debts to maximize your cash flow:

• Keep as much interest-earning cash in the company bank accounts as long as possible -- but not too long. Consider using idle cash to pay down your lines of credit.
• Periodically provide your banker with updated cash-flow projections. An improved cash-flow picture might result in better terms on any open lines of credit. On the other hand, if the projection is less than robust, your banker might increase your line of credit with no bump in the interest rate, depending on the overall financial condition of your firm.
• Consider borrowing against the cash values of executive life insurance policies to reduce your net interest cost. Life insurance loan rates often are generally lower than bank rates.

And of course, use your suppliers to help finance purchases, as well as freeing up some operating capital, by taking advantage of favourable payment terms to temporarily free up cash.

The more business you give to suppliers, the better the payment terms you should obtain. The goal is to widen the spread between sales revenue and payments. allowing you to maximize the business's cash balances at very low cost. To that end:

• Use every possible discount,
• Stretch payments to their latest date, and
• Negotiate extended terms when possible and appropriate. 

Visit Us

We are located near Sheppard Ave. and the 401/ 404 Hwy corridor at 203- 211 Consumer Road 
Toronto, ON M2J 4G8
Tel: 416-444-8747
This email address is being protected from spambots. You need JavaScript enabled to view it.

Quotable

James Branch Cabell

"The optimist proclaims that we live in the best of all possible worlds, and the pessimist fears this is true."

All Rights Reserved 2017. Williamson Accounting Inc.

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