Business Banking and Financial Literacy for Small Business

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1 Business Banking and Financial Literacy for Small Business

2 Information on Starting/Operating a Small Business: Take control of your future and make the leap from employee to entrepreneur with this enterprising guide. From drafting a business plan to managing costs, you'll profit from expert advice and real-world examples that cover every aspect of building your own business HARPERCOLLINS PUBLISHERS December 14, 2006 by Eric Tyson

3 Information on Starting/Operating a Small Business: Government of Canada - (Canada Revenue Agency Site on how to start a small business) (Canada Business Network) Your Bank Government of Nunavut

4 Information on Starting/Operating a Small Business I need business info Outfitter and Tourism Establishment Licence Economic Development and Transportation You need an outfitter or tourism licence to be an outfitter or run a tourism establishment in Nunavut. Read more... Self-Employment Option Family Services Are you unemployed or underemployed and seeking to start your own business? You may be eligible for support to help you build your business. Read More... Small Business Support Program Economic Development and Transportation This program is primarily focused on providing up-and-coming small businesses, community organizations and individuals with support to grow. Click here to find out more information. Strategic Investments Program Economic Development and Transportation This program offers assistance to businesses, community governments, not-for-profit corporations and societies. Under the program, businesses can get a contribution to help cover expansion or start-up costs. Click here for more information.

5 Opening a Business Bank Account Things you need: Business Name Registration or Incorporation documents to establish what name you will operate the business under Business Licence from the Hamlet or City to confirm you are eligible to operate in their region Business Identification Number from Revenue Canada via or call toll-free business enquiries line at Identification that is NOT expired and one must have a picture

6 Why set up different bank accounts: Set up a general operating account for your day-to-day operations Set up a savings account for the collection of GST and any other government payments that you make during the year As your business grows, setting up a term deposit or Guaranteed Investment Certificate for extra funds to be used in the future or as collateral to secure financing

7 PAYROLL and Government Remittances If you are not 100% sure about how to do the deductions for payroll, PLEASE seek out those who do Payroll Services Payroll Services Nasaijit Services Ltd

8 PAYROLL and Government Remittances The payroll companies handle payroll direct deposit, they pay the Payroll remittance right to Revenue Canada, they complete the T4 or ROE s when employees leave you employ. The payroll can be as small as 1 employee or more. One debit to your account for each payroll saves on Service Charges on your account.

9 Payroll and Government Remittances Continued: The Government of Canada Revenue Agency REQUIRES that you make payments on time for payroll and GST etc. or you will be subject to penalties and fees or worse. If you are in arrears (owe money that is late in payment to the government) they will send out a Requirement to Pay which seizes all your liquid assets to pay the amount owing immediately. They can freeze you bank accounts until payments are up-to-date. It is ALWAYS good to set up a regular payment schedule so you don t fall into arrears.

10 How do I keep track of everything? There are various computer programs that can keep track of your business operations i.e. invoicing, receivables, payments, payroll, etc. Choosing a computer program to help keep track of your entries will better help you figure out how much money you have, how much money you have spent and what you need going forward. They are inexpensive and easy to set up and use and have help lines to assist if you are unsure of how to proceed. If you do not feel you are able to do your own bookkeeping then I would suggest using a bookkeeping service or accountant firm to assist you. Setting up your accounting correctly from the beginning will help you set your business on the right footing.

11 When looking for business financing, what do I need: Things you will need to provide: Personal Net Worth Statement -a listing of all of your assets and liabilities - what you have vs. what you owe. Two years Financial Statements - Accountant Prepared version not in-house version Two years Notice of Assessment - Sole proprietors proof of income

12 When looking for business financing, what do I need: Credit Bureau: All existing credit should be paid as agreed (no late payments) If there are collections showing on the credit bureau, they will need to be paid in full BEFORE any new credit will be issued. Ratings on you Credit: R Revolving and can be redrawn i.e. Credit Cards, Line of Credit I Loans that are paid down Rated on a scale from 1 to 9: i.e. R1 - means the best rating, all payments made on time, R9 credit has been written off and sent to a collection agency to collect the money you owe Beacon Scores on the credit bureau: 650+ Good credit management 650- Credit is not being handled in a satisfactory manner

13 When looking for business financing, what do I need: Business Plan - This will help you set goals for the company, clearly identify where revenues/income will come from and expenses that need to be paid. It also identifies the Strengths, Weaknesses, Opportunities and Threats (i.e. competition) to your business. It sets out where you currently are and what you want to achieve over time. Business Plan Template

14 Conclusion Key to a successful business is to plan ahead to be proactive not re-active. I.e. if you know you have a slow time of year save funds to cover for the payments that still need to be paid during this slow part of the season. Keep the paperwork/accounting up-to-date and accurate and ensure all payments made on time. Know your limitations, seek out help BEFORE things get too overwhelming

CONSULTATION & BOOKKEEPING REQUEST TELL US ABOUT YOUR BUSINESS: DESCRIBE YOUR BUSINESS AND OPERATING ACTIVITIES: Is your business a: Are you a:

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