Don’t Just Count Your Beans, GROW THEM!

What do you need to run your organization?

You may need accounting and bookkeeping services, financial management advice, strategic business planning, coaching and training for you or your staff. But maybe those aren’t necessarily your areas of expertise. Or maybe those functions are distracting you from mission critical. The nuts and bolts of business operations and performance measurement may not be what you expect or even want to deal with. But you still need to have them to make your ideas come to life and achieve the goals you’ve set for yourself. You’ve got plans!

What can I provide?

Think of me as your CFO on-call! I love accounting and strategic management – so you don’t have to! As your management consultant I can help you sleep at night by helping you realize more return on your investment of time and resources. After all, the point of being in business is to make a profit (not a dirty word, by the way!) so that you can create financial stability, succeed at achieving your vision,  and even enjoy a well-deserved vacation once in a while. Why else would you put in all that hard work?

Improved efficiency = Improved profitability

My knowledge and experience as a Chartered Professional Accountant – CPA (formerly Certified Management Accountant – CMA) can fulfill your needs for:

  • strategic planning and implementation
  • business operations and infrastructure
  • training and coaching
  • accounting, budgeting and forecasting
  • risk assessment and management
  • financial and management consulting
  • accounting software installations and conversions
  • accounting for non-profits and registered charities

Let me fill in the gaps for you and give you the tools you need to really succeed in your venture; to implement efficient, practical and effective ways to improve business performance; and to provide ways to measure your success and manage your future.

Diana Rae, CPA, CMA

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Are You Paying Yourself First? The Money Habit That Can Boost Wealth – Forbes

Are You Paying Yourself First? The Money Habit That Can Boost Wealth – Forbes.

“Paying yourself first means saving before you do anything else,” says David Blaylock, CFP® with LearnVest Planning Services. “Try and set aside a certain portion of your income the day you get paid before you spend any discretionary money. Most people wait and only save what’s left over—that’s paying yourself last.”

5 Tips For Making Sound Financial Projections

5 Tips For Making Sound Financial Projections.

Optimism is a healthy trait for entrepreneurs, who often need to stick it out through lean times before they build a successful business. When it comes to making financial projections, however, a healthy dose of pessimism comes in handy. Overly rosy income predictions could lead you to make decisions that jeopardize your business.

Whether you’re projecting the year to come or looking several years down the road, solid, reality-based financial projections provide a crucial road map for small business growth. Here are some tips to help you assess your success and make smart business decisions.

by Laura McCamy on February 6, 2015

Choosing an Accountant

5 Things to Think About

There is no legal requirement to engage an accountant when running a business. You can do all the tasks of keeping books, preparing your taxes, creating financial reports, and monitoring your cash flow yourself. However, there are some areas where an accountant can provide great value and guidance in managing your business. So how do you choose an accountant? What exactly can they do for you? And, if you already have one, are they giving you what you need? Continue reading

Culture is Everything

An organization is not just about products and services and financial success. Without people, none of that could be produced, managed, or grown. So why do companies place so much emphasis and spend so many resources on marketing, sales, production, and finance and so little on developing a workplace that people love to work in? Why is organizational culture at the bottom of the list of priorities for most organizations?

Continue reading

How’s Your Financial Literacy?

QuickBooks Canada surveyed 500 small business owners and found that while nine out of 10 consider their financial literacy scores to be average or above, four out of 10 failed its financial literacy quiz.

Where do you stand when it comes to financial literacy? Take their quiz to find out.

Follow Your Passion, the Money Will Follow

Everyone has heard this one countless times – but what does it mean? Does it mean you quit your job at the local grocery store to start up a yoga studio because yoga does so much for your well-being and you really want to make a living at it? Do you quit your civic employee job to go out on a limb with a start-up florist shop? Do you cash in your RRSP’s to buy a van and travel the continent as a travel blogger?

We all have dreams and we all have, at one time or another, had jobs that sucked our will to live. Jobs that did not fulfill or inspire or motivate us. Jobs that crushed our spirit for 8 hours a day and did not give meaning other than a paycheck. Other jobs may have been interesting and lucrative and had great purpose and leadership – but they were for someone else’s dream. What about yours? I’m not saying that this is a bad thing, but how do you follow your passion and make money doing it?

  1. Don’t quit your day job – yet! We need money to live, to pay the rent, put food on the table. If you have a steady job, keep it for now until you take some steps to plan
  2. Discover what your passion really is. Don’t be esoteric about it. This is not the place for vague pipe dreams – you need to define exactly what it is you’re passionate about.
  3. Make some lists:
    • Define what you are good at. What do you do well? List your skills, your expertise, your talents, and your knowledge
    • Write down everything that you enjoy doing; hobbies, games, outdoor activities, gardening, cooking, renovations (believe it or not some people enjoy this!), etc.
    • Now identify what is meaningful in life – your purpose, your values, your likes and dislikes, what you really care about

Now cross-link the items in each of your lists and see what you come up with. Maybe your skills are in finance, but you have a love for cooking, and feel strongly about giving people a hand up in life. Maybe you could start a restaurant that employs some of the local under-employed and economically challenged, and makes soup for the local soup kitchen at the end of each day.

The important step here is that you have to do your due diligence on a restaurant start-up or the purchase of an existing one. Is there a market? Is there a need for employment in your area and what kind of contribution does the soup kitchen really need? You have to assess your strategy, your target market, the needs of your community, and the factors of competition before quitting your day job.

Sounds intimidating, doesn’t it? Remember that this can all be done in steps, by talking to people who are your potential stakeholders – future customers, employees, and the people at the soup kitchen. Do the research on what your idea will entail and keep your passion in mind as you do. Flesh out your idea, crunch your numbers, theme your restaurant, and involve your community stakeholders and you’ll soon find out what the possibilities are.  Your idea might take a different path in the process, but if you always have that passion in mind, you will find that you will make many little decisions that will eventually lead you to prosperity doing what you love!

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Why Teenagers and Young Adults Should Think About Retirement – CPA Canada

Retirement Series: Why Teenagers and Young Adults Should Think About Retirement.

Young people have a lot to think about – studying hard, chatting on their phones with friends, getting a part-time job, figuring out post-secondary education. But retirement?