Accounting Tips That Can Benefit Small Businesses

Julie Starr • September 9, 2022



One thing that no small business can afford to overlook is its accounting practices. If you make the mistake of not putting enough thought and planning into your accounting methods, you’ll probably end up paying the price for that later. Financial mismanagement is one of the major reasons many new businesses fail.

So if you want to make sure that you don’t end up in that position going forward, it’s in your best interests to start learning as much as you can about good accounting practices today. That way, you can implement those ideas and provide the solid financial foundations your small business really needs.

Ensure Your Personal and Business Finances Are Kept Separate

First of all, you need to do the sensible thing and make sure that your business and personal finances are kept completely separate from one another. It might not sound like a big deal, but it really can be. If your business were to fail, you don’t want your personal finances to take a hit as a result, but that’s exactly what will happen if you tie the business’s finances to your personal finances. It’s one of the biggest mistakes new entrepreneurs make.

Understand Tax Obligations and Budget Accordingly

It’s important to understand the tax obligations your business has and to prepare for them too. When you fail to understand your business’s tax obligations, you run the very real risk of landing the business in hot water with the authorities for no good reason. When you don’t know how much tax you owe and you don’t budget with that in mind, you might struggle to pay when the tax man comes knocking on your door. So don’t take that risk.

Keep Hold of Your Receipts

When you’re doing the accounts and making sure that your taxes are not being overpaid, it’s a lot easier when you have all of the necessary receipts at your disposal. So it’s important to make sure that you’re keeping hold of all of those receipts and storing them somewhere in a careful and managed way. That way, you can make sure that you don’t end up stressing out and messing things up later on, as often happens.

Ensure Records Are Accurate

Your records need to be completely accurate and there’s no excuse for them not being. If you’re making mistakes constantly, all of those little accounting errors will add up to something quite significant, and that’s when your business can find itself in real trouble. That’s clearly not what you want to happen. So definitely think about how you can keep things fully accurate at all times across the business and its accounting practices.

Accounts Receivable Financing is an Option

If you want to borrow money for the business in order to fund its future growth, you might want to think about using accounts receivable financing . This is when you take out money against the invoices that haven’t yet been paid by clients. That money is owed to you, so borrowing against it shouldn’t be a problem. It’s a technique that’s used by many businesses, and as long as you understand how it functions, it could be beneficial for you.

Make Use of Bookkeeping Software

If you’re not already, you should certainly think about starting to use bookkeeping software to keep things organized and structured. Good bookkeeping software helps you to structure everything clearly and concisely, and it makes your life a lot easier than it might otherwise be. Good software options are easy to come by nowadays, so you can try a few of them out and see which of them works best for you. 

Be Prepared for Major Expenses

It’s always a good idea to have some money set aside in an emergency fund because you never know when you might have to deal with major expenses. Some issues can come your way at any moment, and you might have to spend a lot of money to get things back on track. You don’t want to go into debt every time an unexpected expense comes your way, so creating some kind of buffer is definitely important for the business.

So if you think that now is a good time to make changes to the way in which your business manages its money and takes care of its accounting obligations, be sure to make the most of each of the tips and ideas shared above. Your business will benefit greatly.

5 Everyday Items That Can Quietly Boost Your Brand

By Julie Starr • July 17, 2025
The best branding doesn’t always come from big campaigns or expensive graphics. Sometimes it’s the smaller stuff that leaves the biggest impression. Things people actually use, touch, or carry with them. That’s where your brand can quietly make its mark without needing to shout about it. If you’re only focusing on social media and business cards, you’re leaving a lot on the table. Here are five overlooked ways to get your name out there that feel natural, useful, and more personal. Thank-you slips If you’re already sending out orders, there’s no reason not to include a short thank-you slip. You can easily get these made through any decent online print shop , and they’re usually pretty cheap to run off in small batches. Just a simple note that says thanks, maybe with a reminder to follow you online or a cheeky discount code for next time. It’s quick, thoughtful, and makes the whole order feel more finished. Customers notice that kind of detail, especially when everything else they buy online comes with zero personality. You don’t need a complicated design either. Just something clean with your logo, a message that sounds like you, and maybe a social handle. The point is to give them a reason to come back or remember your name without it feeling forced. Branded zip pouches If you sell physical products, offer services, or run events, small zip pouches are surprisingly effective. Think of the kind you’d use for stationery, receipts, or travel bits. You can get your brand printed on the side and hand them out with purchases or include them in welcome packs. People keep them because they’re actually useful. They get tossed in handbags, school bags, or glove boxes and your logo just keeps turning up. Cleaning cloths for glasses or screens This one works brilliantly if you’re in tech, health, beauty, or anything involving screens or eyewear. A simple microfibre cloth with your branding on it can go a long way. Everyone needs one. Whether they use it for glasses, a phone screen, or their laptop, it’s something they hang onto. It’s not the kind of thing people throw away, and that means your name sticks around too. Receipt envelopes You might already use little envelopes to hand over receipts or business cards. Branding those envelopes is a small change that makes a big difference. Instead of someone getting a scruffy bit of paper in a plain sleeve, they’re handed something that feels a bit more finished. You can even add a message inside. Doesn’t need to be anything dramatic. A simple “thanks for visiting” or “see you next time” is enough to add a personal touch. Wet wipes or mini hand gels If your business is in hospitality, food, or anything hands-on, branded wet wipes or pocket-sized hand gels are surprisingly popular. People actually use them, especially at festivals, food stalls, pop-ups, or kids’ events. They end up in handbags or cars and stick around longer than you think. They don’t scream “marketing” either. They’re practical, and when done right, they make your business feel thoughtful. That’s what good branding does, it shows you’ve thought ahead.

How Student-Led ‘Energy Audits’ Are Cutting School Costs (and Lighting the Way Forward)

By Julie Starr • July 14, 2025
What happens when students stop waiting for adults to fix things and start conducting their own energy audits? Money gets saved. The lights get switched off. Data gets analyzed. And a quiet revolution in sustainability begins—inside schools that once overlooked their own inefficiencies. Across the globe, student-led energy audits are proving that change doesn't always need to come from a policy shift or a major capital budget. Sometimes, it begins with a clipboard, a spreadsheet, and a group of curious minds asking: Why are the hallway lights on at noon when sunlight floods the building? The Energy Detectives These audits aren’t science fair projects. They’re rigorous investigations, often done in collaboration with facilities staff, local environmental nonprofits, or even engineering mentors. Students go from classroom to classroom measuring electricity usage, checking for phantom loads , and identifying where heat is escaping in winter or air conditioning is leaking in summer. One high school in Ontario saved over $12,000 a year after its Grade 11 physics students ran an energy audit and suggested simple changes—LED upgrades, motion sensors in bathrooms, and smarter heating schedules. They didn’t just propose ideas. They pitched them with spreadsheets, thermal images, and payback timelines. It worked. Learning That Pays Off—Literally Unlike textbook learning, these audits blend real-world math, environmental science, economics, and persuasive communication. Students aren’t just learning about sustainability. They’re doing it. And the savings add up. From dimming overlit hallways to reprogramming HVAC systems that run all weekend for empty buildings, students are surfacing blind spots that administrators often overlook. In some districts, their findings are influencing energy policy. Elsewhere, the audits have inspired school boards to hire sustainability coordinators—often alumni of the student programs themselves. There’s something poetic about a school funding new books or laptops from money saved by students who found out the vending machines didn’t need to be plugged in 24/7. Why This Matters More Than Ever With education budgets tightening and utility costs rising, every dollar saved is a dollar that can go back into classrooms. And here’s where it gets interesting from a family finance perspective, too. If you’re a parent setting aside money for post-secondary savings, every bit of school efficiency helps. Fewer energy costs might mean more programming, better STEM facilities, or even bursaries. That raises a broader point: when families save for their children’s future, they often look into RESPs (Registered Education Savings Plans). And many wonder—is a RESP deduction available on my taxes? While contributions themselves aren’t deductible, the gains grow tax-free, and students often pay little to no tax when they withdraw the funds during school. A Movement Worth Replicating These audits aren’t just an exercise in environmentalism. They’re leadership labs. Students learn how to spot inefficiencies, speak up in board meetings, and make a business case for change. They don’t just flip switches—they shift mindsets. And they carry these habits into adulthood. The result? A generation growing up not only with climate anxiety, but also with tools to tackle it.