Changes to business finances can be effectively managed with accounting software
February 05, 2013
As the Canadian economy continues to pick up following the recession, businesses throughout the northern nation are becoming more confident in their financial conditions. This means that changes are expected to take place as companies boost their hiring efforts, bring in new streams of revenues and develop additional strategies for success. Another element that will be impacting businesses is the fact that the Canadian penny will no longer be produced by the Royal Canadian Mint and will be phased out of all cash transactions. All of these alterations will result in firms having to create new financial processes, which is a task that can be accomplished through the use of business accounting software. With accounting technology, companies can streamline their procedures and ensure that all information is accurate.
Revenue increases expected
A recent study by UPS Canada revealed that a majority of the country's business owners (60 percent) said they expect to see an increase in revenues in 2013. This confidence is also reflected in forecasts for the Canadian economy, as 60 percent stated they believe conditions will improve nationwide. As a result of this optimism, leaders are planning on making more investments in their own companies throughout the year.
"It is quite clear that small businesses in Canada are optimistic about 2013 but what's most encouraging is that business owners seem to be adopting a renewed sense of interest in terms of investing in their business," said Paul Gaspar, small business director of UPS Canada. "This is quite positive, not only for small businesses in Canada, but also for the economy as a whole. The choice to invest in the future is a clear sign that confidence is building amongst Canadian business owners and many are already on their way."
Say goodby?e to the penny
As the investments take place, companies will be dealing with changes to their finances. Another alteration set to impact businesses and the nation as a whole is the discontinuation of the Canadian penny. The Calgary Herald reports that the Royal Canadian Mint stopped producing the small one-cent coins this week, and they will also be pulled out of circulation. This means that firms will need to get used to not using or seeing the currency for cash transactions. While it is not going to have a significant effect, the source notes, firms will have to adapt to the alteration.
To help with all these anticipated changes, businesses can use accounting technology to accurately track all finances and ensure figures are correct.