Two of our team members recently travelled to Barbados to develop business opportunities for MRSB Consulting Services
Contributors: Stacey Evans, Business Development Officer and Brenda Wedge, Principal & Senior Consultant with MRSB Consulting Services
Since our last blog post on MRSB Consulting Services’ international work, there have been some exciting developments in this area that we’re happy to share. Just a few weeks ago we participated in Trade Team PEI’s latest trade mission to the Caribbean. This trip provided an excellent opportunity to meet new potential partners, identify upcoming opportunities and to strengthen existing partnerships with professionals in the region. Our consulting team has now doubled the number of business engagements in the Caribbean and has tripled the number of Caribbean countries where we are providing consulting services. As we build our experience through these projects it becomes increasingly clear that there are many similarities in the opportunities and challenges faced by countries in the region, but there are also unique realities that can only truly be appreciated through working hands-on in specific countries or in partnership with professionals there.
So, what kind of work have we been involved in, exactly? Three of MRSB’s consultants have now been engaged to provide business planning and advisory services to entrepreneurs through the Inter-American Development Bank’s Compete Caribbean Program; Kathleen Townshend and Don Currie are working with innovative entrepreneurs in Haiti while MRSB partner Lloyd Compton is working on an exciting project in Belize.
These missions have played an important role in opening new doors of opportunity. For instance, as part of the trade mission, MRSB was invited to attend a regional Technical Vocational Education and Training Conference. It became evident from the presentations that governments and post-secondary institutions in the Caribbean are at an important crossroad as they realize the importance of building partnerships with industry and ensuring educational curriculum reflects the needs of the national and regional job market. We also had the opportunity to learn about current initiatives as well as upcoming projects that will seek to address these labour market gaps. Our team’s experience working on similar projects with Holland College and the University of Prince Edward Island have provided us with best practices to assist with these types of initiatives in Barbados and across the region.
Looking ahead, MRSB anticipates welcoming an inbound multi-sector mission from the Caribbean to Prince Edward Island in spring 2014 and to further grow our connections and expertise in this promising international market.
The MRSB Bookkeeping & Reporting team gives a quick run-down of your options as a small biz owner
As the owner of a small business, you are probably planning to spend at least a few hours huddled over your desk this month, working out payroll deductions for your employees, or perhaps just for yourself. Payroll has come a long way over the years and there are many options in terms of tools and programs to help you. There is still the manual ledger, but these days that requires you to look up the deductions on the Canada Revenue Agency’s website using the Payroll Deductions Online Calculator (PDOC). What if it’s storming and you can’t get into the office on payroll day? Or it’s summertime and you’d really rather spend your day on the beach?
Well, these days you can pack up your laptop and use one of the many accounting programs with integrated payroll. Our personal favorite is Sage 50, formerly Simply Accounting. QuickBooks is another option. These programs allow you to generate paychecks for your employees, using the most up-to-date payroll tax calculations.
If you are looking to further heighten your efficiency come payroll time, you can opt for direct deposit software which enables you to electronically transfer funds into employees’ bank accounts. This not only saves time, but also gives you flexibility to pay your employees from any location. Sage 50 has an add-on called Sage 50 EFT which can perform this function. Other examples of this type of service are Telpay and Beanstream. Your bank may also offer a direct deposit solution for your payroll.
If you require additional information, we are proficient in all of the above and can help you set up your system. Or, if your beach chair takes priority, we can just take over your payroll process and let you work on your tan!
We seem to be on a roll here in terms of introducing new services for our entrepreneurial clients. This definitely isn't a bad thing! At the end of January we introduced you to our Business Value Enhancement service from the MRSB Valuation & Litigation Support team. This month we'd like to talk about a new service from MRSB Tax Services.
Because we're all about letting the experts speak for themselves. Martin Goguen, the newest addition to our tax team, will take it from here and explain what this service is all about and the benefits it might offer your business.
Let me introduce myself - my name is Martin Goguen and I am new to Prince Edward Island and to the MRSB Tax Services team. I have been working in the field of indirect tax for the past decade, primarily as an independent consultant but also for national accounting firms all over Atlantic Canada, Ontario and Quebec. My primary focus has been Tax Recovery, which entails improving clients' ability to recover taxes and minimize tax liabilities. I have successfully recovered millions of dollars in overpaid taxes on behalf of organizations of various size, scope and industry. I'm happy to have joined with MRSB and to be part of their multi-disciplinary team and progressive approach to service delivery. I am confident that we will achieve our goal of providing extraordinary, value-added services to our clients regardless of size and industry.
In my experience, approximately 95% of the businesses I've worked with have walked away with extra money in their pockets.
So, how might the specialized services I provide benefit your business? In a nutshell, I conduct a comprehensive review of your indirect tax compliance processes (GST/HST, PST, Excise Tax, Fuel Tax, duties, etc.) to find out whether you are eligible to 'recover' taxes in any of these areas. Although our review is focused on past transactions, we also recommend ways that you can enhance your processes so you won't overpay in the future.
Your first question might be, "How likely is it that I've got recoverable taxes?" In my experience, approximately 95% of the businesses I've worked with have walked away with extra money in their pockets. 100% of the businesses I've worked with have benefited from the review process either by virtue of found money and annual savings, or by improving their tax compliance system to better manage their taxes.
You might then say, "But what if I'm one of the businesses that doesn't have any recovered taxes coming to me? Is it in my best interest to pay for a service that may or may not yeild results?" A valid question, and the answer is simple: You won't pay us anything until savings are realized by you. We are confident in our ability to benefit your business and want you to get the best end of the deal at all times.
The truth is, overpaid or unrecovered taxes may be inadvertently increasing your organization's costs, which can directly affect your bottom line. I believe that complying with Canadian tax regulations should be part of a process that enables fast refunds while effectively managing compliance costs and reporting requirements. We are fully prepared to tailor your review to your industry and organizational needs, following a five step process to achieve results.
If you would like more information on our Tax Recovery service or have other tax-related questions, visit our Tax team page and contact one of our advisors.