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Members in the News
ADVERTORIAL

The Importance of Record Local Travel Agency Expands Company sion Travel and its membership in Virtuoso “is a perfect fit for
our luxury clientele.” Vanderheyden adds: “I am confident that
Across Canada Owners Peter And Linda
our staff and clients will see immediate benefits of being part
Keeping Vanderheyden Have Joined Forces With of Vision Travel.”
Vision Travel
It is no secret to local Southern Ontario communities that the “Peter has built a great organization and we look forward to
household travel agency created by Peter and Linda Vander- welcoming both him and his team into the Vision Travel fam-
By: Lucci Racolta, CPA, CA, LPA heyden means many things to today’s current traveler. Estab- ily,” says President Brian Robertson. Business is remaining the
lished in 1986, the Vanderheyden’s have stayed true to being same for local entrepreneur Peter Vanderheyden, as Peter will
a family-owned and operated business for over 30 years. With join the leadership team of Vision Travel.
12 branches across Southern Ontario, their team is made up of
The importance of keeping good records is essential for any small • Balance sheet, income statement (actual, budgeted, year-to-
business owner to understand. There are several reasons for this. date) professionals in the leisure, corporate, and group travel divi- Toyota Motor Manufacturing Canada makes
The first is for government compliance purposes. Canada Revenue • Bank reconciliation, to review bank balance and outstanding sions and will remain this same group of proud and dedicated $50,000 donation to Old Post Office project
Agency (CRA) requires you to keep your invoices and financial cheques travel professionals. The City of Cambridge and Idea Exchange announced $50,000
account statements (bank and credit card statements) for up to 6 • Accounts receivable and payable listing in funding for the Old Post Office project from Toyota Motor
years in the event of an audit. Not only that, but CRA also requires • Inventory listing, either informally or formally (work in Vision Travel President, Brian Robertson states, “As much as Manufacturing Canada (TMMC).
that you keep all your receipts as well, so be leery of advisors who process in the case of services) we are now a global company, this acquisition will create a
say that bank and credit card statements are sufficient. It may be, for much stronger network of brick and mortar locations across Reflecting TMMC’s commitment to innovation and science
bookkeeping purposes, but it is not in terms of validating deductions The same documents might be reviewed for larger companies Ontario, complementing our personalized approach to travel.” education, the donation will help inspire creativity and skills
and input tax credits for HST audit purposes. more frequently than monthly, and would include cash forecasting Peter Vanderheyden sees this as a growing opportunity for the development though access to cutting-edge technologies for
for payments of accounts payable and receipts of receivables and company to ensure that customers can expect their travel pro- the whole community.
Secondly, it is important to maintain current records in the event possibly any bank covenants you may be subject to as conditions fessionals to exceed expectations when it comes to booking
that you are comparing your actual results to your budget for the for bank financing. Proper record keeping facilitates keeping the travel in this modern time. “The Old Post Office project is a seamless blending of the his-
year. Speaking of budgets, it is vital for business owners to create above information current, which enables you as the small business toric and the modern to create a truly innovative space that
a budget each year. This way you are not only forecasting your owner to make better business decisions (pricing, output capacity), Peter and Linda have made it their immediate goal to partner will benefit and inspire residents and visitors alike,” remarked
sales and expenses for the upcoming months/year, but you are also react quicker to challenges (collections, inventory), and anticipate with another company that values the same type of focused Mayor Doug Craig. “We’re proud to have such a community-
comparing your actual results to how you thought you would do. the opportunities (investments, new ventures) and your ability to service they have started since the very beginning. Joining Vi-
This can assist you with cash flows as well (how much money will I take advantage of them as they arise.
have to pay my suppliers, pay my staff, and ultimately pay myself).
Each month, you can review your results for the month and year-to- Lastly, effective record keeping will allow the small business owner
date to see if perhaps you need to modify your pricing, output, or to monitor the bottom line and liquidity position which will enable don’t be a crocodile salesperson.
address any other constraints or opportunities that could be holding them to work with their accountant/tax advisor to plan out the best you know - big mouth, no ears!
your business back from achieving the results you planned. route for owner manager remuneration and tax at the corporate
level. Maximizing your after-tax cash flow should be every small ~ mark suster
As your company grows, the base level business owner’s objective, and is something Attend our Pure Selling course
of information you are retaining such as your Szczepski, Racolta, Jensen & Co. LLP to improve your selling skills.
receipts, invoices, bank statements, etc. may advisor can assist you with to enhance your Starts January 26 in Kitchener
stay the same. However, the frequency with financial well-being. and continues biweekly for 12
which you review information and the type Lucci Racolta is a Chartered Professional sessions.
of information you are reviewing will likely Accountant and partner with Szczepski, www.TACresults.com/pure-selling-ccc
The Achievement Centre
change. For instance, a smaller company Racolta, Jensen & Co. LLP. He draws on REGISTER 519-572-5977 murray smith, principal
Æ
here
would review the following on a monthly his experience to deliver public accounting
basis:
services in assurance, accounting and taxation
to small to medium sized businesses and non- We can make it happen for you!
profits, with a focus on excellent client service.

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2017 TEL : 519.745.8019 | FAX : 519.745.9437 : 519.745.8019 | FAX : 519.745.94379 745 8019 |9 745 8019 | FAXFAX : 519 745 9437: 519 745 9437 : 51: 51: 51: 51
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