Audited vs Unaudited Financial Statements

In the intricate world of financial reporting, it’s important to understand the difference between audited and unaudited financial statements in both how they should be used and who they should be presented to. Whether your financial statements are audited or unaudited plays a pivotal role in determining the trustworthiness associated with a company’s financial standing. […]

Sole Proprietorship vs Incorporation: Pros and Cons

Sole Proprietorship vs Incorporation

Are you looking at the difference between a sole proprietorship and incorporating and unsure what is right for your business? Don’t worry, we’re here to help! In this blog we’ll cover what a sole proprietorship is as well as the advantages and disadvantages, plus the pros and cons and incorporating. If you are looking at […]

5 Ways Small Businesses Can Save Money Their First Year

A small business’ first year can make or break their ability to succeed. Very few businesses are able to turn a profit their first year, so saving money is incredibly important. We want to see your small business grow and thrive, so that’s why we’ve come up with some tips on how small businesses can […]

13 Time Saving Tips for Business Owners

We’ve all heard the age old adage ‘time is money’, and although it may sound like a bit of a cliché, there’s also truth to it. As a business owner, saving time can help you pursue new opportunities, ensure your customers are satisfied, as well as get some well deserved rest to avoid burnout. If […]

How to Sell Your Business in Canada

Are you looking to sell your business in Canada? There are several things you need to consider and steps you need to take as you work towards selling your business. If you’re looking to sell your business in Canada, it’s important that you’re financially and mentally prepared to have someone else take over what you’ve […]

Essential Elements of a Business Plan for 2023

Your business plan is a blueprint for your success. Whether you’re a new business just starting out, or you’re veterans in the industry and just want a refresh, it’s important to have a well thought out plan for your goals and success metrics. Here at Gallo LLP, we want to see all of our clients […]

Should I Lease or Buy Business Equipment?

Deciding whether to lease or buy business equipment can be a difficult decision. As a new business owner it can seem incredibly costly to purchase new equipment, but leasing can have different stressors attached. Here at Gallo LLP, we want to ensure you make the best financial decisions for your business. Read our blog to […]

How to Incorporate a Business in Canada

As a business owner, you’re likely wondering how to incorporate a business in Canada. Whether you’re a sole proprietor looking to incorporate, or you are starting your business as a corporation, it’s important to understand the process of incorporation to ensure all your accounts are in order. If you need assistance incorporating your business in […]

Salary vs Dividends: How to Pay Yourself as a Business Owner

As a business owner, one of the key things to consider is how you are going to pay yourself. Deciding between paying yourself a salary or receiving dividends can be difficult. There is a common misconception that dividends are always subject to lower tax rates as they are investment income, not ‘earned’ income. However, the […]

When to Hire an Accountant for a Small Business

As a small business owner, you’re likely wondering when to engage a professional accountant. Hiring an accountant for a small business can seem like something to put off, as you may not feel in a comfortable position to start hiring consultants. However, accountants should be one of the earliest professionals you work with as they […]