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Business owners and career professionals have
a few characteristics in common that allows
them to be successful.

One such trait is their ability to delegate
tasks that can be accomplished better by
someone else.

This action can be the difference in whether
you earn a high income.

And when you delegate correctly, you actually
get more done… by doing less.

Here’s the story…

We have become expert goal setters. We have
clearly defined the action steps needed for
success. We have also changed the way we look
at life, and the happenings in it. Now we
must master the art of avoiding
procrastination.

Procrastination is an action, or lack of
action, that can kill productivity. It can
cripple you in your personal financial
status, and it will ruin the progress of a
growing business that you own.
Procrastination limits your ability to
sustain the momentum you have gained from all
of the other positive life changes.

One way to avoid procrastination is to
remember the lesson of doing what you love.
You can also draw from knowing that you must
limit your daily actions to those special
talents that you are truly good at. Limit
what you physically do to just a few (3 or 4)
things every day.

By choosing only the tasks that you love and
that you are good at, you will have no
problem in accomplishing them in a timely
manner. This productivity is built in, as you
enjoy doing the things you have assigned
yourself. Delegating the other tasks, while
every bit as important as the ones you chose
for yourself, can be performed by a peer or
staff member who may be better suited for
them.

Making the connection between delegation and
procrastination is pretty simple. Say you
have to paint three more paintings for your
art show. The promotional flyers need to be
designed and printed, and the caterer needs
to be notified of last minute menu changes.

You are adequate at writing promotional copy,
and terrible at the software suite that
designs the flyers. You know this task needs
to be done for the show, but you put it off
until the last moment, and then end up
spending double your budgeted amount on the
rush print job and the design help you got
from the printer.

The three paintings that you turned out were
not your best work, and the menu got changed,
but to the satisfaction of the caterer and
not you, the star of the show! By failing to
delegate the flyer work and the event
planning, you procrastinated in getting those
tasks done. It caused your art to suffer, and
cost you money.

This ripple effect can be avoided by simply
focusing your efforts on what you do well,
and delegating the rest. By delegating the
other tasks you would have focused on your
painting, and ensured that the quality of the
art at the show was up to snuff. Your event
also would have been attended by more people
perhaps, and the food would have been to your
liking as well.

Procrastination in the form of failing to
delegate tasks to others is just one way that
you lose momentum in business. No one can be
everything to everyone. That is true in life,
and it is also a wealth secret that many who
earn a high income know.

Love,

Raymond

It is the time of year that we should begin thinking about Year End Tax Planning, and one area that is often given little thought is the planning   for charitable donations. In a vast majority of work places, the push is on to give to the United Way through either payroll deduction or a lump sum payment, so now is a good time to review what tax deductible gifts are and what the benefits are from a tax viewpoint: Canadians can follow my post take action and you can get a sizable refund based on how much tax deducted. You need to email     me if interested.

Tax deductible charitable gifts include the following:

ü Money or other property
ü Gifts of ecologically sensitive land (get Certificate for Donation of Ecologically Sensitive Land)
ü Capital property—cottages, securities, land, buildings, equipment at their FMV
ü Listed personal property
ü Inventory of a business
ü Gift of certified cultural property to a designated institution or public authority under the Cultural Property Export and Import Act

Federal and provincial credits can be claimed with official receipts:

ü Claim eligible amount of gifts made in the year or you can carry forward for 5 years
ü Claim carried forward gifts first; then current year gifts
ü Gifts in kind: donation appraisal must be from knowledgeable appraisers and follow Uniform Standards of Professional Appraisal Practice.
ü Gifts of less than $1,000 usually do not require appraisal
ü File Schedule 9 with your Federal tax return

Deductibility:

ü 15% of the first $200; 29% thereafter plus provincial portion
ü Up to 75% of net income can be given as charitable donations; 100% in year of death or immediately preceding year
ü the individual’s total Crown gifts
ü the individual’s total cultural gifts
ü the individual’s total ecological gifts

Start planning now to meet your charitable donation goals and the receiving the best tax deduction based on your charitable giving.

We want to tell Canadians in all provinces about our new addition to our Services. We will be launching NobleAccounting – Tax Club as soon as November. I am certain that everyone could appreciate our club benefits. Anyone can join our on line Tax Club for a annual membership fee at two levels (1) Individual Bronze (2) Business Bronze and after receiving some services upgrade to Gold membership for a fee. At these two levels, for your membership you would access our services based on your tax or business situation you are in at present, we would act on your behalf as authorized agent or rep in any tax matter. Would not all you Canadians love our Tax Club service? Your comments are  welcome.

Since IFRS is supposed to be recognized in 2008 tax reporting it is  important to ask how a small and medium sized enterprise will be defined in the incoming IFRS…

According to International Accounting Stardards Board the definition of an SME “states that the entity can have no publicly traded debt or stock, or the entity cannot be deemed as having “public accountability” such as holding assets in a fiduciary capacity for a broad group of outsiders (banks, credit unions, broker-dealers, mutual funds, and so forth). They apparently didn’t want to use the term “public accountability” in the title, as they felt it might cause more confusion. For example, Joe’s Hot Dog Stand may be publicly accountable to the health department, but obviously that isn’t the intent of the standard.”

Further

“The users of SME financial statements often differ from the users of financial statements based on full IFRS or U.S. GAAP. Users of the financial statements of private companies (generally, lenders, creditors, or owners) usually focus more on shorter-term cash flows, liquidity, balance sheet strength, interest coverage, and solvency issues. That means they do legitimately need an accounting standard for private companies that would meet the needs of their financial statement users while balancing the costs and benefits from a preparer perspective.”

The slimmed down version of IFRS is only 230 pages compared to the 17,000 pages for large corporations. Clearly hiring the right accountant is crucial in a successful transition when you have so much information to deal with… i.e. “General Electric had to endure (heat) over incorrectly implementing Financial Accounting Standard No. 133, Accounting for Hedging Activities  -the grand dame of complex and convoluted standards, more than 800 pages long”…

In spite of the urgency to get started on adopting the new standards it is said that the market will drive acceptance of the new IFRS standards -especially in the Western world and America. For more details on the benefits of IFRS for SME check out this excellent report by Compliance Week Columnist Colleen Cunningham. http://bit.ly/t8d7l

The Hurclean feat of understanding and adopting the new IRFS lies ahead for not only accountants but SME! Prepare today!

The Hurclean feat of understanding and adopting the new IRFS lies ahead for not only accountants but SME! A Word to the Wise...Begin to Prepare today!

What is IFRS? What does it mean for SME in Canada, the UK and the USA? The buzz in accounting circles these days is about the new International Financial Reporting Standards. Globalization marches on and its impact is felt in every industry be it technology standards for the internet or  new accounting practices worldwide. This blog post will provide some basic background on IFRS in order to get you familiar with the basic concept…

One of the keys to success in business and life is the ability to read financial statements. In fact, Robert Kiyosaki, author of Rich Dad, Poor Dad says this ability is key to developing your financial IQand your wealth!  Financial Statements are at the heart of accounting standards as they contain key information that effects all business players including “present and potential investors,employees, lenders, suppliers and other trade creditors, customers,
governments and their agencies and the public. All these parties use financial
reports in order to satisfy some of their different needs for information…”

Prior to the introduction of the new International Financial Reporting Standards there exists a Framework for the Preparation and Presentation of Financial Statements. To view an overview of the Australian framework check this link

http://bit.ly/dkZEy

According to the Canadian Accounting Magazine “The International Accounting Standards Board has issued an international financial reporting standard (IFRS) designed for use by small and medium-sized entities, which are estimated to represent more than 95% of all companies. The standard is a result of a five-year development process with extensive consultation of SMEs worldwide.”

This document is a mere 230 pages…and will soon be favorite reading material for all accountants. This new standard was created in response to “to strong international demand from both developed and emerging economies for a rigorous and common set of accounting standards for smaller and medium-sized businesses that is much simpler than full IFRSs”

http://bit.ly/p6tcc

These standards are already used in many parts of the world including Europe, Hong Kong, Australia and Pakistan. For a full list of who is using the IFRS standards currently check this link. http://bit.ly/3fAsle

Why are Canada and the US not on board yet? Apparently adoption of these new standards requires a new mind set.  It requires a sift from “rules” to “principles”. While change is the order of the day in some many ways from the new American President to new bank regulations in the USA it seems the western world in spite of its love for new technologies that appear at warp speed drags its feed when it comes to financial changes. It may seem to be semantics but what is the difference between rules and principles  you may ask. We will leave the question of  ethics to a later post.

Canada is set to fully adopt these new standards by January 1st, 2011 which gives you a year to start to make the metal shift and become familiar with the differences. The US has started – all American companies must adopt the standards by 2014. India is on the same timetable as Canada while Europe is miles ahead of us having adoped these principles five years ago! Which begs the question, where did the concept of globalization arise from anyhow? We think of it as the expansion of multinational corporations  but historians argue that it has been around since the dawn of the Roman Empire. One thing is for sure these new standards are here to stay for some time.

As a small or medium sized business owner where you aware that this change in reporting is taking place? What are your concerns or questions? Feel free to post your comments below.

Welcome to The Noble Accounting Blog. This blog will include posts that  “chew” over  accounting concepts and ideas and practices as well as goings on in my professional life. I am looking forward to creating them for you and having you post your comments and share your feedback with me. I am wishing abundance and prosperity to all on this blessed Thanks Giving.

Regards,

Russ Noble

CEO, Noble Accounting

www.nobletaxaccounting.com

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