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The difference between cash flow and profit The timing of income and expense is imperative. If income exceeds expenses, there will be a profit, but only if there’s enough income to cover expenses and keep the business operating as payments come due. A good way to learn respect for the concept of cash flow is to compare it to the idea of profit. As a business owner, you understand and strive to make a profit. If a retail business is able to buy a retail item for $1,000 and sell it for $2,000, then it has made a $1,000 profit. But what if the buyer of the retail item is slow to pay his or her bill, and six months pass before the bill is paid? Using accrual accounting, the retail business still shows a profit, but what about the bills it has to pay during the six months that pass? It will not have the cash to pay them, despite the profit earned on the sale. As you can see , profit and cash flow are two entirely different concepts, each with entirely different results. The concept of profit is somewhat narrow, and only looks at income and expenses at a certain point in time. Cash flow, on the other hand, is more dynamic. It is concerned with the movement of money in and out of a business. More importantly, it is concerned with the time at which the movement of the money takes place. Truthfully, the concept of cash flow is more in line with reality. If you use the accrual accounting method, it is helpful to know how to convert your accrual profit to your cash flow profit. Accrual accounting vs. cash accounting Converting accrual profit to cash flow profit Changes in accounts receivable Changes in inventory Changes in accounts payable Changes in notes payable Profit vs. […]

As the new Omicron variant sweeps across the world, case rates are skyrocketing For more information, visit In just over three weeks, the active cases in the region served by our Eastern Ontario Health Unit (EOHU) have increased by almost twenty-fold. To slow down the spread of the contagious COVID-19 Omicron variant, the Government has re-introduced measures to protect Ontarians and protect our hospital capacity to save lives. Therefore, on Wednesday, January 5, we returned to a modified Step Two of our Roadmap to Reopen plan. This includes online learning for students until at least January 17. Supports will also be put in place for eligible frontline workers who require emergency child care and special needs students. Take out, and delivery is still available. Case rates across the country and locally bear out predictions from Ontario’s Chief Medical Officer of Health that Omicron transmits between four and eight times faster than the Delta variant. In the Eastern Ontario Health Unit area, we have far exceeded our previous cases record, increasing almost twenty times over the past three weeks. […]