Our Program Manager, Cheryl Miki, details the process of paying new staff in this first post in a three-part series exploring the hiring of new staff . Hiring New Staff Part 1: How do you Pay Them? So you’ve decided to hire someone. Yay, new blood for the organization! In the non-profit community, where small […]
Category Archives: Accounting
How to Read Financial Statements Part 3: The Balance Sheet
Categories: Accounting
Cheryl Miki returns to close out her 3 part series exploring financial statements. You may access part 1 and 2 below. How to Read Financial Statements Part 1: Basic Profit and Loss How to Read Financial Statements Part 2: Complex Profit and Loss How to Read Financial Statements (Part 3 – Balance Sheet) Oh balance […]
How to Read Financial Statements Part 2: Complex Profit and Loss
Categories: Accounting
This blog post is part 2 in a 3 part series exploring financial statements. For part 1, click here https://art-space.ca/how-to-read-financial-statements-part-1-basic-profit-loss-2/. How to Read Financial Statements (Part 2 – Complex Profit & Loss) If you’re just joining us, we’re all sitting at board meeting going over the latest financial statements that were just handed out by […]
How to Read Financial Statements Part 1: Basic Profit & Loss
Categories: Accounting
This is the first blog post in a three part series exploring financial statements. Cheryl Miki is the program manager at Artspace and heads the Arts Management Program. So you’re at the board meeting of your favourite organization and the treasurer passes around a copy of the latest financial statements. Everyone gives them a respectable […]
Charitable Receipting Video
Categories: Accounting
Hey folks, Canada Revenue Agency has done up an info video on how to issue charitable tax receipts, including what is, and is not, eligible. The video is a little slow, and I’m not so keen on the barbie-esque animation, but the information is solid and easy to understand. Videos and recorded webinars for charities […]
What’s the Difference between Accounts Receivable and Accounts Payable?
Categories: Accounting
I always have to take a moment when I call another company about an invoice I’ve received from them. I call the general line and they ask me which department I want, and I have to think, is it the accounts receivable or payable that I need to speak to? The difference between the two […]
How to Make Cash Flow Projections (and sleep better at night)
Categories: Accounting
Remember how I said earlier that your profit and loss statement isn’t about money, and that it can’t tell you whether or not you can afford to pay for all your programming? The P&L can only tell you what you’ve done in the past, and it really has no relation whatsoever to your bank account. […]
Why is it called a balance sheet?
Categories: Accounting
Remember playing on the teeter-totter when you were a kid? I don’t know about you, but I always ended up stuck in the air, held up by my big brother who would not let me down until I cried, “Charlie Brown, Charlie Brown, Let me down!” He’d respond with, “What will you give me?” and […]
How to read Financial Statements (Part 3 – Balance Sheet)
Categories: Accounting
Oh balance sheet, you poor misunderstood creature. How often are you ignored? So often! And so sad because the balance sheet is absolutely crucial when trying to answer that most common question: Are we ok? Too often we turn to the Profit and Loss statement to answer all our financial questions, but the P&L cannot […]
How to read Financial Statements (Part 2 – Complex Profit & Loss)
Categories: Accounting
If you’re just joining us, we’re all sitting at board meeting going over the latest financial statements that were just handed out by the treasurer. We think we’ve got the basic idea of a Profit & Loss statement, that it tells us how much we earned and how much it cost to earn it, but […]
