Compared to employment, business ownership can offer independence and control, but can also create inescapable financial and other obligations. Salaries and other expenses must be paid regardless of how poorly the business does. The inescapable obligation to pay the appropriate notice pay when employees are terminated, was recently the subject of an Ontario Court of Appeal case.
Finance and accounting professionals must develop proficiency with a wide variety of laws, policies, accounting standards and technology. No one needs yet another New Year’s resolution, so the following tip is more a timely reminder - the rest of the year provides an opportunity to implement it – than a resolution. It is this: build your “soft” skills even as you work on your “hard” or technical skills.