Bookkeeping Tips and Best Practices

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www.smallbusinessbc.ca Dianne Mueller takes you through her best practice bookkeeping tips for your business: 1 — Be organized – be able to get your hands on your sourced documents at all times. 2- Have an audit trail for every transaction that you post. 3 — Use a computer bookkeeping software. The reports that they provide are very detailed and will give you the information you need to move forward. 4 — Reconcile your bank statements, credit card statements and vendor statements every month. 5 — Comply with all Revenue Canada document retention requirements which is 7 years to keep the receipts 6 — File all your Revenue Canada (CRA) remittances on time — payroll, hst, corporate taxes and instalments If you follow these steps you will not only have a plan in place for if things get tight in your first year but will have a basis on which to grow your business in the future.

Comments

poie44 says:

All really good advice.

BusinessExchange1 says:

Great video, thanks for the tips!


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