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By Lisa Patrick on 2/2/2012 12:00 AM
Why proper record keeping is so valuable to your business!

Record keeping is considered by many entrepreneurs as one of the "least important" part of operating a business (unless you are an accountant). However, good record keeping is essential to your financial survival.  It also provides you the information paper trail tool to navigate through your records to uncover where the possibility of fraud is occurring or has occurred.

Reason #1:

If you have a business in Canada, The Income Tax Act requires you to keep records so that you can prepare complete and accurate tax returns.  Keeping careful records of all your financial transactions is also in your own best interest for the following reasons:

·      Good records help you to identify from whom you received your income.  You may receive cash or property from many different places.  Unless you have records showing sources of your income, you may be UNABLE to prove that some are non-business or non-taxable.

·      Well kept records...

postheadericon Recent Comments

Re: 5 Tips on How to be a Good Client for Your Bookkeeper
I hope all clients see this article!! THANK YOU for putting these simple tips out there. I feel like sometimes I am not taken seriously enough.
Re: Bookkeeping Basics for the New Entrepreneur and the 5 Mistakes You Need To Avoid
Great blog post! I can agree with everything mentioned here. Every business, regardless of size, needs some kind of bookkeeping system, whether it's manual or digital. In addition, every bookkeeper needs to be trained by a certified bookkeeping trainer. Bookkeeping training is really important because of the skills and experience it provides to all the bookkeeping students. In turn, this minimizes the risk for all the mistakes mentioned in your blog and ensures smooth-sailing. I look forward to reading more from you.
Re: Bookkeeping Quotes - How to Communicate Clearly!
Hi Linda
We are about to launch the quote - Look for more information over the upcoming days.
Re: Bookkeeping Quotes - How to Communicate Clearly!
Is there any word on when the quoting tool will be available?
Tks, Linda
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