Even the top bookkeepers can’t make up for a business owner who’s disorganized and chaotic.
Here are some common problems:
- Failing to track business mileage
- Losing receipts and therefore deductions, especially GST credits
- A chequing account that’s used for both business and personal
All of these can cause more taxes than necessary to be paid.
Poor money habits add up to higher bookkeeping expenses. The good news is there are easy fixes for most issues once you put good bookkeeping practices in place.