Tips from TAP – Handle your own bookkeeping

Bookkeeping is a painful part of operating a business, but it is a back office function that must be done.

Here are a couple of tips for those handling their own bookkeeping.

  • Separate your personal and business bank and credit card accounts.
  • Ensure that you save EVERY receipt. Credit card receipts that do not show what was purchased are not a receipt according to Revenue Canada.
  • If you are remitting GST or PST quarterly or annually, put it aside in a business savings account to ensure that the funds are available when they are due. Same for payroll remittances if you have employees.
  • Look at the big picture. Is your business seasonal? Does it have busier seasons? By knowing this you can plan accordingly.
  • Plan for Major Expenses: Determine the minimum amount you would need to operate for 6 months and start saving. Then start planning and saving for the expansion of your business!

Download the printable PDF document.