gasilgt.blogg.se - Starting a freelance bookkeeping service.pdf

Good bookkeeping will also help you to avoid costly and time-consuming audits. Keep the CRA happy by filing and paying taxes on-time.

Yes, compliance is also important for your business. Managing your cash flow will allow you to take early payment discounts or stock up when your supplier has a sale. It also will help you take advantage of upcoming opportunities. This especially is important when it’s the CRA that you owe money to. This will help you to you avoid penalties and interest on late payments.

How much cash will the business need over the next month, quarter, and year?.

How much cash does the business have access to?.

How much sales tax and income tax will you owe?.

Up-to-date bookkeeping helps you understand: If your bookkeeping is up-to-date, you will gain some operational benefits.

Should you keep doing what you’re doing or make some changes?īookkeeping allows you to see the information to guide your business decisions.

Is your business growing, staying the same size, or shrinking?.

Which products or services should you focus on?.

Useful Financial Reportingīookkeeping done well will allow you to view useful financial reports for your business. There are a number of other reasons why bookkeeping is important. Compliance with the CRA is just one of the reasons you need to do bookkeeping for your business. You do it because you have to file an income tax return with the CRA. Why Is Bookkeeping Important?įor most business owners, bookkeeping is a necessary evil. This step-by-step guide will give you all of the information you need to make bookkeeping easy for your Canadian business. Bookkeeping doesn’t have to be difficult.