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Good record keeping allows for good bookkeeping which in turn brings accuracy and savings! Create a simple filing system that matches your bookkeeping intake checklist (Download KD's Monthly Bookkeeping Checklist HERE!). You have the option to use inboxes, folders or a filing system that works for you and your routine. It should be as simple as putting all the paperwork and receipts in the right inbox or folder daily. Remember, if your paperwork is organized and detailed, you can save money on your bookkeeping costs! Not only will it save you money on your bookkeeping costs, good record keeping will also...
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As mentioned in part 1 of our blog series, paying for business and personal expenses separately will not only ensure that you have accurate records but will also save you money on your bookkeeping and corporate year end! Another way to save money as a small business owner is to establish and maintain a good relationship with your bank. You will be depositing funds, writing cheques and paying for expenses regularly so ensure that you are on the right banking package. Bank service charges add up and it is important to be on the right package for the number of transactions...
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A small business owner typically pays for expenses in 4 ways: cash, cheque, debit card or credit card. It is important to keep your business and personal expenses paid separately and with proper records (receipts, invoice, and statements.) Paying for your business and personal expenses separately will not only ensure that you will have accurate records, but will also save you money on your bookkeeping and corporate year end. Remember, keep it simple. Have a business debit or credit card and a personal debit or credit card in your wallet. And when you make a purchase, ensure that you use the...
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As we mentioned in part 1 of our blogs series on Motor Vehicle Expenses, the CRA may soon be randomly targeting business owners who have claimed their motor vehicle expenses in previous tax years. To be able to prepare you for a possible tax review or audit in relation to your claimed vehicle expenses, here are more important things you will need to remember to ensure a smooth and quick review / audit process:1. If you use more than one motor vehicle for your business, keep a separate record for each vehicle that shows the total and business kilometers you drive,...
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