Record keeping is extremely important for businesses. Good record keeping allows for good bookkeeping which in turn brings accuracy and savings to the business. Having records of your financial transactions in an organized manner allows your bookkeeper to be able to go through your records in a more efficient way which saves you money in the end!
Aside from this, good record keeping also shows a business owner where his or her business stands financially. As any business owner will tell you, you will need to stay on top of everything in your business. Having your records on hand when you need them will allow you to oversee the bigger picture and determine which areas you need to put more focus on.
Good record keeping will also come in handy when your business is selected by the CRA for a review or audit. You know that when the CRA asks for your records and they find that your records are a mess – they will keep coming back to check on you, year after year!
To help you get started, you can go check out KD’s FREE Monthly Bookkeeping Checklist. This checklist provides a comprehensive list of required documents to help you complete and organize your monthly bookkeeping documents. Download our checklist today at KD's Monthly Bookkeeping Checklist.