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Bookkeeping Tips and Best Practices

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Published on Feb 12, 2011

http://www.smallbusinessbc.ca/seminars Dianne Mueller takes you through her best practice bookkeeping tips for your business:
1 -- Be organized - be able to get your hands on your sourced documents at all times.
2- Have an audit trail for every transaction that you post.
3 -- Use a computer bookkeeping software. The reports that they provide are very detailed and will give you the information you need to move forward.
4 -- Reconcile your bank statements, credit card statements and vendor statements every month.
5 -- Comply with all Revenue Canada document retention requirements which is 7 years to keep the receipts
6 -- File all your Revenue Canada (CRA) remittances on time -- payroll, hst, corporate taxes and instalments

If you follow these steps you will not only have a plan in place for if things get tight in your first year but will have a basis on which to grow your business in the future.

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