If you're a small business owner in Canada, you might be making costly bookkeeping mistakes without even realizing it! These errors can lead to CRA audits, cash flow issues, and even business failure. Want to know what they are—and how to fix them before it’s too late? Keep reading! 1. Mixing Business and Personal Finances This is a recipe for disaster. Without a clear separation, tax season becomes a nightmare, and you could miss out on valuable deductions. Open a business bank account and use a business credit card from day one. 2. Ignoring Tax Deadlines Miss a deadline, and the Canada Revenue Agency (CRA) will hit you with penalties and interest. Set reminders for GST/HST, payroll, and income tax deadlines to avoid unnecessary fines. 3. Not Tracking Every Expense Every dollar counts! If you don’t track small expenses, you’re likely missing out on tax deductions. Use bookkeeping software like QuickBooks or Xero to stay on top of your spending. 4. Forgetting to Set Aside Money for...
Providing accurate bookkeeping service for small business, GST/HST Filing, Tax Ready Financials, Financial Reports, and Payroll in Barrie and Simcoe County.