Bookkeeping, often referred to as record keeping, isn’t the most pleasant nor the simplest task to do, but it is indeed one of the most important ones for your business. If you are one of the business owners who doesn’t pay much attention to your bookkeeping, you may actually be setting your business up for some unfortunate problems at the closure of the financial year.
As the owner of a business, it is your responsibility to ensure that you maintain your records in a timely and accurate fashion. We understand that this can actually be quite stressful, but it is absolutely necessary. We’re going to show you some really useful tips that can help you to effectively keep your records. Read these tips below:
- Devote time to your books each week. Don’t think of it as a burden – think about this regular revision as another opportunity to ensure that your books and your cash flow are in order.
- Create a new business bank account for your business earnings and expenses so that your private transactions remain separate from your business transactions. A good idea is to apply for a business credit card as well.
- Try finding secure accounting software to keep your business records safely backed up. A good software option is cloud software, because it allows you to access you or your bookkeeper’s financial information when or where you need it.
- You should endeavor to get all your tax and compliance right. Keep all your receipts so that you can claim your expenses. Ensure that you learn about the necessary information for the tax seasons, so that you can file your taxes and claim your expenses without very much hassle at all.
- Always keep your records and receipts for at least 5 years. You need to keep and be able to access items such as invoices and receipts for sales and services from your business, invoices for goods and services purchased for your business, tax return information, stocktakes records, bank accounts and credit card statements, etc.
- Contact us for professional bookkeeping, accounting and taxing services. You can remain focused on your business and not have to worry about maintaining your records.
If you are looking for bookkeeping or accounting services in Ottawa, then you have come to the right place. We can help with book keeping, tax preparation as well as professional & local Ottawa payroll services. Additionally, we offer business advisory services as well as CFO/Controller services. Priti Lad Professional Corporation assists individuals who need a little or a lot of help in organizing and recording their financial affairs. Whether your time is limited, you find bookkeeping an absolute bore or you want to spend more time growing your business instead of working in the business, we can help.