Bookkeeping Basics — How to Keep Your Business Financially Healthy All Year

Introduction

Good bookkeeping isn’t just about tax time — it’s about keeping your business running smoothly year-round. Poor record-keeping can lead to cash flow problems, missed deductions, and CRA headaches.

Here’s a simple guide to keeping your books healthy.

Daily Tasks

• Record all income and expenses.

• Keep receipts and invoices organized.

Weekly Tasks

• Reconcile bank accounts.

• Send invoices and follow up on overdue payments.

Monthly Tasks

• Review profit & loss statements.

• Set aside tax savings.

Why Consistency Matters

Staying organized prevents stress and costly mistakes during tax season.