Small business owners understand the value of maintaining accurate financial records. Smart, small business accounting practices are an essential part of managing your operations, planning for the future, and avoiding costly errors that catch the attention of the Canada Revenue Agency (CRA).
Dealing with unforeseen expenses is often one of the most significant financial challenges small business owners face. Plus, keeping up with accounting-related tasks can get overwhelming quickly if you’re unprepared.
From opening a business bank account to accurately recording your expenses to budgeting for the future, here are 10 ways for small business owners to help maintain accurate records and stay focused on growing your business: