Regardless of the size of your business, efficient bookkeeping practices are essential to keep any business running smoothly. Here are some helpful hints to help you streamline your bookkeeping process:

  • Set up a chart of accounts that best keeps track of all your bookkeeping information.

  • Balance and record daily sales and cash receipts daily.

  • Reconcile your bank account.

  • Watch closely your accounts receivable from customers.

  • Pay your bills accurately and on time.

  • Set up sales and revenue targets and monitor your progress closely.

  • Budget for all your expenses and compare your performance to budget regularly.

  • Watch for unusual changes in sales or expenses.

  • Monitor your gross profit closely and make any necessary pricing or purchases decisions.

  • Take care of slow moving inventory.

  • Pay your employee withholding taxes and GST/HST when due.

  • Take physical counts of your inventory and compare to your bookkeeping records.