Best Bookkeeping Practices to Help You Manage Your Business

Part of the Bookkeeping for Canadians For Dummies Cheat Sheet

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.

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Bookkeeping for Canadians For Dummies Cheat Sheet

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