How much cash does the business have access to? How much sales tax and income tax will you owe? Up-to-date bookkeeping helps you understand: If your bookkeeping is up-to-date, you will gain some operational benefits. Should you keep doing what you’re doing or make some changes?īookkeeping allows you to see the information to guide your business decisions. Is your business growing, staying the same size, or shrinking? Which products or services should you focus on? Useful Financial Reportingīookkeeping done well will allow you to view useful financial reports for your business. There are a number of other reasons why bookkeeping is important. Compliance with the CRA is just one of the reasons you need to do bookkeeping for your business. You do it because you have to file an income tax return with the CRA. For most business owners, bookkeeping is a necessary evil.
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