What to know
Common bookkeeping and accounting habits that hide cash problems until they are urgent.
- Not reconciling bank accounts
- Relying only on the bank balance
- Poor invoice tracking
- Not following up on receivables
- Failing to separate business and personal accounts
- Not reviewing financial statements regularly
- Recording transactions inconsistently
- Not budgeting for tax payments
- Using accounting software incorrectly
- Not seeking professional advice early enough
Put it into practice
A monthly close, even a short one, will surface most of this list before it becomes a tax-season project.
A note about this resource
This is general information for business owners in Ontario and the GTA. It is not tax, legal, or accounting advice for your file.