Use this small business accounting checklist to stay on top of all of your business accounting needs.
The key, of course, is to create a realistic plan with a budget, record your transactions correctly, review your results regularly and always keep good records. Your comfort level with the three basic financial reports that evaluate your fiscal health is also essential: the balance sheet, income statement and cash flow statement.
1. Check cash position
2. Record transactions
3. Document and file receipts
4. Review unpaid bills from suppliers
5. Pay suppliers, sign cheques
6. Prepare and send invoices
7. Review projected cash flow
As you gather all of your slips and receipts to bring to us, it is important to ensure you gather 2018 documents in case of a CRA review/audit. We have provided some useful tips below to ensure you gather 2018 documents sufficient: Donation slips: For each donation made, get or request an official tax receipt. The […]
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