You Be The Boss
- Posted by Sanjeev Kamra
- On January 25, 2011
- 0 Comments
Be able to show that you honestly feel that the business will generate a profit for you in case this is challenged down the road.
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If it is audited by CRA, you will be showing them your business transactions only and not a mix of personal affairs as well. Auditors are happier when the audit trail is clean and clear. It is important from day one to have a proper accounting system.
Your business may be small enough that a manual ledger will suffice. However, as your business grows, you get more reviews and may find that a lot of your time is consumed with running the business and your time to record the transactions lessens. Many sole proprietors use computer based software such as Simply Accounting or QuickBooks to maintain a proper ledger. These programs are relatively inexpensive and will generate useful information for you to help monitor and plan your business, just as long as the input is done correctly. It is important to speak to a qualified accounting professional when planning your accounting system. In most cases hiring a professional bookkeeper is inexpensive and hassel free.
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