Top Ten list of things NOT to do – Small Business Bookkeeping Errors

Top Ten list of things NOT to do – Small Business Bookkeeping Errors

Top 10

Over the years we have seen several mistakes that businesses make when setting up their business records and completing their monthly bookkeeping.  Here is our Top Ten list of things NOT to do:

Small Business Bookkeeping Errors

  1. Did not have separate business and personal bank accounts
  2. Did not use separate business and personal credit cards
  3. Did not save taxes charged on sales and now unable to pay the Government remittance
  4. Did not know the filing deadlines for all Government remittances and incurred late filing penalties and interest charges
  5. Did not keep proper payroll records and was unable to prepare employee T4 slips
  6. Did not keep all expense and asset receipts resulting in expense claims to be disallowed by the CRA auditor
  7. Did not track customer invoices and payments causing cash flow problems
  8. Did not receive the operating loan for your business because there are no accurate and current financial reports
  9. Did not have fun doing the record keeping late at night
  10. Did not make an appointment before today with The Paper Chase Bookkeeping Solutions to avoid all of the above