The Do’s and Don’ts of Bookkeeping

BOOKKEEPING DO’S
1. Prepare monthly financial statements.
2. Reconcile bank accounts at least monthly when statements are received.
3. Keep an eye on your monthly cash flow.
4. Have a plan when it comes to calculating payroll.
5. Use professional resources such as your financial coach, bookkeeper, accountant and lawyer for financial advice and tax planning.

BOOKKEEPING DON’TS
1. Don’t wait until you absolutely need it to secure credit. Plan ahead.
2. Don’t delegate cheque signing authority.
3. Don’t mix business and personal assets.
4. Don’t use money allocated for payroll/sales taxes for other uses.
5. Don’t pay an invoice before first cross checking it with your purchase order.

bookkeeping-work-wise

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