Accountable Business Services presents top 10 reasons why you should keep complete, up-to-date and organized Records/Bookkeeping & Top 10 cons to not doing so.
Your Records/Bookkeeping should be:
- Reliable and complete;
- Provide you with the correct information you need to calculate your tax obligations and entitlements;
- Be supported by source documents to verify the information contained in the records;
- Include other documents, such as appointment books, logbooks, income tax and GST returns, etc.
Pros to having up to date and organized Bookkeeping:
- You are required by law;
- Good records/bookkeeping will help you identify the sources of your income;
- They will remind you of expenses you can deduct and tax credits you can claim;
- They will make it easier for you to determine your taxes owing;
- They will provide you with information on the past and present financial positions of your state of affairs;
- They will help you make good business decisions;
- They will assist you in getting loans from banks and other lenders;
- They will help to prevent problems if CRA decides to audit your returns;
- They will make your business more marketable and help you in selling your business or bringing in new partners;
- They will make your accountant happy and may reduce your professional fees.
Cons of not having up to date and organized bookkeeping:
- You may never know where you stand financially;
- You may miss important filing deadlines;
- You may incur significant interest and penalties with taxation and other authorities;
- CRA may disallow certain expenses that you are unable to support.
- You may miss discounts with vendors;
- You may not be able to obtain financing;
- CRA may begin legal action against you if no adequate records are available;
- You may incur increased professional fees;
- You may be deprived of important planning/budgeting tools;
- Bad records/bookkeeping may take you away from what you do best, spending time building your business.
We at Accountable Business Services (ABS) ABSPROF would be happy to assist you to improve your record and bookkeeping. We also offer full-service record and bookkeeping services for your convenience. Please Contact Us for more information on how we may help you improve your Business Record and Bookkeeping and Financial performance.
Accountable Business Services 9905 104 St NW T5K 2G5 Edmonton
Local # 780-850-4786, 403-478-6441
Toll Free: 1 (888) 556-7864
Fax Number: 780-669-7960