What accounting records do you need to keep?

In Canada, entrepreneurs must keep accurate financial records of all activities for their company for six years. Along with your financial statements (balance sheet, income statement, and cash flow forecast), you must keep records for all the individual accounts that make up those statements. What are the most important accounting records to keep? In Canada, the major accounting records that you must accurately keep are:…

Most important accounting records for a small business in Canada

As a Canadian entrepreneur, you must keep accurate financial records of all activities for your company for six years. Along with your financial statements (balance sheet, income statement, and cash flow forecast), you’re required to keep records for all the individual accounts that make up those statements. What accounting records do I need to keep? In Canada, the major accounting records that you must accurately…

Understanding cash flow in a small business

Why is it important to understand flows of cash as they move through your small business? Even if you don’t think you have a head for numbers, not keeping an eye on your cash needs is one of the quickest routes to business failure. Here are some key things for every small business owner to keep in mind about cash flow. The difference between sales…