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What are Bank Reconciliations & Why Do Them?

What are Bank Reconciliations & Why Do Them?

A bank reconciliation is when you compare your accounting records to your bank and credit card statements. I recommend doing your bank reconciliations monthly, and here’s why:  Verify Cash Flow - Knowing exactly how much cash you have in your bank account at all times...

Mileage, do you track your business mileage?

Mileage, do you track your business mileage?

Mileage, do you track your business mileage?? If the answer is no, I highly recommend you consider starting. These miles could be claimable at tax time!  What are business miles? We’re in Canada, so I guess the question would be, what are business kilometres?? ...

Keeping Personal & Business Banking Separate

Keeping Personal & Business Banking Separate

If you are a client of mine, you will know I am always telling you to keep your Personal & Business bank accounts separate! Always! No exceptions!And Why? Having commingled accounts may put your personal accounts at risk in the event of an audit from the CRA...