1. Mixing business with personal finances One of the most common mistakes is not having a separate business account for your business. It is important to keep the accounts separate to keep an accurate record of transactions and to understand where the money is coming from and where the money goes to. Otherwise, there is no separation of business from your personal finances and it becomes a jumble of information. It is good practice to pay for your business expenses from your business account, and pay yourself on a regular basis through salary, dividend or a mix of both. 2.…
Audits can be scary—and for good reason. Your savings, business, house, and way of life are all at potential risk. From the very beginning, you’re playing defense and when it comes to the CRA, you’re guilty until proven innocent. The onus is on the taxpayer to provide supporting documentation and to defend the claims made. One of the first questions most clients ask is how to avoid an audit. Our advice is simple: File on time, be organized, maintain your records properly and be reasonable in your claims. Whether your audit ends up easy or a hardship is up to…
So you need a loan, now what? Whether you're funding a capital project, consolidating debt, managing cashflow, buying real estate, or maybe buying-out a partner, the old adage rings true: If you fail to plan, you plan to fail. There's no way around it—access to credit when you need it is critical to businesses large and small. That's why we recommend clients get organized and know what to expect, long before the time comes for you to start talking to your bank. Here are the 3 things you need to know: Be Organized: Banks are in the business of lending…
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5 Accounting Tips Every Business Owner Must Know

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