As a small business owner, you wear a bunch of hats and accounting is one of them.

Although accounting doesn’t explicitly improve your bottom line like say, marketing. Without it, there for sure will be mishaps.

Things like

• surprise audits from the CRA
• missed tax deductions
• making uninformed business decisions
• penalties and fines

So deciding on the proper bookkeeping system is crucial for your business.

there are 2 critical questions you need to ask yourself before coming up with a bookkeeping system

• what will you be using to do the bookkeeping?
• how will the bookkeeping get done?

what will you be using to do the bookkeeping?

the type of platform you use for your bookkeeping will depend on how tech savvy you are, how much time are you are willing to spend along with money. Some platforms are more straightforward than others, for example Wave vs Quickbooks which has a certification process they recommend to take before using the software along with taking their Coursera bookkeeping basics course.