Alliston District Chamber of Commerce
Copyright M. B. Bookkeeping Services. All rights reserved.

Bookkeeping Tips

1) Keep your business and personal receipts separate.

  • Set up a bank account for your business, then only
    use your business account for legitimate business

2) Keep a journal of where you go and what you spend.

  • Every time you go somewhere and do business,
    record your mileage and expenses in a journal; This
    will ensure that you can capture all of your business

3) Register your business for GST/HST, WSIB, and anything
​    else you need to.

  • This can save you money, even if you don’t plan on having sales of more than $30,000, you can still claim HST Input tax credits and receive back all the HST your business pays for supplies.

4) Keep your records up to date.

  • It is much easier to remember what an expense is when it was fresh in your mind

5) Avoid unnecessary interest expense.

  • Try to avoid interest expense by paying credit cards in full each month

6) Keep all of your receipts in one place.

  • Create a filing system based on the name of the company you are paying, or the type of expense, not the date of the expense.

7) Record how much time you are spending on keeping track of your finances.

  • Decide if it’s worth your while to do it yourself, or hire someone with the expertise you may not have.

8) When you want to purchase something on the internet, get a prepaid credit card that you purchase at the store.

  • This will avoid anyone having access to your personal credit card, preventing the ability to go further in a scam

9) Do not give bank access or signing authority to your bookkeeper or your employees.

  • If you have to make a payment or transfer online, do it yourself.

10) Sign cheques after they have been written out.

  • Who the cheque is to, and the amount, and attach the invoice to the cheque, to review what you are paying. 

If you have any questions or comments, or tips that you would like to add, please contact us, and we will be happy to help!