Keeping good records is incredibly important, which is probably why we mention it in every other post. Whether we’re talking about your policies and procedures, your accounting documents or your patient files, your record keeping practices have the opportunity to make or break your business.
Know what you need to keep
Canada Revenue Agency (CRA) mandates which accounting and financial documents you need to keep, which are required for your tax filings. Since tax season is just around the corner, it’s about high-time you figure out what you need to keep!
You can find full details on record-keeping from the CRA themselves, and we recommend you do.
What do you need to know?
As a business owner, it’s important that you specifically keep any invoices, expense receipts, and any employment and payment records. Here are a few CRA documents you should take a look at:
- The business records you are required to keep. These records include things such as your income records, expense records and property records.
- Your legal responsibility with regards to your records.
- How long and where you have to keep your records.
Record keeping doesn’t have to be complicated, as long as you know what you’re looking for!
Once you know your responsibility as far as what you need to keep, where you need to keep them and how long, it’s time to get yourself organized. There are a ton of great organizational tools out there for you to keep everything stored safe and ready for tax season.
One of our personal favourites here at Shift Accounting is Hubdoc, which can help you store all of your bills and receipts. We love it so much we’ve even done a training video on it for you!
Whatever method you use, make sure your records are organized and ready to go. Need help organizing your documentation to prepare for the tax season? Reach out to Shift Accounting, we’d be happy to help!