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Hire a bookkeeper. If you are starting a new business, it is recommended to hire a bookkeeper. A bookkeeper will provide you with accurate accounting business records, allowing you to focus on what you do best.

Maintain a separate bank account. While maintaining your business bank account, it is recommended to review your business account on a monthly basis. If you need to use your business account for a personal purchase, transfer the exact amount paid to your business account as soon as possible.

Keep all receipts and sort them by vendors’ name. When purchasing a business expense, and using debit or credit, keep the detailed invoice attached with your point-of-sale receipt. Tip: Keep a small box or folder in your vehicle or office to store all receipts!

Paid By Owner: If you are using an alternate debit card than your business account, write on the receipt (PBO) Paid by Owner. This will help your bookkeeper sort out what is, and isn’t, on your business’ bank statement.

Mileage Log: Maintain a vehicle mileage log of business travel. This log will allow your bookkeeper to calculate the percentage of travel associated for business. Always keep gas receipts and do not mix personal and business expense (e.g. Snacks and beverages should not be on receipt).

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Kingston, ON K7L 4V1
613-547-2665