• Set up a chart of accounts that best keeps track of all your bookkeeping information.
• Balance and record daily sales and cash receipts daily.
• Reconcile your bank account.
• Watch closely your accounts receivable from customers.
• Pay your bills accurately and on time.
• Set up sales and revenue targets and monitor your progress closely.
• Budget for all your expenses and compare your performance to budget regularly.
• Watch for unusual changes in sales or expenses.
• Monitor your gross profit closely and make any necessary pricing or purchase decisions.
• Take care of slow moving inventory.
• Pay your employee withholding taxes and GST/HST when due.
• Take physical counts of your inventory and compare to your bookkeeping records.
