This is a big one! Think of a bookkeeper as the person on the 'front lines." We handle the day-to-day: recording transactions, reconciling bank accounts, and managing invoices. An accountant takes that data (which we've kept organized and accurate) to handle high-level tax filing, auditing, and long-term financial planning. You need a great bookkeeper to ensure your accountant has the right info to save you money!

This is the "Profit vs Cash" trap. Profit is what is left after expenses are subtracted from revenue on paper. However, "cash" is affected by things that don't always show up as a simple expense - like loan principal payments, equipment purchases, or customers who haven't paid thiir invoices yet. We help you track Cash Flow so you aways know where your money actually is.

The short answer, yes. But you don't need a shoebox! The CRA accepts digital copies. I recommend using the Quickbooks Mobile App to snap a photo of your receipt the second you get it. It attached it directly to the transaction, so if you are ever audited, the proof is already there. No more faded thermal paper or lost slips!

It is one of the biggest headaches for small business owners! This is called "commingling." While one coffee won't sink you, doing this regularly makes your "veil of protection" (like an LLC or Corp) look thin to tax authorities. Plus, it makes your bookkeeping much more expensive because your bookkeeper has to manually sort our what is personal. Keep them separate!