you will pay heavy penalties and interest to governing bodies if you remit late or not at all. There are many accounts to monitor/remit to, including, but not limited to: PST, GST, Source Deductions, T4s & Summary, EHT, Corp Tax or Personal Tax, etc.
suppliers won’t continue to do business with you if you don’t pay your bills on time. You could also incur late payment and/or interest charges from them. Some suppliers offer prompt payment discounts….which can add up quite nicely.
an employee could suddenly have an on-the-job injury claim and your insurance (WSBC) is not paid up.
you may not be permitted to quote a job if your WSBC account is not in good standing (this is publicly accessible information).
an employee could end up owing a lot on their personal taxes if payroll isn’t done properly. Employees are the face of your business.
to gain insight into your finances. Cash flow problems need to be anticipated so options are identified early. This is the biggest reason businesses fail.