You must complete bookkeeping (paperwork requirements) in a timely manner or

  • 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.