Homework Week 34 Bookkeeping and Accounting Good bookkeeping leads to good business management and growth. C2Online You are the only one that really cares if you get paid. Make paying attention to your financials a priority Book mark FinancialDictionary.net so you can easily look up terms you don't understand For the first six months to one year of your business I HIGHLY recommend that you do your own bookkeeping. This lets you learn the process, gives you time to get familiar with your numbers, and builds your knowledge base for when you hire a bookkeeper Set up a standing appointment in your calendar AT LEAST WEEKLY to review your financials / do (or prep) your bookkeeping / do your invoicing / pay your bills / learn the stories your numbers are telling you "MAY I HAVE A RECEIPT PLEASE?" these are words you need to live by. File them to do your bookkeeping and for filing your taxes Keep your business and your personal accounts seperate Set up your bank accounts properly. A chequing account for your operating account, a savings account for your GST, a savings account for your taxes, and a savings account for stabilization A good savings account charges no fees and pays a little bit of interest. I recommend Tangerine ISAs Have a separate credit card the you use strictly for business purchases Work with a bookkeeper and accountant that actually care about your business and support you. It is much more than just data entry and filing your GST and tax returns. Do they answer your questions, do they help you understand what your numbers are telling you, do they help you financially play for your business? Participate in the call and ask questions Bookkeeping and Accounting Have a fantastic week and Kick Some Ass!