What good bookkeeping gives you
Useful books show more than a bank balance. They help explain who owes the business money, which supplier bills remain unpaid and how much of the cash belongs to tax or payroll obligations. Those views depend on transactions being recorded consistently and checked against supporting records.
The reporting rhythm should fit the business. A company with regular payroll, several payment processors and frequent purchases may need closer attention than a business with a small number of transactions.
An everyday example
Suppose an online payment processor deposits $970 after collecting $1,000 from customers and withholding $30 in fees. Recording only the deposit as sales loses the explanation of the gross transaction and the processing cost. The settlement report supplies the missing detail. This illustration ignores sales tax so the bookkeeping point stays clear.
What to discuss with your accountant
Agree on who raises invoices, captures receipts, checks the bank reconciliation and reviews unusual transactions. Decide how missing information will be flagged rather than guessed. Ask which reports you will receive and what decisions they are meant to support.
Keep access to your underlying records when another person maintains the books. Outsourcing the task does not make the business's record-keeping responsibilities disappear.
Sources & editorial notes
Sources checked October 23, 2026. The examples are illustrative and provide general information. Discuss how the guidance applies to your circumstances with your accountant.
- Business recordsCanada Revenue Agency
- Where and how long to keep recordsCanada Revenue Agency
Rules and guidance can change. Use the current official source and confirm the treatment for your facts. To flag an error, contact Sora.