Many small businesses who file HST ( Harmonized Sales Tax, The taxes in Ontario that combine the provincial (state level) with the federal taxes) by the quarters, seem to enjoy collecting transactions and entering them as well as reconciling them the month prior to the HST due date. Meaning out of every three months, they spend two ignoring their books and one stressing over them. SO, I have some news to you all. There is another solution…
What is the magic behind not spending four months a year stressing and eight months a year ignoring? Spend 12 months maintaining. Now if this sounds easy-don’t be fooled, and if this sounds hard there is a reason for that.
Essentially depending on how busy your business is finding a schedule (every week, every other week, once a month etc.) to enter transactions both income and expenses (which can be done separately on different days).
The key is to find a schedule that works for YOU!!! And if you need any help with that I am right here, feel free to reach out…