Bookkeeping Tip 3 of 10 – Reporting

Decide how frequently you need financial information.  A really small business may get away with doing books at year end only, but I don’t recommend it.  Many small businesses are forced to do their books quarterly because of GST.  If your business is still small enough that you don’t have a GST number, do your books at least twice a year.  This will show you where your money is going, and if you are missing any receipts.  Larger businesses should be doing their books on an ongoing basis, with monthly financial statements.