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Dentist Business Accounting Tips i There are certain things you must know about i i accounting to minimize potential risks. Some | important small business accounting tips are listed below: Record Every Transaction All business transactions, whether a small payment made using petty cash, salaries paid to your employees, or a lump sum payment received, must be recorded. Without an accurate record, you cannot evaluate your profitability and cash flow needs. Keep Every Receipt And Invoice Keeping every receipt and invoice will give proof of every business transaction. You can take a look at the receipts in the future and get information about the transactions. Also, CRA requests complete information about your business expenses when they conduct an audit. Develop A System You can either digitize the process with the help of Excel spreadsheets or use DIY accounting software such as Quickbooks. Hire an accountant who will help create a customized accounting system. Keep Your Finances Separate Set-up a separate bank account for your business transactions so that they can reflect in one place. Having a separate bank account keeps records distinct and will make life easier during the tax season. O ENGAGE If you want to save time on managing your accounts, ADVISORS hire an accountant from www.engageadvisors.com Engage Advisors!! 19136811350