Key Takeaways. Accounting software can save small businesses time by automating accounting tasks and providing real-time financial information. Free accounting software in Canada include Wave Accounting, Microsoft Excel, Zoho Books, Momenteo, and Square Invoices. Paid accounting software for small businesses include Xero, QuickBooks, FreshBooks.. Single-entry bookkeeping is the simpler form, where you record each transaction once. In double-entry bookkeeping, an entry gets recorded twice. While it may seem counterintuitive initially, double-entry bookkeeping is the gold standard, as it paints a more realistic picture of your business's financial position.
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6. Track, file and pay sales tax (GST/PST/HST/RST) Your bookkeeper should be tracking the sales taxes that you collect and pay so that your sales tax returns are accurate and so that you don't overpay. Some provinces also give you incentive to file your PST on time (up to $198 per month), which can really add up! 7.. Rely on cloud accounting and SAAS (Software as a Service) tools to provide accurate, reliable, and timely numbers for reporting. We use new and emerging tools made specifically to speed up painful, repetitive business tasks. We use Quickbooks, Wave Accounting, Wagepoint, Hubdoc, Dext, Xero and more. Entrust a bookkeeper to keep accurate record.
