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As a business owner, you need to be 100% sure that your business is keeping accurate financial records. If not you are at significant risk of contravening Canada Revenue Agency (CRA) regulations. ‘If you are carrying on a business or engaged in a commercial activity in Canada, you are required by law to keep adequate records’. Your records must provide enough details to determine your tax obligations. Your records must be supported by original documents. Beside the wrath of the CRA, poor record keeping can also cause your business literally endless headaches should you suffer a significant event outside of your control that interrupts the normal functioning of your business. Whether it’s the illness of a key member of your business who is the go-to person for the information or a disaster that negatively impacts your place of business, the consequences can be devastating if you do not have ready access to your business records.
At Accounting 360 Solutions we work closely with our clients to assist in ensuring that they have their records in place to satisfy their CRA obligations. Also, we routinely assist our clients to identify options to safely secure their documents electronically, so they can be accessed easily. Regardless of your current situation, it’s a good idea to review your record management procedures to ensure you are doing all you can to mitigate the risks that poor record keeping can pose to your business. With that in mind, we have outlined some general tips to help you quickly review your business’ recordkeeping preparedness:
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