My First Year In Business – a Financial Overview

Establishing your financial records and bookkeeping system should be one of the first orders of business when starting your company.  You will need to establish a separate business bank account, put together a filing system, and decide how to invoice your clients.  Understand how to establish the right business strategy for your company.  Learn the different financial statement s your company will need; gain an understanding of the components and difference between the balance sheet, the income statement and cash flow statement; understand what a cash flow statement is and how daily business transactions affect your financial statements; review CRA’s requirements for record keeping.