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Keeping financial records can be an overwhelming process, especially if you do not have accounting experience or formal training. However, a good set of records is vital to the success of any business because they: Provide information you need to make sound decisions (e.g. should you carry more or less inventory?). Help with budgeting (i.e. how much can you afford to spend given the amount that you are taking in?). Help obtain financing (banks will want to see your financial statements if you apply for financing). Help in preparing your tax return (financial records hold much of the information that must be submitted to the Canada Revenue Agency). You may wish to hire an accountant depending on the complexity and size of your venture, and your desire/ability to perform the bookkeeping function. Accounting software is available such as Simply Accounting or QuickBooks.

CANADA ONTARIO BUSINESS CENTRE – Basic Bookkeeping (link .url)
This site provides basic information about bookkeeping.

EASTERN ONTARIO KNOWLEDGE – Accounting and Finance (link .url)
This is an excellent collection of information about finance and accounting put together by Queen’s School of Business.

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