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Accounting for revenues and expenses

Separate your personal and professional expenses

It can be tempting when starting a business not to distinguish between personal expenses and expenses related to professional activities. However, it is better to make it a habit from the outset to separate your sources of income and expenses and, above all, to monitor them closely. A well-organized accounting system will save you a headache at the end of the fiscal year.

To do this, it is recommended that you keep a record of each expense and revenue, and use separate bank accounts for personal and business expenses. In addition to making your life easier at tax time, this tracking of your expenses and income will allow you to establish a more realistic budget for your business, and even make financial projections. When you know where you stand, you know where you’re going!

revenus et dépenses - Réseau des massothérapeutes

Do your accounting

Accounting is a necessary evil. Keeping a copy of your insurance receipts is not always enough to track your income. To help you keep up, many accounting software programs exist. Prices vary from one software to another; it is important to choose one adapted to your needs. Here are some of the most popular.

Excel

  • Capacity to make a spreadsheet adapted to your needs in order to help you complete the tax forms on your “Statement of income and expenses” returns.
  • No additional costs (available with Microsoft Office).
  • Requires a good knowledge of the software to limit the risk of error.

Sage 50 (formerly Simply Accounting)

  • Available in 6 product versions.
  • Simple to use.
  • Affordable price.
  • Technical support provided.
  • 30-day free trial.

Dynacom

  • Available in 6 product versions.
  • Simple to use.
  • Affordable price.
  • Technical support provided.
  • 30-day free trial.

Acomba

  • Modular approach.
  • Costs associated with each module.
  • Recommended for SMEs.
  • Web format available.
  • Technical support provided.

Avantage (SMB)

  • Available in 4 product versions.
  • Training available.
  • Technical support provided.
  • Free trial version of the software available.

Quickbooks

  • Compatible with smart phones and tablets.
  • Customized invoicing (logo).
  • Technical support provided.
  • 30-day free trial.

The Business Development Bank of Canada (BDC) also offers several other options.

Retain your records

The tax authorities require that most records [1] and supporting documents be kept for at least 6 years after the end of the year to which they relate. Therefore, if you file your returns late, the six-year period begins on the date you file the returns with the tax authorities. If there is a cessation of activities by a self-employed worker, the documents must still be kept for a period of 6 years.

[1] Revenu Québec

Disclaimer

Neither the Réseau, nor FBL, s.e.n.c. assumes any responsibility for the content of this document, which is intended to be informative and not legal. Each user will have to make his own validations while being aware that each case is different.