Managing money is one of the most important parts of running a successful business. Good financial systems keep you organized, help you make smart decisions, and keep you in good standing with the Canada Revenue Agency (CRA). Here are some tools and resources to help you with bookkeeping, accounting, and overall financial management.
1. Bookkeeping & Accounting Software
The right software helps you keep track of sales, expenses, and taxes.
- QuickBooks Online – A widely used option in Canada. Connects to your bank, generates invoices, and handles GST/PST automatically.
- Xero – Cloud-based accounting software with a clean interface, useful for small business owners working with accountants.
- Wave Accounting – A free tool for basic bookkeeping and invoicing, great for freelancers and very small businesses.
2. Expense Tracking & Receipt Management
Tracking receipts and expenses helps with taxes and budgeting.
- Dext – A receipt-scanning app that uploads and categorizes expenses directly into your accounting software.
- Evernote, Dropbox, or Google Drive – Cloud storage options to keep digital copies of invoices and receipts.
- MileIQ – Automatically tracks mileage for business vehicle use. MileIQ
3. Payroll & Employee Management Tools
If you have employees, payroll tools simplify deductions, remittances, and reporting.
- Wagepoint – Canadian payroll software that manages T4s, direct deposits, and CRA remittances. Wagepoint
- Dayforce – A larger solution for businesses with more complex payroll and HR needs. Ceridian
- QuickBooks Payroll – A payroll add-on within QuickBooks for easy integration with your bookkeeping.
4. Budgeting & Cash Flow Tools
Cash flow is often the biggest challenge for small businesses.
- Float – A cash flow forecasting app that integrates with QuickBooks and Xero.
- PlanGuru – Advanced budgeting and financial forecasting software.
- Excel or Google Sheets Templates – Free and customizable options for building budgets and cash flow statements.
5. Invoicing & Payment Tools
Getting paid quickly keeps your cash flow healthy.
- Square– Offers invoicing, POS systems, and online payment processing.
- Clover– A POS system with invoicing and payment options.
- PayPal & Stripe – Simple options for online payments, subscriptions, and e-commerce businesses.
6. Tax & Compliance Tools
Stay on top of tax filings and avoid penalties.
- CRA My Business Account – Manage GST, payroll, and corporate income tax online. CRA My Business Account
- Tax Preparation Software (e.g., TurboTax Business, WealthsimpleTax) – Helps small businesses and sole proprietors file returns.
- Accounting Professionals – A good CPA can guide you on tax planning, write-offs, and long-term strategy. SK Startup’s Ask an Expert program lets you book a session with a local accountant. Book here
7. Local Financial Support & Education
Sometimes you need more than just tools… you need people.
- Business Development Bank of Canada (BDC) – Offers financial guides, advisory services, and small business financing.
- Community Futures Saskatchewan – Offers training programs and local lending options.
- Finance Café– A Canadian platform with podcasts and resources tailored for women entrepreneurs.
Key Takeaway
You don’t need to be a financial expert to keep your business on track. With the right mix of software, apps, and local professional support, you can simplify your bookkeeping, stay compliant with taxes, and make smarter financial decisions.
