In this session, we will demystify the essential financial foundations every Canadian entrepreneur needs to master for a sustainable business. We’ll begin by defining the core differences between bookkeeping and accounting, ensuring you understand your daily responsibilities versus your year-end requirements. From there, we will explore the Chart of Accounts—the backbone of your financial records—and walk through the practicalities of GST/HST and PST compliance, including how to track input tax credits (ITCs) to save your business money. You will also learn the nuances of Business vs. Personal expenses to stay on the right side of the CRA, followed by an introduction to the three key financial statements: the Balance Sheet, the Income Statement, and the Cash Flow Statement. By the end of this presentation, you will have a clear roadmap for organizing your receipts, choosing the right software, and making data-driven decisions for your business’s future.
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