GoForth offers Canada's leading small business training program, helping entrepreneurs across the country run better businesses, become better leaders, embrace change and face the future with more confidence. Learn more about our training and get inspired.
"GoForth is a paradigm-shifter. They’ve figured out how to deliver fast, affordable, really effective and convenient entrepreneurship education. This is a game changer in Canada."
"This course informed me of aspects of business that I had never thought about before, such as how to take legal action, managing accounting and finance, and how crucial it is to have your business down on paper before launching into it."
"I’ve run a small business for over 10 years and thought I knew what I was doing – until I took GoForth’s course. Wow, where was this 10 years ago?"
Our small business experts have answered over 1,000 entrepreneurship questions in the Ask an Expert section. And if you’re looking for getting-started guides, calculators, templates, checklists, or small business articles, search our comprehensive Resources section.
As a Canadian entrepreneur, you must keep accurate financial records of all activities for your company for six years. Along with your financial statements (balance sheet, income statement, and cash flow forecast), you’re required to keep records for all the individual accounts that make up those statements.
In Canada, the major accounting records that you must accurately keep are:
There’s lots of accounting software that’s easy to set up and use. You can ask your accountant for their advice on which program would be best for you and your business.
Keep in mind that, while software can be useful, outside accounting advice is important to small business success. Accountants see loads of businesses in different industries and can help you understand and manage the financial health of your company. They also remove some of your own stress and worry about overlooking important financial details. Win-win!Visit the GoForth Blog