The problem
If you don't do regular bookkeeping, you will not
have up-to-date financial information. That means you don't have a
clear picture of your financial situation; you are not sure how your
business is really going; and obviously, you can't make sound,
informed business decisions.
If you don't do regular bookkeeping, you can't file
your tax returns (GST, PST, Payroll, WSIB, ETH, Income Tax) properly
and accurately on a timely basis. That means you are taking
the risk of inviting the taxmen to knock on your door; and you are
taking the risk of paying heavy penalty and interest charges.
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