3 Essential Bookkeeping Tips from a Surrey CPA

When you’re running a business in Surrey, bookkeeping is often one of those tasks that gets pushed to the side. But poor recordkeeping can quickly snowball into missed deductions, cash flow issues, or worse, CRA penalties.

To help businesses avoid these outcomes, we’re sharing three essential tips to help you stay ahead.

Separate Business and Personal Finances

It might seem convenient to use one bank account for everything but blending business and personal expenses can create a mess. You’ll waste hours sorting transactions during tax time and risk missing deductions. Open a dedicated business account and use a separate credit card for business purchases.

Here’s why this simple step matters:

• Makes tax season far less stressful
• Helps track profitability more accurately
• Improves eligibility for loans or financing
• Supports CRA audit readiness
• Builds a cleaner financial picture for decision-making

Incorporating this habit early on also sends a strong signal of professionalism, especially if you’re growing your team or looking for outside investment.

Keep Digital Records and Backups

Paper receipts fade, and spreadsheets can get lost.

Instead, use cloud-based bookkeeping software like QuickBooks Online, Xero, or Wave to track income and expenses. These platforms not only sync with your bank and credit cards but also let you scan and store receipts digitally. They organize everything in real time and make year-end reconciliation far less painful.

Even if you’re still using a spreadsheet, make sure to back up your files regularly, and we recommend storing backups both locally and in the cloud.

Reconcile Monthly and Review Reports

Reconciling your accounts monthly ensures your records match your actual bank balances. This helps you catch errors, missed payments, or even fraud early.

Use this monthly check-in to review your profit and loss statement and cash flow. Don’t just file these reports away, understand what they’re telling you.

Are your expenses creeping up? Is revenue consistent? These numbers help you make smarter decisions, and your CPA can use them to offer better tax and growth advice.

Let HWG Handle the Heavy Lifting

Even if you follow these tips, bookkeeping takes time and discipline. That’s where we come in.

HWG helps small and medium-sized Surrey businesses simplify their financial processes, stay compliant, and focus on what they do best. If you need bookkeeping assistance, reach out today for a consultation and let’s make your numbers work for you.

Located in Surrey (Cloverdale), British Columbia, since 1971, HWG, Chartered Professional Accountants proudly helps clients throughout the Lower Mainland and across Canada.

Our team of chartered professional accountants provides helpful business and personal tax services. Our continued growth proves the success of our client relationships.