Bookkeeping: for informed decisions and reduced costs

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Bookkeeping: for informed decisions and reduced costs

Insights

Tenue de livres | Comptabilité | RCGT

Written By :

Jean Gaouette
Partner CPA Assurance and accounting

Updated on January 7, 2026

• 2 min read

It may seem easy to do your own bookkeeping. Yet a lack of knowledge can lead to costly mistakes.

Bookkeeping can become complex and requires that you master certain subtleties. Omissions or poor bookkeeping could have unfortunate consequences.

What are the essential elements of effective bookkeeping?

1- Up-to-date data

To make informed decisions, your data must be regularly updated.

2- A history for effective planning

You need to rely on your historical data to better plan for the future.

3- Software to increase efficiency

Knowing how to use the right software for your bookkeeping will improve your productivity and the quality of your information.

4- Better cash flow management

With up-to-date data, you will have an accurate overview of fluctuations over time and, as a result, you will be better equipped to plan the use of your cash flow.

5- Real-time monitoring

Rigorous and continuously updated bookkeeping will allow you to monitor your financial results in real time, which is an undeniable advantage when making decisions.

What is your risk exposure?

Well-managed bookkeeping helps you meet deadlines for tax reports, income tax returns, and payroll deductions.

Poor planning could result in penalties, interest payments, or even a note on the company’s file.

Similarly, accounting for ineligible expenses can also expose you to an audit. Not knowing how or what to respond in an audit situation could worsen your situation in the eyes of the various levels of government.

What are the benefits of effective and up-to-date bookkeeping?

Incomplete knowledge of bookkeeping could cause you to miss out on certain credits or deductions to which you are entitled, depending on your industry.

You may also forget to record certain expenses to which you are entitled or miscalculate your inputs (taxes receivable), resulting in over- or under-reporting your income.

It is in your best interest to hire an expert to do your bookkeeping. They will ensure that you receive all the benefits to which you are entitled while making sure that you comply with current tax regulations.

For peace of mind, call on an expert for your bookkeeping.

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