I just started my new business, I don't have a lot of transactions. Should I start my bookkeeping now?
It is best to start as soon as possible. The biggest reason small business owners don’t do their bookkeeping is because they don’t know where to start and the invoices and receipts have pilled up and the more they wait the more it becomes difficult to start.
Starting right away will get you used to doing it and it will become second nature. But the biggest advantage of doing it right away and regularly is that you will always have a clear picture of how much money you made and how much you spent.
Industry Canada stated “The #1 reason Canadian small businesses fail is because of inexperienced management.”
Part of that inexperience is not staying on top of moneys in and moneys out.