1. Keep business money separate
Use one bank account and one card for the business. You can still pay yourself, and the odd personal charge on the business card isn't the end of the world, but separate accounts make everything below far easier. In SumSwift, an account that's personal can be marked personal, and its spending stays off your profit.
2. Sort every transaction
Every dollar in and out goes in a category: sales, materials, rent, fuel, software, paying yourself, moving money between your own accounts. Doing it by hand means going line by line through each statement. SumSwift reads your statements and sorts every line in minutes, asks you about anything it isn't sure of, and remembers your answer for next time.
3. Match every account to the bank
This is the step most people skip, and it's the one that matters. Your books should end each month with exactly the balance your bank statement shows. If they don't, something's missing or counted twice. SumSwift checks every statement against the balances your bank printed, to the cent, and flags any month that's missing.
4. Keep your receipts
Tax agencies can ask for proof of business purchases, and in Canada receipts are how you claim back GST/HST. Keep them as photos. With SumSwift you snap them with your phone and they're read and matched to the charge for you.
5. Track sales tax or GST/HST
If you charge sales tax or GST/HST, it isn't your money: it's collected for the government. Keep track of what you collected and (in Canada) what you paid on business purchases, and file on time. SumSwift works it out from your deposits and invoices and shows what's owing and when.
6. Set aside for income tax
Nobody takes tax off a business owner's pay. Put aside part of every month's profit so the tax bill isn't a shock. SumSwift estimates it from your actual profit (including CPP or self-employment tax) and shows what to keep aside.
7. Close the month, then hand over clean books
Once everything's sorted and matched, lock the month so it doesn't change by accident. At year-end, your accountant needs a profit and loss, a balance sheet, the general ledger, a list of contractors and your receipts. SumSwift builds that package for you, and your accountant can log in for free.