When the letter arrived in the mail from the CRA, his heart skipped a beat.
Upon tearing it open, and unfolding the paper, his worst fears were confirmed.
He felt cold as he read the words:
“You have been selected for an audit…”
For the next month, he lived out a nightmare. The auditor asked for receipts, costs of goods sold, inventory details and other specifics.
But he didn’t have many of them and also hadn’t kept accurate records.
In a panic, he hired an accountant to assist him and spent a few thousand dollars for their time.
But because he didn’t have receipts or accurate bookkeeping records, he was reassessed and ended up paying thousands more in penalties and interest plus additional taxes owing to the CRA!
Please don’t wing it when it comes to your bookkeeping.
It’s easy to do it correctly once you realize how.
I worked with a CPA to develop a system using Quickbooks Online that takes just minutes a day.
And I can see at a glance where my business stands, and have all of my receipts readily available in the cloud attached to each transaction.
I share this step by step system in my Quickbooks Online bookkeeping for Canadian Amazon Sellers course.
You owe it to yourself to keep proper double-entry accounting records for your business. The CRA is unforgiving and penalties can be very high.
You’ll sleep easier knowing you have your bookkeeping under control.
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