IMPORTANT BOOKKEEPING TIPS

1. Do not throw away cancelled cheques.
2. Either file a copy of the sales invoice numerically or by customer, whichever is more logical.
3. Keep a file of all invoices and bills that are paid.
4. Perform a bank reconciliation each month.
5. Periodically, count the inventory on hand.
6. Review accounts receivable on a regular basis and at year-end; determine those that are uncollectible.
7. Register for a business number (for GST and payroll taxes).
8. Discuss your financial statements with your accountant.
9. Remember to keep your business affairs separate from your personal affairs. OPEN a separate chequing account (very important).
10. Pay all transactions by cheque if possible; it is easier to keep track of cheques.
11. Detail deposit slips and keep a copy for your records.
12. If your books don't balance, try dividing the amount (that your out) by nine.
13. If your business is not as profitable as you expected, don't be afraid to ask for assistance.

Source : http://profitactivists.com/