Best Accountants in Aurora, ON

New Business Owners Guide: Day 1 of Keeping Books of Accounts As a new business owner, you have done a lot of homework and research before taking the big step. Day 1 is when you will begin applying all that knowledge and training to your business. And the one moment all new business owners excitedly wait for is their first-ever financial transaction as an independent entity – and the first-ever record in the books of accounts. Starting Books of Accounts From Day 1 While your first day as a new business owner might not be very eventful, it is still important to develop the habit of keeping your books of accounts updated daily from Day 1. From transactions directly related to your business, such as selling your product or providing professional services, to routine expenses, such as paying for lunch or coffee or even travel costs, must be duly recorded right from the beginning. Recording such transactions immediately takes the burden of remembering them off your mind. With each passing day, the numbers will keep piling up, making you lose track of them when you finally update your accounts. Hence, it’s always advisable to start recording and updating your books of accounts regularly. This stands true for small business owners, self-employed professionals and freelancers. It’s one habit that will save you time and stress when tax filing season comes along. But how exactly do you go about doing it?