Bookkeeping Tips & Financial Advice
for Trades & Service Businesses
Plain-English guidance on CRA compliance, cash flow, payroll, and getting your books in order. Written for business owners who’d rather be on the job than buried in paperwork.
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Most trades business owners don’t know what to look for until something goes wrong with the CRA. Here’s the checklist your accountant wishes you’d seen sooner — plus what questions
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Most trades business owners don’t know what to look for until something goes wrong with the CRA. Here’s the checklist your accountant wishes you’d seen sooner — plus what questions
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We specialize in bookkeeping for trades and service businesses on Southern Vancouver Island. Plain talk. Real results. Local expertise.
Frequently Asked Questions
Common Bookkeeping Questions from Trades Business Owners
Straight answers to the questions we hear most. No jargon, no runaround.
How do I find a reliable bookkeeper for my trades business in Victoria?
Look for a bookkeeper who specializes in trades and service businesses, understands CRA compliance, and explains your numbers in plain English. Ask about their experience with payroll, GST filing, and job costing. A strong bookkeeper asks as many questions as you do before taking you on.
What are the most common CRA penalties for small businesses?
The most common CRA penalties include late or missed GST/HST filings, payroll deduction errors, unreported income, and failure to remit source deductions on time. Penalties range from 5% of the balance owing to 10% for repeat offences, plus daily compounding interest.
How can I improve cash flow in my seasonal trades business?
Invoice immediately after job completion, set clear payment terms (Net 7 or Net 14), follow up on overdue invoices within three days, and track your receivables weekly. Separating business and personal finances also gives you a cleaner picture of your actual cash position month to month.
What bookkeeping software is best for a trades business?
QuickBooks Online is the most widely used and integrates with most industry-specific tools. Xero is a strong alternative with better multi-user collaboration. For most trades businesses under $1M in revenue, either works well — the difference comes down to what your bookkeeper already knows and what you can support day to day.
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