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One blog post closer to clean books.
Each blog post from the Castle team is packed with practical tips, real-world experience, and clear answers to common bookkeeping questions. Whether you're sorting expenses or planning for tax time, you'll find guidance to help you run your business with clarity and confidence.
Terms of Service
Welcome to Castle! These terms of service outline the rules and regulations for the use of our bookkeeping services.
By accessing this website and using our services, you accept these terms and conditions in full. Do not continue to use Castle services if you do not accept all of the terms and conditions stated on this page.
Castle offers professional bookkeeping services including transaction categorization, reconciliations, financial reporting, GST/HST filing, and other related services as agreed upon with the client.
2. Billing and Payments
All services provided by Castle are billed on a recurring basis unless otherwise
agreed upon. Payments are due upon receipt of invoice. We accept payment via credit card, debit card, and electronic funds transfer.
3. Cancellation and Refund Policy
Clients may cancel services at any time by providing 30 days’ notice in writing or via email. Refunds for prepaid services will be prorated based on the remaining unused portion of the services.
4. Privacy Policy
Our privacy policy outlines how we collect, use, and protect your personal information. We do not sell or share your information with third parties without your consent, except as required by law.
5. Liability
Castle will perform all services with reasonable care and skill. However, we do not accept liability for losses resulting from acts of nature, third-party errors, or misuse of financial information or reports by the client.
6. Amendments
Castle reserves the right to amend these terms of service at any time. Amendments will be effective immediately upon posting on this website.
7. Contact Us
If you have any questions about this privacy policy or our privacy practices, please contact us at:
Castle
316 1st Ave NE
Phone: 587-872-0602
Email: info@bookwithcastle.com
One blog post closer to clean books.
Each blog post from the Castle team is packed with practical tips, real-world experience, and clear answers to common bookkeeping questions. Whether you're sorting expenses or planning for tax time, you'll find guidance to help you run your business with clarity and confidence.
Bookkeeping for Small Business Owners — Part 8
Bringing It All Together: Mastering Expenses for Your Business
Over the past seven posts, we’ve walked through the ins and outs of expenses — what they are, how the CRA views them, how much you can write off, and how to stay organized. In this final part, let’s bring it all together and look at how to confidently manage your expenses from day to day, month to month, and year to year.
Why This Matters
Keeping proper expense records isn’t just about surviving tax season. Done right, it helps you:
- Keep more money in your pocket through legal deductions
- Avoid stress, audits, or costly mistakes
- Understand your business cash flow
- Plan for growth and make informed decisions
The Expense System That Works
Here’s a simple, repeatable process that Canadian small business owners can follow:
- Track everything
- Use accounting software (like QuickBooks, Xero, or Wave) or keep organized spreadsheets.
- Connect your bank/credit card where possible to avoid missing transactions.
- Categorize properly
- Follow CRA categories and subcategories.
- Be consistent — don’t call something “Meals” one month and “Entertainment” the next.
- Keep receipts
- Snap a photo or scan them — digital is acceptable by the CRA.
- Store in a secure, backed-up location.
- Reconcile regularly
- Match bank statements to your books monthly.
- Spot errors early rather than waiting until year-end.
- Review quarterly
- Step back every 3 months and look at totals.
- Ask: Where is money going? Can I cut back? Do I need to adjust pricing?
Common Pitfalls to Avoid
- Mixing personal and business expenses — always keep a separate account.
- Guessing at write-offs — if you’re not sure, check CRA guidelines or ask a bookkeeper.
- Leaving it all until tax time — this leads to mistakes and missed deductions.
When to Call in Help
If your business is growing or you’re feeling overwhelmed, that’s a sign to bring in a professional. A bookkeeper can:
- Set up and maintain your expense system
- Keep you compliant with CRA rules
- Save you time so you can focus on running the business
Final Thoughts
Managing expenses isn’t about perfection — it’s about consistency. If you build good habits now, you’ll not only breeze through tax season but also gain clarity and confidence in your business decisions.
Think of expenses as a tool. When tracked and managed properly, they don’t just reduce your tax bill — they give you insight into how your business really runs.
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