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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 Basics for Small Business Owners — Part 1
Bookkeeping Foundations: What It Is and Why It Matters.
What Bookkeeping Really Is
At its core, bookkeeping is simply the process of recording and organizing your business’s financial transactions. Every invoice, every expense, every payment in or out — it all goes into your system. Think of it as your business diary, showing where money comes from and where it goes.
Why Bookkeeping Matters Beyond Taxes
- Clarity: When your records are up to date, you always know where you stand financially.
- Decision-making: Want to know if you can afford to hire someone, buy new equipment, or expand? Your books give you the answer.
- Profitability check: Sales numbers alone don’t tell the story. Bookkeeping shows if your business is truly profitable after costs.
- Funding and growth: Banks, lenders, and investors all want to see reliable financial records before giving you money.
- Stress reduction: Scrambling for receipts and numbers at tax time is overwhelming. Regular bookkeeping makes it routine instead of chaos.
Cash vs. Accrual Accounting
One of the first choices you’ll face is how to record income and expenses:
- Cash accounting records money when it actually changes hands. Simple and great for very small businesses.
- Accrual accounting records income when earned and expenses when incurred, even if the cash hasn’t moved yet. It gives a more accurate picture but requires more tracking.
Most small businesses start with cash accounting, but once you grow, accrual often becomes necessary.
Bookkeeping as a Business Tool
Bookkeeping isn’t about data entry — it’s about insight. When you keep up with your numbers, you can:
- Spot trends (seasonal highs and lows).
- Catch problems early (rising costs, late payments, shrinking margins).
- Make smarter decisions with confidence.
The Bottom Line: Bookkeeping is the foundation of every strong business. It’s not paperwork for paperwork’s sake — it’s the tool that shows you whether your business is surviving, thriving, or heading for trouble.
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