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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.
Common Pitfalls That Can Cost You Money
Even with the best intentions, many small business owners fall into habits that quietly chip away at their profits. The truth is, bookkeeping mistakes don’t usually show up overnight — they compound over months or years, and by the time you notice, the fix can be expensive. Let’s look at some of the most common pitfalls and how to avoid them.
1. Mixing Business and Personal Spending
It might feel convenient to grab groceries with your business card or pay for fuel with your personal card “just this once.” But every time you mix accounts, your records get fuzzier. Come tax season, it’s harder to prove what was legitimate business spending — and you could lose valuable write-offs.
Tip: Use one card and one bank account strictly for business. It keeps things clean and defensible.
2. Forgetting About GST/HST
A surprising number of owners forget to set aside the sales tax they’re collecting. It feels like cash flow until the CRA asks for their share. Suddenly, that “extra” money is gone, and you’re scrambling.
Tip: Treat GST/HST like it isn’t yours. Move it into a separate account as soon as it’s collected.
3. Skipping Reconciliation
If you’re only recording expenses without reconciling to your bank and credit card statements, you’re running blind. Small errors pile up, duplicates slip through, and fraud could go unnoticed.
Tip: Reconcile monthly. It’s the single most powerful habit for clean books.
4. Ignoring Receipts
Digital banking makes it easy to think “the transaction is the receipt.” Unfortunately, the CRA doesn’t see it that way. Without the actual receipt or invoice, you could lose the deduction in an audit.
Tip: Snap a photo of every receipt. Cloud storage apps make it simple and automatic.
5. DIYing for Too Long
In the beginning, doing your own books is practical. But as your business grows, complexity grows too. Payroll, multiple accounts, year-end adjustments — these aren’t areas to learn by trial and error.
Tip: Bring in a professional before mistakes become costly. It’s usually cheaper than fixing years of errors.
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