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BUSINESS ACCOUNTING GUIDE

The complete accounting guide for small businesses

Rigorous tracking of financial transactions is essential to your business's sustainability. Discover the ideal accounting method, task schedule, and common mistakes to avoid.

WB
Business Services Team
Chartered Professional Accountants at SUN Commercial Bank, Ltd
Reading time: 8 min • Updated in 2025
Small business accounting and management
Bookkeeping records your financial data; accounting analyzes it to shape your business strategies.

At the core of entrepreneurship lies the rigorous tracking of financial cash flows. Meticulously recording and analyzing this data enables you to make informed strategic decisions.

1 Which Accounting Method to Choose: Cash or Accrual?

Cash Basis Accounting

Income recorded when received

Ideal for micro-businesses with straightforward operations. Income is recognized when cash is received, and expenses when paid out.

Accrual Basis Accounting

Income recorded when earned

Required for incorporated companies. Records accounts receivable and accounts payable at the time the transaction occurs.

2 Essential Accounting Task Schedule

Daily tasks: Record daily sales/purchases, deposit received funds, and digitally file your invoices and receipts.
Weekly tasks: Issue invoices to clients, follow up on unpaid bills, pay suppliers, and complete bank reconciliations.
Monthly and quarterly tasks: GST/HST filing and remittance, employee payroll deductions, and corporate tax instalment reviews.

Need accounting support or a commercial business account?

Our SMB specialists are here to help you automate your business financial management.

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