Couverture de Bad Record-Keeping Could Cost You Thousands — Here's Why

Bad Record-Keeping Could Cost You Thousands — Here's Why

Bad Record-Keeping Could Cost You Thousands — Here's Why

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 The problem Eric Sonego solves:Canadian businesses without proper records are forced to react instead of plan—leaving them exposed to CRA audits, penalties, and costly mistakes.Running a business without good records is like driving blindfolded. You might move forward—but eventually, you crash.In this episode of Knack 4 Business, hosts Bernie Franzgrote and Wayne Pratt sit down with Eric Sonego of CAPROS to explain why record-keeping is not an administrative chore, but one of the most powerful management tools a Canadian entrepreneur can use.Eric shares real-world stories from 25+ years in accounting, tax compliance, and CRA audit defense. He explains why businesses that rely only on bank balances—and ignore forecasting—are always reacting instead of leading. The conversation breaks down the critical difference between bookkeeping and accounting, why cutting corners on either can lead to serious financial trouble, and how modern cloud tools have made record-keeping easier while also giving CRA sharper audit tools.You’ll learn why sales tax is never “your money,” why mixing personal and business finances is dangerous, and why business owners should treat themselves as employees—not ATMs. Eric also explains how proper records protect you during audits, growth, mergers, or business sales, and why early planning can save thousands in stress and fees.This episode is a must-listen for Canadian entrepreneurs who want clarity, control, and confidence in their business numbers.🎥 Watch on YouTube:https://youtu.be/0vsLaN4olvc👉 Read more, comment, and share your biggest takeaway—or reach out with your questions. KEY TOPICS COVEREDBookkeeping vs accounting: why the difference mattersCRA audits and record retention rules in CanadaCash flow forecasting vs historical financial statementsSales tax, payroll, and compliance mistakesCloud accounting tools and audit readinessPaying yourself properly as a business ownerPreparing early for growth, mergers, or sales GUEST LINKS & RESOURCESEric Sonego (LinkedIn): https://www.linkedin.com/in/eric-a-sonego-84ba8299/CAPROS Website: https://www.capros.ca/Phone: 613-254-7310Email: eric.sonego@capros.ca HOSTS & SUPPORTING CONTRIBUTORSBernie Franzgrote – https://link.v1ce.co.uk/berniefranzgroteWayne Pratt – https://www.linkedin.com/in/prattwayne/Carl Richards, Podcast Solutions Made SimpleFred Crouch, Property WizardJovan Strika, @HiveMelanie Webber SPONSORS (Best Fit for This Audience)Canada Growth NetworkBusiness networking + GoHighLevel CRM for SMBs $47 CAD/MO👉 https://tinyurl.com/3s5d3ayvWebIndexerTurn your website into a 24/7 sales assistant👉 https://tinyurl.com/yav4edf5East Trade WindsFree, structured business networking that actually works👉 https://us06web.zoom.us/meeting/register/tZUlf-msrzktGdz-UTwX8Tv6CK5Lu3tacGI9 📩 Questions or comments? Email us:👉 info@kreativinsight.com🌐 Learn more about Knack 4 Business:👉 https://knack4business.com/🎧 Subscribe, comment, and share this episode if it helped you. Disclaimer: Please note that the Knack 4 Business podcast episodes are meant solely for educational and general informational purposes. The information and opinions contained within are not intended to be professional advice on any subject matter. The thoughts, views, and opinions expressed by the participants are their own beliefs and do not represent the views of the podcast hosts or any affiliated organizations.It is important to note that this podcast is not a replacement for consulting with certified experts in your area who possess knowledge of your unique situation. The hosts of the podcast, along with any participants or affiliated groups, do not take responsibility for any actions taken or not taken based on the information presented in this episode.It is highly recommended that individuals seek guidance from their advisors in fields such as accounting, law, or other pertinent areas prior to undertaking any actions or making decisions that may impact their financial, legal, or other aspects of life. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
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