01
Revenue and Sales
Track total monthly sales and compare them to previous months.
Focus on:
- Growth or decline trends
- Best-performing services/products
- Seasonal changes
This helps with forecasting, pricing, and planning.
BLOGS
What Canadian Business Owners Should Track Monthly
Many Canadian business owners focus on sales but overlook the financial details that actually determine profitability, cash flow, and CRA compliance.
Monthly reviewGST/HST readinessProfit and cash flow
The Numbers Worth Reviewing Every Month
A simple monthly review of key numbers can prevent surprises and support better decision-making. Here are the most important things every business should track each month.
02
Cash Flow
Cash flow shows how much real money is moving in and out of your business.
Monitor:
- Customer payments received
- Upcoming bills and payroll
- Bank balances
- GST/HST set aside
Strong revenue does not guarantee healthy cash flow.
03
Accounts Receivable
Unpaid invoices directly affect your cash flow.
Track:
- Total outstanding invoices
- Overdue payments
- Slow-paying clients
Follow up regularly to avoid cash shortages.
04
Business Expenses
Review all monthly expenses to control costs and protect profit.
Watch for:
- Rising operating costs
- Unnecessary subscriptions
- Overspending in categories like marketing, software, or travel
Small leaks can significantly reduce profit over time.
05
GST/HST Payable
GST/HST is not business income. It belongs to the CRA.
Track:
- GST/HST collected
- Input Tax Credits (ITCs)
- Amount payable to CRA
Poor tracking can lead to cash flow issues and penalties.
06
Payroll Liabilities
Ensure payroll is accurate and compliant.
Monitor:
- Employee wages
- CPP, EI, and tax deductions
- Remittance deadlines
- Vacation pay
Payroll errors can quickly trigger CRA issues.
07
Net Profit
Profit is what actually matters after all expenses.
Track:
- Gross profit
- Net profit
- Profit margins
This shows whether your business is truly sustainable.
08
Bank Reconciliations
Reconcile bank and credit card accounts monthly.
This helps identify:
- Missing transactions
- Errors or duplicates
- Fraud or unauthorized charges
It keeps your books accurate and tax-ready.
Final Takeaway
Monthly financial tracking gives business owners clarity and control. At a minimum, every Canadian business should consistently review revenue, cash flow, expenses, receivables, GST/HST, payroll, profit, and bank reconciliations.
Businesses that stay on top of these numbers avoid compliance issues, improve profitability, and make better strategic decisions.
