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Advice from Wave: Five common bookkeeping mistakes

It’s that time of year again — tax season. It’s painful, to say the least, and like many entrepreneurs, you’re already pressed for time.

As an entrepreneur, you’re the one ultimately responsible for how your business performs. In order to do this well, having line-of-sight into your financials and cash flow is key.

With that in mind, we’ve connected with Wave, an RBC business banking partner and Ownr Perk, to help save you time and prevent you from making these common bookkeeping mistakes. As a wearer of all hats—CFO, CMO, COO, and master of everything—you don’t need to worry because Wave + Ownr have got your back.

Here are five common errors many entrepreneurs overlook when doing their own bookkeeping:

  1. Mixing business and personal
  2. Using accounting software that’s not connected to your banking
  3. Not getting the most out of your accounting software
  4. Hiring a bookkeeper that doesn’t really know your needs
  5. Waiting until the last minute to file taxes

Wave has changed how entrepreneurs make, move, and track money. More than 3.5 million entrepreneurs in more than 200 countries have registered with Wave to improve their profitability, ease stress, and save time.

If you’re an RBC business banking client, simply login to your online banking to use Wave through RBC for a free, fast, and easy-to-use accounting integration.

Want an easier way to track your business’ cash flow and avoid mistake #1? Open an RBC business bank account and save more with Ownr.

Register or Incorporate your business with Ownr, and save $45**. Use promo code TAXTIME45 at checkout. Save even more when you register or incorporate your business with Ownr, and open an RBC business bank account within 60 days.†

Ownr’s here to help you start your business today! If you have questions about how Ownr can help you register or incorporate a business, or any of our promotions, give our customer success team a call at 1-800-766-6302. We’re available Monday through Friday 9am-5pm EST.

Alternatively, you can book a free 30-min session to ask all your questions 1:1 with a member of our customer success team. Schedule a session here.

If you’d rather email us, no problem you can reach us at [email protected].

Offer terms & conditions:

*Sign up for Wave through RBC Online Banking for Business between until March 31st, 2019, enable Payments by Wave, and the first $5,000 of invoices paid by your customers using Payments by Wave within the first 60 days of sign up will be processed at no charge (a value of up to $145).

** Offer valid from Mar 14, 2019 – Jun 30, 2019. One promotion code per transaction, may be combined with other offers, but refund will not exceed total amount paid. Enter the code TAXTIME45 at checkout on the Ownr payment page to receive $45 + tax off your business registration. Ownr may cancel or modify this offer at any time. Offer may not be applied retroactively. Only available in Ontario, Alberta, and British Columbia.

† When you open an RBC business deposit account within 60 days of completing your business registration or incorporation with Ownr and log back into your Ownr account and click ‘Refund Me’, you will receive a credit on your credit card account (in the full amount of the sole proprietorship business registration fee or $100 plus applicable provincial tax for incorporations) within 7-10 business days from requesting refund. Ownr offer may be revised or withdrawn at any time without notice.

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