Reconciliations ensure your financial reports are accurate and up to date. By tracking your employee’s hours, you are not overpaying or underpaying your employees. It is important to pay your invoices on time so that you are not charged interest needlessly and that you get credited for any HST that you pay.  Following up with your clients for payment of your invoices just make sense and helps to keep your cash flow more manageable. CRA will charge interest and penalties on late payroll or HST remittances so filing on time is crucial. It is so important to know how your business is doing. It helps you to make better decisions regarding your business.