Accounting 101 for Tourism Businesses

Every tourism business owner should know the fundamentals of accounting. Chartered Professional Accountant Dave Covello, a Partner at MNP, explains the basics, including the difference between bookkeeping and accounting, when you should incorporate, the importance of good record-keeping, and the pros and cons of asset sales versus share sales. He also shares a tip that’ll help you save money on accounting fees.01:23 Meet the Expert: Dave Covello03:03 Understanding Bookkeeping vs. Accounting04:53 Should I incorporate?09:55 Buying and Selling a Tourism Business16:28 Tracking and Claiming Business Expenses21:55 Why You Should File Your Taxes on Time25:22 How to Save Money on Accounting26:35 Final Thoughts and TipsAbout the Destination: Northern Ontario podcastThis is a series for tourism business operators in rugged and beautiful Northern Ontario. Whether you're just starting out, or you've got years under your belt, this podcast will make sure you're well equipped for the journey. If you’re not an operator yet, but plan to buy a tourism business in the north, then check out Season 1 for case studies and expert guidance.Learn more about tourism investment opportunities in Northern Ontario at invest.destination northernontario.ca. Follow DNO on Twitter, Facebook, Instagram, or LinkedIn.The podcast is hosted by Michelle Samson and produced by Storied Places Media.