There are two vital reasons for keeping financial records. The first is to provide the information required for your financial statements, which show whether or not you are making a profit and help you make management decisions. Secondly, records of your co-op’s financial transactions serve as the basis for your co-op’s income tax return, which is required by Canada Revenue Agency.

Remember, it’s easier to start with a good set of books and to keep them updated than to try to reconstruct them at the end of the year.