Top Bookkeeping Missteps for RMTs

Avoid These Common Pitfalls in Your RMT Practice

Running your own practice gives you freedom — but it also comes with admin headaches. Many RMTs handle their own books until tax season panic sets in. Here are the five mistakes I see most often (and how to fix them).

Mixing Personal and Business Finances

Using one bank account for both is a recipe for confusion.
Fix: Open a separate business chequing account and use it exclusively for RMT transactions.

Ignoring Monthly Bookkeeping

If you only look at your numbers at tax time, you’re missing patterns — like slow months or rising expenses.
Fix: Schedule 30 minutes once a month to reconcile your income and receipts. Tools like QuickBooks Online can automate most of it.

Not Tracking Receipts Properly

CRA requires proof for every claim, and digital copies are fine — but screenshots and missing receipts are not.
Fix: Use apps (like Dext or QuickBooks mobile) to snap receipts right after purchase.

Misclassifying Expenses

If your “equipment” and “supplies” categories are muddled, you’re risking misreporting on your return.
Fix: Review CRA’s expense categories for self-employed professionals and keep consistent labeling.

Waiting Too Long to Ask for Help

Many RMTs wait until their taxes are due to hire a bookkeeper. At that point, you’re paying for cleanup instead of strategy.
Fix: Get support early — even a one-time setup can save you hours (and hundreds of dollars).

Bottom line:
Bookkeeping doesn’t have to be overwhelming. A clear system = less stress, fewer surprises, and more focus on your clients.

Get your free RMT Bookkeeping Health Check — we’ll find 3 easy ways to simplify your books.