Running a business in Canada: payments, currency and sales tracking
Whatever your business (grocery stores, restaurants and cafes, boutiques and neighbourhood shops), in Montréal or elsewhere in Canada, the same questions come up: how to set prices in CAD, how to track payments by mobile money and in cash, and how to know every evening what the business really earned.
Currency and prices in Canada
In Canada, you sell in CAD. The Canadian dollar is divided into cents: check whether your displayed prices include your province’s taxes or not, and be consistent everywhere.
Update your selling prices every time your supplier’s price changes: an increase you do not pass on eats directly into your margin.
Common payment methods in Canada
Your customers can pay you by cash, card and Interac. You do not have to offer all of them: keep the ones your customers really use and that you know how to check.
With Interac, the money lands on your phone or account, not in the till: that is why you must record the payment method on every sale.
Record each method and reconcile every evening
- Record every sale with its payment method.
- In the evening, take each method’s total from your accounts.
- Compare each mobile money total with the credits in your app.
- Count the cash and compare it with expected cash: the difference is the cash gap.
- Record fees (withdrawal, transfer, commission) as an expense.
The most common businesses in Canada
In Canada, you mostly find grocery stores, restaurants and cafes, boutiques and neighbourhood shops. In all of them, three habits make the difference: track stock, know your margin and never mix business money with personal money.
Legal, tax and licensing rules vary by country and activity: check with the authorities or a local accountant before you start.
Run your business in Canada with Kaislo
Kaislo works in CAD, offers cash, card and Interac and works even without internet. You record sales, track stock and customer credit, and get your evening accounts on your phone, tablet or computer. 30-day free trial, then from 21 $ CA per month depending on your business.
Sales, stock, customer credit and evening accounts in one place, on phone or computer. 30-day free trial.
Running a business in Canada: payments, currency and sales tracking
Which currency should I use in Canada in Kaislo?
CAD, chosen automatically with the country when you create the business.
Which payment methods can I record in Canada?
cash, card and Interac: the customer pays you as usual, Kaislo only records the method for your accounts.
Does Kaislo work without internet?
Yes: sales are kept on the device and sent as soon as the network returns.