Online Bookkeeping Services in Canada

How online bookkeeping works

• Your bank and credit card transactions are imported or uploaded each month.
• Every transaction is categorized to the right income, expense, asset or liability account.
• Accounts are reconciled against your statements so nothing is missed or duplicated.
• You receive monthly financial statements and a clean set of books.
• The clean records feed your GST/HST, payroll and year-end tax filings.

Who needs bookkeeping

Any business that must report income to the CRA benefits from bookkeeping: GST/HST registrants, businesses with employees, incorporated companies preparing T2 returns, and self-employed professionals claiming business expenses. The CRA requires most businesses to keep reliable records for six years from the end of the tax year they relate to.

What you need to provide

• Access to business bank and credit card accounts (securely connected or statements uploaded)
• Sales invoices and customer receipts
• Purchase receipts and supplier invoices
• Payroll records and government remittance confirmations
• Loan or financing statements

Deadlines and record retention

Books are closed and reconciled each month, and should be complete well before your GST/HST, payroll remittance and year-end tax deadlines. The CRA generally requires business records to be retained for six years from the end of the tax year they relate to.

Pricing

Monthly bookkeeping plans start at $199 per month, quoted as a flat rate based on your transaction volume before any work begins. Bookkeeping clients get faster, lower-cost year-end tax filing because the books arrive complete.

Common bookkeeping mistakes

• Mixing personal and business transactions in one account.
• Letting receipts and expenses pile up instead of recording them monthly.
• Never reconciling bank accounts, which hides errors and duplicates.
• Being unable to support claimed expenses because the source documents are missing.