Can I do my bookkeeping myself?
Yes, you can do it yourself as long as you can handle it well. Please make sure you:
- Have your business numbers ready before tax filing (HST, payroll, tax slips and corporate tax) time.
- Make required tax payment on time. Don’t be late, since the CRA will charge you interest and a late filing penalty. It also raises a red flag in the system.
- Know where your money is going. As a business owner, you have more resources, but it also means you have more obligations to meet. Budget your cash flow and don’t overspend, otherwise it is easy to get into a debt trap.
If you are tired of playing with numbers and would like more time to focus on your business, you may consider hiring a bookkeeper.
Do your firm offer bookkeeping service?
Yes, and we use QuickBooks.
How do I set up bookkeeping for my business?
To set up bookkeeping for your business, you need to:
- Open a business account for your business. If possible, get a business credit card too.
- Use your business name and number in your business invoice.
- Deposit all business income to your business bank account.
- Try to pay all your business expenses through your business bank account or credits card. If you have to pay some business expenses from your personal account, for example, home expenses or personal owned vehicle used for business, you can get reimbursement from your company and make adjustments to your company books.
- Synchronize your business bank account and credit card with QuickBooks.
- Start charting your accounts. Every aspect of your business should have its own space in the records you are keeping of your transactions.
- Dedicate time for bookkeeping. Depending on how complicated your business is, you should review your financial records every week, or every month. It will give you an updated idea about the current state of your business. You will also understand how to better manage your cash flow and what expenses are coming.
I already use QuickBooks. What will be required to prepare my business taxes?
You can invite us to your account and then we can check and updates your business financial situation online.
What is the cost for bookkeeping services?
For small business, it will cost $17-22 per month for using QuickBooks online. For our bookkeeping, the fee will be from $60 to $200 per month.
