As a result, they will support their clients with the program they prefer. The firm has a solid 5-star Google review rating with a total of 28 reviews. The firm is located in Woodbridge, Ontario and offers services throughout Canada. Clearwater Professional Corporation offers the following convenient cloud bookkeeping services to small businesses.

The firm uses Xero for cloud-based bookkeeping services and has excellent reviews on Google with an average Google review rating of 4.8 stars with 13 reviews in total. Therefore, it is best suitable for small business owners and professional service providers in Ontario to hire us at affordable rates. Using the best cloud-based accounting software, we customize a streamlined bookkeeping process that best fits your business needs.

  1. A corporation must make federal, provincial, or territorial corporate income tax installment payments if the amount of corporate income tax payable is greater than $3,000.
  2. They offer bookkeeping services across Canada, specifically in the industries of healthcare, construction, hospitality, engineering, eCommerce, rentals, and fitness.
  3. MNP is a well-known full-service accounting firm that also offers cloud-based bookkeeping services.
  4. For support generating invoices, sending them to customers and following up on outstanding payments.
  5. IBISWorld provides industry research on thousands of industries around the world.

Access a dedicated team including an account manager, bookkeeper, reviewer and professional accountant. Comprehensive back-end support increases data integrity, reliability and accuracy. At Accounting Plus, we strive to simplify your financial tasks so you can focus on the more important aspects of your business.

We’ll provide you with top-notch talent that you don’t have to recruit and retain, all for a single monthly fee. Our scaleable hourly rate options provide flexibility for you to leverage our bookkeeping services to the extent you require. Businesses will derive value from capital assets such as buildings and equipment over multiple years. As a result, the Canada Revenue Agency bookkeeping services ontario (CRA) only allows companies to expense a percentage of the value of the capital assets each accounting period. If your business regularly purchases and sells inventory, using accounting software with a point of sales system will make it easier to manage inventory. Current Asset and Capital Asset bookkeeping accounts are debited when increased and credited when deceased.

Olga Lipnitskaya, CPA

To earn a CPA in the shortest possible time, it would take six years to complete. Once a person receives their CPA, they are required to stay up-to-date with the profession by taking and then affirming they have received a certain number of training hours each year. Xen Accounting has 20 Google reviews with an average rating of 4.8 stars. The Equiom Group acquired Xen in 2018 and continues to operate under the Xen Accounting name. We usually request that clients have a payroll point of contact in the company that our payroll administrators can get in touch with. The point of contact can then consolidate any employee payroll questions and communicate them with our payroll administrators for a more efficient process.

Outsourcing allows businesses to maximize utilization of their human resources. Our business consultants at Virtuous Bookkeeping will streamline your invoicing process, resulting in increased cash flow. At ProBusiness Tax & Accounting, we take pride in our strong commitment to customer satisfaction. Our dedicated team of bookkeepers in Ontario is always ready to go the extra mile to meet your needs. We maintain the highest accuracy, reliability, and confidentiality standards, treating your business financials as our own.

This percentage represents obligations that are expected to be paid within one year, or within the normal operating cycle, whichever is longer. Current liabilities are generally paid out of current assets or through creation of other current liabilities. Examples of such liabilities include accounts payable, customer advances, etc. A N G CPA Professional Corporation provides professional and affordable bookkeeping services to small businesses and professionals in Ontario. Balance sheets, cash flow statements, income statements – We’ll provide you with all the financial statements you need to have visibility on your business’ performance.

Let’s have a conversation about bookkeeping and your business.

When disposing of a capital asset, there can be complicated tax considerations, and it is recommended to consult with an accountant. The bookkeeper will decide on an appropriate way to amortize the building and will debit the Building Amortization expense account and credit a Building Accumulative Amortization account. A prepaid current asset account such as Prepaid Insurance will be created and drawn down each month when the insurance expense is recorded. Maintaining a Petty Cash fund provides a convenient way for businesses to pay for small expenses and avoid having to write cheques. The first type of financial statements a CPA can prepare for a company are Notice-to-Reader statements (NTRs).

Should you hire an accounting firm?

Bookkeepers, on average, will make between minimum wage and $50 an hour. At first glance, it may make sense to hire a bookkeeper at minimum wage; however, the $50 bookkeeper could be 3 to 4 times more efficient, meaning they could end up costing the businesses the same amount. The effort required to prepare timely and accurate bookkeeping has been reduced dramatically over the past 20 years due to the development and mass use of bookkeeping software. Many of the time-consuming tasks, like manual journal entries, can now be automated, and up-to-date reporting is available at all times. Accounting firms will often have in-house bookkeepers who help complete the books for clients each month or help update or correct a client’s bookkeeping prior to an accountant preparing the income tax return.

Even with cloud-based bookkeeping software being affordable and easy to use, it can make sense for small businesses to use other tools if they don’t need many bells or whistles. If a company has under 20 monthly financial transactions, Google Sheets and Microsoft Excel will be enough to keep your financial transactions organized for government compliance and tax time. CPAs will provide adjusting entries to both fix incorrect journal entries and record any accrued revenue and expenses not accounted for.

With the introduction of cloud-based bookkeeping software, accounting and bookkeeping firms have reduced the time and level of effort it takes to properly maintain their client’s books. This, coupled with many firms now operating completely virtually, has reduced overhead that needs to be covered by the bookkeeping fees. As a result, bookkeeping services fees are often priced very competitively and are generally offered in packaged services.

This is an efficiency ratio, which indicates the average liquidity of the inventory or whether a business has over or under stocked inventory. This ratio is also known as “inventory turnover” and is often calculated using “cost of sales” rather than “total revenue.” This ratio is not very relevant for financial, construction and real estate industries. This ratio is a rough indication of a firm’s ability to service its current obligations. Generally, the higher the current ratio, the greater the “cushion” between current obligations and a firm’s ability to pay them. However, if you are aiming to grow your business, increase your market share and customer base, then you need to focus on your expertise and leave the rest for others. Our personal tax accountants will help you calculate the exact amount of tax money you must pay by the end of the year.

They are also responsible for tasks such as creating invoices, receiving payments, chasing down accounts receivables, calculating and managing payroll, and preparing basic financial statements. The hourly rate bookkeepers charge for their services is anywhere from minimum wage to $30 an hour. Chartered Accountants, now known as Charted Professional Accountants (CPAs), will review the bookkeeper’s journal entries and will ensure proper accounting treatments for each recorded financial transaction. An accountant will provide adjusting entries to both correct posted journal entries and record any accruals not accounted for. Accountants will review the company’s financial statements for completeness and will provide the company with their opinion of the company’s financial position.

The firm uses Xero for cloud-based bookkeeping services and also uses Hubdoc, Wagepoint, and receipt bank. ConnectCPA has an average 5-star Google review rating with 20 Google reviews in total. BackOffice Stars is a bookkeeping and Payroll Services firm based in Burlington, Ontario and offers services across Canada.