Bookkeeping and Payroll Services
We offer virtual bookkeeping and payroll services to Canadian companies looking to get the many benefits of cloud accounting
In online bookkeeping (also called virtual bookkeeping or cloud bookkeeping), you and your bookkeeper use cloud-accounting and document management software to create a secure, paperless system. This allows you to exchange receipts and business documents and to collaborate and get financial statements without having to exchange any paper documents.
Benefits Of Virtual Bookkeeping And Payroll
There are many benefits to using virtual bookkeeping and payroll services. Here are the main ones:
More current books
It leads to your books being more up-to-date on a regular basis because your bookkeeper will always have access to the statements and receipts they need for their work. They won't be as reliant on you to find and send them receipts. (There are still some receipts you'll have to photograph on your mobile with an app, or manually upload, but it's a big reduction.)
Timely and accurate profit and loss statements
Virtual bookkeeping allows you to keep a better handle on your expenses and profitability and to make changes throughout the year to affect them. With most virtual bookkeeping systems, you have access to your books via the web or a mobile app which provides much greater transparency and insight into the business versus traditional bookkeeping. With traditional bookkeeping, you might not see a profit and loss statement until your year-end. With virtual bookkeeping, it is quite easy to provide monthly profit and loss statements at minimal extra cost.
Reduced bookkeeping time and errors
Using a virtual bookkeeping system saves a significant amount of data-entry time and decreases the number of mistakes that come from inaccurately keying in the data. This means you'll most likely reduce your bookkeeping costs because it will take less time to do your books each month. We cut our first client's bookkeeping costs in half.
Archiving and compliance
It also provides a very convenient archive of all your paper receipts so that if you ever need to look up a receipt, you can find it in seconds, rather than pulling out boxes from several years ago and trying to wade through piles of paper.
More options & reduced costs
Virtual bookkeeping allows us to find the best bookkeepers in Canada at reasonable hourly rates. We are no longer restricted to working only with bookkeepers who are in our immediate vicinity. This allows us to offer excellent bookkeeping services to you at competitive rates. We have been able to lower the overall cost of bookkeeping for many of our clients.
Bookkeeping and Payroll Services We Offer
Let us manage your payroll payments and government payroll remittances. We can:
- Setup your staff or contractors in the payroll system
- Make sure everyone gets paid the right amount on time each month
- Manage salaried and hourly workers
- Help you implement digital time tracking systems
- Do holiday pay calculations
- Do your government remittance reporting & filing
- Manage your compliance obligations
- Reconcile your payroll
Accounting system management & reporting
We input all your revenue and expenses into an accounting system and categorize receipts so that you can pull reports that provide you insight on your income, spending and profitability.
We reconcile your bank and credit card statements against your individual receipts and invoices to ensure accuracy and completeness.
Expense and revenue management
We organize and categorize your business receipts and invoices.
Accounts receivable / Accounts payable
We can manage your accounts receivables (generating invoices, managing reminders and payments) and your payables (the payment of your bills using an online service like Plooto).
We can calculate and file your business and payroll taxes (including EHT, HST/GST and WSIB).
We prepare a year-end reporting package for your accountant to be able to do an efficient year-end.
You'll be assigned a dedicated bookkeeper who you'll be able to access on the schedule you agree on.
You can email your bookkeeper at any time. For meetings and calls, we recommend setting up specific times.
Dext and Hubdoc are more secure compared to email, so they are the primary way you will exchange documents with your bookkeeper. They extract data from receipts and organize it for faster processing into the accounting software. Dext has built-in contextual messaging so our bookkeepers can ask you for clarifications about receipts, without cluttering up your email.
In terms of cloud accounting systems, we only use Xero and Quickbooks Online and we are experts in both systems and integrating them with other third-party systems.
We use bookkeeping management software called Financial Cents to manage our workflow and reminders. It has a slick feature that enables us to send you a list of items we need and it reminds you until you check them all off. Our clients love how it puts all the requests in one list for them.
- We will ensure you start off using our services as quickly as possible.
- We begin with a virtual meeting on Zoom.
- After asking you about your current bookkeeping setup, we develop a system which is optimal, cost-effective and uniquely suited to your needs.
- You’ll have to provide us with information and perform some setup tasks. We’ll take care of the whole process.
For more details please see What To Expect As A New Client Of Back Office Stars – Our Onboarding Process