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, 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
Payroll: 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
- Do holiday pay calculations
- Do your government remittance reporting
- 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.
Reconciliation: 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).
Taxes: We can calculate and file your business and payroll taxes (including EHT, HST/GST and WSIB).
Year-End: 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 bookkeeping team, a primary and a backup, 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 since the bookkeepers provide the best work when they aren't constantly interrupted.
Hubdoc is more secure compared to email, so it is the primary way you will exchange documents with your bookkeeper.
In the unlikely event that you don't like working with your assigned bookkeeper, you could get in touch with Jonathan and he will find someone you prefer to work with.
- We will ensure you start off using our services as quickly as possible.
- We begin with a virtual meeting using Zoom, a web meeting program.
- 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
Fill out the form below to book a call with us for a no-obligation chat about your bookkeeping needs.
Sectors We Service
We focus on serving the following sectors and types of business:
- Sports medicine clinics
- Natural health clinics
- Massage therapists
- Naturopaths & homeopaths
- Psychiatrists & counsellors
- Dieticians & nutritionists
Marketing & Tech-Related Businesses:
- Digital agencies
- Web design & development agencies
- SEO, SEM, PPC agencies
- Marketing, PR, promotion agencies
- Marketing consultants and strategists
- Tech companies
- Software companies
Professional Services & Consulting:
- Engineering Consulting
- Wealth Management
Frequently Asked Questions
How much do your virtual bookkeeping and payroll services cost?
You can have a look at our sample packages here. We charge $55/hour for bookkeeping services. We are very efficient and have found that we frequently complete the same work another bookkeeper previously did in substantially less time. The cost of software like Xero, Quickbooks Online or Hubdoc are incremental to that. You’ll also be responsible for any transaction fees incurred from payroll or bill payment services that charge on a transaction basis.
You’ll be asked to provide in-depth information on what services you’d like to include in your plan. You can either submit a form giving us the information such as the # of accounts and transactions or we can go over it together in a call. We usually respond within 48 hours of receiving your form submission.
Where are your bookkeepers located?
All of our CPBTM certified bookkeepers are located in Canada. We currently have bookkeepers in Toronto, PEI, Niagara Falls, Mayerthorpe and Sault Saint Marie.
Will I be able to get in touch with my virtual bookkeeper when I need them?
Yes, for sure. You can contact your bookkeeper at any time via email.
A virtual meeting can also be set up beforehand since the bookkeepers work at their best when they aren’t interrupted by too many phone calls.
How do I know your bookkeepers are qualified?
All our bookkeepers have a college diploma in bookkeeping and at least 2 years of bookkeeping experience before coming to us. Three of our team of five are CPBTM – Certified Professional BookkeepersTM, at Tier 3 or 4, certified by the Institute Of Professional Bookkeepers of Canada. Some have more advanced accreditations and we have one CPA on the team.
Can you file my sales taxes, HST, EHT or WSIB?
Yes, we calculate these taxes for our clients and then file the tax returns for them.
Can you pay my corporate or sales taxes, HST, EHT or WSIB?
No, we are not able to pay these taxes for you, but we can calculate them for you and remind you for the payment.
Can you file my corporate or personal taxes?
No, but we can connect you with some accounting firms which can prepare these taxes for you.
Can you manage my payroll?
We employ WagePoint and Quickbooks Payroll for this purpose which costs $20/run and $2/employee. We can enter the payroll hours, or you can add them yourself. They will pay your salaries and submit the T4s and Records Of Employment to the CRA automatically.
We won’t be responsible for late payments which may be due to the circumstances beyond our control.
Can you pay my bills for me?
Yes, we can, and we use the payment app Plooto for this purpose since it works well with Quickbooks Online and Xero. It costs $0.50 per transaction and you can prepay them for same-day transfers.
How do you prevent errors?
Bookkeeping errors can be reduced by the following steps we take:
- We don’t type the transaction data manually and instead import it automatically from your transaction statements.
- Using software to compare data and spot errors in different sources.
- Your bank data is automatically captured by your accounting software and Hubdoc and scanned electronically. After spotting errors, discrepancies are highlighted for the bookkeeper who can then correct them.
We hire only the best bookkeepers who are talented, qualified and love numbers.
Do you take on clients outside of Canada?
Unfortunately, we only work with businesses that are registered in Canada.