Ruby Tax keeps monthly books for small businesses in Toronto and across Canada in QuickBooks and Xero, so year end becomes a filing exercise rather than a reconstruction. Monthly bookkeeping is quoted per file as a flat fee.
Most of the cost and stress of year-end comes from twelve months of untouched records. Keeping the books current costs less than fixing them in April, and it means you actually know what the business is making before the year is over rather than finding out afterwards.
What is included
- Monthly transaction categorisation and bank reconciliation
- Accounts payable and receivable tracking
- HST tracked as you go, so filing is a non-event
- Payroll processing and remittances, if you need it
- Monthly profit and loss and balance sheet
- A clean year-end file that feeds straight into your corporate return
What it costs
Quoted per file, scaled to your transaction volume and whether payroll is involved. Clients on monthly bookkeeping pay less for their year-end return, because the cleanup is already done by the time we get there.
Which software
QuickBooks Online or Xero, whichever you already use. If you are starting from spreadsheets or a shoebox, we will set one up and get you onto it.
Behind on your books?
Catch-up bookkeeping is a one-time project. A year or several, brought current so your returns can actually be filed. Plenty of clients come to us that way and move onto monthly afterwards once they see how much easier year-end becomes.
Ask about bookkeeping
Tell us roughly how many transactions a month you run and we will quote you within one business day. Call 647-990-7258 or email raj@rubytax.ca.
Common questions about bookkeeping
How much does bookkeeping cost for a small business?
Monthly bookkeeping is quoted per file rather than from a price list, because the work depends on transaction volume, how many bank and credit card accounts there are, and whether you are registered for HST and payroll. You are given a flat monthly fee before we start.
What is the difference between bookkeeping and accounting?
Bookkeeping is the ongoing recording and reconciling of transactions through the year. Accounting is what is built on top of it: year-end financial statements, the corporate or personal return, and the tax planning around them. Good bookkeeping makes the accounting cheaper, because nothing has to be reconstructed.
Do you work with QuickBooks and Xero?
Yes, both. We can work in the file you already have, or set one up from scratch if you are still running the business out of a spreadsheet or a shoebox.
Do I still need a bookkeeper if I have an accountant?
Not always. If your volume is low you may reasonably keep your own books and hand them over at year end. The point at which it stops making sense is usually when reconstructing the year costs more than keeping it current would have.
Related services
Also see corporate tax returns (T2), HST return filing, and personal returns if you are self-employed.