Our Top 10 FAQ's are below
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What services do you offer?
We offer a range of online "Cloud accounting" and business advisory services, including bookkeeping, tax preparation, financial reporting, payroll management, and more. Our goal is to help you streamline your financial operations and make better business decisions.
How much do your services cost?
Our pricing varies based on the specific services you require and the size of your business. We offer customized pricing plans to ensure that you only pay for the services you need. Contact us for a personalized quote
What's the difference between a bookkeeper and an accountant?
A bookkeeper focuses on recording financial transactions and maintaining accurate records, while an accountant offers higher-level financial analysis and advice. We offer both bookkeeping and accounting services to provide a comprehensive financial management solution for your business
Can you help me with my taxes?
Yes, we offer tax preparation services for both businesses and their owners. We stay up-to-date with the latest tax regulations and work to minimize your tax liability while ensuring compliance with all applicable laws. This includes Payroll Taxes, T4's, GST/HST, PST, Worksafe & EHT etc.
Do I need to have my own accounting software?
We exclusively use Intuit Quickbooks online accounting software as part of our services. This software allows you to access your financial data from anywhere, and we'll handle all the technical aspects of software maintenance such as integrations with your other apps like Shopify, Jobber, Inflow inventory and many more.
How do I get started with your services?
Simply contact us to schedule a consultation. We'll discuss your specific needs and provide a customized proposal outlining our recommended services and pricing. If you decide to move forward, we'll handle all the setup and onboarding processes for you.
Can you work with businesses in different industries?
Yes, we have experience working with businesses in a variety of industries, including retail, healthcare, manufacturing, professional services, ecommerce, construction and many more. We understand the unique financial challenges faced by different industries and can tailor our services to meet your specific needs.
Can you help me understand my financial reports?
Absolutely. We believe in empowering our clients with financial insights and analysis to help them make better business decisions. We'll provide clear, concise reports like Income Statements that explain your financial performance and help you identify areas for improvement.
Do you have an office near me?
Yes, most likely, however we provide online cloud accounting and advisory services like a "fractional CFO", so you can access our services from anywhere. We utilize the latest technology to ensure seamless communication and collaboration with our clients, regardless of location. Some of our best clients call us from the Beach.
How often do you provide financial reports?
We can provide financial reports on a regular basis, typically monthly or quarterly. However, we can also provide reports on an "as-needed" basis if preferred. Our goal is to provide timely, accurate financial information that helps you stay on top of your business's performance without bombarding you with needless emails etc.
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GENERAL
What is Bookkeeping?
Book-keeping is just another way of saying "Record Keeping". We keep Records, or Books, of a monetary nature for various endeavours. Why should I hire a Bookkeeper? Why should I outsource my Bookkeeping?
Same reason you should hire a plumber, mechanic, lawyer or heart surgeon. Do you want the task done properly by qualified people with the tools & knowledge to help you and provide peace of mind? What does a Bookkeeper do?
We record facts essentially. Usually these are Financial Facts, like a company’s Sales and Expenses. Sometimes they can be complicated and involve a number of entries. We generally use bookkeeping software to achieve this but could do it on paper if needed. We also use Excel and simply Tally systems for our very small clients. What's the difference between a bookkeeper and an accountant?
Contrary to popular belief, accountants and bookkeepers perform distinctly different tasks for the businesses they serve. A Bookkeeper is concerned with the granular entries in the books of record for a company. They are the ones who record all the basic single entries that help complete a Trial Balance or Profit & Loss report. A bookkeeper’s common responsibilities consist of:
Accountants use the accurate and up-to-date general ledger maintained by the bookkeeper to provide advisory services, such as:
What is a Bank Reconciliation?
If we knew that, we'd be millionaires… No, wait! We do know. Reconciliation is just an English word, albeit not often used. It means to reconcile two or more things, to make good with each other and come to a common ground. In this case, it's your Bank Records & the Bank’s Records. Mainly we do this to make sure we've accounted for all company "Cash". Sometimes, though not very often, we do find Bank errors or mistakes also. I've probably completed a few hundred thousands of Reconciliations by this point and I've only found two errors. Finding them at all, though, is what makes me the perfect sceptic to have on your side. I already have an Accountant?
That is great. Be sure and introduce us. I'd be worried if you didn't. Maybe you don't have an Accountant, maybe it's a Tax Preparer? What does your Accountant actually do for you? Whatever your relationship with your Accountant we are predominantly Professional Registered Bookkeepers. Our Role is to help gather and organize financial information for your Company. This is usually based on Source Documents and other financial records given to us. We balance/Reconcile your Bank & Credit Card accounts. We're trained experts in the software and systems we recommend and provide. Will you work with my existing Accountant?
Bookkeepers and Accountants have different roles. Of course we can work with any and all existing members of your Team. Different bookkeepers perform different levels of service so it's best to clarify expectations with an existing Accountant as soon as we begin working together. Can you take over for my old Bookkeeper?
Yes, absolutely. Rest assured we are well versed and experienced with jumping in and figuring things out ASAP. Regardless of the mess you've been left with, we'll do our best to help you out. Can't I just do this myself?
Yes, totally. We're all for empowering Business owners or internal/existing Bookkeepers with the right knowledge & Custom Training to do just that job. We can also provide after Training Support and Service online or by phone. Are you accountants?
No, not a million miles away but we technically/legally not Accountants. We are Bookkeepers and Business Advisors- however, we can work with accountants, Lawyer Tax advisors, investors and any other professional you care to throw at us. How long do I need to keep my records for?
7 Years for Business Records. No harm in holding onto important things as long as they're needed though. You may buy an asset 7 years ago but sell it today, so do you just keep the Sale records or both? It's basically a matter of common sense. Some things should be preserved for a long time and others can be tossed sooner, especially if you use Receipt-Bank which digitizes and stores them for 7 years for you ! Do you need two bookkeepers if you have a Canada/US business?
Possibly yes. You definitely need someone who can prepare US and Canadian Tax returns. This could be the same person or two different firms. Likewise if you need a 2nd bookkeeper for the other firm we will tell you. If you don't we'll just do that work also and keep everything under one roof. DO YOU JUST SIT ALL DAY?
Ha ha, yes I suppose we do. Tendonitis and Back Pain and Migraines are all the health related issues we have to worry about. We encourage calm relaxing environments. Supportive Mentoring, Regular breaks & walks and lots of Food & Water. Did you know your Brain uses 20% of your daily energy? Do you actually like bookkeeping?
Yes we do. We have to. People who don't enjoy this kind of work simply quit and move on. Most of our Peers and Competitors agree with this. They too have to have a love and desire to do this and get it right, otherwise failure is highly likely. Isn't bookkeeping just finding how much money you have?
No, not really. In fact maybe not at all. It's nice to know how much money you have in the bank but we can tell you how much you'll get to keep & spend. How much will be left over after paying all your bills. Best of all, we can help you gather more by monitoring your Sales and Accounts receivable. There's really more to this than money. Why does a person need a bookkeeper? It's just simple math and anyone can do it.
This is true I think. I agree. If you have time to do your own books then we're happy to train and support you. Most busy Business owners usually find they don't have the time. However we'd always recommend you learning how to do your own books to a certain degree. It's just good practice to know how to do the job even if you don't intend to. Also Bookkeeping is much more than simple math. Sometimes it's complex math ! More often though it's a Puzzle involving lots of little logic problems. My business is small, so I don't need a bookkeeper.
This is only the case if you are a bookkeeper... I mean, we here at McBride Bookkeeping don't need a bookkeeper, we're good thanks. You? If you’re a Plumber and want to do your own books with little/no training, then do keep our contact info so we can help you clean it all up later on. If you'd rather get it right, call us first, even if you are small, and we can train you to be a bookkeeper- well, enough to do your own books, anyway. I don't want to upgrade anything.
We didn't ask you to ! Just kidding. Seriously though, we hear this a lot and presume you've been shoved around and forced to change things in the past and it didn't work out and it cost you way too much money for what you got out of it etc. I can appreciate that and we wouldn't be such a public business if we behaved that way. Understand this though, sometimes change is needed to get to your goals (not our goals, yours) Also efficiencies save time and money, why wouldn't you want those? Last but more importantly, we are actually experts in this kind of thing. It's honestly my favorite thing to do, clean up redundant processes, set-up efficient Systems and re-train staff to work smarter. That said, you pay our Bill, so it's obviously your call what we do. Can I convert my old accounting system?
Oh, yes we can ! We can convert anything. Crazy as that sounds if you've been asking around before reading this. I'm honestly not sure what the fuss is all about, it's just data and tables. Easy Peasy we say. Do you want all your Inventory, Products, Customers, Account, etc. transferred to a new shiny bookkeeping system? So do we ! I'm years behind, can you help?
Yes, we can help you catch up on your books. Bookkeeping falls behind sometimes, it happens everyone and it doesn’t always take priority. We only ask your patience in catching up as Tax filings will still be delayed and cannot happen overnight unfortunately. How should I organize my paperwork?
We like to work with you. Any organization is better than none. We can deal with none though if you don't feel like sorting through stuff. We're probably faster at it anyway. If you want to do things yourself to learn and be helpful we file like this: File by Payment Type or Source Type. All Credit/Debit Receipts, deposit slips, e-transfer notices, etc. go with the official statement by month in folders. Remaining paperwork to be split by Type (Invoices/Bills, CRA Letters, PST, Legal stuff, etc.). DO I EVER NEED TO MEET YOU OR CAN I DO THIS VIRTUALLY?
It's always great to meet. Plus I'll buy Lunch/Dinner/Coffee ! But no, we don't actually need to meet in person if it's not convenient for you. We're available by phone, Online Meeting and Email most days. Do you give business advice?
Yes, we can help with most things, even if it’s just a 2nd opinion to tell you to go find a good Lawyer or Tax Accountant etc. We’re not everything to everyone but we’ve been part of more Business’ and organizations than most firms out there. We'll always be on the lookout for issues with your books. Having seen literally thousands of other company’s records, we have a great idea what's "typical" and what is not. Do I need to have a business only Bank/CC account or can they be the same as my personal?
We highly recommend separate accounts. Even if they're both in your Personal name because you cannot open a Business account with certain institutions. A 2nd distinct Bank and Credit Card account for your business has many many perks. You won't be paying a bookkeeper to record your personal transactions, only to pay them to 'back them out' at year end. The CRA won't want to question every personal deposit and expense you make should they wish to review your Business Accounts... The list goes on, trust us. Open a 2nd account. Is there an easy way to record my sales in the bookkeeping?
We can set you up with the simplest solution that works with you. If you decide to use one of the Cloud bookkeeping programs like Quickbooks or Xero then you'll be able to invoice from your smartphone and record sales in the books yourself instantly ! If not, we have plenty of easy good choices for you. What kinds of paperwork do you need from me?
Everything. Seriously. Unless you need it, there's a fair chance it's more use to us. Besides we will refile and label everything so even if we don't need it right away, you'll be able to find it much easier anytime after. how do i send you my paperwork?
Whatever way works best for you. We have a Downtown mail address, we use Receipt Bank to collect digital copies on the spot. We share online spaces with clients via Dropbox & Google Drive etc. Can you help with Cash management?
We can provide general advice in all areas of financial needs or Business techniques. However we'll always recommend the need to speak to a qualified professional if you need it. For Cash Management we can teach you all the tips and tricks to good healthy cash management and common mistakes to avoid. If you need a Business Loan or Banking help we have contacts in the Industry we trust & work with regularly. FEES & COSTS
How much is this going to cost me? What are your Billing Practices?
There are many variables that go into our billing details. How fast do you need it done? How much is there to do? Are your Records complete & in order? Do you have all your statements, bills, check copies, e-transfer & deposit history? We're not into price-gouging, don't worry. Call any one of our existing clients and I'm sure they'll confirm this. We're very Open and detailed with our Billing and use different rates effectively for different skill levels needed e.g. you will pay less for File Organizing than you will a Bank Reconciliation and that'll be less than a consultation with a Lawyer/Accountant or other professional, etc. We can also offer fixed price (monthly, etc.) arrangements if that’s what you’d prefer. Isn’t a Bookkeeper expensive? Is this affordable?
That depends on a few factors. What would you consider expensive? We work with given budgets if a client is short on cash-flow, so don't be afraid to ask. Also, how much work do you have for us? What kind of Results do you need? All these and more, determine how much you'll end up paying to outsource your accounting. Are there ways I can reduce my Bookkeeping bill?
The more work you do yourself, the lower your bill for sure. The best business practice is to hire and engage with a professional. We can translate things and help you make faster better informed decisions when you need to. If you'd rather be doing your own books then that is OK by us. We will train you and support you by phone or email along the way. Do you charge hourly or monthly?
Both, depending on circumstances. Often we will start on an hourly agreement to get things up to speed or caught up. Also this is a good time to gauge expectations and limitations with the bookkeeping. We can formulate and propose a fixed price billing arrangement with you at that point if you wish. Is there a start-up fee?
No, we bill for what we do, no more and no less. We do accept tips and Christmas bonuses, however. |
SERVICES
Can you do my taxes & pay them for me?
Yes & No. We will help you prepare what you need for Tax time. We don’t complete Individual or Corporate tax returns, though. We’d rather that was performed by a 3rd Party like an Accountant or Tax Preparer. Also, we can’t pay your taxes for you but we can show you how to do it yourself. How can I send my paperwork to you?
These a few options here and the choice is yours!
Can you train me to do my own books?
Yes, absolutely. We're all for empowering Business owners or internal/existing Bookkeepers with the right knowledge & Custom Training to do just that job. We can also provide after Training Support and Service online or by Phone. Can you fix past mistakes?
Well, if we couldn't we'd probably be out of a job. Sadly many companies have hired a terrible bad bookkeeper in the past. There's a number of options available to you depending on what you need to be the outcome. So yes, we can fix mistakes of others. What system should I choose?
That depends on 2 things: your Needs & Wants? What reports do you need from the system? What type of access, online or local. Cloud or Desktop? Inventory or Budgeting? Then it depends on your preference. We will find and recommend some options at different price-points and levels and invite you to try them out or choose one based on an interactive online meeting with us. Can you check my Bookkeeper's work?
Totally, we can be super spies or outright obvious in checking things. We can usually find Fraud and detect weaknesses in your existing bookkeeping and office management system & will tell you if we suspect anything, even if you didn't ask. We can help to strengthen your existing staff & systems. Check your pre-existing Bookkeeper's knowledge and give them a resource (us) to empower them to tackle the job correctly. Do you supervise/train In-house bookkeepers?
We're all for it. As stated prior, we're willing to train anyone and empower them into doing their own books. We offer custom training sessions that will help you gain the knowledge to do your job right. Will you send me reports?
If that is what you wish, then your wish is our command. It's important to remember that this is a relationship. It has to be 2-way- you give us data, we give you useful information & reports. We love creating custom reports honestly. Spreadsheets are kinda our thing. Do you do Payroll?
Indeed we do, we can help you get the correct information from your employees, make the right deductions & submit them to the CRA on time. We will even prepare and Send T4's every year. There's also an opportunity to outsource payroll to a bigger Payroll firm. We can work with these firms and record the Payroll data they provide to your system. Can you submit my GST/PST/HST/VAT?
Yes, Payroll Taxes, GST/HST, UK & Ire VAT returns are all things we take care of monthly for our Clients. I just need someone to reconcile my Banks?
If that's what you need, then so be it. Remember this is a relationship. It has to be 2-way- you give us data, we give you useful information & reports. We love creating custom reports. That aside, if you ask us if your books are ready after we “just reconcile things” don’t be surprised when we say “No”- there's much more to it than that. In-House or Outsource?
We prefer to offer fully outsourced solutions but are available to visit your site for training, set-up or takeover purposes etc. We can also train an in-house bookkeeper for you and help you in the hiring process. Do you offer Pick-up Services?
Not generally unless it’s more efficient but we will happily cover postage if that's a concern for you. I have a new employee. What information will you need from them?
We will provide you with a simple employee setup sheet which contains everything needed to get them set up properly in any payroll system. You can give it straight to your employee to complete, which makes less work for you. You'll need a full name, SIN (Social Insurance Number), date of birth, address, and completed TD1 Tax Forms. I need my T4's done for last year. Can you do that?
So long as it's not the 2nd half of February, then yes. We can't make any promises to meet looming deadlines if we don't receive all information needed in a timely manner however. But we’re happy to take over and wrap things up for you no matter the situation. A former employee is asking for an ROE. Can you get one for me?
Totally, we can do that. We can even submit online so Service Canada receives a copy instantly. Then you'll get a PDF copy to pass along to your employee. Can you do my payroll?
Yes. Payroll, Payslips, T4's ROE's, setting up employees with advice with Labor Board issues and guidelines are all routine weekly tasks for us. I'm getting audited by the CRA. Can you help me?
These things happen, far more than you realize probably. Don't worry, we've sat through many CRA or other Agency reviews and negotiations. It's not as daunting as most people think and with the right approach can be a basic routine matter. CRA or the Tax-Man is just a government department employing people like you or I to do various tasks within that organization. They're an incredibly useful tool to us as Bookkeepers. We often write to them asking for Rulings for client to provide ease of mind and peace in the event of a dispute. We can host a CRA Auditor (Trust Examiner) at our offices and provide them with all the responses & documents they need to complete an Exam. Or maybe you simply need to know something to respond to a Letter. We will help you to utilize & work with the CRA. HOW CAN I KNOW MY INFORMATION IS SAFE?
Honestly you can never know this sort of thing for sure, can you? That said, you do need to drop your ‘financial undergarments’ in order to work with with Finance and Accounting experts. It's no different than seeing a Doctor or a Lawyer. We do take every effort to keep your financial data & documents safe. We shred (Physically & Digitally) all unneeded documents. We also have Policies & Procedures in place to make sure nothing is accidentally lost or stolen. We have a Code of Ethics to live & work by and We're professionally insured for the work we do. SOFTWARE
What's the Best Software for Mac?
Good question, there's basically no good 'built-in' bookkeeping software for MAC, certainly nothing simple to use. Browser, cloud based solutions like Quickbooks Online, Xero Accounting or Freshbooks, etc. all work just fine in the Safari or Chrome browsers on a MAC. Is there an easy Android Accounting App?
There's many Apps out there but none would be considered a full-cycle accounting program. You can make use of certain features of Accounting programs like Quickbooks, Xero or Freshbooks using their native Android Apps. However there are also many other useful 3rd Party Apps on both iOS and Android that help with certain functions of Business. Things like invoicing, quoting, taking payments or making appointments, etc. to name but a few. Can I have an Accounting app on my iPad/MOBILE DEVICE?
Absolutely. The 3 major Cloud accounting players in Canada right now (Xero, QBO & Freshbooks) all have free apps to use once you subscribe to their core accounting & bookkeeping software. Can you take my previous books and transfer them to Quickbooks online?
Yes we can, we're experts in Data Migration and Quickbooks set-up. We will talk you through the whole process and take care of any concerns you have. Teach you how to use Quickbooks and set things up yourself If you like to. Of course we'll be around by phone or email afterwards should you need us afterwards. If I do my books through you do I have to pay for Quickbooks online?
All prices are negotiable but everything gets paid for in the end. If you use QBO or Xero or Freshbooks, TSheets, Receipt Bank, etc. They all have a cost. Whether you'd prefer 1 monthly bill from us or multiple credit card charges, that's up to you. |
