Professional Bookkeeping Services Canada

Our full-cycle bookkeeping services encompass every aspect of financial record management for your Canadian business, providing complete oversight from daily transactions to year-end financial statements. This comprehensive service begins with meticulous daily transaction recording where we capture every sale, expense, payroll payment, purchase, and financial event with accuracy and proper categorization according to your chart of accounts.

Bank and credit card reconciliation services form the cornerstone of our full-cycle approach. We perform regular reconciliation of all your bank accounts and credit cards, typically on a weekly or bi-weekly schedule depending on transaction volume. This critical process verifies that every transaction recorded in your books matches your actual financial institution statements, catching errors early, identifying unauthorized transactions, and ensuring your financial records are always accurate and audit-ready.

Our month-end close procedures include comprehensive review of all accounts, preparation of adjusting entries for accruals and deferrals, and generation of complete financial statements. We prepare balance sheets, income statements, statements of changes in equity, and cash flow statements that meet Canadian accounting standards (GAAP) and provide the financial insights business owners and stakeholders need for informed decision-making.

Beyond core bookkeeping functions, our full-cycle service includes accounts payable management to ensure supplier invoices are processed and paid on time, accounts receivable management to track customer invoices and accelerate collections, and inventory tracking for businesses that maintain physical stock. We also provide custom financial reports tailored to your specific needs, including profit and loss analysis by product or service line, budget variance reports, and key performance indicators relevant to your industry.

Payroll processing for employees across different Canadian provinces requires comprehensive understanding of varying tax rates, deduction rules, and remittance schedules. Far Beyond Bookkeeping has developed specialized expertise in managing payroll compliance nationwide, ensuring your employees are paid correctly and all CRA requirements are met regardless of where they work or where they live.

For employees in HST provinces (Ontario, Nova Scotia, New Brunswick, Newfoundland and Labrador, Prince Edward Island), we calculate federal and provincial income tax deductions including CPP contributions at 5.95% of pensionable earnings, EI premiums at 1.58% of insurable earnings, federal income tax based on marginal tax rates, and provincial income tax rates that vary by province. We ensure all deductions are calculated accurately using the most up-to-date tax tables and CRA-prescribed calculation methods.

Alberta employees have a simpler tax structure with no provincial income tax, but we still calculate federal CPP and EI deductions using the correct rates and ensure compliance with Alberta-specific business tax requirements and employment standards act considerations. Saskatchewan and Manitoba similarly have unique provincial considerations that we're thoroughly familiar with to ensure complete payroll compliance.

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Our CRA remittance services include remitting CPP contributions, EI premiums, and income tax withholdings to CRA on schedule based on your business's remittance frequency. We maintain detailed records of all remittances and prepare quarterly summaries for your review. For businesses with international employees, we also manage non-resident tax obligations and ensure proper documentation of foreign employment income.

Far Beyond Bookkeeping provides comprehensive tax filing services throughout the entire year, ensuring your Canadian business never misses a deadline and maintains complete compliance with all CRA requirements. Our tax preparation services cover every aspect of corporate and personal tax filing, from monthly remittances to annual returns.

Monthly tax filing requirements include GST/HST remittances for businesses with annual revenue under $30,000, typically due one month after each reporting period. For businesses above this threshold, annual filing is required with remittance due in April. We track all filing deadlines carefully and prepare returns well in advance to ensure timely submission and avoid costly penalties for late filing.

Corporate tax return preparation involves comprehensive review of your financial statements throughout the year, identification of all available deductions and tax planning opportunities, and preparation of complete T2 returns including all required CRA schedules. Our tax professionals review income statements for optimization opportunities including capital cost allowance, scientific research and experimental development credits, and ensure all eligible expenses are properly documented and claimed.

Our GST/HST management services include ongoing tracking of GST/HST collected and paid throughout the year, calculation of net tax position, and preparation of quarterly or annual returns. We help businesses understand their registration obligations, manage voluntary disclosures for errors or omissions, and implement systems to track GST/HST automatically on transactions to minimize errors and simplify reconciliation.

Yes, accounting system migration is one of our core services, and we've successfully helped hundreds of Canadian businesses transition from legacy accounting systems to modern cloud platforms. Whether you're moving from desktop software like Simply Accounting to QuickBooks Online, or switching from one cloud platform to another, our team has the expertise to ensure a smooth transition that maintains data integrity and minimizes business disruption.

Our migration process begins with a comprehensive assessment of your current accounting setup, including chart of accounts structure, transaction history, integrations with other systems, and custom reports or workbooks you've developed. We identify potential data quality issues, migration risks, and process improvements that can be implemented during the transition to ensure your new system is set up optimally.

Data migration involves carefully transferring all historical transaction data, open balances, and configuration settings to the new accounting system. We use industry-leading migration tools and manual verification processes to ensure data completeness and accuracy. For businesses with multiple years of historical data, we perform data cleansing to correct any issues before migration, ensuring you start with clean, accurate records in your new system.

Our post-migration support includes comprehensive training for your team on the new system, setup of automated bank feeds and integrations, customization of reports to match your previous formats, and ongoing technical support as you and your team become comfortable with the new platform. We remain available after migration to answer questions, troubleshoot issues, and help optimize your use of the new accounting software.

Bank and credit card reconciliation frequency depends on your business's transaction volume and complexity. For businesses with lower transaction volumes, we typically perform reconciliation bi-weekly, while businesses with higher volumes may benefit from weekly reconciliation. Our goal is to identify and resolve discrepancies quickly, maintaining accurate books and minimizing the risk of errors compounding over time.

Our reconciliation process is thorough and systematic. We match every transaction in your accounting records to corresponding entries on bank statements, credit card statements, and other financial institution records. We verify amounts, dates, descriptions, and payees, ensuring completeness and accuracy across all accounts. Any discrepancies are investigated immediately to identify the root cause and prevent recurrence.

For businesses with multiple bank accounts, credit cards, or payment processors, we maintain a detailed reconciliation schedule that ensures all accounts are covered systematically. This includes primary operating accounts, payroll accounts, savings accounts, and specialized accounts for specific purposes like tax withholdings or client retainage. We create clear reconciliation checklists and documentation for each account type.

Timely reconciliation is critical for maintaining accurate financial records, supporting CRA audit requirements, and enabling informed business decisions. Our reconciliation services include real-time visibility into reconciliation status, automated matching tools where appropriate, and detailed reporting of identified and resolved issues. We proactively communicate any findings to ensure you're informed of your financial position at all times.

Far Beyond Bookkeeping maintains deep expertise across all major cloud accounting platforms used by Canadian businesses. Our team is certified in QuickBooks Online Canada, Xero Canada, and FreshBooks Canada, and we also work with other platforms including Wave, Sage, and specialized industry-specific accounting software. This broad platform expertise ensures we can work with whatever system your business prefers or transition you to a platform better suited to your needs.

QuickBooks Online is one of the most popular choices for Canadian businesses, and our team holds advanced certifications in this platform. We provide full setup and configuration, customized chart of accounts design, automated bank feed integration, and comprehensive training for your team. Our QuickBooks expertise includes managing multi-currency transactions, tracking inventory, project accounting for service businesses, and complex reporting requirements.

Xero offers powerful features for growing businesses, and our Xero-certified team can help you leverage this platform's capabilities to their fullest. We specialize in setting up automated bank feeds, configuring multi-entity environments for businesses with multiple companies or divisions, implementing sophisticated tracking categories, and creating custom dashboards that provide real-time financial visibility. Our Xero services include integration with over 800 apps in the Xero ecosystem, from payment processors to inventory management systems.

FreshBooks is particularly well-suited to service-based businesses and freelancers, and we help clients implement this platform to streamline invoicing, expense tracking, and time management. Our FreshBooks expertise includes setting up recurring invoices for subscription businesses, configuring expense categories for tax compliance, and implementing time-tracking workflows for professional services firms.

Beyond these three primary platforms, we maintain proficiency with other systems and can help you evaluate which platform best meets your business needs. If you're unsure which cloud accounting solution is right for you, we provide consultation and recommendations based on your industry, transaction volume, integration requirements, and growth plans. Our goal is to ensure you're using the optimal platform for your specific business requirements.