Monthly Bookkeeping
Ongoing bookkeeping support to help keep your business records organized throughout the year.
Keep Your Books Organized Month by Month
Keeping business records current can make it easier to understand where your money is going, locate missing documents, prepare for filing deadlines, and avoid organizing an entire year of transactions at once.
Kara Van Slyke Accounting provides monthly bookkeeping services for sole proprietors, self-employed individuals, and incorporated businesses. Depending on the agreed scope of work, support may include setting up accounting or bookkeeping software, organizing transactions, reconciling accounts, payroll remittances, accounts payable and accounts receivable management, reviewing supporting documents, and maintaining clearer financial records throughout the year.
Monthly bookkeeping packages start at $350 per month, with final pricing based on the number of accounts, transaction volume, condition of the records, and work required. When year-end arrives, organized books can also make your small business tax return or corporate tax return easier to prepare.
Monthly Bookkeeping for a Range of Businesses
Ongoing bookkeeping can be adapted to different business structures, industries, and transaction volumes.
Sole Proprietors and Self-Employed Individuals
Ongoing record organization for business income and expenses reported through the owner’s personal tax return.
Incorporated Businesses
Monthly bookkeeping support for corporations that need organized records for year-end financial reporting and T2 preparation.
Consultants and Professionals
Bookkeeping for consultants, professionals, and other service-based businesses with recurring income and expenses.
Tradespeople and Service Providers
Support organizing transactions for contractors, trades, technicians, and local service businesses.
Online and Home-Based Businesses
Bookkeeping for online sellers, creators, and businesses operating through digital platforms or from home.
New and Growing Businesses
Support for businesses setting up bookkeeping systems and building better financial routines as their activity and transaction volume increase.
What Can Monthly Bookkeeping Include?
The exact monthly bookkeeping work will depend on the package selected, the accounts involved, the volume of activity, and the condition of the information provided.
The CRA requires businesses to keep records that support their income, expenses, GST/HST, payroll, and other tax information.
Review the CRA’s guidance on what records businesses need to keep and why they are important.
- Setting up accounting or bookkeeping software
- Organizing and categorizing business transactions
- Reconciling business bank and credit card accounts
- Maintaining income and expense records
- Managing accounts receivable when included in the agreed scope
- Managing accounts payable when included in the agreed scope
- Payroll remittance support when included in the agreed scope
- Reviewing supporting invoices, receipts, and statements provided
- Identifying missing or unclear transactions for follow-up
- Preparing periodic bookkeeping summaries or reports
- Keeping records organized for tax returns and other business filings
Information to Provide for Monthly Bookkeeping
The information required will depend on your business, bookkeeping package, financial accounts, and filing responsibilities. Kara will confirm what should be provided and how often it is needed.
Banking and Payment Records
These may include:
- Business bank statements
- Business credit card statements
- Payment processor and merchant reports
- Loan and financing statements
- Cheque, transfer, and deposit information
- Details for transactions that are not clearly identified
Sales and Expense Documents
Depending on your business, these may include:
- Sales invoices and customer payment records
- Expense receipts and supplier invoices
- Recurring bills and subscription records
- Reimbursement and mileage information
- Accounts receivable and payable details
- Asset and equipment purchase documents
Business and Tax Information
You may also need:
- Business name, structure, and fiscal year-end
- Chart of accounts or prior bookkeeping records
- GST/HST account and reporting-period information
- Payroll summaries and remittance information
- Prior-year tax returns or financial statements
- Access to the agreed bookkeeping software or systems
Keeping source documents and account records organized helps support the amounts reported on tax and GST/HST returns. The CRA provides additional guidance about keeping business records and GST/HST and payroll records.
Why Keep Your Bookkeeping Current?
Monthly bookkeeping creates a regular routine for recording transactions, reconciling accounts, and following up on missing information while the activity is still recent. It can also reduce the amount of cleanup required before a tax return, GST/HST return, or other filing is prepared.
Your filing schedule will depend on the accounts and reporting periods assigned to your business. For example, monthly and quarterly GST/HST returns are generally due one month after the end of the reporting period. Review the CRA’s current GST/HST reporting requirements and deadlines.
Monthly bookkeeping does not automatically include every tax or payroll filing. Support with HST returns, T4 slips, and T5 slips is available through other filing services.
Benefits of a Monthly Routine
Current Transactions
Income and expenses are recorded regularly
Reconciled Accounts
Differences can be identified and reviewed sooner
Better Year-End Preparation
Records are easier to use for tax and filing work
Need Help Keeping Your Books Organized?
Book a meeting with Kara to discuss your business, current records, and the monthly bookkeeping support you need.
How Monthly Bookkeeping Works
Kara keeps the process organized so you know what to provide, when to provide it, and what happens next.
1
Book a Meeting
Contact Kara or book a meeting to discuss your business, transaction volume, accounts, and bookkeeping needs.
2
Confirm the Monthly Scope
Kara confirms which accounts, documents, tasks, and reporting periods are included in the bookkeeping package.
3
Upload Your Records
Provide the requested statements, invoices, receipts, and other records. Existing clients can use the client portal.
4
Kara Updates Your Books
Kara organizes the agreed records, reconciles the included accounts, and follows up about missing or unclear information.
Questions About Monthly Bookkeeping
Here are answers to common questions about monthly bookkeeping services, pricing, documents, and related filings.
How much do monthly bookkeeping services cost?
Monthly bookkeeping packages start at $350 per month. Final pricing depends on the number of financial accounts, transaction volume, condition of the records, and tasks included in the agreed scope.
What is included in monthly bookkeeping?
The exact service depends on the package selected. It may include categorizing transactions, reconciling bank and credit card accounts, organizing income and expense records, reviewing supporting documents, following up about unclear activity, and preparing periodic bookkeeping summaries.
Can Kara help set up my accounting or bookkeeping software?
Yes. Kara can help businesses set up accounting or bookkeeping programs and establish organized processes for managing financial records. The specific support available will depend on your business needs, current systems, and the software you use.
Can monthly bookkeeping include payroll remittances?
Payroll support may be available as part of a monthly bookkeeping package, depending on your business requirements and the agreed scope of work. Kara can review your payroll process and confirm what support is needed.
Can Kara help manage accounts payable and accounts receivable?
Yes. Accounts payable and accounts receivable support may be included in monthly bookkeeping services depending on your business needs. This can include helping organize outstanding invoices, payment records, and related financial information.
How often do I need to send my bookkeeping documents?
The submission schedule will depend on your package and business activity. Kara will confirm which documents are needed and when they should be provided so the books can be updated on the agreed schedule.
Does monthly bookkeeping include my tax return?
Monthly bookkeeping and tax return preparation are separate services. Organized monthly records can support a future small business tax return or corporate tax return, but the applicable tax preparation service must be confirmed separately.
Are HST returns, T4 slips, or T5 slips included?
These filings are not automatically included in every bookkeeping package. Support with HST returns, T4 slips, and T5 slips is available through other filing services and can be discussed based on your business requirements.
Can Kara help if my existing books are behind or disorganized?
Catch-up or cleanup bookkeeping may be available when older transactions need to be organized or corrected before regular monthly bookkeeping can begin. The records and amount of work required should be reviewed before pricing and next steps are confirmed.
How long should I keep my bookkeeping records?
The CRA generally requires businesses to keep records and supporting documents for six years from the end of the last tax year they relate to. Certain records may need to be kept longer depending on the circumstances.
Ready to Get Started?
Book a meeting with Kara to discuss your business, current records, and the monthly bookkeeping support that may be appropriate.