Small Business Bookkeeping Toronto

Proper bookkeeping is the foundation of your small business’s financial health. It involves systematically recording, organizing, and tracking all financial transactions to ensure accurate financial statements and tax compliance. Small businesses in Toronto and across Canada are required to maintain proper books and records for at least six years from the end of the last tax year they relate to, as mandated by the Canada Revenue Agency (CRA).

Effective bookkeeping not only helps you meet your legal obligations but also provides valuable insights into your business performance, cash flow patterns, and potential growth opportunities.

Our Small Business Bookkeeping Services

We provide comprehensive bookkeeping services tailored specifically for small businesses in Toronto, the Greater Toronto Area, and across Canada:

  • Regular Bookkeeping – Providing online bookkeeping on a monthly, quarterly, or annual basis
  • Bank and credit card reconciliation – Ensuring your financial records match your bank statements
  • Payroll processing – Calculating wages, deductions, and remittances
  • General ledger maintenance – Organizing all financial transactions
  • Sales tax (GST/HST) tracking and filing – Ensuring compliance with sales tax regulations
  • Year-end financial preparation – Getting your books ready for tax filing by your Tax Accountant
  • Cloud-based bookkeeping Solution – Maintaining your books using secure online bookkeeping software like QuickBooks Online, where you can get real-time access to your financial data
  • Financial software setup and training – Implementing systems like QuickBooks Online

Compliance Requirements

Record-Keeping Obligations

The CRA requires small businesses to:

  • Keep adequate books and records for at least six years from the end of the last tax year they relate to
  • Maintain records in an organized manner, either electronically or in paper format
  • Ensure records are sufficient to determine tax obligations and entitlements

Non-compliance can result in penalties of $1,000 for the first offense, according to CRA circular.

GST/HST Filing Deadlines

If your small business is registered for GST/HST, you must file returns according to your assigned filing frequency:

  • Monthly: Due one month after the end of your reporting period
  • Quarterly: Due one month after the end of your reporting period
  • Annual: Due three months after your fiscal year-end for most businesses

Late filing can result in penalties of 1% of the amount owed plus 0.25% for each month the return is late (up to a maximum of 12 months).

Source: Canada Revenue Agency – GST/HST Penalties and Interest

Why Choose Us for Your Small Business Bookkeeping Toronto

✅CPA Expertise – Our team consists of certified professional accountants with specialized knowledge of small business bookkeeping requirements in Canada

✅Industry-Specific Knowledge – We understand the unique bookkeeping challenges faced by various small business sectors

✅Proactive Approach – We don’t just record transactions; we identify potential issues before they become problems

✅Tech-Forward – We leverage the latest accounting software to streamline processes and provide real-time financial insights

✅CRA Compliance Focus – We ensure your books meet all CRA requirements, minimizing audit risks

✅ Cloud-Based Efficiency: Access your financial data anytime, anywhere.

✅ Transparent Pricing: No hidden fees or unexpected charges.

Frequently Asked Questions

Why should I outsource my bookkeeping?

Outsourcing saves time, reduces errors, and ensures compliance with CRA regulations. It also allows you to focus on your business’s core activities.

How often should I update my business books?

We recommend quarterly bookkeeping at a minimum. This ensures you have current financial information for business decisions and helps prevent backlog during tax season. Monthly or biweekly bookkeeping may be more appropriate for businesses with high transaction volumes.

What’s the difference between bookkeeping and accounting?

Bookkeeping involves recording and organizing financial transactions, while accounting encompasses broader financial analysis, reporting, and strategic planning. Bookkeeping creates the foundation that accounting builds upon. Our services integrate both to provide comprehensive financial management.

Can I handle my own bookkeeping and just hire you for year-end tax preparation?

While many small business owners start by handling their own bookkeeping, this often leads to errors that require costly corrections later. We offer flexible service packages that can supplement your efforts where needed. Many clients find that professional bookkeeping saves them money in the long run through improved accuracy and identified tax-saving opportunities.

What accounting software do you recommend for small businesses?

We can work with various platforms, including QuickBooks Online, Xero, and WaveApp, tailoring our recommendation to your specific business needs, budget, and technical comfort level. Cloud-based bookkeeping softwares offers real-time access, enhanced security, and simplified collaboration.

How do I transition from my current bookkeeping system to your services?

We’ve developed a smooth onboarding process that includes a comprehensive review of your current financial records, identification of any issues needing resolution, and development of a tailored bookkeeping system that meets your business needs. The transition typically takes 2-4 weeks, and we work to minimize any disruption to your operations.

Ready to Simplify Your Small Business Bookkeeping Today?

Don’t let bookkeeping challenges hold your business back. Contact MAQ CPA today for a consultation and custom quote. Our team of small business bookkeepers is ready to help you build a solid financial foundation for your business’s success.

Email: info@maqcpa.ca
Phone: (416) 901-4126