Kelowna Bookkeeping Services

We want to introduce the bookkeeping services provided at Creekside Accounting which can complement your annual tax returns.

Our compassionate, friendly, kind, helpful, and knowledgeable bookkeepers are detail oriented and skilled.

Bookkeeping services allow us to provide a holistic and well rounded approach to your tax plan - from receipt to tax return we've got you covered.

If you are interested in working with us, this article let's you know what to expect.

So how much should you expect to pay for your bookkeeping services?

Well, know that bookkeeping services are not cheap, and our services are no expectation. 

Our up-to-date hourly rates along with a bookkeeping information sheet is available on our website (se link below). This can help you estimate what you may end up having to pay.

At a minimum you’ll want to budget for $150 per month but know that fees increase very quickly from there. 

So why is bookkeeping so expensive?

Well – 2 reasons:

Number 1: Bookkeeping Involves Skill & Tax Knowledge

Bookkeeping programs often make it seem like connecting a bank account is all you need to do. 

But in reality, being familiar with sales tax rules, expense classification requirements, CRA deduction limitations, and being familiar with software functions and limitations are all required for successful bookkeeping. 

These skills take time to learn and often involve some stye of training or certification. 

Your bookkeeper is skilled, and they want to be compensated accordingly. 

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Number 2: Bookkeeping Takes a Lot of Time

Sorting through scrunched up receipts, cataloging each and every purchase, hunting down missing invoices, and trying to decipher your handwritten notes involves detailed and time consuming work. 

Your bookkeeper enjoys these tasks and is both comfortable and efficient with this type of work; however, it does take time to process things correctly.

To help you tidy up your bookkeeping records and reduce your overall costs we have a few recommendations.

To help you reduce your bookkeeping fees we’ve got a few tips prepared. 

Now, know that implementing any or all of these tips is completely your choice.

Tip #1: Separate Your Business & Personal Transactions

Personal meals like a daily lunch while not travelling or a candy bar at the gas stations mixed in with your business expenses make bookkeeping harder and increase your CRA audit risk. 

Avoid making personal purchases with business funds as much as possible. 

If you need help in this area, check out our resources on TaxWrx.ca to decipher business versus personal transactions. 

Tip #2: Use a Payroll Service Provider Like Payworks, Ceridian, or Wagepoint. 

A payroll service provider offers additional benefits like direct deposit and automatically calculates your T4 wages at the end of the year. 

This significantly reduces your late payment risk and is much, much cheaper than manual services provided by our bookkeeper. 

I personally use a payroll service provider because of these benefits and it’s something I recommend you consider.

Tip #3: Provide As Much Documentation As Possible

This includes bank and credit card statements (rather than excel downloads), e-transfer reports with comments, deposit slips, and receipts for every single business purchase you make. 

Not only is documentation required by the CRA but it makes your bookkeepers job much easier and faster which reduces your bill. 

Tip #4: Respond Quickly To Inquiries

This one is a big factor. Please remember that your bookkeeper can likely not read your mind and oftentimes the documentation provided doesn’t have all the details they’ll need.

A good bookkeeper will ask lots of questions to make sure they are getting things right. 

To help reduce your bookkeeping fees respond to their questions within 24 – 48 hours whenever possible. This helps speed up the entire bookkeeping process, keeps your business front of mind, and lowers your fees. 

Tip # 5: Provide Your Bookkeeping Monthly

Regular rhythms and habits mean your bookkeeping gets done more efficiently and with more accuracy. 

Bringing in your records each month means your bookkeeper reserves a spot you in their monthly calendar. 

Quarterly or annual drop offs create surges of work that can be hard to accommodate during certain times of the year. 

This can cause delays and increase the number of unnecessary inquiries as time passes and familiarity decreases. 

To prevent these drawbacks please bring in your bookkeeping records on a monthly basis.

Okay those are my 5 big tips to help reduce your bookkeeping fees. We have a few other nuggets on our bookkeeping information sheet on our website (see below) if you need a bit more. 

Now that we’ve covered fees and what you can do to reduce them – let’s get into the Creekside Experience.

Once you’ve completed our client onboarding, you’ll be assigned to one of our skilled bookkeepers.

Your bookkeeper will review your onboarding documents and/or reach to say hello, ask a few questions, and confirm your GST or PST registration and remitting requirements. Please note that these are paid services.

From there you will want to provide in your documentation. 

Step #1 Provide Your Documentation

Now we’ll provide a checklist to help you gather all of the required bits and pieces but prioritizing this task is up to you.

The sooner you bring in your information the sooner you’ll be put onto your bookkeeper’s calendar. Services are completed for clients in the order that documentation is received.

So, bring in your documents as early in the month as possible to beat the rush and ensure your GST and PST filings are done on time. 

Now, What Kind of Documents Should You Bring In? 

Well, you’ll want to provide bank and credit card statements as well as detailed receipts.

Detailed receipts are crucial for CRA audit purposes and for claiming all of your offsetting GST credits. 

Your receipts should have a date, name of the seller, and a description of what was purchased. 

You’ll want to keep detailed receipts for all your transactions as bank and credit card statements are not enough in the event of an audit. 

Debit and credit card slips are also not sufficient and won’t allow you to claim offsetting GST credits. You will want to ask your cashier for a detailed receipt every time.

And Finally, Make Notes or Comments on Any Receipts That Are Not Clear. 

Things like an e-transfer receipt purchased from a seller on Facebook marketplace won’t have enough details for your bookkeeper so make sure to note what you purchased and who you bought it from.

In addition, meal receipts or things that could be perceived as personal expenses by the CRA should have notes or comments as too why it’s a business expense.

Write down who you went for lunch with or who your gift card was purchased for.

So yes – you’ll need to become a quite diligent about gathering and collecting your receipts. Keep an envelope in your car, a shoe box at home, or utilize receipt scanning software – whatever you need to keep your paperwork. 

Then provide your documents monthly to your bookkeeper and they’ll take it from there.

Step #2: Let The Magic Happen

After your bookkeeper receives your paperwork, they will sort your documents by size and date and then begin entering your information into bookkeeping software. 

They may also perform a bank or credit card reconciliation to ensure all of your write offs are accounted for. 

Please note that our bookkeepers only process after the fact records and will not process active payments on your behalf or issue invoices to your customers. 

Step #3: Respond To Your Bookkeeper's Inquiries

Once most of the data entry is complete your bookkeeper will reach out with inquiries. 

Now remember, because your bookkeeper can likely not read your mind, they’ll probably have quite a few inquiries – especially at first. 

These could include questions around missing information or clarification on a particular purchase or sale. A great bookkeeper will generally have lots of questions.

Aim to respond to your bookkeeper within 24-48 hours to keep your file top of mind and ensure efficient services :)

Step #4: Bookkeeping Review & Income Statement

Once your bookkeeping has been completed it is reviewed by either Jillian Battaglio, CPA, CA or a senior bookkeeper. 

This ensures tax risks are identified and recommendations for best practices can be provided.

Once reviewed you’ll be emailed a PDF copy of your monthly income statement for your review. 

This will allow you to see your total income and expenses each month and helps improve your business’ profitability.

Next, we’ll send you an invoice.

Step #5: Review & Pay Your Invoice

At the end of each month around the 20th, your bookkeeping services will be billed for any time spent. 

You’ll be provided with a detailed invoice so you can see the breakdown of your services. 

Please note that services are immediately discontinued if your invoice remains unpaid and your credit card on file will be charged after 30 days.

Step #6: Acknowledge Our Service Limitations & Annual Disruption Period

Now one important feature of Creekside’s bookkeeping services is that they may be temporarily discontinued during ‘tax season’ which typically extends from March to April.

We do endeavor to hire a relief bookkeeper during our busiest time of year, but your normal preparer will be unavailable due to personal tax processing.

You’ll have to decide if this disruption in bookkeeping will be sufficient for you.

Now, we do endeavor to get caught up on your records as soon as possible but this often occurs throughout the summer. 

To save your spot in line please continue to bring in your records monthly. Remember, bookkeeping services are completed in the order they are brought in. 

If you want your bookkeeping done sooner – bring your documentation as soon as possible ;)

Okay! I think that is all we want to tell you about our bookkeeping services. 

We hope this article has explained the bookkeeping services that you can expect to receive at Creekside Accounting. 

Our bookkeepers are skilled, knowledgeable, detail oriented, friendly, and compassionate.

And they are looking forward to working with you :)

You need the right Kelowna accountant, bookkeeper, and small business team to help your business grow and succeed. Let us help improve your small business financial stability.

Start your services today with Creekside Accounting Ltd.