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Online Bookkeepers for businesses in Canada

Let’s be honest – bookkeeping can be a real headache, taking valuable time away from the work you’re truly passionate about. That’s where we come in.

Whether you’re a solo entrepreneur, a busy contractor managing multiple projects and teams, or the proud owner of an expanding small business, we are here to support you. From invoicing, expense tracking, reconciliations to payroll and tax preparation. Our online bookkeeping services are designed to meet unique needs of your business. Our in-depth knowledge of Canadian businesses and tax laws ensures you’re taking advantage of every possible deduction, reducing your tax liability, and keeping more of your hard-earned profits.

How Online bookkeeping benefits Canadian businesses

Why won’t you reduce the costs and hassles of having on premise staff, when you can benefit from online bookkeeping services?

Switching to online bookkeeping isn’t just convenient—it’s transformative. 

  • Real-time updates: Always know where your business stands financially.
  • Paperless Processes: No more lost receipts or messy files.
  • Scalability: Whether you’re a contractor or a growing business, our bookkeeping services adapt to your needs. We are fully capable of matching your scale at all times.
  • Focus on your work: Focus on what you do best—running your business—while we handle the books.
  • Affordable and reliable: Having online bookkeepers give you cost advantage along with reliable uninterrupted service.

Why you need professional bookkeeping support

Did you know that poor bookkeeping can lead to missed tax deductions, cash flow problems, or even penalties? Many small businesses in Canada underestimate the importance of clean, up-to-date financial records. We ensure every transaction is categorized correctly, banks are reconciled, your cash flow is optimized, and your business remains compliant with tax laws.

Beyond having clean and balanced books, you will get professional reports that supports your business at every step.

"There's no financial direction, without quality bookkeeping"

We have a team of qualified and experienced bookkeepers and accountants. We never say ‘no’ to responsibility, that’s the biggest reason of our clients’ trust in us. 

We are reliable, professional and timely.

In a nutshell we become your virtual accountants or virtual bookkeepers, a part of your team. Our services will be tailored to your needs.   

Online Bookkeeping Services

End-to-end bookkeeping

All your financials transactions being timely and accurately recorded. 

Accounts Payable & Receivable

Track invoices and payments effortlessly to maintain positive cash flow.

Payroll Services

Simplify employee payments and stay compliant with Canadian tax laws.

Management / Financial Reporting

Detailed profit-and-loss, cashflow statements and other financials. Custom reports and analysis for management use for decision making. 

Accounting Software

Consulting and implementation of accounting software to serve processes and needs. 

Reconciliations

All banks, receivables, payables and inventory related reconciliations.

Dedicated accountant

Dedicated online accountants or online bookkeepers who work on your schedule.

CFO Support

Providing support as accountants to CFOs and financial controllers.

Invoicing and Billing

Create and send invoices to customers on time.

Tax time preparation

Stay ahead with books that are ready for tax season, saving you time and stress.

Expense tracking

Ensure every expense, from office supplies to vehicle mileage, is categorized properly.

Financial statements

Preparing periodic financials statements to serve various purposes.

Your bookkeeping cost starts from

$15
/hour

average cost for bookkeeping. Contact us for detail.

$150
/month

for starter bookkeeping package. Contact us for detail.

Insights.

to build your Financial Confidence

Let’s get real—bookkeeping is more than just a task. It’s the backbone of your business’ financial success. Here’s why working with us will elevate your business:

  • We Spot the Hidden Opportunities: Missed tax deductions? Untracked cash flow? We uncover what’s holding your finances back.
  • Personalized Solutions, Not Templates: From contractors to corporations, our strategies are tailored to your industry and goals.
  • Proven Expertise: With years of experience serving Canadian businesses, we’re equipped to handle even the most complex bookkeeping challenges.

Ready to simplify your finances? Let’s get started today.

Owners know the information they need to make
"Business decisions"
but the problem is they don't get those reports...

We make custom reports for you, that's value.

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Why Us?

We literally become your finance and accounts team:

  • Professional and experienced accountants for basic to advanced-level accountant related needs.
  • Affordable; no hiring costs, overheads, payrolls etc.
  • Reachable, reliable and timely service
  • No contracts, better than Upwork!  

Your trusted accountants!

CFO.

Fractional or dedicated CFOs trust our competence and delivery.

17+ years.

Professional experience enables us to handle tough jobs at all levels.

Reliable.

Timely, hassle free and reachable bookkeepers and accountants.

Affordable.

Full-time, part-time and on demand resources to compliment your teams

Small business bookkeeping problems and issues

Here are some common issues that can lead to audits or penalties that you definitely want to avoid. By partnering with an expert accountant in rideshare taxes, you can sidestep these pitfalls and focus on what you do best—driving & earning!

Mixing Personal and Business Finances

Mixing personal and business finances is one of the most common bookkeeping issues. When expenses overlap, it can create a messy financial picture that makes tax time stressful and business decisions unclear.

Why Does This Happen?

  • No Separate Accounts: Many small business owners don’t open a dedicated bank account for their business.
  • Unaware of Importance: Some business owners underestimate the need to separate expenses, especially in the early stages.
  • Poor Expense Tracking: Without a system, it’s easy to blur the lines between personal and business spending.

Consequences:

  • Missed Tax Deductions: Personal and business expenses can get mixed up, leading to missed deductions.
  • Audit Risks: CRA audits may flag mixed expenses, creating complications during reviews.
  • Time-Consuming Corrections: Fixing these mistakes later can be tedious and stressful.

What You Can Do:

  • Open Dedicated Accounts: Set up separate bank and credit card accounts for your business.
  • Use Software: Tools like Zoombooks can effortlessly track and categorize your business expenses.
  • Track Regularly: Review transactions weekly to ensure personal and business finances remain separate.

Delayed Bank Reconciliations

Failing to reconcile your bank statements regularly is a bookkeeping mistake that leads to cash flow discrepancies and inaccurate records.

Why Does This Happen?

  • Time Constraints: Business owners often push reconciliations to the back burner.
  • Lack of Knowledge: Some don’t understand the importance of reconciling accounts regularly.
  • Outdated Systems: Manual reconciliation methods make the process time-consuming and error-prone.

Consequences:

  • Inaccurate Cash Flow Tracking: Unreconciled accounts can lead to overspending or cash shortages.
  • Unnoticed Errors: Missing transactions, bank fees, or fraudulent charges can go undetected.
  • Tax Filing Issues: Inaccurate records complicate year-end tax preparation.

What You Can Do:

  • Automate Reconciliation: Use bookkeeping software to automatically match transactions with bank statements.
  • Schedule Time: Set aside time weekly or monthly to reconcile accounts.
  • Hire a Bookkeeper: A professional can handle reconciliations, saving you time and ensuring accuracy.

Overlooking Accounts Receivable

Failing to properly manage accounts receivable is a common issue for businesses dealing with unpaid invoices. Forgetting to follow up on overdue payments can harm your cash flow.

Why Does This Happen?

  • No Follow-Up System: Many businesses don’t have a clear process for tracking overdue payments.
  • Relying on Memory: Forgetting to check on unpaid invoices can happen if it’s not tracked somewhere.
  • Time Constraints: Small business owners often lack the time to chase clients for payments.

Consequences:

  • Cash Flow Problems: Unpaid invoices create gaps in your cash flow, making it harder to cover expenses.
  • Damaged Relationships: Clients may take advantage of poor follow-up, eroding trust.
  • Lost Income: Over time, overdue invoices may remain unpaid entirely.

What You Can Do:

  • Set Up Reminders: Use invoicing software to send automatic payment reminders to clients.
  • Track Regularly: Review accounts receivable weekly to stay on top of overdue invoices.
  • Implement Clear Policies: Include payment terms in contracts to encourage timely payments.
Online Bookkeeping Services Canada | Instaccountant

Forgetting to Record Small Transactions

It’s easy to overlook small purchases like office supplies, coffee for a meeting, or parking fees. But these small expenses can add up to big tax deductions if properly recorded.

Why Does This Happen?

  • Carelessness: People often forget to keep receipts for small purchases.
  • Overwhelmed by Volume: Small businesses with frequent minor transactions may fail to track them all.
  • Reliance on Memory: Trusting yourself to remember every purchase rarely works out.

Consequences:

  • Lost Deductions: Small expenses left unrecorded mean you’ll pay more taxes than necessary.
  • Inaccurate Financial Reports: Missing data skews your reports, making it harder to understand your cash flow.
  • Audit Risks: Inconsistent records could raise red flags with the CRA.

What You Can Do:

  • Save Receipts Digitally: Snap a photo of every receipt and upload it to bookkeeping software.
  • Automate Tracking: Use apps that link to your bank account to log small expenses automatically.
  • Develop a Habit: Make it a habit to record every expense as soon as it happens.

A lot of our team members, including the founder have worked as incorporated contractors (consultants) for small to large sized organizations in the field of accounting, tax, and management consulting. This exposure makes us better understand the problems faced and the expectations you would have from your accountant as a self-employed.

Misclassifying Expenses

Misclassifying expenses can distort your financial reports and reduce your ability to claim accurate tax deductions.

Why Does This Happen?

  • Lack of Knowledge: Business owners may not know how to categorize expenses properly.
  • Using Generic Categories: Without a tailored chart of accounts, expenses may be lumped into vague categories.
  • Manual Entry Errors: Mistakes can easily occur during manual data entry.

Consequences:

  • Tax Issues: Misclassified expenses may lead to CRA audits or rejected deductions.
  • Skewed Reports: Financial reports become unreliable, making it harder to assess profitability.
  • Wasted Time: Correcting these errors later can be tedious and delay important financial tasks.

What You Can Do:

  • Create a Custom Chart of Accounts: Work with a bookkeeper to tailor categories to your business.
  • Use Software with Predefined Categories: Tools like Zoombooks or QuickBooks make categorization easier.
  • Review Regularly: Go over your expense categories monthly to catch and correct misclassifications early.

Forgetting to Retain Financial Records

Many small business owners neglect to save financial records, either due to lack of awareness or reliance on outdated systems.

Why Does This Happen?

  • No Retention Plan: Some don’t realize the CRA requires businesses to retain records for six years.
  • Loss of Paper Documents: Paper records are easily lost, damaged, or misplaced.
  • Lack of Backups: Businesses relying on local storage may lose data to technical failures.

Consequences:

  • CRA Non-Compliance: Missing records can lead to fines or penalties during an audit.
  • Data Loss: Historical records are essential for future financial analysis and tax preparation.
  • Time-Consuming Audits: Without proper records, audits take longer and become more stressful.

What You Can Do:

  • Use Cloud Storage: Store records securely online to prevent loss or damage.
  • Digitize Paper Documents: Scan receipts and paper records to create backups.
  • Follow CRA Guidelines: Retain all financial records for at least six years.

We'll take Bookkeeping off your mind

Reliable, Professional, Timely services!

Don't know much about bookkeeping? Here's some common Q&A

Bookkeeping focuses on recording financial transactions, such as sales and expenses, while accounting involves interpreting, classifying, analyzing, reporting, and summarizing financial data. In short, bookkeeping is a subset of accounting.

Bookkeeping helps you track your income, expenses, and debts, providing a clear picture of your business’ financial health. It also helps you avoid overspending, ensures timely bill payments, and simplifies tax filing.

Ideally, you should update your books weekly. Regular updates prevent errors from accumulating, ensure you stay on top of your finances, and make tax filing smoother.

Common mistakes include mixing personal and business finances, failing to reconcile accounts regularly, neglecting to back up records, and not keeping track of receipts for deductible expenses.

If you’re comfortable with numbers and organization, doing your own bookkeeping is feasible, especially with digital tools. However, if your finances are complex or you’re unsure about tax laws, hiring a professional may save you time and money in the long run.

Double-entry bookkeeping is a system where every financial transaction affects at least two accounts—debits and credits—ensuring the accounting equation (Assets = Liabilities + Equity) always balances. It provides more accurate and reliable financial statements.

Keep receipts organized by category (e.g., meals, travel, office supplies). Consider using digital tools or apps like Zoombooks to scan and store receipts. Regularly review and categorize them to ensure nothing is missed come tax time.

If you find a mistake, correct it promptly by adjusting the affected accounts. For significant errors, consult a professional bookkeeper or accountant to ensure compliance with tax regulations.

For beginners, software like QuickBooks, Xero, or FreshBooks are user-friendly options. These tools often offer templates and automation features to simplify your record-keeping.

Generally, you should keep records for at least 6 years in case of an audit. For tax purposes, Canada Revenue Agency (CRA) recommends keeping documents such as receipts and bank statements for at least 6 years from the end of the tax year they relate to.

Our Process: Simple, Transparent, Hassle-Free

Here’s how we work to ensure your bookkeeping stays smooth and efficient:

    1. Initial Consultation: We document your unique needs and create a customized plan.
    2. Seamless Onboarding: From setting up your cloud accounting system to organizing your records, we handle it all.
    3. Ongoing Management: Regular updates, reconciliations, and financial insights keep you informed and in control.
    4. Tax-Season Readiness: Avoid year-end panic—your books will be audit-ready with minimal effort on your part.

Feel Free to Call us: 647 243 2884

Let us know of your questions