Frequently asked questions

Now. Don’t wait until year end. Let us help starting right now!  With our laser focused, real time reports, you’ll know exactly where you stand shortly after we begin working together. 

Bookkeepers handle the day-to-day accounting of the business including payroll, reconciliations of bank and credit card accounts, ensuring all entries for expenses and revenues are accurate, can prepare invoices, accounts receivable, accounts payable, and the financial reports i.e. the Profit and Loss (Income Statement) and Balance Sheets for a more cost effective price. 

Accountants work with detailed reporting, budgets and detailed forecasting. They are also the best suited to file the corporate tax returns as they have vast knowledge on how to save you as much money as possible in corporate taxes. We work closely with some local accountants that we are happy to recommend for higher needs like the corporate tax returns.

For accounting software we use Quickbooks Online and Sage 50. With Quickbooks, our firm is a wholesaler and we can offer you a discounted rate for this software as such. QBO is a highly intuitive software that allows both yourself and your bookkeeper access to your books at any given time. There is a cost but the functionality of it greatly reduces the time needed for your bookkeeper to do your books. This software is best suited for small to medium sized businesses. While Sage is a software that we can offer without cost to our clients, but it does take a fair amount of manual entry, only has one user (your bookkeeper) and is best suited for smaller companies that don’t have a lot of monthly transactions.

This is client driven to a degree. We always perform full cycle accounting ensuring the accuracy of your financials. There are other areas that we can take on if it applies such as payroll and remittances, T4s, invoicing, accounts payable and receivable.

We have found that this often does not save costs. F & C Bookkeeping takes pride in our deep accounting knowledge and how the numbers are meant to flow through your books. Those that don’t have the accounting knowledge often mean well when they are doing entries but don’t have the know-how to accurately classify accounts, record taxes or apply payments. This often creates more time for your bookkeeper who needs to spend time doing discovery on whats been done and how to correct any errors and often results in a higher cost than if our firm does the entire full cycle bookkeeping. We recommend that the only area that clients share with the bookkeeper are invoicing and accounts receivable as the client often has a further understanding of what needs to be included in these areas.

This happens in a variety of ways. Here are some examples: Virtual receipt banks, (like Hubdoc, Dext, or QBO receipt bank) uploading receipts to a cloud like Google Drive that has shared access and paper packages.

We have a secure database that has been setup by tech professionals. All employees of F&C Bookkeeping have signed confidentiality contracts. The confidentiality of your data is of the utmost importance to us. We are only as good as the trust our clients have in us and we take that very seriously.

We bill hourly and the rates vary with the depth of knowledge your bookkeeper has. The more complicated the file, the higher the bookkeeping hourly rate is and the higher the hours spent on the file. We invoice the time on a monthly basis.

This is a question that we get a lot but poses a real challenge for us when onboarding new clients. There are so many nuances that effect the time needed on a file that we can only provide estimates to clients we have a history with and already possess an understanding of what needs go into the file.

Have a full and complete package ready for your bookkeeper, rather than sending little pieces of it along the way, this results in a fair amount of time spent organizing. Respond to any queries your bookkeeper has within 48-72 hours to keep your information fresh in their brain. 

Whether you have two or ten businesses, I’m a master at applied reconciliations and delivering sound financials–so you can get a direct handle on your Businesses. However you run your Business, I produce the laser focused reports as necessary, keeping all accounts in sync and maximize cash flow for optimal business growth.

Along with bookkeeping services we also offer personal tax preparation services including for small business, rentals and investment income