Bookkeeping Services Ottawa

Looking for bookkeeping services? Our professional bookkeepers will help you manage your company’s finances, stay tax compliant and get valuable insights into your business financials.

Our Bookkeeping Services in Ottawa

Our online bookkeeping services in Ottawa offer a variety of solutions to fit your business needs. Accounts receivable and payable, payroll and financial reporting are all part of our services. We cover all aspects of your financial management so you have a solid foundation for your business.

Accounts receivable and payable management is key to keeping cash flow positive and your company finances in order. Our payroll services ensure your employees get paid on time and are tax compliant, while our financial reporting and analysis gives you valuable insights into your business’s financial health.

Each of our services is important to your overall business health and our bookkeeping services ties them all together. By using our bookkeeping capabilities, you can focus on what you do best and have financial transactions taken care of efficiently and accurately.

Accounts Receivable and Accounts Payable Management

Healthy cash flow starts with efficient accounts receivable and accounts payable management. Without proper management, businesses can quickly find themselves cash strapped and unable to meet their financial obligations. Our bookkeeping services in Ottawa ensure timely invoicing and payments by managing these accounts carefully.

The tasks we perform in managing accounts receivable include issuing invoices, tracking payments and following up on overdue accounts. Managing vendor invoices, preparing payments and reconciling statements are tasks we perform in accounts payable. By managing these accounts, you can avoid late fees and maintain good relationships with your suppliers and customers.

We use cloud accounting software like Quickbooks Online to manage the bookkeeping process, so you can track transactions, reduce manual data entry errors and have up-to-date financials.

Payroll Services

Payroll is a critical function that must be handled with precision. Our online payroll services ensures accurate and timely payments to employees so morale and productivity is maintained. We also handle payroll tax filings to be CRA compliant and reduce the risk of penalties.

Our payroll trained bookkeepers manage all aspects of employee compensation from calculating wages and source deductions to processing payments and generating pay stubs. This reduces errors and makes payroll processing efficient, giving you peace of mind so you can focus on growth and customer satisfaction.

Financial Reporting and Analysis

Financial reporting is not just about government reporting and compliance; it’s about getting insights that drive decisions. We prepare detailed financial reports to give you a clear picture of your business financials, highlighting trends and areas for improvement. This information is key to making informed decisions that will move your business forward.

Our online bookkeeping services in Ottawa give you complete financial reporting of your business. These reports include balance sheets and income statements. By analyzing these reports, you can make data driven decisions to increase profitability and growth.

Financial reporting and analysis provides you with actionable insights to plan for the future and assess your business financial health. Accurate financial data is key to budgeting for the next quarter or planning for long-term growth.

Our Online Bookkeeping Services include:

Record and categorize financial transactions
Bank and credit card accounts reconciliation
Monthly financial statements (Income Statement and Balance Sheet)
GST/HST returns - monthly, quarterly, or annually
Record payroll journal entries on salary, wages, and payroll taxes remitted
Paperless accounts payable management
Accounts receivable verification for cash flow management
Business financial performance and profitability guidance
Tax audit support and CRA representation
All-in-one payroll services

Benefits of Using Professional Bookkeeping Services

Professional bookkeeping services keep your financial records up-to-date so you can file your taxes on time and accurately. Keeping ledgers current and preparing necessary documents avoids last minute tax prep chaos and reduces the risk of costly errors. It fulfills your bookkeeping responsibilities and helps with tax planning during tax season.

Effective bookkeeping helps with cash flow management, giving you a clear picture of your business income and expenses. This transparency is key to making informed decisions, to identify business trends and plan for the future with confidence. It’s not just about tracking money; it’s about understanding your business financial position to make strategic moves.

Compliance with tax regulations is non-negotiable for any business. Our bookkeepers in Ottawa are up-to-date with the latest tax laws so your business is compliant and penalty free. Accurate record keeping builds trust with stakeholders and improves financial transparency, which is crucial to run an efficient business operation.

Tailored Bookkeeping for Small Business

Small businesses in Ottawa have unique financial needs that require custom solutions. Our bookkeeping services can be tailored to the specific goals and operations of a small business and the business owner so your financial management is efficient and effective.

Our monthly accounting and bookkeeping services can accommodate small business needs, from basic record keeping to full financial management. Specialized services like catch up bookkeeping gets your financial records up-to-date and accurate so you have a clear picture of your business financials.

Our tailored bookkeeping services can help your small business in Ottawa Ontario overcome its challenges and focus on growth. This custom approach meets your small business financial management needs.

Cloud Bookkeeping Solutions

Cloud bookkeeping has changed the way businesses manage their finances. We use cloud based accounting software to carry out bookkeeping tasks so businesses can minimize repetitive tasks and focus on data analysis and strategic decision making. Online system reduces the risk of human error so you have accurate and reliable financial data.

In addition, we use cloud bookkeeping to better serve our clients by preparing financial reports on different aspects of your business. This gives you financial visibility and better financial management. You can access your financial data anytime, anywhere so real-time management and decision making.

Moving to a cloud based bookkeeping system may take some adjustment if you’re used to traditional methods. But the benefits far outweigh the learning curve so cloud bookkeeping is perfect for modern business.

What Our Clients Are Saying About Us

We are one of the top online accounting firms in Ottawa and provide some of the best bookkeeping services. But don’t just take our word for it, here is what some of our clients have to say:

I love the online approach that William and his team implements. It makes the process extremely easy. The deliverables are always on time. The tax advice we got are very helpful and practical. The team is always there whenever we have a question. Excellent work!

William is very knowledgeable in the e-commerce space. He educated me on the sales tax requirement for selling to different provinces and he also helped the company set up the backend system so that the accounting system, inventory system, Amazon, and Shopify are synchronized. Highly recommended for anyone looking for a modern-day accountant that works well with technology.

It's been a wonderful experience with William, who has sound knowledge of tax regulations and helped my business set up a structure to minimizes tax. His team is well proficient in handling both bookkeeping and payroll process. I am a satified with their work and highly recommended.

Whenever we have an accounting or a tax question, William was there to answer them. His advice helped us save a tremendous amount of taxes each year. He is also looking after the company’s books and has been keeping us up-to-date on the company’s performance each month. Excellent work!

William Chong is fantastic. I have had many other accountants in the past, but nobody has done such a great job. Very efficient, knowledgeable, responsive, and his fee is very fair. I highly recommend his company. Thank you William for your outstanding service!

I am very pleased with and highly recommend the accounting and consulting services WTC has offered. William manages my taxes, financial statements and corporate filings so that I can have peace of mind to concentrate on my other aspects of my business. He also provided me with invaluable, actionable advice on methods to streamline and expand my business.

The team at WTC did an amazing job helping my online business set up everything I need. Mohamed and William helped me incorporate my business, set up payroll and did the bookkeeping and year-end tax return. I recommend WTC Chartered Professional Accountant to anyone who needs an accountant to help set up their business.

Need Bookkeeping Support?

We’ve got you covered! Contact us for a free consultation. We will review your bookkeeping needs and provide you with a free quote during the call.

Behind on Your Books?

Months or years behind? Our catch-up bookkeeping service makes it easy to get caught up. You’ll have up-to-date financials ready for tax filing.

Frequently Asked Questions

Here’s a list of commonly asked questions about our bookkeeping services in Ottawa.

Should I outsource my bookkeeping?

Outsourcing bookkeeping has many advantages, such as improved accuracy in financial records. Professional bookkeepers bring expertise, reduce errors and ensure tax compliance. Accuracy is key to maintaining stakeholder and authority trust.

Another major benefit is cost savings. You can save 40% to 60% of overall operational costs compared to hiring in-house staff. Outsourcing gives you access to cloud based systems so you can access financial data remotely and real-time.

Outsourcing also frees up your time, allowing you to focus on growth and customer service. Delegating bookkeeping tasks to our team allows your business to adapt to changing needs so you can be flexible and scalable.

How do I choose a bookkeeping service provider?

Choosing the right bookkeeping service provider is key to your business’s financial health. First, define your accounting needs. Do you need basic bookkeeping or full financial management? Knowing what you need helps you choose the right service.

Check the credentials and experience of potential providers. Look for Chartered Professional Accountants (CPAs) with the expertise and knowledge to handle your financial needs. Also, make sure the accountant has experience with businesses similar to yours.

Good communication is important. Your bookkeeping service provider should be available and able to explain financial matters in a way you can understand. This keeps you in the loop and allows you to make informed decisions based on accurate financial data.

How much does bookkeeping cost in Ottawa?

The cost of bookkeeping in Ottawa varies. The complexity of your business and the services required determines the cost. Businesses with more complex financial transactions and reporting typically incur higher fees.

Technology and software can also impact cost. Tools like QuickBooks Online makes processes easier and more efficient but there may be additional cost for setup and training. Consider these when budgeting for bookkeeping services.

Businesses can expect to pay monthly fees for the service. Weigh that against the benefits of having your bookkeeping done professionally which saves time, reduces errors and tax compliance.

I'm behind on my books. What should I do?

Don’t worry, you’re not alone! Many small businesses are behind on their books. We help our clients get back on track and we can help you too. We’ll need historical bank statements or existing financial data to determine the scope of service.

How long does it take to get started?

We’ll get started right away after we sign the contract. We’ll send over a list of tasks for you to complete (mostly providing information to us) based on your current system and bookkeeping process we learned from our initial call. The bookkeeping setup and onboarding will also depend if any catch up bookkeeping is required.

Do you have a minimum contract term for bookkeeping services?

No. You can cancel at any time with 20 days notice. We want you to stay because you like our service, not because we’ve locked you into a contract.

What's the difference between a bookkeeper and an accountant?

Bookkeepers process financial transactions of your business throughout the year to keep the books accurate, reconciled, and up-to-date. Accountants analyze financial data to create year-end financial statements (e.g. Compilation Engagement Report, or formerly Notice to Reader) for corporate tax returns (T2), lending institutions, investors, or other stakeholders.