| Key Benefits of Migrating Company Financial Recordkeeping to QBO | |
– Significant time savings for the owner and management, as their only ongoing task will be to upload receipts/invoices monthly or bi-weekly while all transaction posting, categorization, reconciliations, and HST tracking are handled by the bookkeeper. – Monthly or bi-weekly updated financial visibility, including up-to-date profit and loss statements, accounts receivable, and accounts payable. – Timely preparation and filing of GST/HST returns, reducing errors and lowering CRA audit risk. Also avoids risk of overpaying GST/HST per quarter. | – Timely remittance of payroll source deductions and corporate tax installments, helping avoid interest and penalties. – Streamlined receipt and expense management, with matching to imported bank and credit card transactions. – Digital storage of receipts within QBO, allowing quick access for management or auditors and eliminating the risk of lost or disorganized receipts. – Inventory tracking, based on purchase invoices and sales invoices recorded within the system. |
AZS CPA – QBO Services | |
– Monthly or bi-weekly posting and categorization of all bank and credit card transactions (based on source documents uploaded to Dropbox) – Reconciliation of all bank and credit card account (based on source documents uploaded to Dropbox) – Accounts Receivable management o Recording customer invoices (based on invoices uploaded to Dropbox by client in a timely manner) o Applying payments (based on source documents uploaded to Dropbox by client in a timely manner) – Accounts Payable management o Recording vendor bills (based on invoices uploaded to Dropbox by client in a timely manner) o Applying vendor payments and credits – GST/HST return preparation and filing o Tracking GST/HST collected o Tracking ITCs o Preparing and filing the GST/HST return through CRA My Business Account once confirmed by client | – Tracking of inventory o Recording purchases and sales (based on sales and purchase invoices) o Adjustments where needed as per client – Digital receipt management o Matching uploaded receipts to transactions (based on receipts uploaded to Dropbox by client in a timely manner) o Storing receipts within QBO for CRA compliance – Payroll remittance guidance o Monthly source deduction reminders to management; posting payroll entries – Monthly or bi-weekly financial reporting o Profit and Loss statement o AR/AP aging reports for client review – Corporate tax installment reminder o Notifying management of upcoming CRA deadlines – Year-end accountant package o Preparation and filing of corporate tax return o Preparation and filing of information returns, T4s and T5s |
QuickBooks Online Costs[i] | |
QuickBooks cost if client purchases directly through QB: – Current Black Friday offer – $12/month for first 6 months, $135/month thereafter – Based on above, total first year QB fees will be $882 plus HST, second year onwards it will be $1,620 plus HST. | QuickBooks cost through AZS CPA: – $92/month plus HST ongoing – Total QB fees will be $1,104 plus HST per year (breakeven within 1.5 years compared to client going directly through QB) |
[i] Subject to change based on QBO.