TaxWise Accounting provide monthly bookkeeping with cloud-based accounting platforms. We offer 3 different monthly plans to fit your desired level of service. Our price starts at $199/month.
Why Choose Us?
Power of Cloud-Based Accounting
What is your biggest advantage of being an entrepreneur? You are open to new idea and new ways of getting things done. Many small businesses found the cloud-based accounting software to be the secret weapon in providing good customer service and reducing cost.
A cloud-based accounting platform allows your business to:
- Create sales invoices from your computer or smartphone and email them directly to your customers.
- Accept credit card payments online directly from the sales invoices.
- Create employee pay stubs online and directly deposit salaries in their bank accounts.
- Monitor your cashflow by importing bank and credit transactions directly from the bank on a daily basis.
- Take pictures of your expense receipts directly from a smartphone app or forward the emails directly to the accounting platform.
- Remit payroll deductions to Canada Revenue Agency
- Review and approve bills online. Initiate the payment directly from your computer or smartphone.
- Allow you and your bookkeeper to look at your financial statements at the same time but from different locations.
As you can see, with a cloud-based accounting platform, TaxWise Accounting can become your accounting department without being in your office. For small business owners, this arrangement not only allows them to enjoy professional accounting services at a fraction of the cost under the traditional way, but also helps them to scale the business easily.
Taxwise Accounting is certified with two popular cloud-based accounting platforms: QuickBooks Online and Xero.
Fixed Pricing
Taxwise Accounting offers a flat rate for monthly bookkeeping packages. This pricing model makes it easier to control your cashflow and removes pricing surprises out of our long-term partnership.
Our price starts at $199/month. All packages include accounting software subscription, recording transactions and financial reporting. Different service levels can be chosen to suit your needs.
For more details, please check our bookkeeping plans.
One-Stop Shopping
In addition to bookkeeping, TaxWise Accounting is experienced in corporate income tax return preparation and filing, too. The majority of our clients have opted to use both bookkeeping and corporate income tax filing. They find the process to be more efficient in terms of both time and money.
Our corporate income tax return preparation starts at $700, for our bookkeeping clients. We are an EFILE service provider and can be your CRA representative to resolve your tax matters.
Click to learn more about our tax services.
Bookkeeping Plans
Bookkeeping Plans: Summary
Quick View
Capture all cashflows.
- Record and reconcile all bank and credit card account transactions
- GST & provincial sales tax returns filing
- Record sales tax filings & payments
- Meet quarterly to review financials
PRO:
CON:
Audit Proof
Maintain complete tax documents.
- Include All services in Quick View Plan
- Record unpaid bills and unreceived payments
- Store tax documents electronically and match them with transactions
PRO:
CON:
Premium
Monthly financial analysis.
- Include All services in Audit Proof Plan
- Meet monthly to review financials
- Perform financial analysis to evaluate business performance
- Identify key metrics as requested
PRO:
CON:
Quick View Plan:
What Is Included?
- Subscription of a cloud-based accounting program (QuickBooks Online or Xero) which allows you to issue sales invoices, receive payments and process payroll.
- Record all bank & credit card account transactions and reconcile their balances.
- File GST & BC PST sales tax returns.
- Send reminders for payroll remittance and file T4/T4A/T5018 returns.
- Meet quarterly to go over financial reports.
Is This the Right Plan for Your Business?
SUITABLE:
Our Quick View Plan gives you a quick grasp of your cash flow. It is the most affordable plan with the fastest turnaround time. Therefore, it is suitable if you are falling behind and would like to clean up prior years’ unfinished accounting tasks as soon as possible.
Quick View Plan prepares your financial statements under cash basis. If your customers pay you right away upon receiving your invoices and you also pay your bills right after receiving them, the financial statements under cash basis should be accurate enough.
UNSUITABLE:
On the other hands, if your business typically allows customers 30 days or more to pay your invoices or most of your suppliers allow you a similar payment term, then your financial statements should be prepared under accrual basis (meaning your sales & expenses are based on invoice date). In other words, the discrepancy between cash basis and accrual basis will be significant that financial statements are not accurate anymore under this plan.
In addition, Canada Revenue Agency (CRA) requires almost every businesses to file tax returns under accrual method. Therefore, your financial statement will not be suitable for tax filings, either.
Audit Proof Plan:
What Is Included?
- Include ALL services in Quick View Plan.
- Record unpaid bills and unreceived payments.
- Subscription of a receipt management app to store tax documents electronically.
- Source documents attached to all transactions, providing strong defense against tax audits.
Is This the Right Plan for Your Business?
SUITABLE:
Our Audit Proof Plan is best suited for business owners who wants to build a bullet-proof defense against CRA audits. Under this plan, all transactions are entered into the accounting platform with a supporting document attached. This allows our clients to quickly generate a detailed report along with all supporting documents in response to a request from a CRA auditor.
In this plan, financial statements are prepared under accrual basis, which is the golden standard of the accounting industry. Accrual basis is more accurate and conforms with the Generally Accepted Accounting Principles (GAAP). Therefore, the financial statements in this plan are able to provide a more complete and accurate picture of your business.
UNSUITABLE:
To accurately record sales & expenses, we need to scan and organize all receipts. We will have questions regarding the transactions as well. If you’re not willing to participate, you probably won’t reap the benefits of choosing this plan.
The focus of the Audit Proof Plan is tax compliance. If you would like to use your financial information to measure the performance of your business and improve profitability, the Premium Plan is more suitable.
Premium Plan:
What Is Included?
- Include ALL services in Audit Proof Plan.
- Meet monthly to go over financial reports.
- Perform financial analysis to evaluate business performance.
- Identify key metrics as requested.
Is This the Right Plan for Your Business?
SUITABLE:
Unlike other plans, the focus of our Premium Plan is the future, not the past. It is designed to provide more timely feedback to your business performance, identify the areas for improvement and enhance the profitability of your business.
Premium Plan goes beyond the reporting requirements set by CRA and looks for critical information to help you better manage your business. It is most suitable for the business owners who wish to use their financial information as a strategic weapon to outmaneuver their competitors.
UNSUITABLE:
For the Premium Plan to be successful, both the accountants and the business owners need to devote more time to identify key factors for measuring cost and performance then set up the accounting system around these factors. It is not suitable if the business owner doesn’t have time to get involved.
Price Guidelines
Factors Affecting Your Bookkeeping Fees
As much as we would like to provide transparent pricing information, please understand that bookkeeping fees are determined by many factors so there is no one-size-fit-all answer.
The biggest factor in determining your monthly rate is what industry you are in, followed by the size of your business.
Industry
Service industry is usually the simplest because no inventory is involved. However, some industries may have many regulations which adds complications in terms of bookkeeping.
Merchandising industry is more complicated due to the need to keep track of inventory. Retail is more complicated than wholesale because of the higher number of customers and transactions.
Size
Bigger business has more transactions, so the bookkeeping fees for them will be higher. When measuring the size, we consider:
- The number of bank accounts and credit cards
- The number of payment processors
- The number of transactions
- The number of stores or departments
- The number of employees
Price Range is for Reference Only and Subject to Change
The price range provided here is for reference only. The quote can only be provided after we receive the complete business information.
In addition, we reserve the right to adjust the monthly fee every 6 months.
Typical Monthly Bookkeeping Fees
We separate businesses into 3 sizes: startup, emergent & established. Here is a table for their characteristics and the expected price range for their monthly bookkeeping service.
| Size | Characteristics | Price Range (Monthly) |
|---|---|---|
| Startups Businesses | One business chequing account One business credit card Revenue: from $0 to $100,000 per year Payroll: from zero to 2 employees Monthly transactions: < 50 | Quick View: $199 – $399 Audit Proof: $299 – $599 Premium: $499 – $999 |
| Emergent Businesses | One business chequing account and one savings account One business credit card and one line of credit account Revenue: from $100,000 to $250,000 per year Payroll: from 1 to 4 employees Monthly transactions: 50 to 200 | Quick View: $349 – $699 Audit Proof: $499 – $999 Premium: $799 – $1,599 |
| Established Businesses | More than one department (store) More chequing accounts and savings accounts One business credit cards or more and one line of credit Revenue: over $250,000 per year Payroll: 5 employees or more Monthly transactions: 200 + | Quick View: $599 + Audit Proof: $899 + Premium: $1,499 + |
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Let’s talk about your business and how we can assist you.