Bookkeeping Services


Discover affordable bookkeeping services for businesses and nonprofits. Streamline your finances and focus on growth.

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2024 Best of Accounting award logo – Award-winning bookkeeping services firm in Toronto
Bookkeeping

Attention Business Owners and Not-for-Profit Executives

Are you ready to offload your bookkeeping to the pros?

Having accurate and up-to-date financial information is crucial for making informed decisions and driving the growth of your organization.

Our bookkeeping service packages are tailored to your needs.

Whether you’re a small business owner looking to increase revenue or a not-for-profit executive aiming to streamline operations, our team can handle your bookkeeping so you can focus on your core activities and achieve your goals.

Introduction

Bookkeeping services are essential for staying compliant with tax laws. They are also a window into the health of your business. In this article, we’ll explore the benefits of bookkeeping, key tasks, and how to choose the right vendor for your needs.

Key Takeaways

  • Proper bookkeeping is essential for informed decision-making, providing real-time insights and enabling business profitability through timely advisory and tax planning.
  • Our fixed-rate pricing model ensures predictable costs from the get go.
  • Our software leverages secure cloud technologies and automation for efficient financial management and workflow.

The Importance of Bookkeeping Services

Proper bookkeeping is the backbone of any successful business. It provides crucial support in managing financial transactions, ensuring accuracy, compliance, and real data that enables better decision-making for business owners. Without accurate books, it’s nearly impossible to understand your financial position or make informed strategic decisions. While bookkeeping may be data entry, it enables business intelligence.

Having a professional bookkeeping service provider allows business owners the time to focus on their strengths: developing new products, improving customer service, and expanding market reach and share. Accurate bookkeeping provides real-time insights into your financial situation, enabling quicker, informed decisions for your business’ future.

A dedicated bookkeeper who understands your business needs and provides regular financial reports keeps you up to date on your financial health. This supports sustainable growth and long-term success.

Unique Benefits from Bookkeeping Services at Stern Cohen

At Stern Cohen, we pride ourselves on offering more than just basic bookkeeping services. Your team will include a dedicated bookkeeper and a backup bookkeeper should your main bookkeeper go on vacation. Your team includes a Senior Manager and oversight from a Chartered Professional Accountant or CPA.  Our approach ensures your books are accurate and gives you expert advice when you need it. We also use a proven, secure cloud-based technology platform. Yes, rest assured we can migrate your current system to the ideal technology solution. Our clients credit our bookkeeping services for helping transform their business operations, streamline their processes, and enable growth. Business owners report improved work-life balance and increased focus on core activities when their bookkeeping needs are outsourced to us.

Our bookkeeping services can include:

  • an experienced, certified team including a dedicated bookkeeper (and backup) with CPA oversight
  • a proven, secure cloud-based technology platform – YES, we can migrate your current system and make recommendations on the ideal technology solution!
  • monthly advisory and financial reporting from a Chartered Professional Accountant
  • timely and efficient tax services
  • a world-class service rating – read rave reviews from our clients
  • work flow improvement and financial controls
  • no interruption in service due to staff turnover, vacation or illness
  • 24 Hour (or better) response time

Bookkeeping Services Available

In terms of duties and tasks, Stern Cohen’s bookkeeping and accounting packages can include:

  • Correct set of up your Chart of Accounts
  • Accounts receivable (AR)
  • Bank / Credit Card Reconciliations
  • HST Recording and Remittance
  • Government remittances (WSIB, EHT)
  • Payroll Services
  • Monthly Financial Reporting
  • Factoring (efficient reconciliation of factored receivables)
  • Year End Support: Includes working papers and support for the preparation of your year-end financials
  • Year End Audit Support: for a more efficient, less costly audit
  • Consultation with a Chartered Professional Accountant (CPA) for business advisory on topics like cash flow management, financing, liquidity and operating activities
  • Data migration from other accounting software applications (including QuickBooks Enterprise to Online)
  • Wholesale pricing on your QuickBooks accounting software: How does 50% off sound?
  • Set up and training for your ideal cloud accounting platform
  • Accounting services like year-end financial statement preparation, corporate tax return (T2) and personal tax returns (T1)
  • Tax estimates: ideal for growing companies
  • Outsourced, part-time CFO/Controller
  • Regular business health checks
  • Assistance with new projects. Do you expect capital needs? Need to update your financing? Any mergers, purchases, divestitures, recapitalizations or reorganizations in the near future?  Our CPA’s can help!

 

Photograph of people walking on a busy street looking for bookkeeping services
Want your business to grow?

Then let us take care of your bookkeeping!

Advisory Is Key

Choosing Stern Cohen means gaining a partner in your overall financial success, not just bookkeeping services. Our specialists help businesses and nonprofits develop strategic plans for sustainable growth.

Business owners and nonprofit management truly appreciate the monthly advisory and financial reporting we can include in our bookkeeping packages. Our approach will modernize your bookkeeping systems and give you quick and easy access to your key performance indicators.

Our services ensure no interruption due to staff turnover, vacation, or illness. You can rest assured that your bookkeeping will be handled seamlessly, allowing you to focus on growing your business.

Did you know? Advisory and tax planning work best when bookkeeping is done by the same firm

Ever try to find high-value tax and advisory services? You probably didn’t get very far because these specialists can’t assist unless they can vouch for the quality of your books.

That’s right. In order to take advantage of expert tax advice to help you navigate complex regulations and optimize financial outcomes, you need accurate bookkeeping services.

Advisory services facilitate better planning, enabling informed decisions about growth and investment. A CPA or financial analyst can offer advice to enhance your profitability and to make better choices, but they also need accurate data to base their advisory on.

Working with a firm like Stern Cohen which offers bookkeeping, advisory and tax ensures aligned and effective financial strategies.

Automating Your Bookkeeping

A Tech-Savvy Bookkeeper is an Efficient Bookkeeper!

Stern Cohen utilizes advanced technology for seamless data downloads, optimizing bookkeeping tasks. Efficient processes minimize errors and accelerate data entry. QuickBooks Online allows businesses to manage finances remotely, providing flexibility and convenience.

Automation not only saves time but also ensures that your financial data is always up-to-date and reliable. At Stern Cohen, we use state of the art bookkeeping technologies that benefit our clients.  Tech automation saves time, and that translates into more economical services.

Our bookkeepers have expertise, training and certifications implementing client solutions with these industry-leading technology partners:

  • Intuit QuickBooks Online, QuickBooks Online Advanced
  • Dext and Dext Prepare (formerly Receipt Bank)
  • Hubdoc
  • Plooto
  • Wagepoint
  • Expensify
  • QuickBooks Time (formerly TSheets)
  • Shopify
  • PayPal
  • Amazon
Q&A

We have the answers to your bookkeeping questions!

 

What is the difference between bookkeeping and accounting services?

Bookkeeping Services: Processing the monthly transactions of your business. This can include payroll and also monthly financial reporting.

Accounting Services: Processing your year end to create a financial report (either a Compilation – formerly Notice to Reader, Review or Audit) and a corporate tax return (T2) required for lending organizations, the Canada Revenue Agency and other interested parties.

 

What is the advantage of fixed-rate fees for bookkeeping services?

The advantage of fixed-rate pricing is that it offers predictability in costs, allowing clients to avoid unexpected expenses while ensuring consistent, high-quality service. This model rewards efficiency, benefiting both providers and clients. With our fixed-rate pricing model, you will know exactly what you’re paying each month, which helps with budgeting and financial planning. Whether you’re a small business owner or managing a nonprofit, you’ll appreciate our up-front fee transparency. And you’ll love having no surprise invoices!

Can Stern Cohen help with tax preparation, planning and advisory services?

Yes, that’s the benefit of working with a full service firm like Stern Cohen. In addition to bookkeeping, we can assist with tax preparation, and the high-value planning and advisory services, providing expert guidance to help you navigate complex tax regulations and enhance your financial outcomes. If you have estate planning needs, one of our tax partners is available for you.

 

What accounting software does Stern Cohen use?
  1. QuickBooks Online and QuickBooks Online Advanced is our recommended accounting software. Our clients enjoy wholesale pricing or 50% off their subscription fees.
  2. We use Dext Prepare (formerly Receipt Bank) as an online filing cabinet for document collection and management. This app eliminates paper and data entry while capturing key information, saving you time, and providing an audit trail. At this time, Dext is included in our bookkeeping service packages!
  3. Plooto is our payment processing platform. Plooto pays your vendors with approval and authorization controls in place. It’s $32/month plus $0.50 per transaction plus HST.
  4. Wagepoint is online payroll software. It helps keep you compliant with CRA payroll regulations and Record of Employment is a snap! Clients pay $20 + $2 per person per payroll.
Accounting and bookkeeping FAQs

Client Reviews


Selecting a bookkeeper is an important decision. Find out why we have earned world-class client satisfaction ratings.

 

Read more reviews
  • Bookkeeping client logo
  • Parachute Design Group Logo – Bookkeeping client
  • Danforth Neighbourhood Dental Centre bookkeeping client logo
  • bookkeeping client logo

From bookkeeping, to accounting and tax: Stern Cohen provides excellent customer service and expertise.

 

client
Steven Green President

The team assigned to our bookkeeping is always on the ball and familiar with our people and our accounts. The relationship is more friendly and amiable instead of robotic and corporate. They bring issues, questions and suggestions to our attention promptly.

 

client
Jay Eckert, Owner Parachute Design

Exceptional service, accuracy, and prompt turn around times.

 

client
Nori Syriopoulos, Owner Danforth Neighbourhood Dental Centre

The Stern Cohen team is incredibly responsive, thorough and professional. They are amazing to work with!

 

client
Scott Stirrett, Executive Director and Founder Venture for Canada

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