Best Online Bookkeeping Company for Small Businesses

Are you a small business owner looking for a reliable online bookkeeping company? Small business employees are already busy with many responsibilities, including production, marketing, and managing customer relationships. To perfectly perform these time-consuming duties, bookkeeping sometimes gets ignored.

That’s why it’s often a good idea to outsource your bookkeeping to an online service.

Here, we explore how an online bookkeeping service like Virtuous Bookkeeping can help your business.

Let’s get started.

Why Does Your Business Need an Online Bookkeeping Service?

The CRA requires that all businesses keep track of their financial records, including sources of income, business expenses, and taxes.

However, maintaining proper books requires time and effort. Many small businesses cannot afford to hire a full-time accountant or CFO right away.

This is where online bookkeeping services come in.

Here, we discuss how a professional online bookkeeping service like Virtuous Bookkeeping can help you efficiently manage your business and accelerate growth.

1. We Track All Your Transactions While You Concentrate On Your Business

As a small business owner, you should clearly understand where your cash is coming from and where it is going. Bookkeeping helps you easily understand that.

So, if you wonder how much you spend on office supplies or maintenance, you can easily find out. Or, you can check how profitable your new clients are compared to former ones. Our online bookkeeping services help you resolve financial discrepancies, while you focus on generating more revenue.

No matter your business’s size or location, Virtuous Bookkeeping accurately records all your transactions and makes them ready for tax season.

2. We Analyze Your Expenses and Improve Your Company Budget

Bookkeeping not only helps you keep track of where you are spending and earning money but also helps analyze your expenses.

By examining your financial statements, you get a clear idea of which products or services are generating the biggest profits. We also help to adjust your budget so you can boost your profits even higher.

For example, local newspaper advertising used to be a major focus for small businesses. But its impact has faded in today’s online world. Our bookkeeping services will help identify those expenses that are no longer profitable.

3. We Provide Customized Bookkeeping

Virtuous Bookkeeping is considered one of the best online bookkeeping services in Toronto because we provide custom bookkeeping solutions. That includes assistance with accruals or cash basis bookkeeping.

We understand that every business is different. That’s why our initial consultation involves an in-depth analysis of your needs and business goals. This way, our services are tailored to meet your particular business requirements. We also offer onsite and offsite bookkeeping to provide greater flexibility.

4. We’ll Help You Accurately File Your Taxes.

Tax preparation can be a stressful and time-consuming task for small business owners. But a bookkeeping service can save you from drowning in piles of documents by properly organizing the information. We ensure our clients are compliant with all CRA requirements such as T2 returns, payroll taxes, and HST/GST returns.

Our team consists of CAs, CMAs, CGAs, and certified bookkeepers. You can rely on our expertise and knowledge to ensure our tax planning strategies maximize tax efficiencies.

5. You’ll Get an Effective Invoice Management Solution

Sending invoices on time is essential to maintaining your cash flow. Indeed, struggling with this task can create obstacles in your operation. Our online bookkeeping services can speed up your invoicing process by streamlining your entire financial department.
With Virtuous Bookkeeping, your business has an effective invoice management solution that minimizes the duties of in-house staff while speeding up cash flow with our invoice processing services. Our automated invoice processing will help you:

• Customize invoice processes to help reduce employee and IT infrastructure costs.
• Decrease the number of errors while ensuring accurate data entry.
• Reconcile invoices processed with vendor account balances for more accuracy.
• Benefit from regular, accurate, and timely invoice management.

We provide 24/7 service through our virtual communication portals. Hire us on a full-time, part-time, or hourly basis to leverage our bookkeeping services to the extent you require. We have offices in Toronto and Vancouver, but with our virtual bookkeeping services, we can serve clients throughout Canada. Enhance your productivity and get readily available, up-to-date information with Virtuous Bookkeeping. Contact us today!