Full service Bookkeeping ....or partial.....You decide what works for you.
Thrive Bookkeeping’s goal is to help you by doing what you don’t have time for and by teaching you what you do. Needs flux. Thrive can span that administrative gap through attention-to-detail bookkeeping, Consulting for Quickbooks, and the education & experience to back it up.
All, in an effort to minimize business expenses, maximize profit margins, and keep your business in line with CRA & GAAP.
Full Cycle Bookkeeping includes:
Accounts Receivable (Client Revenue):
Invoicing support
Help keep client details up-to-date
Enter payments
Issue overdue clients monthly statements
Accounts Payable (Supplier Expenses):
Receive bill, upload & enter for owner approval
Keep supplier details up-to-date
Enter payments
Bank / Credit Card Reconciliations
Payroll:
Enter new employees
Ensure payroll is set up accurately to run according to your preferred schedule
Remit monthly source deductions & year end summaries to CRA
WSBC, EHT
ROEs & T4s
Remittances:
GST, PST, Corp Tax, Industry Specific Taxes (Royalties, Log Tax, etc.)
Year End Tax Prep:
Export files to accountant
Be liaison with accountant
Enter YE adjusting entries
Would you benefit from Job Costing:
Job costing is the process of tracking all the costs related to a job or project to determine its profitability.
Keeping track of all costs and expenses can be a labor-intensive, time-consuming process. Forget spending hours number crunching and deciphering job costing formulas. With job costing in QBO, we connect the dots by tracking labor costs, time, and expenses. The clear profitability reports help you understand which projects make money and where you should focus your efforts.
Job costing also helps you estimate your future projects with confidence when you can see how past projects went. Job costing insights can help you control costs, maximize profitability, and price confidently.
Job Costing costs $50 per month to add onto your bookkeeping package as it requires a more detailed company setup and more detailed data entry, but you will have the information you need to fine tune your business to maximize profit.
Do you have a lot of Rebill:
What is “Rebill”: you buy items that need to be directly rebilled to a specific client and perhaps even a specific job of that client if they have multiple jobs under you.
This means that all bills you have marked as “rebill to XYZ client; Job 555” will be sitting under a tab. All you have to do is click that tab and add every (or only specific) bills sitting under that tab to that clients bill. QBO saves business owners a lot of time…...and there are no missed or late rebills. You can choose to rebill at cost, or add a mark-up. This “Rebill” feature costs $25 per month to add onto your bookkeeping package as it requires a more detailed client set-up and extra data entry for each “rebillable” bill.
One Time Set-Up Fee
No matter who you choose as your bookkeeper, he/she will have to set up your company's accounting system (or migrate your current data). There is a one time set up fee of $275.
This fee compensates for the time it takes to:
set up your chart of accounts and integrate your financials into QBO
connect your bank accounts and credit cards to the accounting software
set up CRAs “Represent a Client” (corporations)
discuss your banking options to minimize bank fees & maximize payment processing
discuss assets
communicate with all of your suppliers for efficient bill/statement delivery and EFT details (future payment efficiency) or automate monthly payment processes
discuss the most economical way for your company to pay vendors / maximize point credit cards
discuss revenue streams
issue EFT details to clients to streamline cash inflow (ongoing)
teach you, the business owner:
the most efficient method of delivering everything for entry
work-flow approval processes...to be sure that you are not being overcharged or charged for something that you did not receive.
use the mobile deposit feature of your bank’s app for cheque deposit (payments received from clients)