FAQs
Frequently Asked Questions
What is Virtual Bookkeeping?
Virtual bookkeeping is the process of managing your financial records and transactions remotely using cloud-based software. It allows for real-time updating and access to financial data from anywhere in the world, offering you and your business hassle-free digital access and insights.
How Does Virtual Bookkeeping Differ from Traditional Bookkeeping?
Unlike traditional bookkeeping, which often requires in-person meetings and paper-based processes, virtual bookkeeping is performed online. This digital engagement offers greater flexibility, efficiency, and cost savings.
What is Virtual Accounting and How Does it Work?
Virtual accounting is the practice of handling various accounting tasks, such as financial reporting, tax preparation, and payroll, through online platforms. This method leverages cloud technology for more efficient, accessible accounting services, saving you and your business time and money.
What is Corporate Accounting?
Corporate accounting involves managing the financial records and reporting of corporations. It includes tasks like preparing financial statements, handling tax obligations, and ensuring compliance with various financial regulations.
What Canadian Accounting Software Do You Use?
We work with a variety of software such as QuickBooks Online, Xero, and Wave. We also have a secure portal where information can be shared in a safe environment. This approach ensures compliance with Canadian accounting standards and practices while empowering us to offer best-in-class customer service.
How Do We Get Our Documents to You?
Documents can be securely uploaded to our platform or shared through secure file transfer methods. We maintain the highest data integrity standards for our clients, encrypting all data transferred via our platform.
What Does a Chartered Professional Accountant Do?
A Chartered Professional Accountant (CPA) provides financial advice, audits, and accounting services. CPAs are crucial in strategic planning, financial reporting, tax preparation, and compliance for individuals and businesses.
What is Goods and Services Tax?
Goods and Services Tax (GST) is a value-added tax levied on most goods and services sold for domestic consumption in Canada. Businesses need to understand how GST impacts their operations and tax obligations and accurately report these figures in their yearly filings.
What are the Benefits of Virtual Accounting?
Virtual accounting has significant benefits, including real-time financial data access, cost-effectiveness, scalability, improved collaboration, and the convenience of managing finances from anywhere in the world.
Why Should I Hire a CPA Firm vs a Non-CPA Firm?
CPA firms employ certified professionals who have undergone rigorous training and adhere to ethical standards. As such, they offer more comprehensive and reliable financial expertise than non-CPA firms, which may or may not adhere to the rigorous ethical standards utilized by CPA firms.
How Can a Virtual Accounting Firm Help My Business?
A virtual accounting firm can streamline your financial processes, offer strategic financial advice, and ensure tax compliance and efficient bookkeeping, saving you time, money, and energy to focus on growing your business.