Bookkeeping FAQs for Canadian Small Business

Bookkeeping FAQs

What is bookkeeping, and how is it different from accounting?
Bookkeeping is the day‑to‑day recording and organization of your business transactions—such as sales, expenses, and bank activity. Accounting uses that information for higher‑level analysis, reporting, tax filings, and strategic planning. At AccountingMD, bookkeeping and accounting work together so your records are always accurate and tax‑ready.
Do I need a bookkeeper if I already use accounting software?
Yes. Software like QuickBooks Online records data, but it doesn’t ensure transactions are coded correctly, reconciled properly, or compliant with Canadian tax rules. A professional bookkeeper ensures your books are accurate, consistent, and reliable for decision‑making.
How often should bookkeeping be done?
Most businesses require monthly bookkeeping, though some need quarterly or more frequent support depending on transaction volume and reporting needs. Regular bookkeeping prevents backlogs, errors, and surprises at tax time.
Is bookkeeping required by law in Canada?
In a way, Canadian businesses are required to keep complete and accurate financial records to support GST/PST/HST filings, payroll, and income tax returns. These records must generally be retained for at least six years. Regular bookkeeping is the best way to do that.
What does your bookkeeping service include?

Our bookkeeping services typically include:

  • Transaction recording and coding
  • Bank and credit card reconciliations
  • Month‑end reviews
  • Financial reports (profit & loss, balance sheet)
  • GST/PST/HST tracking and support
    Services are customized based on your business needs.
Can you clean up messy or overdue books?
Yes. We frequently help clients with bookkeeping cleanup, including correcting errors, reconciling historical accounts, and bringing books up to date before year‑end or CRA filings.
What types of businesses do you work with?
We work with small and mid‑sized Canadian businesses, including contractors, consultants, trades, realtors, retail businesses, and professional services. Our services scale as your business grows.
We use an industry specific accounting software, can you help us?
Our best work happens when we can focus on precise bookkeeping rather than adapting to unfamiliar software. However, depending on your needs, there may be flexible options available—contact us to see how we can help.

Custom Migrations FAQ

I can convert from a wide variety of accounting software to QuickBooks Online or Xero.

  • MS Great Plains
  • AccPac
  • Sage 300
  • Sage Intacct
  • AccountEdge
  • Wave Accounting
  • Custom written software
  • Proprietary accounting software
  • Industry specific accounting software

Any many more, if you can export a General Ledger to excel, I can convert it.

For cleanup and special projects I typically charge by the hour or unit of work. For catchup bookkeeping, rescue ore cleanup I charge by the hour.
Check my pricing page here for more information.

I can help if you need to transition to QuickBooks online from QuickBooks Desktop or QuickBooks Enterprise. 

All of my migration and setup services also apply to Xero. I can convert from a legacy or desktop software to Xero, recommend and setup software that works with Xero and your business 

Yes I can convert from Sage Online to QBO or Xero, but I do not convert TO Sage Online

I can convert as many years as you have available. My most popular conversion is lists, opening balances plus one year of history.

I recommend that you use a 3rd party software (Payworks, WagePoint etc). Payroll conversions can be done separately from the software conversion. If you are already using a 3rd party payroll system, there isn’t anything that needs to be done.

I have developed a proprietary process that allows me to convert many types of accounting software. This process is faster than the manual excel process used by other firms and usually less expensive. My conversions ALWAYS balance!

Once I get started on a conversion it can often be completed in as little 48 hours.

Do you have a question not answered here? Please connect with me. The first session is complimentary.
Let's talk!