Common Questions

Leverage our expertise with answers you can trust.

Many of our clients face similar questions while managing their business. It can be hard to find reliable and accurate information. We have compiled a collection of bookkeeping, accounting and business finance related questions that we are frequently asked.

Have a question? Before you reach out to us, you might find the answer you are looking for below. If you do not find the answer you are looking for, don't worry! Just contact us and we will be more than happy to assist you!

Who needs a bookkeeper?

Every business needs a bookkeeper, even if that bookkeeper is the owner. The hard part is making sure the books are done correctly. We’re professional bookkeepers and we can help your business grow in a few ways — by reviewing your books, training you or your staff, managing the bookkeeping for you and helping you use your financials to make key decisions.

Why should I have a bookkeeper?

Bookkeepers specialize in day to day transactions, reconciliations, and overall company performance and reporting. Great bookkeepers (like us!) will keep you informed and up to date year round, and provide accurate and timely information to the accountant at year end, so you will always know where your company’s performance is all year – not just at year end.

Do I need a bookkeeper where my business is located?

Not at all! Given technology and the use of cloud accounting software, such as QuickBooks Online (QBO), we can work with clients located anywhere within Canada.

When should I hire a bookkeeper?

You can hire a bookkeeper anytime, but there are a few points in your business which are strong indicators that you should hire a bookkeeper.

1. As an entrepreneur starting out, you may want someone to show you the ropes and train you to do it yourself.
2. When you are spending your time on bookkeeping rather than selling your goods and services, it is time to seek help! As you get further into business, you might feel like the time you spend doing your books could be better spent growing your business.
3. You’re anxious because you are missing deadlines, and aren’t paying your taxes on time.
4. Thinking about doing your bookkeeping drains your energy so you aren’t getting anything done.
5. Even if you have an in-house finance team, you may still need support with things like invoicing and payroll or monthly, quarterly and year-end financial statements.

If you feel like any of the above apply to you, or if you just know that you are ready, it’s time to hire a bookkeeper and benefit from our expertise.

What’s the difference between a bookkeeper and an accountant?

There are a few differences between bookkeeping, professional bookkeeping, financial management and accounting.

• Bookkeeping traditionally involves classifying and recording financial transactions, and reconciliations.
• Professional bookkeeping refers to preparing adjusting entries, reviewing and analyzing the financials to make sure they’re accurate and analyzing ways to help make your company more profitable.
• Financial management ensures the best account setup and internal controls, budgeting, forecasting and cash flow projections.
• Accounting focuses on strategic planning, tax planning and preparing income taxes.

At Intrinsic we can help you with your bookkeeping, professional bookkeeping and financial management needs but we aren’t income tax experts. We work closely with your accountant to make this as seamless as possible.

How does ongoing bookkeeping help my business?

It helps you gain a clear picture of financial health so that important business decisions can be made. Ongoing bookkeeping will ensure that important tasks like payroll and government payments are completed on time.

Do I still need an accountant if I have a bookkeeper?

Yes. An accountant is still required for your year end tax planning and filing.

How much does it cost to hire a bookkeeper?

The short answer is that it depends on how much support and what solutions you need. It can be anywhere from a few hours every month to a few days a week. It might even be just a few hours a year!

We take the time to listen and understand your goals and then put together a plan that works for you. We’re ready to help you in whatever way works best for your business.

Why should I outsource my payroll?

Simple – Time! Labour standards are continually changing to keep up with the diversity of workplaces. Unless your company specializes in payroll, your time can be better spent on your company, not searching through websites to determine if you are compliant with the current standards. Ensuring confidentiality, compliance, and with no worries of employee absences to complete payroll on a scheduled date, leaves you time to do what you do best.