Cost of bookkeeping in Quebec: How much it costs and when a bookkeeper is enough

In a nutshell: Bookkeeping is the most common, and generally the most affordable, accounting service. The cost depends mainly on your transaction volume and the frequency of reporting. This is often the base rate, to which tax returns and consulting services are added as needed.

Before we talk about taxes or financial planning, there’s bookkeeping: recording your transactions, tracking the GST/QST, and keeping your accounts in order. It’s the foundation, and it’s often an entrepreneur’s first accounting expense.

What bookkeeping involves

Proper bookkeeping generally involves:

• recording your sales, purchases, and expenses;
• reconciling your bank accounts and credit cards;
• tracking and filing GST/QST returns;
• Regular reports to help you stay on top of your finances.

What isn’t always included: preparing year-end financial statements, corporate income tax, and tax advice. That’s why it’s important to ask, right from the start, What’s Included and What’s Not.

Factors affecting the cost

Bookkeeping fees are often based on volume and frequency. A few transactions per month don’t take as much time as hundreds of invoices and multiple payrolls. The main factors:

• the Number of transactions per month;
• the frequency monitoring (monthly, quarterly);
• the Number of accounts to be reconciled;
• l'Status of Your Files : Catching up on several months’ worth of work costs more than keeping up with it regularly.

Keeping your accounts up to date is also a way to save money.

Bookkeeper or accountant: Do you need both?

Not always at the same time. For day-to-day bookkeeping, a competent bookkeeper is more than sufficient, and often more cost-effective. For preparing financial statements, corporate taxes, or planning, you’ll need an accountant, and a CPA in cases that require certification.

Many business owners combine regular bookkeeping with an accountant for year-end closing and consulting. The key is for both parties to communicate and work with up-to-date records.

Where does bookkeeping fit into the accounting budget?

Bookkeeping is generally the most affordable part of your accounting budget. To put things in perspective, the median cost of an accountant for an SME in Quebec is about $3,000 per year for all services combined, ranging from $500 to $6,000 depending on the industry. The details are in The Bankeo Fee Barometer. You’ll negotiate the actual price directly with the professional.

How to find the right person

Whether you’re looking for a bookkeeper, an accountant, or both, the challenge is the same: finding someone who is reliable, confident, and a good fit for your situation. That’s what Bankeo does for you, for free: we verify the essentials (insurance, membership in the Order of CPA professionals, a real business, reviews, industry, and more The Bankeo Trust Index) and we’ll connect you with the right person for your needs.

Well-maintained bookkeeping at a fair price? Find the right person, for free.

In summary

• Bookkeeping is the foundation: recording transactions, reconciling accounts, and tracking GST and QST. It is often the most affordable service.
• The cost depends on the volume, frequency, and condition of your records.
• A bookkeeper is sufficient for day-to-day operations; an accountant is needed for year-end closing and consulting. Putting it all into perspective: The Bankeo Fee Barometer.