Professional Bookkeeping Services in Toronto
Clean, accurate financial records that give you clarity, keep you CRA-compliant, and ensure your books are always ready when tax season arrives.
What We Offer
Reliable Bookkeeping You Can Count On
Accurate bookkeeping is the foundation of every financially healthy business. At Edward & Associates, we provide professional bookkeeping services to Toronto businesses of all sizes, ensuring your financial records are organised, up-to-date, and fully prepared for tax filing, audits, or financing applications. Our team has maintained books for sole proprietors, partnerships, and incorporated companies across a wide range of industries, from retail and hospitality to professional services and construction. With over 15 years in the Toronto market, we understand the specific compliance requirements and financial rhythms that Ontario businesses face throughout the year.
Our core bookkeeping services include bank and credit card reconciliation, accounts payable and accounts receivable management, expense categorisation, and the preparation of monthly financial statements including profit and loss reports, balance sheets, and cash flow summaries. Bank reconciliation is particularly critical because it ensures every transaction in your bank account is accounted for in your books, catches duplicate entries or missed transactions, and provides an accurate picture of your available cash at any given time. We reconcile every account, every month, without exception.
Accounts payable management ensures your vendor invoices are recorded accurately and paid on time, helping you maintain strong supplier relationships and take advantage of early payment discounts when available. On the receivables side, we track outstanding customer invoices, flag overdue accounts, and provide you with aging reports so you can follow up on collections before they become problematic. Together, these processes give you a clear understanding of your cash flow position and help prevent the liquidity crunches that derail many small businesses.
Beyond the day-to-day transaction recording, we prepare your books specifically for tax season. This means ensuring your chart of accounts aligns with CRA reporting requirements, HST collected and paid is properly tracked, payroll entries are accurate, and all supporting documentation is organised and accessible. When it is time to prepare your T2 corporate return or T2125 business income statement, your accountant receives a clean, complete set of records that reduces preparation time and minimises the risk of errors or missed deductions. Many of our bookkeeping clients also use our tax preparation services, creating a seamless workflow from daily bookkeeping through to annual tax filing.
Ideal Clients
Who Is This For?
- Small business owners who need to offload bookkeeping so they can focus on running their business
- Freelancers and independent contractors who need organised records for T2125 reporting
- Construction and trades contractors managing project-based income and expenses
- Non-profit organisations that require transparent financial reporting for their boards and funders
- New businesses that need help setting up their chart of accounts and bookkeeping systems from scratch
- E-commerce operators tracking multi-channel sales, platform fees, and shipping costs
- Any Toronto business with a backlog of unreconciled transactions that needs a fresh start
How It Works
Our Process
- 1
Onboarding & Setup
We begin by reviewing your current bookkeeping setup, business structure, and financial goals. If you are starting fresh, we configure your accounting software, build a customised chart of accounts, connect your bank feeds, and establish the workflows that will keep your records accurate going forward.
- 2
Monthly Bookkeeping Cycle
Each month, we reconcile your bank and credit card accounts, categorise all income and expenses, record accounts payable and receivable entries, and prepare your monthly financial statements. You receive a clear summary along with your profit and loss report, balance sheet, and any action items that need your attention.
- 3
Quarterly Review
Every quarter, we conduct a deeper review of your financial position. This includes analysing trends in revenue and expenses, reviewing your HST position, assessing cash flow projections, and identifying any adjustments needed to keep your records aligned with your actual business activity.
- 4
Year-End Preparation
As your fiscal year-end approaches, we perform a comprehensive review and clean-up of your books. We ensure all transactions are properly recorded, accruals and prepaid expenses are adjusted, and your financial statements are finalised and ready for your tax preparer. If we also handle your tax filing, the transition is seamless.
Common Questions
Bookkeeping FAQs
We are proficient in all major bookkeeping platforms including QuickBooks Online, QuickBooks Desktop, Sage 50, Xero, Wave, and FreshBooks. We recommend the platform that best suits your business size, industry, and budget. For most small businesses in Toronto, QuickBooks Online offers the best combination of features, bank feed integration, and accessibility. If you already use a specific platform, we are happy to work within your existing setup. We also assist with initial software setup, chart of accounts configuration, and staff training to ensure a smooth transition if you are switching platforms.
For most active businesses, we recommend monthly bookkeeping to maintain accurate and up-to-date financial records. Monthly updates ensure your bank accounts are reconciled promptly, expenses are categorised correctly while they are still fresh, and you have reliable financial statements to guide your business decisions. Some businesses with lower transaction volumes may opt for quarterly bookkeeping, while high-volume businesses such as retail or e-commerce operations may benefit from weekly updates. During our onboarding process, we assess your transaction volume and recommend the most cost-effective frequency for your situation.
Absolutely. Catch-up bookkeeping is one of our most requested services. Many Toronto business owners come to us with months or even years of unreconciled transactions, unsorted receipts, and incomplete records. We systematically work through your bank and credit card statements, reconstruct your financial history, categorise every transaction, and deliver a clean, accurate set of books ready for tax filing. The process typically takes two to four weeks depending on the volume and complexity. Once we have brought everything current, we transition you to a regular monthly schedule so the backlog never builds up again.