Frequently Asked Questions
How do we setup an initial consultation, and who will I be meeting with?
Reach out to Emanuela , CFO at +1 438.979.7774 or email her at edcomptable@outlook.com. She will be the one you meet with, so once you establish communication, a date and time will be booked to further discuss your needs.
How long will the first meeting take, and what is the cost?
The initial consultation will usually take about 45 minutes to 1 hour, and will be complimentary.
How does your fee structure work?
Our fees are dependent on the scope of work to be completed, and the particular needs and budget of the client. You will be provided with a quote once we have reviewed your unique situation. ED Accounting is fully transparent on it’s fee structure from the outset. No surprises.
What information do you need from my end to complete my corporate year-end?
It depends on the client and whether we provide bookkeeping services to the client or not, however, we usually ask for the following:
- A year-end income statement, balance sheet, and general ledger
- Loan statements disclosing interest paid on loans during the year
- Insurance policy documentation
- Any correspondence received from the Canada Revenue Agency
- A year-end bank reconciliation and bank statement
- A GST return
- If you do not use accounting software such as Sage (formerly Simply Accounting), please send us a summary of your income and expenses along with bank statements, cleared cheques and/or credit card statements with related receipts, invoices and other related documentation.
Can you take care of my company’s bookkeeping, and what information is needed from my end?
Yes, we can look after of your bookkeeping function. Find out more information on the Services we offer. Every client is different. Once we have met and have a better knowledge of your practice or business and its processes, we will provide you with a customized list of information we will require to complete your company’s bookkeeping.
Will I be charged for asking questions through email, outside of our scheduled meetings?
No, ED Accounting will not bill you for such questions. We fully understand that clients will have questions outside of any scheduled meetings and we would be happy to answer them. Should your question(s) involve significant time and/or research to address or result in additional work, we will advise you of any fees that will be billed. If your question falls outside of ED’s area of expertise, we will direct you towards fellow professionals in our network that can assist you.
What Documents do I need to bring for Individual Income Taxes?
To file your personal income taxes in Canada and Quebec, we will need several important documents. Here’s a checklist to help you get started:
Personal Information
- Social Insurance Number (SIN)
- Date of Birth
- Spouse’s SIN and Date of Birth (if applicable)
- Dependents’ SINs and Dates of Birth (if applicable)
Income Information
- T4 Statement of Remuneration Paid (Employment income)
- T5 Statement of Investment Income (Interest, dividends, etc.)
- T3 Statement of Trust Income (Trust income)
- T5013 Statement of Partnership Income (Partnership income)
- T4A Statements (Pension, retirement, annuity, etc.)
- T4A (OAS) Statement of Old Age Security
- T4RSP Statement of RRSP Income
- T4RIF Statement of income from a Registered Retirement Income Fund
- T4E Statement of Employment Insurance and Other Benefits
- T5007 Statement of Benefits – Workers Compensation or Social Assistance benefits
- T4A COVID-19 Benefits (CERB, CRB, CRCB, etc.)
Deductions and Credits
- Receipts for Medical Expenses
- Receipts for Charitable Donations
- Receipts for Childcare Expenses
- Receipts for Moving Expenses
- Receipts for RRSP Contributions
- Receipts for Union or Professional Dues
- Receipts for Employment Expenses (if applicable)
- Receipts for Home Office Expenses (if applicable)
- Receipts for Tuition and Education Expenses (T2202 Tuition and Enrollment Certificate)
Other Documents
- Notice of Assessment from last year’s return
- Any CRA or RQ Correspondence
- Proof of Home Ownership or Rental (if applicable)
- Receipts for Home Renovations (if applicable)
- Vehicle Logbook and Expenses (if applicable)
- Supporting Documents for Deductions and Credits (e.g., receipts, invoices)
Make sure to keep all these documents organized and readily accessible when you start preparing your tax return. If you’re unsure about any specific document, let us know. We will be happy to guide you!
What makes you better than other accountants?
Why Choose Us?
Expertise and Experience
With over a decade in the industry, ED accounting has developed a deep understanding of accounting principles, tax laws, and financial strategies. Our team is composed of certified professionals who bring diverse expertise to tackle even the most complex financial challenges. This extensive experience allows us to provide accurate, insightful, and effective solutions tailored to your specific needs.
Personalized Service
At ED, we believe in the power of personalized service. We take the time to get to know you and your business, understanding your unique financial goals and challenges. This personalized approach ensures that we deliver solutions that are not only effective but also aligned with your long-term objectives. Your success is our success, and we are committed to building lasting relationships based on trust and mutual respect.
Integrity and Transparency
Integrity and transparency are the cornerstones of our practice. We adhere to the highest ethical standards, ensuring that all our dealings are honest and transparent. Our clients trust us to handle their financial matters with the utmost integrity, and we take this responsibility seriously. You can count on us to provide clear, accurate, and reliable financial information that you can depend on to make informed decisions.
Innovation and Efficiency
In a rapidly evolving financial landscape, staying ahead of the curve is crucial. We leverage the latest technology and best practices to enhance our service delivery and efficiency. Our innovative approach allows us to streamline your accounting processes, saving you time and resources while ensuring accuracy and compliance. We continuously seek out new ways to improve our services and deliver the best possible outcomes for our clients.
Client-Centered Approach
Our clients are at the heart of everything we do. We treat each client like family, providing ongoing support and guidance every step of the way. Whether you’re a small business owner, an individual, or a large corporation, we are here to support your financial journey with dedication and care. Our client-centered approach ensures that you receive the attention and service you deserve, making us a trusted partner in your financial success.
Why switch from my current accountant?
At ED, we leverage the power of cloud accounting to provide you with real-time access to your financial data from anywhere in the world. Our cloud-based solutions ensure that you have the most up-to-date information at your fingertips, enabling you to make informed decisions with confidence.
We Embrace Cloud Accounting
Real-Time Access: With our cloud accounting services, you can monitor your business’s financial health in real-time. Whether you’re in the office, at home, or on the go, you have instant access to your financial data.
Anywhere, Anytime: Our cloud solutions provide the flexibility to manage your finances from any device with internet access. This means you can stay connected to your business, no matter where you are.
Collaboration: Cloud accounting makes it easy to collaborate with your team and your accountant. Share documents, review financial reports, and communicate effortlessly, all within a secure online platform.
Security: We prioritize the security of your financial data. Our cloud services utilize advanced encryption and secure data storage to ensure that your information is protected at all times.
Efficiency: Streamline your accounting processes with automated features such as bank reconciliations, invoicing, and expense tracking. Cloud accounting reduces manual tasks, saving you time and reducing errors.
Scalability: As your business grows, our cloud accounting services can easily scale to meet your needs. Add new users, expand your service package, and integrate additional features without disruption.
Our Cloud Services
- QuickBooks Online: As certified QuickBooks Online ProAdvisors, we provide setup, training, and ongoing support to help you get the most out of this powerful cloud accounting software.
- Real-Time Financial Reporting: Gain valuable insights into your business’s performance with real-time financial reports that are always up-to-date and accessible from anywhere.
- Secure Document Sharing: Safely upload and share documents with us through our secure cloud platform, ensuring your confidential data is protected.
- Automated Bookkeeping: Enjoy the convenience of automated bookkeeping services that keep your financial records accurate and up-to-date without the hassle of manual entry.
I’m a business owner who just needs a little bit of help, but I’m not willing to outsource completely. Can you teach me how to do my own bookkeeping?
Yes, we offer DIY bookkeeping training and what’s called optimizer sessions which are customized to your needs. With optimizer sessions, you pay as you go and book when you need support. Each session covers step-by-step guidance on how to do your own books and is recorded so you can rewatch them whenever you need to.
I’m not a business owner. Can I take the QuickBooks Online training or Sage Online training?
Yes, absolutely. Many new bookkeepers and accounting professionals take ED’s QuickBooks Online training and Sage training to strengthen their skills and learn more about optimizing the accounting software.
I’m doing my own bookkeeping and I made a mistake, can you help me?
Yes, we can help fix errors in your bookkeeping and provide support. When you book a call, we can customize your session to your needs.
You offer 3-hour training. Can we split the time?
Yes, 3-hour training can be split into 90 minutes each session.
What does QuickBooks Online do?
QuickBooks Online is a cloud-based accounting software developed by Intuit. It helps individuals and businesses manage their finances and easily complete bookkeeping and accounting tasks such as creating invoices, tracking cash flow, keeping receivables and payables organized, managing customers, budgeting, and more.
It’s one of the most comprehensive and robust accounting tools available that you can access from your Internet browser on any web-enabled device. We offer quickbooks online beginner, intermediate and advanced training which can help you navigate the tool and take advantage of all its useful features.
I don’t understand the software, can you help me?
Yes, however, it’s important to know that bookkeeping is not about the software itself. The real problem that many clients face is that they don’t have knowledge about bookkeeping and handling transactions. This is where 1-on-1 training brings value because our team can teach you basic accounting principles that will help you complete bookkeeping tasks properly and accurately, no matter what software you use. There are plenty of training materials and resources available, but not all will teach you the accounting principles, which is a must for managing your books.
Will you be doing my bookkeeping?
Unless you have registered for one of our Done For You Accounting & Bookkeeping package, ED teaches you how to do your own bookkeeping. Training is live through video chat and screen share, where she walks you through the steps and watches as you complete the tasks, answering your questions and guiding you along the way. ED’s goal is to get you to a place where you can feel confident in managing your books and are comfortable using your accounting software. One of the biggest benefits that clients have with a hands-on approach in their bookkeeping and accounting system is that they are directly involved in their finances. This helps them know exactly where their business is with information right at their fingertips from anywhere in the world, allowing them to make sound business decisions.
How much does it cost?
Pricing depends on the type of services and training you’re looking for. For example, some business owners need help fixing errors, cleaning up their books, and keeping their transactions up-to-date, while others are looking for complete training and ongoing support. When you book a call with ED, there is an initial consultation meeting where she can determine your needs, what type of services you’re looking for and adjust the pricing accordingly.
How long does training take?
ED offers 1-hour, 3-hour or 5 hour training sessions. 3-hour sessions are the most popular because many people find that an hour is not enough to learn and have all of their questions answered and 5 hour is too long to retain what they learned.
Resources
Resources & Articles For Managing Your Finances On Your Own
Contact Us
Whether you have a question, need advice, or are ready to partner with us, we are here to help.