Find answers to your questions quickly with our Frequently Asked Questions.

PRICING AND PLANS

  • We understand each business is unique. Our pricing considers factors like transaction volume, bank and credit card accounts, and business complexity. Following this evaluation, we present a transparent and affordable monthly fixed price for your personalized bookkeeping needs. At the heart of our service is transparency and simplicity. Feel free to get in touch, and let's streamline your financial management to be straightforward and tailored to your business.

  • Your bookkeeping plan is designed to adapt to your business needs. It can include subscriptions to QuickBooks Online and/or Dext for seamless management. A dedicated bookkeeper records your monthly finances and ensures bank reconciliations. Periodic controller reviews enhance financial performance. Should you have unique requirements, don't hesitate to reach out. We are more than happy to create a custom plan that perfectly suits your business needs.

  • Monthly fees are automatically withdrawn through a pre-authorized debit (PAD) on the first of each month.

  • During the initial three months of our collaboration, our services are billed hourly. Following three months of full-cycle bookkeeping, once we have assessed your needs, we transition to a monthly fixed fee amount for greater transparency and predictability.

  • We do charge a one-time fee at the beginning to provide a white-glove onboarding service. This includes migrating your data, setting up QuickBooks Online, integrating apps, providing training, and being available to answer any questions. It ensures a smooth and personalized start to our services.

  • Absolutely. You have the flexibility to cancel anytime with a 30-day notice and payment for the current month. Our commitment to a smooth transition extends to your offboarding process, ensuring a seamless handover to your next bookkeeper.

  • Absolutely. We review your plan annually, and if there are changes in your transactions, entities, or bank and credit card accounts, we will inform you a month in advance before adjusting your price.

  • If you need to step away from your business, simply provide us notice, and we will pause all bookkeeping and additional services. Your app subscriptions will be maintained, and we will bill you a lower monthly plan during this period. When you are ready to resume bookkeeping, we can catch up on your books separately.

  • Our advisory services offer additional support tailored to your business needs. Whether you require extra manpower for one-off projects like technology implementation or assistance during seasonal needs like year-end, we have got you covered.

    Alternatively, if you need a senior finance professional, we can provide a part-time controller on a monthly basis to oversee the full-cycle accounting and month-end processes for your full-time business.

BOOKKEEPING AND ACCOUNTING

  • Simply book an introductory call to share information about you and your business, along with how we can assist you.

    During the call, we will discuss the best monthly package plan for your needs and establish a timeline for when we can begin.

  • Our dedicated team of bookkeepers, located in Metro Vancouver, handles all client bookkeeping. They bring experience and are trained in QuickBooks Online, supervised by a designated accountant. The active involvement of co-founders ensures the consistent delivery of high-quality bookkeeping services.

  • Short answer is yes. The Canada Revenue Agency (CRA) mandates receipts for all transactions. Our priority is compliance with CRA requirements, recognizing the practical challenges of managing a business where receipts can be lost. As a pragmatic approach, we often waive the need for receipts for recurring expenses (e.g., app subscriptions) and transactions under $100 CAD, ensuring the efficiency of our bookkeeping process.

  • If your books are up-to-date and accurate before transitioning to our services, that is fantastic.

    If not, do not worry. We offer catch-up bookkeeping services for a separate fee. We will include this solution in the final quote so you can have a clear understanding of the associated costs.

  • As specialists in cloud-based accounting, we leverage technology partners to retrieve data directly from your banks, receipts, and online customer payments. To collaborate seamlessly, it is essential to have a CRA MyBusiness account. Here are the steps to enroll:

    ➤ Obtain a CRA MyBusiness account.

    ➤ Follow the steps outlined on the CRA's site, available through this link.

  • We employ a hybrid-accrual accounting method in our bookkeeping services, offering a forward-thinking approach for our clients. Unlike cash accounting that tracks actual cash movements, accrual accounting, favored by larger companies, records when money is earned or spent. This method enhances the accuracy of financial reporting and future-proofs your business.

DATA SECURITY

  • We employ strong measures such as unique passwords, two-factor authentication, and VPN access. Our secured app collects confidential information, and our hardware has updated anti-virus software. Staff is trained in security best practices. We avoid accepting app logins and passwords via email and maintain Payment Card Industry (PCI) compliance for credit card information. Sensitive data like Social Insurance Number (SIN) is collected offline for added security.

  • Before deploying any app for client use, we thoroughly assess the app's data security practices. While we aim for the highest standards, we must consider the cost-benefit of each app. Our use is always governed by the third-party app's Terms of Service and Privacy Policy.

  • During our bookkeeping process, your data may be transferred, stored, and processed outside of your country of residence, depending on the operating locations of our third-party apps. Due to the multitude of client-facing and internal apps, we cannot dictate the exact locations where the data is transmitted.

  • Ideally, we prefer separate access to your apps to maintain distinct activity logs. In cases where this is not feasible, we will request access to your apps using a secure password manager during the onboarding process.

ABOUT CLOUD-BASED ACCOUNTING

  • A cloud-based accounting solution is an online software that allows businesses to manage their financial operations and records in real-time through a web-based platform. With a cloud-based solution, users can access their data and perform accounting tasks from anywhere with an internet connection.

  • Some of the benefits of using a cloud-based accounting solution include increased collaboration and accessibility, automatic software updates, data security and backup, reduced hardware costs, and enhanced scalability.

  • Cloud-based accounting solutions use multiple layers of security measures, including encryption, firewalls, and secure data centers to protect your financial data. Additionally, the software providers continuously monitor their systems to ensure the safety of your data.

  • Yes, as long as you have an internet connection, you can access your financial data from anywhere in the world through a cloud-based accounting solution.

  • No, all you need is a device with an internet connection and a web browser to access a cloud-based accounting solution. You don't need to install any software or hardware on your local device.

  • For small businesses, we recommend QuickBooks Online or Xero for their simplicity and widespread use. Medium-sized businesses with inventory and manufacturing have several options, including integrating multiple apps into an ecosystem, transitioning the existing ERP to a hybrid-cloud model, or upgrading to a higher-tier product like NetSuite.

  • Certainly! We offer customized solutions tailored to your needs and internal capabilities. Our expertise lies in project management, hands-on implementation, and thorough pre-and post-follow-up. If needed, we can bring in additional technical experts to ensure a seamless transition.

ABOUT QUICKBOOKS ONLINE

  • We choose to work with the best, and that is why we use Intuit QuickBooks Online. It is the gold standard for small business accounting, offering seamless integration with various apps to provide you with more options and flexibility.

  • To transition to QuickBooks Online from your current accounting system, we offer several options:

    ➤ If you are already on QuickBooks Online, you just need to add us as an Accountant.

    ➤ If you use QuickBooks Desktop, Sage, or Xero, we can seamlessly convert your entire file to QuickBooks Online.

    ➤ For users of other accounting apps (e.g., Wave, FreshBooks), we will set up your closing balances in QuickBooks Online.

    Keep in mind that considerations such as the years, volume, and cleanliness of your data are crucial before any migration. Data quality tends to degrade over time, and we may need to make trade-offs to ensure a clean set of books. Depending on the job size, we may recommend our Bookkeeping Onboarding Services or Technology Advisory Services for a smoother migration process.

  • Yes, connecting your bank and credit card accounts is crucial for leveraging the automated features in QuickBooks Online and Dext. This connection provides us with access to your transaction history and account statements, enabling us to efficiently carry out our tasks – nothing more.

  • We include the integration of QuickBooks Online, Dext, and Wagepoint for payroll clients as part of our onboarding fee.

    If you require integration with non-standard or new apps, we will provide a separate quote for that service.

  • Currently, our workflow is built around the efficiencies of working remotely with a limited number of apps. Regrettably, we do not offer monthly bookkeeping services for on-premise desktop software. However, for specific needs, we can provide Advisory Services billed in 15-minute increments to address your requirements.

  • Certainly. We have successfully migrated clients from the desktop version, often recommending a transition to QuickBooks Online. It is worth noting that Intuit is phasing out support for the desktop version, and versions from 2020 or older are no longer supported.

OTHER QUESTIONS

  • As a licensed public practice firm, we offer more than just bookkeeping—we grow with your business. Being a fully remote digital firm, our focus is on delivering value-added services for our clients. While our approach might not suit everyone, we excel with clients who actively engage in their accounting and financial performance on an ongoing basis.

  • With over 30 years of experience, we guarantee that your books will be meticulously maintained in adherence to best practices and accounting standards. As your business expands, we understand that you may prefer not to spend your weekends on bookkeeping tasks. Our team is here to take care of your books and offer timely advice to support your business growth.

  • We operate with a focus on remote services, allowing us to offer efficient monthly fixed plans. Our team of experienced accountants goes beyond traditional bookkeeping, providing valuable insights into areas such as compliance, cost containment, and growth strategy for your business.

  • While larger bookkeeping firms may offer more resources, they often come with a price premium. Some employ cash accounting, recording income and expenses based on the bank account. Others use in-house accounting software and may not utilize standard apps like QuickBooks Online. Additionally, some solely focus on bookkeeping, lacking the provision of advisory or value-added services.

  • When partnering with us, we establish a close collaboration with your in-house accountant for year-end preparation and tax filings, which they will handle on your behalf. We extend an invitation to your CPA to have live, full access to your financials through the QuickBooks Online file. This creates a symbiotic relationship, ensuring you, as the business owner, have a full team working seamlessly on your behalf whenever needed.

  • Certainly! Since we already have your complete set of records accumulated throughout the year, we can proceed with filing your personal taxes as well.

Still have questions?

Go ahead and ask us anything.

At NexGen, we are dedicated to assisting you in selecting the ideal accounting solution for your requirements. Our experts are ready to address any inquiries you may have about our solutions, services, or pricing.

Contact us via phone, email, or live chat for friendly and knowledgeable support every step of the way.