FAQ

  • Why is it better to outsource my bookkeeping needs, rather than hiring in-house?

    There are benefits to both an in-house employee, where you have more control and daily touch points, and an external bookkeeper.

    The largest benefit of outsourcing - it costs significantly less money!

    When you add in training time, lunch breaks, coffee breaks, WCB, EI & CPP, scheduling, sick-calls, performance reviews, computer equipment, and more… an in-house employee costs way more in time and money.

    At MI Business Solutions, our monthly fees can be up to 50% lower than an employee, and you’ll still have weekly touch points, monthly P&L meetings, and yours clean and up to date at all times.

    Trust the experts - and keep more cash in your business!

  • Do I need a Bookkeeper or an Accountant?

    The answer may surprise some business owners - you need both!

    An Accountant is going to handle your Year End filings, Corporate and / or Personal Taxes, and can offer tax advice.

    A Bookkeeper handles the day-to-day financial operations of your business. Classification and documentation of your transactions in and out of the business is critically important to show the true financial health of your business. These daily duties are what sets your books up to prepare accurate Financial Reports such as your Profit and Loss, and Cashflow statements.

    The Bookkeeper provides the classified, documented, sorted and compiled data to the Accountant. Together, both keep your business financially transparent and compliant, protecting you when the CRA comes around, and keeping your finances on track.

  • My books are two years behind. Is it too late to fix?

    You’re not alone. And, it’s never too late!

    It’s not uncommon for businesses to fall behind on their books, either due to a transition, or simply neglect, and that’s okay!

    At MI Business Solutions, we are experts at sifting through physical receipts and digital data, getting your books caught up and back on track. Then, we work together to help keep it that way.

  • Does the monthly fee include Accounts Receivable, Accounts Payable, Payroll and / or Inventory Management?

    Generally, our monthly fees do not include these add-ons. However, once a client is set up with us on a monthly package, we offer discounted rates for additional modules as needed.

    And, because we aren’t just Bookkeepers, we can also create custom invoice templates, set up a payroll software or system, or establish a physical and / or digital Inventory Management system.

    We’ve done it all!

  • Do you offer on-site bookkeeping?

    Generally, no. We are remote-based, to save you and us time and money.

    However, at MI Business Solutions, we offer the personal touch. Our monthly P&L meetings can be over zoom, or they can be at your office on your schedule. We believe face - to - face interactions are important in this increasingly digital age, even if it’s just over video.

    If you need physical help with receipts or need our physical organization services, of course we will be there in person!

  • Do I really have to provide invoices and receipts for every transactions?

    Yes!

    This is because when the CRA comes calling, you and your business need proof that a transaction happened as it is recorded in your books.

    But don’t worry - with our flexible documentation systems, we make it as painless as possible.

    We’ll adapt to any system you already have in place, or, if none, we’ll help you establish one that works for you.