What Does Monthly Bookkeeping Include for a Small Business?
Updated: Sep 28
Short answer: Monthly bookkeeping includes recording and categorizing every bank and credit card transaction, reconciling each account to its statement, and giving you a Profit and Loss statement and a Balance Sheet every month. At Remote Bookkeeping, those core services come in every plan, and you add only the modules you need, at published prices, across Canada.
Monthly bookkeeping is the ongoing work of recording the money that moves in and out of your business, so your books are right at the end of every month, not just at tax time. What goes beyond the core, like payroll, HST filing or paying your bills, depends on your business. This post walks through what is included, what is optional and what stays with you.
What does a bookkeeper do for a small business every month?
A bookkeeper keeps your books current, so you always know where you stand. A typical monthly cycle looks like this:
Collect. Bank and credit card feeds flow into QuickBooks Online or Xero. Receipts and bills come in through Dext or Hubdoc.
Categorize. Each transaction is reviewed and matched to the right account.
Reconcile. Every bank and credit card account is matched to its statement, so the balance in your books equals the balance at the bank.
Report. You receive a Profit and Loss statement and a Balance Sheet for the month.
Ask. Anything unclear, like an unknown vendor or a cash withdrawal, goes on a short question list for you.
Clean monthly books also keep you ready for the CRA. As of 2026, the CRA generally requires you to keep records and supporting documents for six years from the end of the last tax year they relate to.
What is included in a monthly bookkeeping package?
Every Remote Bookkeeping plan includes the same core services. No add-ons are required.
Transaction categorization. Every bank and credit card transaction is reviewed and coded.
Bank and credit card reconciliation. Done every month, so every dollar is accounted for.
Monthly financial statements. A Profit and Loss statement and a Balance Sheet.
A dedicated bookkeeper. One senior bookkeeper who knows your business, not a rotating team.
Cloud accounting. We work in QuickBooks Online or Xero. The software subscription is not included in the plan fee.
Your plan follows your volume: from 50 to 800 transactions a month and 2 to 7 connected accounts. If your volume regularly runs above or below your plan's limit, your plan moves to the matching tier. To see prices, use our pricing calculator or read How Much Does Bookkeeping Cost for a Small Business in Canada?
Which bookkeeping add-ons does my business actually need?
Only the ones that match how your business runs. You build your own plan from the modules you need and pay only for those, at the same published prices anywhere in Canada.
Add-on module | What we do | Best for |
Accounts payable | Track vendor bills and due dates | Businesses with many vendors or recurring bills |
Bill payments | Pay your bills through Plooto or your preferred platform | Owners who want hands-off vendor payments |
Receipt management | Capture and match receipts with Dext or Hubdoc | Frequent expenses or reimbursements |
Accounts receivable | Track invoices and aging, so you know who owes you | Service and B2B businesses |
Multi-currency | Track exchange rates and reconcile USD accounts | Import, export, e-commerce, cross-border |
Intercompany | Record intercompany entries and eliminations | Holding companies and multi-entity groups |
Workers' compensation filing | File WSIB, WorkSafeBC, WCB, CNESST and other provincial returns | Construction, manufacturing and similar industries |
HST/GST filing | Prepare and file your returns with the CRA | Every HST-registered business |
Online stores get a custom quote, because transaction counts work differently for e-commerce. For marketplace payouts we use A2X.
Does monthly bookkeeping include payroll and HST filing?
Not by default. Both are add-ons, because not every business has employees or is registered for GST/HST.
HST/GST filing. We prepare and file your returns with the CRA. How often we file depends on your plan tier: annual, quarterly or monthly. If your business needs to file more often than your plan includes, upgraded filing is available. The CRA assigns your default reporting period based on your revenue (GST/HST reporting requirements and deadlines). Not sure you need to register? Read When Does a Canadian Small Business Have to Register for GST/HST?
Payroll. For 1 to 50 employees, paid monthly, semi-monthly, bi-weekly or weekly, we:
run payroll and calculate wages, deductions and net pay, in Wagepoint or QuickBooks Online Payroll
file your source deduction remittances (PD7A) with the CRA (remitting payroll deductions)
prepare and file T4 slips at year-end
file your Ontario Employer Health Tax (EHT) returns, if EHT applies to you
issue a Record of Employment (ROE) to Service Canada when an employee has an interruption of earnings (EI Record of Employment): $50 + HST for the first ROE in a calendar month, $25 + HST for each additional ROE that month
For the full picture, read How Does Payroll Work for a Small Business in Canada?
Is catch-up, cleanup or year-end work included?
No. Monthly plans cover the current month's books. Work outside that cycle is a professional service, available on request with no long-term commitment:
review of past bookkeeping
year-end preparation and adjustments
CRA letters, phone calls and audit support
custom financial reports
QuickBooks Online setup or migration
transition and offboarding support
This work is not priced by transaction count. Contact us for an assessment and estimate, or see custom pricing for catch-up, cleanup and multi-entity work. Getting ready for year-end? Read Year-End Checklist: What Does Your Accountant Need?
What do I still have to do myself each month?
Not much, but a few things only you can do:
Keep bank feeds connected. If your bank asks you to re-authorize the connection, do it right away.
Send what we cannot see. Receipts, bills, sales records and contracts. With receipt management, you snap a photo and Dext or Hubdoc does the rest.
Answer the monthly question list. A two-minute answer now saves hours at year-end.
Tell us about big changes. A new loan, vehicle, employee, bank account or line of business.
Approve payments. If we handle bill payments, you approve them before they go out.
Read your statements. Ten minutes with your Profit and Loss and Balance Sheet each month. See Which Financial Reports Should a Small Business Owner Read?
Do I still need an accountant if I have a bookkeeper?
Yes. We do bookkeeping only, so your year-end financial statements and tax returns are prepared by your accountant. A bookkeeper keeps your books accurate all year. An accountant uses those books to prepare the year-end work.
Our job is to make that handoff clean: accounts reconciled, documents in place and year-end adjustments recorded, so your accountant spends less time sorting out the books. Accounting firms can also work with us directly on a white-label basis: see bookkeeping for accounting firms.
Frequently asked questions
Which accounting software do you use?
QuickBooks Online or Xero, with tools such as Dext or Hubdoc for receipts, Plooto for bill payments, Wagepoint or QuickBooks Online Payroll for payroll and A2X for e-commerce. The software subscription is not included in the plan fee.
What counts as a transaction?
Any single entry in your books: a bank or credit card line, a bill, an invoice, a payment, a transfer, a payroll entry or a journal entry. A bill and its payment count as two.
Can I add or drop services later?
Yes. You can add or remove modules as your business changes, and your plan tier moves up or down with your transaction volume.
How long do I have to keep my business records in Canada?
Generally six years from the end of the last tax year they relate to. Some records must be kept longer, so check the CRA page linked below.
Sources
Canada Revenue Agency: Where to keep your records, for how long and how to request the permission to destroy them early
Canada Revenue Agency: Reporting requirements and deadlines - File your GST/HST return
Canada Revenue Agency: Remit (pay) payroll deductions and contributions
Employment and Social Development Canada: EI Record of Employment
Remote Bookkeeping: Services, Pricing calculator, For businesses
About Remote Bookkeeping
Remote Bookkeeping is a Canadian-owned virtual bookkeeping firm founded by Lia and George, with more than 30 years of experience. We provide monthly bookkeeping, financial reporting, payroll, HST/GST filing, year-end preparation and QuickBooks Online setup for small businesses across Canada. See our services or call (289) 867-0808 or 1-800-880-9141. New to working with a remote bookkeeper? Read What Is Remote Bookkeeping, and How Does It Actually Work?
This article is general information for Canadian small business owners. It is not tax, legal or accounting advice for your particular situation. Rates and thresholds change - always confirm against the source linked above or ask us.
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