Key points
- Bookkeeping is the base: every transaction recorded and every account reconciled, every month.
- A full suite adds GST/HST returns, payroll, slips and year-end files, so one team knows your whole file.
- Fractional CFO help looks forward: forecasts, targets and options compared before big decisions.
- Whatever you choose, read a few key numbers every month, and ask any accountant the questions below before you sign.
Three levels of help
Accounting help for a small business usually comes in three layers. Each one builds on the one below it, and none of them works well without current books.
| Level | What you get | When it makes sense |
|---|---|---|
| Bookkeeping | Transactions recorded, bank and card accounts reconciled, sales and bills kept current, a monthly profit and loss statement and balance sheet | You file your own GST and payroll, or another accountant does year-end, and you need the books kept up |
| Full suite | Bookkeeping plus GST/HST returns, payroll runs and remittances, T4 and T4A slips, help with CRA letters, and year-end files | You'd rather one team handled the monthly work and the filings around it |
| Fractional CFO | All of the above, plus a monthly CFO report, benchmarks, a 12-month forecast, a 13-week cash forecast and a planning meeting | Bigger decisions are coming, or profit and cash don't add up and you want to know why |
Bookkeeping
Good bookkeeping is boring in the best way: every month, every transaction is coded and every account is matched to its statement, so the difference between your books and your bank statement is explained, including outstanding cheques, deposits and timing differences. It's what makes everything else possible, from GST returns to a loan application. If your books are months behind, catching up comes first. See bookkeeping for what that looks like.
A full suite
The full suite puts the filings next to the books: GST/HST returns, payroll and remittances, T4 and T4A slips, and the files your year-end and tax returns are built from. The main benefit is one file and one team. Someone who already knows your numbers answers your payroll question or a CRA letter. At Finvo this is the business membership, where a senior manager looks after your file.
Fractional CFO help
A fractional CFO does part-time what a full-time chief financial officer would do: reads the monthly numbers against your targets and similar businesses, forecasts where cash and profit are heading, and compares options before you commit, such as buying or leasing, hiring or overtime, or opening a second location. You get the judgment without a full-time salary. See fractional CFO for how it works at Finvo.
Good fit for CFO help: a business with steady sales and current books, facing a decision it can't easily undo, or growing faster than its cash.
Not the right first step: books that are months behind, a business still testing whether it has customers, or a one-off question that a single meeting can answer. Start with the books, or a one-time conversation, and come back to CFO help later.
The monthly numbers worth reading
Whoever keeps your books, these are the numbers to look at each month. They are management measures, not tax rules, and the right targets depend on your industry.
- Cash in the bank, and what's due in the next few weeks. Profit and cash are not the same; a profitable business can still run short.
- Sales against last month and the same month last year, so seasonal swings don't mislead you.
- Gross margin: what's left after the direct cost of what you sold. A slipping margin usually shows up here first.
- Your biggest costs as a share of sales, such as wages, materials or rent.
- Who owes you, and for how long. Old unpaid invoices are cash you've earned but don't have.
- What you owe the government: GST/HST, PST and payroll deductions. This money is held in trust for the CRA or the province, not yours to spend.
- Net profit, and what you've taken out. For incorporated owners, that includes the shareholder loan balance. See our year-end checklist.
Where AI fits
Accounting firms increasingly use AI for first drafts and routine sorting. That can free up time, but it doesn't replace judgment about your situation. At Finvo, AI helps summarise documents, draft report commentary and organise files; our team reviews everything before it reaches you or the CRA, and AI does not prepare or file returns. Our page on how we use AI explains where it helps and where it stops. Whichever firm you choose, ask how they use it.
How to choose an accountant: questions to ask
A first call should make these answers clear. If they aren't, ask.
- Who will work on my file, and who do I contact with a question? Will it be the same person next year?
- Do you work with businesses like mine? Trades, restaurants, trucking and clinics each have their own details.
- What exactly is included each month, and what is quoted separately (catch-up work, tax returns, CFO work)?
- When will I see my monthly statements? Ask what the firm aims for and what it needs from you first. At Finvo, we aim to close your books within two weeks of month end, once all your information is in.
- What do you need from me each month, and how do I send it?
- How do you handle a CRA letter or review? Who deals with it, and is it included?
- Can I keep my software, or my current accountant for year-end?
- How is the price set, and is it confirmed before any work starts?
It also helps to read what other clients say. Our client reviews are summaries of what people wrote on Google.
Whoever you choose, the records are yours
The CRA expects a business to keep its records organised and generally for six years from the end of the tax year they relate to, on paper or electronically. Your accountant keeps working files, but the responsibility stays with the business. Make sure you can get at your accounting file, receipts and statements, whoever keeps them.
How Finvo helps
We offer all three levels for businesses in BC and Alberta: monthly bookkeeping, the full suite through the business membership, and fractional CFO help when you're ready for it. On a free call we'll tell you which level fits now, even if that's less than you expected. Pricing is explained on the business membership page, and we confirm your price before any work starts.
This guide is general information for businesses in BC and Alberta, checked against CRA pages on 28 Oct 2026. It isn't tax or legal advice for your situation.