Best Bookkeeping Services
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A Guide to the Best Bookkeeping Services in Toronto

Struggling to find a reliable, reputable, and organized bookkeeper? You’ve come to the right place!

In today’s article, we selected the best bookkeeping services in Toronto. Read on to find out their unique specialties and whether or not you should use any of them. 

The Cost of Bookkeeping Services in Toronto

On average, bookkeepers in Toronto charge $25 to $95 per hour. This usually varies depending on the scale of your business as laid out in the table below:

Scale of BusinessAverage Monthly Cost
Startup Businesses$100 - $400
Small Businesses$400 -  $600
Medium Businesses$600 - $2,000
Large Businesses$2,000 and up

Top Bookkeeping Services in Toronto

We narrowed down our list using the following metrics:

Level of experience and knowledge – referring to the company’s industry experience, knowledge of regulatory laws, and up-to-date technical skills in accounting technologies and other related software (e.g. QuickBooks).
Track record – involving the satisfaction rating of the company, as well as the accessibility and flexibility of managing new projects.
Communication skills – including initial customer service communication up to technical support.  
Organization and efficiency – referring to the quality of their work.

1. The Profit Line

Profit Line homepage
TestInfo
SERVICES Basic bookkeeping service, financial statement preparation, bank, and credit card reconciliation, payroll services, QuickBooks, and budget to actual reports
WEBSITEwww.theprofitline.com
ADDRESS180 Bloor St. West Suite 1000 Toronto, ON M5S 2V6
CONTACT DETAILS(416) 861-8177 ext. 222

[email protected]

OPERATING HOURSMonday-Friday: 9:00 AM - 5:00 PM
Level of experience and knowledge★★★★☆ (4/5)
    Industry experience    ★★★★★ (5/5)
    Knowledge of regulatory laws    ★★★★☆ (4/5)
    Up-to-date technical skills    ★★★☆☆ (3/5)
Track record★★★★☆ (4/5)
    Satisfaction rating    ★★★★★ (5/5)
    Accessibility and flexibility    ★★★★☆ (4/5)
Communication skills★★★★★ (5/5)
Organization and efficiency★★★★★ (4/5)

What we like about The Profit Line is the firm’s wide array of bookkeeping services. Among these are financial statement preparation, bank and credit card reconciliation, payroll services, QuickBooks, and budget to actual reports.

With this company’s extensive experience of working in different industries, we can say that you can trust that your business is in the safe hands of professionals too.

The Profit Line has established a lot of loyal clients over the years. For more than a decade now, their bookkeeping services aided many businesses within and around the city.

They not only provide assistance to small and mid-size businesses, by the way, but also to academic institutions, tech companies, non-profit organizations, and academic institutions and investment firms.

For us, among the strengths of The Profit Line is that they hold integrity and accuracy as standards, a very important moral ground in a business. 

However, The Profit Line still needs to keep up with more complex bookkeeping and accounting software and technology, we think. Doing that would let them further improve their services by going beyond traditional bookkeeping.

Still, their traditional approach has some clear strengths. For example, they are more than willing to work with you one-on-one on your books, which offers a level of personalized attention many will appreciate.

Pros

  • Works in different industries
  • Communicates well with clients
  • Extensive years of operation
  • Caters for both small and mid-size businesses

Cons

  • Closed during weekend
  • Bookkeeping practices could use some modernized elements

Customer Reviews

Cares about accuracy

“The Profit Line actually cares about the accuracy and completeness of a company’s accounting records unlike many other bookkeeping service providers. They also provide much better service than other bookkeeping service providers and are always available to discuss the needs of the organization and adjust processes as mutually agreed. I highly recommend The Profit Line!” -Nicole Ballestrin

Beyond the call of duty

“My book keeping for my Toronto business was a mess. I couldn’t even sort out my invoicing. The Profit Line saved my business from financial meltdown. I really appreciate all the help they went well beyond the call of duty for a standard bookkeeper.” -Al Pollett

2. Accountant Partners

Accountant Partners homepage
TestInfo
SERVICES Bookkeeping services, call/email response within 24 hours, small business experts
WEBSITEwww.accountantpartners.com
ADDRESS68 Ontario St, Toronto, ON M5A 2V1
CONTACT DETAILS+1 647-722-5914
OPERATING HOURSMonday - Sunday: 7:00 AM - 9:00 PM
Level of experience and knowledge★★★★★ (5/5)
    Industry experience    ★★★★★ (5/5)
    Knowledge of regulatory laws    ★★★★☆ (4/5)
    Up-to-date technical skills    ★★★★★ (5/5)
Track record★★★★★ (5/5)
    Satisfaction rating    ★★★★★ (5/5)
    Accessibility and flexibility    ★★★★★ (5/5)
Communication skills★★★★★ (5/5)
Organization and efficiency★★★★★ (5/5)

This company has provided bookkeeping services to entrepreneurs in Toronto for the past 20 years. As such, they have a proven and tested track record.

Their practice is organized to serve private companies and owners with a focus on increasing profitability. Moreover, they also assist in preserving wealth from tax and increasing your business’s net worth.

Providing partner-level attention, they offer advice to clients on accounting-related problems. That’s pretty standard for the level of bookkeeping we’re talking about in this article, though.

Tools-wise, they’re fairly modern. They use automated software to collect your bank statement each month and then do your bookkeeping using QuickBooks. After that, they’ll send you your review and taxes. 

We like quite a few things about them. First, that they seem to have practive bookkeepers, at least going off what their clients told us in our survey.

They also seem to build close relationships with their clients. So, working with them would seem to be viable for long-term commitments.

Accountant Partners is the only Toronto bookkeeping service with a pricing guarantee, by the way. This means that if they do not quote you up from work, they do not expect you to pay. 

We like that, as it ensures that clients get their money’s worth. It’s certainly one of the things that stood out most for us when we were assessing them.

Oh, and they also provide a free consultation to assess and suggest what actions to take after. They are available for in-person and online consultation too, so plus points for accessibility there! 

Pros

  • Pricing guarantee
  • Free initial consultation
  • Up-to-date bookkeeping practice
  • Open everyday

Cons

  • Designed for small businesses only

Customer Reviews

Wonderful services

“Accounting Partners is the first accounting and bookkeeping company we’ve ever worked with and honestly, I don’t think we can work with anybody else because we are fully satisfied with the services they provide for our business here in Toronto.  They are very honest and reasonable with their fees for the wonderful service that they provide. Highly recommended.” -Michael Starc

Incredibly exceptional

“It’s been a real pain dealing with all the bookkeeping stuff prior to discovering accountant partners. I really do not have anything negative to say about their team as they’ve been incredibly exceptional in everything. They handle our businesses in Mississauga and Toronto.” -David Miller

3. Apex Accounting

Apex Accounting homepage
TestInfo
SERVICES Full bookkeeping services, corporate tax filing services, tax and financial planning, practice cash flow management, consolidation of bookkeeping services
WEBSITEwww.apexaccounting.ca
ADDRESS230 Sackville St, Toronto, ON M5A
CONTACT DETAILS(647) 979-7728

[email protected]

OPERATING HOURSMonday - Friday: 9:00 AM - 5:00 PM
Level of experience and knowledge★★★★★ (5/5)
    Industry experience    ★★★★★ (5/5)
    Knowledge of regulatory laws    ★★★★★ (5/5)
    Up-to-date technical skills    ★★★★★ (5/5)
Track record★★★★☆ (4/5) 
    Satisfaction rating    ★★★★★ (5/5)
    Accessibility and flexibility    ★★★★☆ (4/5) 
Communication skills★★★★☆ (4/5) 
Organization and efficiency★★★★★ (5/5)

Apex Accounting provides services for all types of small and medium businesses, but they are best known for their experience in industries like professional services, home service contractors, health and wellness, and food-related businesses.

They have a team of professional accountants who will oversee and record your financial documents properly and adjust them at the end of each accounting period. 

They also claim to accomplish all these on time without any delay (and our survey of their clients indicates that these claims are true).

Probably the things we like best about Apex Accountants, though, are these: they offer personalized solutions to clients and they use advanced technology and tools for their work.

It’s also worth noting that Apex Accountants has some of the most reasonable service rates we found among bookkeepers in the city.

Monthly, they charge $299 for starter, $499 for professional, and $799 for corporate packages respectively.

Aside from their bookkeeping services, Apex Accounting also has optional add-on services you can avail of like tax filing services, personal T1 tax filing, corporate T2 tax filing, notice to reader, QuickBooks Online, QuickBooks Desktop, Xero, Zoho, Netsuite, past accounts clean up, among others.

In sum, they have a lot of things going for them if you’re not yet sure of what bookkeeping services you need or able to get more in-depth options. 

With reasonable basic rates, solid services, and options for add-ons if you need more help, they’re a good choice for startups and small businesses in particular. However, their experience does mean they’re better-suited to serving clients from certain industries than others.

Pros

  • Cost-effective rates
  • Provides comprehensive reports
  • Uses advanced bookkeeping technology
  • Includes book clean up service
  • Provides training to clients

Cons

  • Unavailable on weekends
  • Perfect only for their niche industries

Customer Reviews

Professionalism and efficiency

“Apex Accounting helped my business by projecting a very clear picture of our financial statements that helped us in proper planning and execution for our business goals. I loved their professionalism and efficiency. I highly recommend their service if you are looking for a genuine bookkeeping and accounting services.” -Barsha KC

Very reliable bookkeeper

“Apex Accounting is a very reliable and efficient bookkeeper in Toronto.  They are very professional and responsible. Being a sole practitioner of MPCPA Professional Corporation, a CPA firm, I frequently assign our overloaded bookkeeping jobs to Apex Accounting and am always satisfied with their performance. Also, I referred Apex Accounting to the other CPA friends.” -Madan Pokharel

4. Stern Cohen Accountants

Stern Cohen Accountants homepage
TestInfo
SERVICES Bookkeeping services, payroll services, internal accounting services, regular business health checks, assistance with new projects, year-end support
WEBSITEwww.sterncohen.com
ADDRESSStern Cohen LLP, 45 St. Clair Avenue West, 14th Floor, Toronto, ON M4V 1L3
CONTACT DETAILS416-967-5100

[email protected]

OPERATING HOURSMonday - Thursday: 8:30 AM - 5:00 PM
Level of experience and knowledge★★★★★ (5/5)
    Industry experience    ★★★★★ (5/5)
    Knowledge of regulatory laws    ★★★★☆ (4/5)
    Up-to-date technical skills    ★★★★★ (5/5)
Track record★★★★★ (5/5)
    Satisfaction rating    ★★★★★ (5/5)
    Accessibility and flexibility    ★★★★☆ (4/5)
Communication skills★★★★★ (5/5)
Organization and efficiency★★★★★ (5/5)

Stern Cohen bookkeepers have experience, training, and certifications working with multiple industry-leading technology partners to deliver tailor-fitted solutions.

They employ cutting-edge bookkeeping technology, first off, which we like. As automation of the practice saves time, it results in more cost-effective services.

Additionally, their bookkeeping service packages are completely customizable and flexible to meet your business’s changing demands. With that, you have more timely, up-to-date information and current financial reporting.

In terms of data security, they have a proven, secure cloud-based digital platform. They can migrate your current system and make recommendations on the ideal technology solution you need safely.

After talking to several of their past clients, we have to say that we liked the positive impact that they were able to deliver through their bookkeeping packages. 

To sum it up, most of the clients noted better financial control as well as improved business workflow as a result of working with them.

And since we’re crazy about positive results, we have to give a thumbs up for providing results with zero interruptions so far. Still, that doesn’t mean their service is 100% bulletproof from minor inconveniences so we’re not holding our breath.

Finally, as proof of their great work, they were recognized as Best of Accounting Client Satisfaction in 2021. It’s difficult to bag this award knowing the competition, so needless to say – it’s quite impressive.

Pros

  • Tech-savvy bookkeepers
  • No service interruption
  • Security of company’s data
  • 24-hour open communication line

Cons

  • Specializes more on audit, business tax, consulting, than bookkeeping
  • Physical office is only open for four days (Monday-Thursday)

Customer Reviews

Professional prowess and commitment

“Over the past 18 months we have worked with Stern Cohen as our primary financial services provider. They have owned our financial reporting, tax, advisory, inventory management and cloud bookkeeping services. And we couldn’t be happier. The staff at Stern Cohen are experts in their fields, who have a deep commitment to the success of our business, as well as our own personal financial stories. I highly recommend them – we sleep well at night knowing all our financial decisions and analysis are backed by their professional prowess and commitment.” -Monica S. Tate

Flexible and excellent services

“I have nothing but excellent things to say about every member of Stern Cohen (“SC”) with whom our organization has had the pleasure of dealing with. Our company has grown 12x in 3 years and SC has helped with every step along the way. They started with excellent bookkeeping services and also performed a multi-year audit in their first engagement with us. They have helped with consultation and advice on matters ranging from US tax to government incentive programs, and long-term incentive treatments. They can handle any size firm with any range of issues.” -Bruno Kaiser

5. Virtuous Bookkeeping

Virtuous Bookkeeping homepage
TestInfo
SERVICES Catch up bookkeeping and income tax filing, process journal entries, bank and credit card reconciliation, HST filing, payroll processing, document management - cloud
WEBSITEwww.virtuousbookkeeping.com
ADDRESS5399 Eglinton Ave W #212B, Etobicoke, ON M9C 5K6
CONTACT DETAILS1-888-807-5009

[email protected]

OPERATING HOURS Monday - Friday: 9:00 AM - 6:00 PM
Level of experience and knowledge★★★★★ (5/5)
    Industry experience    ★★★★★ (5/5)
    Knowledge of regulatory laws    ★★★★★ (5/5)
    Up-to-date technical skills    ★★★★★ (5/5)
Track record★★★★★ (5/5)
    Satisfaction rating    ★★★★★ (5/5)
    Accessibility and flexibility    ★★★★☆ (4/5)
Communication skills★★★★★ (5/5)
Organization and efficiency★★★★★ (5/5)

Virtuous Bookkeeping assists small to medium-sized enterprises, non-profit organizations, and individuals who are looking for a personal bookkeeper.

The company’s founders have a combined experience of over 30 years in finance, accounting, and business process outsourcing. 

Additionally, the Virtuous team consists of certified public accountants (CPAs), chartered accountants (CAs), certified management accountants (CMAs), and certified analysts accountants (CGAs) with 3 to 15 years of expertise in the field.

Currently, they are in service for over 500 clients from different industries across the country and have employed 250 workers worldwide, with offices in Canada, India, and the Philippines.

For organizations searching for full or part-time bookkeepers, Virtuous offers a highly distinctive and complete service. 

Their package includes journal entries, processing, bank and credit card reconciliation, HST filing, payroll processing, document management, invoice processing, and data entry outsourcing.

In our opinion, the company’s biggest strength is its legal know-how and expertise. This is something we were able to assess through client interviews and track record evaluation.

Additionally, we appreciate the inclusion of more budget-friendly options for start-ups that are still struggling with finances. Apart from the monthly packages, they also offer services by the hour, giving clients a more flexible choice.

Not a lot of these companies offer this level of control so that earns them a star from us. Plus, clients also get free consultations… which isn’t a unique offer, sure, but is always highly appreciated when it’s there.

They also use the latest software systems in the Fintech industry to better streamline business in the cloud through automation. Naturally, that’s what we expect already so all-in-all we’re quite happy with what they can deliver so far.

Pros

  • No hidden setup fees on their services
  • Can cancel or change your plan anytime
  • Long experience of bookkeeping services
  • Provides professional help from CPAs, CAs, CMAs, and CGAs
  • Offers 24/7 communications through their virtual portal

Cons

  • As most bookkeeping is mostly via the cloud, there’s a potential risk of data security and inaccuracies.

Customer Reviews

Responds quickly

“Some urgent tax matters and they responded very fast. They took care of it in a very professional manner. I definitely would recommend Virtuous bookkeeping services. It was a great experience working with Virtuous bookkeeping. I had some urgent tax matters and they responded very fast. They took care of it in a very professional manner. I definitely would recommend Virtuous bookkeeping services.” Marianne Neuper

Bookkeeping expert

“Excellent job and completed it in a timely manner. After my experience with them I decided to go on their monthly bookkeeping package. This firm is really good when it comes to bookkeeping. I hired Virtuous Bookkeeping, to complete my catch up work for 2019. They did an excellent job and completed it in a timely manner. After my experience with them I decided to go on their monthly bookkeeping package. This firm is really good when it comes to bookkeeping.” -Nguyen Dieu Hang Phan

FAQs About Bookkeeping Services in Toronto


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