Bookkeeping for Sole Proprietors & the Self-Employed
When you're self-employed, you're responsible for everything. Your bookkeeping, accounting and taxes shouldn't be something you have to figure out alone.
We help established sole proprietors and self-employed business owners in Vancouver keep their books organized, stay on top of their obligations and get practical advice when questions come up.
Your business. Your books. Support when you need it.
There's More to Being Self-Employed Than Keeping the Books
There's invoicing, expenses, GST and PST, income tax, CPP contributions and keeping track of how the business is actually doing.
Some questions are straightforward. Others aren't.
Should you buy that vehicle through the business? Can you deduct an expense you paid personally? How much should you set aside for taxes? Is it time to incorporate?
We get to know your business, look after the bookkeeping and help you work through the financial questions that come up along the way.
You run the business. We're here to help with the numbers behind it.
Bookkeeping Built for Sole Proprietors
One of the advantages of operating as a sole proprietor is that the accounting can be simpler than running a corporation.
For many service businesses, the focus is on keeping accurate records of income and expenses and preparing the information needed for personal tax reporting.
While things like business loans, equipment and outstanding taxes still need to be tracked properly, sole proprietors generally don't need the same level of formal financial reporting as corporations.
That can mean less administration, lower accounting costs and a simpler way to operate.
We understand those differences and make sure the bookkeeping fits the business you actually have.
Good bookkeeping doesn't need to be complicated. It needs to be done properly.
What We Help You Stay On Top Of
Every business has different bookkeeping needs.
That’s why we take the time to understand your business before providing a clear quote.
Keeping your income and expenses organized, categorized and reconciled so you have a clear picture of your business.
Income
& Expenses
Making sure legitimate business expenses are captured, including purchases made using your personal accounts or credit cards.
Personally Paid Business Expenses
Tracking applicable sales taxes, preparing and filing returns, and keeping your records consistent with your reporting obligations.
GST
& PST
Income Tax
& CPP
Keeping your books ready for personal income tax reporting and helping you plan for income tax and CPP contributions, including both the employee and employer portions paid by self-employed individuals.
Recording significant purchases properly and helping you understand how business-use expenses, financing and depreciation affect your books.
Vehicles, Equipment & Business Assets
Reviewing and organizing your records so your business income and expenses are ready for year-end tax preparation.
Year-End Accounting & Tax Preparation
Every business is different. We'll recommend the level of bookkeeping support that makes sense for yours.
Support is always included—it’s simply part of how we work.
The Advantages of Staying a Sole Proprietor
Incorporating isn't automatically the best choice for every business. For many self-employed business owners, remaining a sole proprietor offers real advantages.
There's generally less administration, no separate corporate income tax return and fewer formal accounting requirements. You can withdraw money from the business without having to manage shareholder loans or salary and dividend payments.
And because the bookkeeping and reporting can be simpler, the accounting costs may be lower too.
Of course, there are trade-offs. As a sole proprietor, you're personally responsible for the business's liabilities, and your business profits are generally taxed as personal income.
The right structure isn't always the most complicated one. It's the one that makes sense for your business.
When Does It Make Sense to Incorporate?
It's a question we hear regularly from self-employed business owners.
“Am I making enough money that I should incorporate?”
There's no magic revenue number that tells you when to incorporate. A business earning $200,000 isn't necessarily better off incorporated than one earning $100,000.
What matters is how much profit the business earns, how much money you need personally, whether profits can stay in the business and what you want to do next.
Incorporation can offer advantages, but it also introduces additional accounting, tax filings and administrative costs.
We can help you understand the financial considerations and work through the decision before you take on that extra complexity.
Sometimes incorporating makes sense. Sometimes staying a sole proprietor is the smarter choice.
Support That Goes Beyond the Books
Keeping your books current is important. But sometimes you just need someone to call.
Maybe you're buying equipment, wondering whether an expense is deductible, trying to understand why your tax bill is higher or thinking about hiring your first employee.
Over time, we get to know how your business operates. So when questions come up, you're not starting from scratch with someone new. You can call, talk it through and get practical advice from people who understand your business.
We want the books to be right, but we also want you to feel comfortable asking questions before making important financial decisions.
Good support is about more than entering transactions.
Behind on Your Bookkeeping?
It happens. When you're busy running the business, bookkeeping is often the first thing pushed aside.
Maybe you're a few months behind. Maybe it's been several years. Or maybe the books have been maintained, but you're not confident they're correct.
We can review where things stand, identify what needs attention and help get everything organized and up to date.
You don't need to clean everything up before contacting us.
No judgment. Just a plan to get you caught up.
Support That Fits the Way You Work
Not every sole proprietor needs monthly bookkeeping. The right frequency depends on your business activity, reporting obligations and how current you need your financial information to be.
Annual
For simpler businesses with lower transaction volumes that need their books brought up to date for year-end and tax preparation.
Semi-Annual
Bookkeeping twice a year for businesses that want their records updated more regularly without needing quarterly or monthly service.
Quarterly
Regular bookkeeping for businesses that want better visibility, more current records and less work to deal with at year-end.
Monthly
Ongoing bookkeeping and support for active businesses that want their books kept consistently up to date. We'll help you choose the right schedule and provide a clear quote before any work begins.
Getting Started Is Simple
Let’s Talk
We'll learn about your business, how you're currently managing the bookkeeping and what kind of help you're looking for.
We’ll Figure Out What You Need
We'll review your situation, recommend an appropriate support schedule and explain the cost before moving forward.
We’ll Get You Set Up
Once you're ready to move forward, we'll get everything set up and start keeping your books organized and up to date.
Frequently Asked Questions
-
Not necessarily. Self-employed is a broader term, while a sole proprietor is someone operating an unincorporated business on their own. Many self-employed professionals operate as sole proprietors, but other business structures are possible.
-
Not every sole proprietor needs ongoing monthly bookkeeping. However, accurate records are still important for understanding your business, preparing tax returns and meeting your reporting obligations. We offer different levels of support depending on your needs.
-
Generally, yes. Sole proprietors typically have fewer formal accounting and tax reporting requirements. You still need to track assets, liabilities, income and expenses properly, but the year-end process is often less involved than for a corporation.
-
Self-employed individuals generally pay both the employee and employer portions of CPP on their applicable net self-employment earnings, subject to annual contribution limits. This is an important additional cost to consider when planning for taxes.
-
Yes, eligible business expenses can generally still be claimed even when you paid personally, provided they're properly documented and meet the applicable tax rules. We help make sure those expenses are captured in your bookkeeping.
-
As a sole proprietor, you're generally taxed on the business's net income, not on how much money you withdraw for personal use. Owner draws aren't deductible business expenses
-
It depends on profitability, personal cash needs, liability exposure, future plans and the additional costs of operating a corporation. There's no universal revenue threshold. We can help you review the financial considerations.
-
Yes. We can maintain your sales-tax records and prepare and file applicable GST and PST returns as part of your bookkeeping support.
-
Absolutely. Catch-up bookkeeping is a significant part of what we do. We can work through the outstanding records, identify what needs correcting and bring the bookkeeping up to date.
-
We provide business bookkeeping, year-end accounting and tax support, including preparing the business records needed for personal income tax reporting. We can discuss the appropriate tax preparation arrangements for your situation.
-
No. We're based in Vancouver and work with businesses throughout the Lower Mainland and remotely.
Let's Make the Financial Side of Your Business Easier.
Whether you're looking for regular bookkeeping, help getting caught up or someone experienced to call when questions come up, we'd be happy to learn about your business.
Good bookkeeping. Practical advice. People you can count on.
Family Business Since 1984
For more than four decades, our family has helped Vancouver business owners stay organized, understand their numbers, and make better business decisions.
Today, we continue that tradition by combining responsive service, practical advice, and year-round support.