Bookkeeping for a small business in Toronto typically costs $100 per month with a flat-fee CPA firm, scaling with transaction volume and complexity. Most small businesses pay between $100 and $500 per month. Hourly bookkeepers charge $40 to $90 per hour, but flat monthly pricing is more predictable and usually more AFFORDABLE.
The honest answer is that "bookkeeping" covers a wide range of work, so the price depends on what your business actually needs each month. A sole proprietor with one bank account and 30 transactions a month is a very different job from an incorporated company with payroll, HST, multiple accounts and hundreds of transactions. At Gondaliya CPA, our small business bookkeeping starts at $100 per month, and we quote a fixed monthly fee up front so there are no surprises and no hourly meter running.
What Drives the Cost of Bookkeeping
Four things move the monthly price more than anything else. Understanding them helps you compare quotes fairly between providers.
- Transaction volume. The number of bank, credit card and payment transactions each month is the single biggest cost driver. More transactions means more categorizing, matching and reconciling.
- Number of accounts. Each bank account, credit card, line of credit and merchant platform (Stripe, Shopify, PayPal) has to be reconciled separately.
- HST and payroll. If you are registered for HST or run payroll, those filings add work. Many firms charge extra for them; with us, HST filing is included with monthly bookkeeping.
- Cleanup and catch-up. If your books are behind or were never set up properly, there is one-time catch-up bookkeeping work before the monthly service can run smoothly.
Typical Monthly Bookkeeping Pricing in Toronto
Here is a realistic picture of what small businesses pay, based on size and complexity. These are flat monthly fees, all-inclusive, with HST included.
| Business Profile | Monthly Transactions | Typical Monthly Fee |
|---|
| Sole proprietor / freelancer | Up to 50 | $100 |
| Small incorporated business | 50 to 150 | $150 to $300 |
| Growing business with payroll | 150 to 300 | $300 to $500 |
| Multi-account / e-commerce | 300 to 600 | $500 to $850 |
| Established business, high volume | 600+ | Custom quote |
What makes flat-fee pricing better than hourly is predictability. With an hourly bookkeeper at $40 to $90 per hour, a busy month or a complicated reconciliation can produce a bill you did not expect. With a flat monthly fee, you know the number before the work starts, and it does not change because the month was busy.
What Should Be Included in the Price
A proper monthly bookkeeping service should include all of the core work, not just data entry. When you compare quotes, check that the following are part of the fee and not billed separately.
- Categorizing and recording all transactions
- Monthly bank and credit card reconciliation
- Accounts payable and receivable tracking
- HST filing for registered businesses
- Monthly or quarterly financial statements
- Year-end books ready for corporate tax filing
- A dedicated point of contact, not a call centre
At Gondaliya CPA, monthly bookkeeping includes HST filing and your year-end corporate tax (T2) return at no extra cost, which is unusual in the market and is part of what keeps us positioned as one of the most AFFORDABLE CPA firms in Toronto.
Case Study: Toronto Marketing Agency
A small marketing agency in Toronto was paying an hourly bookkeeper roughly $650 in a busy month and $300 in a quiet one, with no HST filing included and year-end always a scramble. We moved them to a flat $250 per month that included HST filing and their T2 return. Their bookkeeping cost dropped, became predictable, and year-end stopped being a fire drill.
Predictable $250/month. HST and T2 included. Year-end solved.
How to Get an Exact Price
Because the cost depends on your transaction volume, accounts and whether you run payroll or HST, the only way to get an exact number is a quick review of your business. We do this for free, with no obligation, and give you a fixed monthly quote you can rely on. Our bookkeeping services start at $100 per month for small businesses, with everything included.
Frequently Asked Questions
How much does bookkeeping cost for a small business in Toronto?
The base plan is $100 per month. Most small businesses pay between $100 and $500 per month depending on transaction volume, number of accounts, and whether they run payroll or HST. It is a flat monthly fee, quoted up front.
Is monthly bookkeeping cheaper than hourly?
Usually yes, and it is more predictable. Hourly billing at $40 to $90 per hour varies month to month. A flat monthly fee of $100 is fixed regardless of how busy the month was.
What is included in the $100 base plan?
Categorizing and recording transactions, monthly bank and credit card reconciliation, accounts payable and receivable tracking, HST filing for registered businesses, financial statements, and year-end books ready for your T2 return.
Does the price include HST filing?
Yes. HST filing for registered businesses is included in the monthly bookkeeping fee, and so is your year-end T2 corporate tax return.
HST Filing →Is the year-end corporate tax return included?
Yes. For monthly bookkeeping clients, the year-end T2 corporate tax return is included at no extra cost, which is unusual in the market.
What if my books are behind?
We handle one-time catch-up bookkeeping to bring everything current, then start the monthly service. The catch-up work is quoted as a fixed fee separately so you know the cost up front.
Catch-Up Bookkeeping →Do you work with businesses outside Toronto?
Yes. We serve small businesses across the GTA and all of Ontario and Canada virtually, with the same flat-fee pricing.
What drives the monthly bookkeeping price up?
Transaction volume is the biggest factor, followed by the number of bank and credit card accounts, whether you run payroll, and whether you file HST. More activity means more reconciling and categorizing.
How many transactions does the base plan cover?
The $100 base plan suits sole proprietors and freelancers with up to roughly 50 transactions a month. Higher volume moves you into the $150 to $500 range.
Do you charge extra for multiple bank accounts?
Each account, credit card and merchant platform has to be reconciled separately, so more accounts can affect the fee. We factor this into your fixed quote so there are no surprises.
Is there a setup or onboarding fee?
If your books are current, there is no separate setup fee. If catch-up or cleanup is needed first, that one-time work is quoted as a fixed fee before the monthly service starts.
Do you use QuickBooks or Xero?
Both. We work in QuickBooks Online and Xero and can set up or take over either.
QuickBooks Setup →Can you take over from my current bookkeeper?
Yes. We transition your file, review the prior work, correct anything that needs fixing, and continue from where they left off without disruption.
How often will I receive financial statements?
Monthly or quarterly depending on your plan. You get a clear picture of your numbers regularly, not just once a year at tax time.
Do I get a dedicated contact?
Yes. You work with a dedicated point of contact, not a call centre, so the person handling your books actually knows your business.
Is bookkeeping cheaper if I am a sole proprietor?
Generally yes. A sole proprietor with one account and low volume is the simplest job and sits at the $100 base plan. Incorporation, payroll and higher volume add work.
Do you handle payroll too?
Yes. Payroll is a separate service starting at $125 per month for the first employee and can be bundled with your bookkeeping.
Payroll →What happens at year-end?
Because your books are kept current all year, year-end is simple. Your books flow straight into the T2 corporate tax return, which is included for monthly clients.
Can I pay monthly or annually?
Monthly. The fee is billed monthly so it stays predictable and matches your cash flow.
How do I pay?
Payment is by Interac e-Transfer to info@gondaliyacpa.ca. Auto-deposit is enabled, so no security question is needed.
Are your fees inclusive of HST?
Yes. All quoted fees include HST, so the number you are quoted is the number you pay.
Do you offer a money-back guarantee?
Yes. We offer a 30-Day Money-Back Guarantee, so you can start with confidence.
Will you match a lower quote?
We offer a 60-Day Fees-Matching policy. If you find a comparable licensed CPA quote, we will look at matching it.
Is my financial information kept confidential?
Yes. As a licensed CPA firm we are bound by professional confidentiality, and your records are handled securely.
Can you fix messy or incorrect books?
Yes. We diagnose what went wrong, correct prior errors, and rebuild your records properly before running the monthly service.
Account Clean-Up →Do you serve e-commerce and online sellers?
Yes. We reconcile Shopify, Amazon, Stripe and PayPal, track inventory and COGS, and handle multi-province sales tax for online sellers.
How quickly can you start?
Usually within a few business days of your free consultation, once we have access to your accounts and any prior records.
Why is your pricing more AFFORDABLE than other firms?
We run flat-fee pricing with no hourly meter, include HST filing and the year-end T2 with monthly bookkeeping, and keep our process efficient. That combination keeps us among the most AFFORDABLE licensed CPA firms in Toronto.
Can I switch plans as my business grows?
Yes. As your transaction volume or needs change, we adjust your plan and re-quote a fixed monthly fee so the pricing always matches the actual work.
How do I get an exact quote?
Use our fee calculator or book a free consultation. We review your volume, accounts and needs and give you a fixed monthly number.
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