FREQUENTLY ASKED QUESTIONS (faq)

Online accounting is safe and secure with encryption and authentication protocols in place to protect sensitive data. Think Accounting uses strong security measures, such as online portals, to ensure that your financial information is always safe.

Online/virtual accountants offer benefits such as accessibility, cost-effectiveness, and real-time financial data. They can provide financial advice, bookkeeping, and tax services from anywhere, making it easy for businesses to manage their finances.

Think Accounting offers personalized service, expertise, and competitive pricing. Our team has specialized knowledge of your industry and we genuinely care to see our business-owner clients succeed. Don’t take our word for it. Check out our Google Reviews.

Our primary offering is the core service package of Bookkeeping, Payroll, Monthly Reporting, Sales Tax, Corporate Tax and Personal Tax. 

In addition to the core services, we offer Advisory Services that could be before you start (i.e. Business Plans), or ongoing (i.e. Cash Flow Analysis and Forecasting, Business Model building, Annual Tax Planning or Restructuring), or post-exit advisory (M&A advisory, Tax Structure for Exit).

Our ideal customer is a growth-minded business owner who sees value in the accounting and tax work as an important tool to enable their decision-making. We work with most industries, but have developed specialized knowledge in E-Commerce, Startups, Creative Agencies and Medical Practices.

Our team comprises CPAs and CPA Students who are experts in the fields of Cloud Accounting Technology, Bookkeeping, Tax Compliance, Advanced Tax Planning and Advisory. Our non-CPA team of Administrative and Payroll professionals are as important as our CPA team.

Yes, Think Accounting is registered with CPA Canada and CPA Ontario. Our CPAs and CPA Students are also registered members of the CPA body of Canada and Ontario in good standing.

We have an office in Mississauga, Ontario. However, the primary purpose of the office is for our team to gather every now and then. On rare occasions we may meet with clients in our office. Otherwise, our preference is to meet virtually because most of our team works completely from home.

We work with businesses whether they are an online startup or e-commerce business or a main-street restaurant, as long as they are able to work with us digitally. We do not accept paper receipts, etc. as source documents. We set up online systems and train our “offline” clients to ensure that they are set up for success with us.

Our advice for specific software depends on the specific needs of your business. However, we generally recommend looking at CIN7, Dear Inventory and Unleashed.

We guide you in setting up a system that automatically categorizes and tracks sales tax, ensuring you meet all Canadian regulations and never miss a deadline. We will help you get registered for GST/PST/QST and set it up in your bookkeeping software. We can also help you get registered for US Sales Tax and automate filings through TaxJar.

Absolutely, we integrate seamlessly with major platforms like Amazon, Shopify, and eBay using A2X. Our expertise in these platforms allows us to offer you a streamlined and efficient accounting process tailored to your eCommerce business.

Our onboarding process begins with a deep dive into understanding your business. We explore your business background, eCommerce platforms, sales channels, logistics, and company size to gauge your specific service needs. This comprehensive understanding allows us to craft a customized scope of work and fee quote, ensuring a partnership that is tuned to your business’s unique rhythm and requirements.

Yes, our onboarding process is 100% online, designed to be as convenient and efficient as possible for eCommerce businesses. We utilize secure online platforms to ensure a smooth transition and setup, respecting your time and security.

Absolutely, we are adept at handling multi-currency transactions, helping you navigate the complexities with ease, and ensuring accurate financial reporting for your eCommerce business.

Our approach is collaborative and strategic. We work closely with you, offering expert insights and actionable advice, all aimed at steering your eCommerce business towards sustained financial success.

Think Accounting is your specialized partner in the eCommerce space. We don’t just offer accounting services; we offer a partnership, a collaborative approach where your business is the hero, and we are the guide, helping you navigate the financial landscape with expertise and personalized service.

At Think Accounting, we prioritize your data’s security. We employ stringent security measures and utilize secure, trusted platforms (such as LastPass) to ensure your financial information remains confidential and protected at all times.

It’s almost always a monthly fixed-fee. Our monthly fee may cover all monthly and annual deliverables. Sometimes, the annual deliverable charge is kept separate. We rarely charge by the hour, and only when the scope and complexity are vague. If we start with hourly billing, our goal is always to come back to a fixed-fee model.

Unless we tell you otherwise at onboarding time, we are generally good to go in 1-2 weeks from the time you sign your proposal. This will be communicated prior to your signing the proposal.

Yes, we set up most of our clients on pre-authorized billing to avoid the hassle of us billing you and you having to pay us manually. For smaller transactions. We also accept e-transfers and credit cards.

Yes! It’s all online. We will not ask you to come into our office for anything.

We will set up Dext for you to provide us with your bills and receipts, and SharePoint for you to upload more long-form documents.

Yes, generally your team here at Think will comprise of:

• A dedicated bookkeeping contact
• A dedicated Payroll contact, if that is in scope
• An Account Manager 
• A Partner on the file

No. Our preferred method of communication is email and our typical turnaround time is 24-48 hours.

This depends on the scope of work you sign up for. Our typical meeting frequency is monthly or quarterly. We meet over Zoom or Teams.

We will provide a detailed checklist to you at the time of onboarding so nothing gets left to chance. We also go over this list during the kick-off meeting.

We generally include the core apps of Xero/QBO and Dext within our monthly fee. If the charge for these is kept separate, we will let you know at the time of proposal. Our goal is to keep our pricing transparent and not to surprise you with any charges.

Absolutely! If we need you to use a tool to provide information to us, such as Dext, we will train you on it.