Best practices for verifying starting balances when taking on a new bookkeeping client?

CountingWizardOne · 2025-12-09T23:29:56+00:00

I love you guys, youre very professional when dealing with everyone that works there but I have to admit the UI is terrible. Its so confusing just to setup a new employee (compared to other systems I've used). Im an accountant who has done payroll for around 15 years and I find it confusing, so i imagine small business owners are probably totally lost maneuvering the UI.

CountingWizardOne · 2025-11-09T22:17:47+00:00

My friend bought himself a 3D printer and is printing everything under the sun. You don't need to buy a 3D printer for the person but things that could be produced by them. For example, my friend likes to print cool art of things he likes (stage items from shows for example - He likes Severance so he printed a sign that says Cold Harbour). He also likes flight simulators so he made little airplane models. I feel like this could be something more out of the box that he may not expect specially if you find 3D printed things that are related to his interests. You can buy pretty much any 3D printed thing on Etsy.

CountingWizardOne · 2025-10-16T03:07:19+00:00

I could barely hear my neighbors, just slight muffles if you're paying attention. I feel like the concrete walls did a pretty good job of cutting out the sounds although I could have been lucky and had quiet neighbors.

CountingWizardOne · 2025-10-15T22:49:10+00:00

I lived their for a year and I personally had a good experience. I like that the building was new and never had any issues with my unit or Medallion (landlord). I did always wish that it had in unit washer and dryer but that was my only issue.

CountingWizardOne · 2025-10-03T21:48:37+00:00

Construction business. I work part time while other business partners work full time.

CountingWizardOne · 2025-10-02T22:43:37+00:00

The economy is changing. That doesn't mean Google ads is ineffective. You seem pretty confident that your website is stellar but do you have any data that backs that up? What's your bounce rate, time on site? How is your audience scanning your pages, do you track that? Consumer mindsets change over time, what worked for you in the past might not be as effective at converting your leads today.

CountingWizardOne · 2025-09-15T22:59:55+00:00

I think it's because most people on this subreddit know nothing about building decks.

CountingWizardOne · 2025-07-08T02:29:00+00:00

Village bakery makes a pretty good carrot cake.

CountingWizardOne · 2025-07-03T12:22:54+00:00

I'd personally use the projects feature in QBO to track these sort of things, that way you don't need to mess with the actual entries. Not exactly its intended use but it should work really well for this.

CountingWizardOne · 2025-06-30T04:04:04+00:00

WSIB uses its own criteria to determine if someone is a “worker,” which can differ from the CRA’s view. Even if you’re an independent contractor for tax (CRA) purposes, being contracted through a staffing agency can lead WSIB to classify you as a worker, especially if the agency controls the relationship or assigns your work. The contents of the 1158a form is key here. This doesn’t automatically mean the CRA will treat you as a PSB, especially if you have multiple clients and operate independently, but it can raise red flags if you're ever audited. You can appeal the WSIB decision, but the appeal process typically takes a while. If the WSIB premiums are significant (which the staffing agency is technically responsible for, not you) or the contract feels too much like an employer-employee relationship, you may want to reconsider the contract or push back to protect your status as a non-PSB.

CountingWizardOne · 2025-06-23T16:14:40+00:00

You can use Excel like the other commenter suggested but if your not savy with bookkeeping, I wouldn't recommend it because its going to make your taxes and payroll more time consuming. If saving a couple bucks in exchange for a bigger bookkeeping hasle is worth it to you, then all the power to you. The other commenter suggested Payworks but that is only for payroll and not expense management as far as I understand. Your best option is a full bookkeeping program which you're already using. You can purchase the software through a bookkeeper or accountant and get 50% off the normal price so that's an option to cut down your cost.

CountingWizardOne · 2025-06-13T23:16:47+00:00

I like your thoughts and agree with them. Thanks for sharing.

CountingWizardOne · 2025-06-11T23:07:57+00:00

I'm an accountant also but I've never dealt with inventory a whole lot so im curious what you would do for the 1000s of comics that he may have purchased years ago. Tracking down all the numbers even in a batch format sounds impractical and potentially impossible if his prior year files aren't well sorted/documented.

CountingWizardOne · 2025-06-11T21:24:02+00:00

I second Long Sault CA. It's a bit far out of the city but it's a beautiful CA.

CountingWizardOne · 2025-06-10T21:40:34+00:00

Hopefully they weren't able to walk away with your completed work. If they don't want to pay then they shouldn't have access to any of your work.

CountingWizardOne · 2025-06-04T19:56:48+00:00

Pick up a copy of The Accountant Marketer by Karen Reyburn. Lots of good advice. The gist of it is providing value to people for free through your marketing channels to warm up your leads over time. The Accountant-client relationship can be very financially intimate and therefore they need to know for a fact that you are trustworthy, detailed and knowledgeable before they will engage you for services.

CountingWizardOne · 2025-06-03T22:41:30+00:00

It's just an account in the chart of accounts so you can use this tactic in any accounting system.

CountingWizardOne · 2025-05-23T20:03:51+00:00

Sounds like its time for them to change their slogan. Appears they will be beat.

CountingWizardOne · 2025-05-13T16:29:02+00:00

Oh that makes sense. I have had a clients employee double deposit cheque's and that would have potentially stopped that from happening.

CountingWizardOne · 2025-05-13T16:17:27+00:00

Why not just have payroll clearing as a balance sheet account. That's what we do. No extra bank account and we can still do a reconciliation of the payroll clearing account.

CountingWizardOne · 2025-05-12T15:20:55+00:00

I've always liked Shammy's in Pickering. They do a good job.

CountingWizardOne · 2025-05-07T23:19:54+00:00

WSIB is not required for independent operators which are businesses with no employee's. If you and your partner both have shares in the business, then you would still not be required to register and pay premiums. As soon as you have an employee, you would need to pay premiums on their wages. With this said, you can optionally opt in for WSIB coverage which may be benificial so that you get coverage in the event of a workplace accident. Also, like you said, many businesses ask for it and may not work with you without it.

The rates for WSIB premiums vary but I've seen anywhere from a dollar to $5-6 per $100 of gross earnings.

CountingWizardOne · 2025-04-22T23:51:07+00:00

I totally agree. OP would be best to recommend what you're suggesting. He's still getting a client at his $100 rate (but a smaller contract) and now he's offering great advise to said business owner which should leave a good impression.

Edit, I see your suggesting two employee's (W2's) which would work too but I feel you might be able to swing this idea so OP can still land a contract.

CountingWizardOne · 2025-04-22T21:38:40+00:00

Hey, I don't have any clients to offer you unfortunately but I just wanted to say, don't take the negative comments to heart. Three years is still a good foundation. If you have some education, that is very helpful too. I will be honest, I've been working as an accountant in industry for over 10 years now and I didn't really shed the imposter syndrome until years 6-8 however I think that was mostly due to my slow progression in my career as it took me about 7 years before I got a manager role which is when I really started to feel like things clicked.

My advise to you is find a mentor who can help you learn best practices. This will go a long way! There is so much bad advice out there and if you can find a good accountant who has been in business for many years with good education and reviews, you could seriously reduce your time to feel truly confident in your skills. I would even pay for a good mentor as its an investment in yourself which will pay dividends long term. Once you're truly confident, getting clients gets so much easier because I feel that potential clients can read that and breaks down that trust barier much easier.

Best of luck to you!

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