What is bookkeeping — and why does it matter?

• Bookkeeping is the ongoing process of recording every financial transaction your business makes
• It keeps your income, expenses, payroll, and tax remittances organized and accurate
• Without it, you’re running your business on guesses — not numbers
• Clean books are the foundation for tax filing, financing, and any serious business decision

What’s covered every month

• Every transaction categorized correctly against your chart of accounts
• Bank accounts and credit cards reconciled to the penny
• Payroll tied out and remittances confirmed
• P&L, balance sheet, and cash flow statement delivered
• GST/HST figures prepared for your next remittance
• 30-minute review call to walk through the numbers with you

Why closing books every month matters

• Monthly close means errors are caught within 30 days — not discovered at year-end
• You always know your true profit, cash position, and outstanding tax obligations
• Investor updates, bank covenants, and payroll decisions all run on accurate, current data
• Year-end tax prep takes hours instead of weeks when books are already clean

Documents you’ll need to provide

• Bank statements for all business accounts (we connect via read-only bank feed where possible)
• Credit card statements — business cards used for company expenses
• Payroll reports from your payroll provider
• Receipts for any expenses not visible on bank or card statements
• Invoices issued to clients (for revenue reconciliation)
• Loan or financing statements if applicable

These documents are the raw material for accurate books — and for defending deductions if the CRA ever asks.

The problem: lost or incomplete books

• Transactions never recorded, or recorded in the wrong accounts
• Duplicated entries from imported bank feeds nobody reviewed
• Mixing of personal and business expenses
• Multiple bookkeepers who each did things differently
• GST/HST never filed because nobody knew what was owed
• CRA letters arriving because returns were filed on bad numbers

What we do

• Free ledger review first — we assess what exists before quoting anything
• Fixed-price quote before we touch anything, no hourly billing surprises
• Rebuild the ledger period by period using bank feeds, statements, and available receipts
• Correct miscategorizations, eliminate duplicates, and remove personal expenses
• Produce financial statements for each missed period
• Calculate GST/HST owed for any unfiled periods
• Hand off clean, current books — then optionally move to monthly bookkeeping

Pricing & timeline

• Every project is a fixed price — quoted after the free ledger review
• Price depends on how many periods need work and how complete your records are
• Most cleanups take 2–6 weeks depending on volume and complexity
• You don't need to find every old receipt — bank feeds and card statements cover most transactions
• We'll tell you exactly what we need from you before we start

What you end up with

• Complete, reconciled books for every missed period
• Financial statements ready for late tax filing
• GST/HST figures prepared for CRA remittance
• A clear picture of what you actually owe — and what you can deduct
• No more letters from the CRA about missing filings

The problem most businesses have with AP

• Bills sit in inboxes for weeks — vendors start calling
• Payments go out without approval, or get missed entirely
• Duplicate payments happen because nobody tracks what’s been paid
• GST/HST input tax credits are never captured on vendor bills
• Cash position is unknown because payables aren’t reconciled
• Year-end is a scramble to find and code all the old bills

Why it matters

• Late vendor payments damage relationships and can lose you credit terms
• Uncaptured ITCs mean you’re paying more GST/HST than you owe
• Without an aged payables report, you don’t know your true cash obligations
• Poorly coded AP leads to bad financial statements — and bad decisions

What we handle

• Every bill entered and coded against your chart of accounts
• Approval routing set up before any payment goes out
• Payments scheduled by due date and your current cash position
• Vendor statements reconciled monthly
• Aged payables report delivered weekly or on request
• Duplicate and overpayment detection built into the process
• HST/GST input tax credits (ITC) captured on every eligible bill — reducing what you owe CRA

What a fractional CFO actually does

Your senior finance function without the full-time headcount. We own the narrative behind your numbers in board decks, investor updates, and internal planning sessions.

When you need this

Typically when you are past $1M ARR, have raised or are preparing to raise, and need someone who can own the numbers without you explaining context every time.

What we build

An annual budget broken down by department, built in close collaboration with the people accountable for those numbers — not a spreadsheet handed down from finance.

Why rolling forecasts matter

An annual budget is a snapshot. A rolling forecast is a live view — it updates as you close each month. You always have a 12-month outlook, not a 12-month-old plan.

The 13-week cash flow

A week-by-week view of cash in and cash out across the next 13 weeks — a live model updated each week with actuals and open invoices.

When you need this

If payroll has ever felt close, if you carry a large AR balance with uneven collection, or if you have a seasonal business — this replaces the Sunday-night anxiety with a weekly answer.

What a driver-based model is

A model where every output traces back to a small set of real business drivers — conversion rates, average contract value, headcount, churn. Change an assumption and the whole model updates predictably.

Timeline and process

Most models take 1–3 weeks depending on complexity. We start with a scoping call, agree on key drivers and outputs, and review one round of revisions before delivery.

What we analyze

Most growing businesses have revenue, costs, and a rough P&L — but do not know which product line, customer segment, or channel is actually driving the margin.

The KPI dashboard

We identify the 5–8 metrics that actually predict performance — not the 40-metric deck that looks comprehensive but tells you nothing useful. We build a simple monthly dashboard around those and retire the rest.

What strategic planning looks like with numbers

Most strategic planning lives in slide decks. We anchor it in the financial model — so when the question is “hire two sales reps or one senior engineer,” you can see both options’ impact on runway, EBITDA, and break-even in the same view.

The output

A decision brief: the options, the financial impact of each, the risks that matter, and a recommended path — something you can share with your board without rewriting it.

What we do

Every corporation in Canada must file a T2 annually, even with no income. If you have missed one or several years, the penalties compound and CRA attention increases over time.

Voluntary Disclosure Program

If you come to CRA before they come to you, and your filings are at least one year late, you may qualify for VDP relief — which can eliminate or significantly reduce interest and penalties.

What’s included

We prepare and file your T2 Corporate Income Tax Return along with all applicable provincial returns, schedules, and elections.

The fall planning review

Every Noova client gets a fall planning review — typically September or October — where we look at year-to-date numbers and make any elections or structural decisions while there is still time to act on them.

Pricing

Corporate tax filing is included in the Bookkeeping + Tax package, quoted with your package on the intro call.

What makes founder returns different

A founder’s personal return intersects with the company’s: salary vs. dividend decisions affect both. An equity event affects your personal capital gains. Multi-province activity creates individual filing obligations.

The salary-dividend question

How you pay yourself out of the corporation is one of the highest-leverage tax decisions you make each year. We run the numbers during the fall planning review and give you a concrete recommendation before year-end.

Paste your CRA letter

We will tell you what it means, how urgent it is, and what your next step should be.

How it will work

Step 1 — Paste the text from your CRA notice directly into the tool.

Step 2 — The tool identifies the letter type, explains what CRA is asking for, and flags the deadline.

Step 3 — You get a clear action list: gather documents, file a response, or simply note the date.

Getting started

How do I know if Noova is the right fit?
Book a free 20-minute call. We’ll look at your situation and give you a straight answer on whether we’re the right firm and what it would cost.

How long does onboarding take?
For Monthly Bookkeeping, typically 1–2 weeks. For Catchup & Cleanup, we start with a ledger review and give you a timeline after that.

Do you work with companies outside Canada?
Our tax practice is focused on Canadian corporations and individuals with Canadian filing obligations.

Pricing and billing

How is pricing structured?
By scope, not by the hour. Monthly bookkeeping and the Bookkeeping + Tax package have fixed fees. Catch-up work is quoted after a free ledger review. You’ll always know the number before you commit.

Are there setup fees or contracts?
No setup fees. No long-term contracts — all plans are month-to-month.

How we work

What do I need to provide?
Read-only bank feed access, access to your payroll platform, and a way to reach you when something needs clarification. For tax filing, we also need your prior year return and any relevant slips.

What software do you use?
We work with QuickBooks Online and Xero.

Tax questions

When is my T2 due?
Six months after your fiscal year end. Tax owing is due earlier — two months after fiscal year end for most CCPCs. We track both dates for every client.

Can you help with CRA correspondence?
Yes. CRA letters, audit inquiries, and payment arrangements are all things we handle. Use the CRA Letter Analyzer (coming soon) for a quick first read.

What if I’m behind on multiple years?
We start with a free assessment, then file everything owed. If you qualify for CRA’s Voluntary Disclosure Program, we handle that process.

FP&A questions

When do I need FP&A services?
Usually around $1M ARR or when you’re preparing to raise. If you’re making major decisions without a model, or can’t answer “what’s your 18-month runway” without guessing, it’s time.

T2 Corporate Tax Return — typical ranges

A T2 is required for every Canadian corporation, regardless of whether it had income. These are industry-standard ranges for professional accounting firms in major Canadian cities as of 2025.

What drives the price up

• Messy or missing books. If your accountant has to do bookkeeping before filing, expect to pay for both.
• Multiple fiscal periods. Filing two or three missed years is not just twice the price of one.
• GST/HST and payroll filings. If these are not already filed, they add cost and CRA coordination.
• Cross-border or multi-province income. Each adds complexity and filing obligations.

What keeps the price down

• Books that are closed and reconciled before your accountant touches them
• Filing on time, every year — catch-up work is always more expensive
• One entity with straightforward income
• Working with a firm that does both your books and taxes year-round

Getting started

• Sole proprietorship vs. corporation — we help you pick the right structure
• CRA account setup (HST/GST number, payroll if needed)
• First invoices out compliantly, no guesswork

Monthly bookkeeping

• Income from commissions, licensing, grants, royalties, and merchandise — all reconciled
• Home office and studio deductions tracked properly
• Equipment, software, and instruments categorized for maximum CCA claims
• Grant income (Canada Council, provincial arts councils) reported correctly
• HST/GST filing handled on your behalf

Tax planning

• Year-round planning — not just a scramble in April
• Salary vs. dividends strategy if you're incorporated
• RRSP and TFSA planning around your irregular income
• Discipline-specific deductions: travel, software, instruments, professional development, performance wardrobe
• Government benefits you may qualify for — grants, subsidies, arts council programs

Financial planning & forecasting

• Revenue forecast across all your income streams
• Cash flow plan for slow months between big projects
• Pricing analysis — are you charging what the work is worth?
• Profitability by project type, so you know which work to say yes to

Getting incorporated

• Incorporation setup — federal or provincial, whichever makes sense for your model
• CRA account registration: business number, HST/GST, payroll
• Shareholder agreements and cap table review alongside your lawyer
• Due diligence support for investors or co-founders

Monthly bookkeeping & runway reporting

• Books reconciled monthly — no surprises at year-end
• Runway report showing exactly how many months of cash you have left
• Burn rate tracked by department so you can see where spend is accelerating
• Investor-ready financial statements: P&L, balance sheet, cash flow

Tax & compliance

• Corporate tax filing (T2) with startup-specific deductions claimed
• HST/GST registration and quarterly or annual filing
• SR&ED (R&D) tax credit filing — often the biggest cash return a tech startup can claim
• Payroll remittances and T4s handled on schedule

Financial planning & forecasting

• 12-month financial plan built before your raise, updated quarterly after
• Cash flow forecast so you know your true runway to the week
• Scenario modeling: what happens if revenue is 30% lower, or a hire gets delayed?
• Budgeting by department so every team knows what they have to spend
• Board-ready reporting package delivered every month

Full-cycle bookkeeping

• Monthly bookkeeping and bank reconciliation — every account, every month
• Accounts payable managed end-to-end: bills entered, approved, and paid on schedule
• Accounts receivable tracked so overdue invoices don't fall through the cracks
• Payroll processing and CRA remittances handled on time

Tax support

• Corporate tax filing (T2) with all eligible deductions claimed
• HST/GST filing — monthly, quarterly, or annually depending on your volume
• Year-end planning done in the fall, not in April when it's too late to act
• Owner compensation strategy: salary vs. dividends, RRSP timing

Financial planning & budgeting

• Annual budget built with your team, by department
• Rolling cash flow forecast updated monthly so you see shortfalls early
• Financial reporting for owners, lenders, and partners — in plain language
• KPI tracking: margin, revenue per employee, collection days — the numbers that actually matter

As you grow

• Finance function that scales with you — no need to hire a CFO yet
• Support for bank financing: clean financials, clear projections
• Multi-location or multi-entity reporting when you open the next location
• Exit or succession planning support when the time comes

Finance in service of mission

Purpose-driven businesses often have more complex financial structures than traditional ones: hybrid revenue models, grant funding alongside earned income, impact metrics alongside financial ones, and stakeholders who care about more than profit. We understand all of that, and we build your financial system accordingly.

Who we work with

• B Corporations — tracking the financial side of your B Impact assessment and maintaining the financial discipline that B Corp certification demands
• Worker co-operatives — patronage dividends, member equity accounts, and the unique CRA treatment of co-op structures
• Social enterprises — separating earned revenue from grant funding, reporting to funders, and keeping your charitable and commercial activities properly segmented
• Sustainability-focused product businesses — supply chain costs, carbon accounting basics, and the financial transparency your customers expect

What we handle for you

• Monthly bookkeeping with a chart of accounts built for your model — not a generic template
• Grant income and restricted fund accounting, tracked separately from earned revenue
• HST/GST compliance, including the specific rules that apply to non-profits and charities
• Corporate tax filing with attention to the deductions and credits available to mission-driven organizations
• Financial reporting that speaks to both your board and your funders
• Cash flow forecasting built around your grant cycles and seasonal revenue patterns

The financial transparency your stakeholders expect

Your customers, members, investors, and funders want to see that you manage money as carefully as you manage your mission. Clean books, clear reporting, and proactive financial planning are part of what makes a purpose-driven business credible. We make that easy.

Long-term sustainability starts with the numbers

The organizations that sustain their mission for decades are the ones that take financial health as seriously as social impact. We work with purpose-driven businesses at every stage — from newly incorporated social enterprises to established B Corps planning their next decade. The work we do together makes the mission last.