What is an online bookkeeper?


A bookkeeper is one who takes care of the bookkeeping function of an organization. An online one, is just that, a bookkeeper that works with clients online. An online bookkeeper is deemed a "more modern" bookkeeper because online bookkeeping is a relatively new type of bookkeeping. Bookkeeping used to be done using actual books, only physical invoices, receipts, purchase orders and other physical, financial related documents, and it was very tedious and took a lot more time to process these documents compared to how fast they can be processed today.

A modern bookkeeper is one who uses the "most advanced" accounting technology for your specific industry thats available.

Bookkeeping and accounting are intertwined in the sense that a bookkeeper may perform full cycle accounting where an accountant does not usually do any day-to-day processing of an organization's transactions but tasked with making sure the financials are produced (Profit & Loss Statement, Balance Sheet Statement, Cash Flow Statement) and the organizations obligatory tax filings are being filed (For a corporation you need to file a T2).

Bookkeeping can be done both manually or you can subscribe to an app that takes care of your bookkeeping.

What's the difference between having a traditional bookkeeper using using a bookkeeping firm and having a bookkeeping app with added support?


Charges per hour

One-person shop


A number of bookkeepers

Technologically versed in limited number of apps


A person who utilizes online bookkeeping apps to prepare the bookkeeping entries and transactions for a number of clients. They may or may not complete tax returns for the company.

More info.

All functions of a business can use AI

accounting, marketing, operations, HR, legal, admin, etc...

AI using team > team alone

Apps like ChatGPT are allowing for people to learn and work faster and faster.

You can start using CHATGPT today.

WHO is the gross profit & who cares?

WHAT can you do with GP?

WHERE do you use GP numbers?

WHEN is it calcuated and used?

WHY people care about gross profit?

WHO needs to incorporate?

Not everyone, depends on factors such as size, goals, risk tolerance, and tax situation.

WHAT are some benefits to incorporating

Tax advantage(s) and legal advantage(s).

WHERE can I get started?

Canada Revenue Agency: https://www.canada.ca/en/services/business/start.html

WHEN can I do this?

Any time.

WHO went bankrupt?

Silicone Valley Bank & Signature

WHAT happened?

Could not pay all withdrawals

WHERE is this?

Mostly US operating bank

WHEN did the bank shut down?

Friday March 10th

WHY did bank fail?

Too many people trying to take out $$ at once.

WHO is the T1 for?

The T1 is for all Canadian residents.

WHAT is a T1?

A Canadian tax form for individuals to fill out. Looks like this, trust me, it's not that complicated, and most fields probably don't even apply to your situation.

WHERE do I file my T1?

Tax filing & payment due to CRA, file online @ wealthsimple.com

WHEN do I have to file?

Every year before end of April.

WHY do I do this? (Submit and pay taxes?)

Because CRA collects money needed fund rest of the gov't.

The T1 General Income Tax and Benefit Return is a tax return form that individuals use to determine their annual tax liability and claim federal or provincial benefits, such as the GST/HST Credit.

The form summarizes the taxpayer's income, deductions, and tax payable, as computed on supporting forms and schedules, and calculates any refund or balance due.

The T1 form consists of five parts:

1) Identification

2) Total Income

3) Net Income

4) Taxable Income

5) Refund/ Balance owing

Online, In-person, mail, Tax professional

To ensure timely submission, the completed T1 form and any outstanding balances are due by April 30th of the following year (by June 15th for self-employed individuals or common-law partners). If these deadlines fall on a weekend or public holiday, the deadline is extended to the next business day.

Filing due dates

Because CRA

Business owners need to build a company track & stay on it.

Key Performance Indicators are common statistics & ratios a company would keep track of.

Pulled from business & financial reports

Always be keeping track of KPIs and perform variance calculations.

Ensure mone is being made.

WHO needs to know?

ROI important metric for business decision makers.


Rerturn on marketing spend is how much profit is made from a given number of marketing cost.

WHERE can you collect this data?


WHEN should you look at Marketing ROI?


WHY pay attention to marketing ROI?

Determine what is most profitable for business.

WHAT is a BS?

WHO uses BS?

WHERE do I find them?

WHEN do I use it?

WHY would someone care about BS?

Klnda Dos
Supported by AI and Team FLIP
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