Bookkeeping for London, Ontario businesses
A London ledger rarely holds just sales and expenses. It carries stock on the shelves, machines losing value, crews on payroll and holdbacks waiting to be released. EverStone keeps those books for London businesses remotely, from $325 a month with the HST return included.
Quick answer: Monthly bookkeeping for a London, Ontario business means reconciling every bank and card account and coding the 13% HST so every input tax credit is claimed. It also means recording payroll so it matches what was remitted, and keeping inventory and equipment right before year-end. EverStone does it remotely, reviewed by a CPA, at a fixed monthly fee. Monthly bookkeeping starts at $325 a month, GST/HST filing included.
The books feed every filing that follows: the T2 or T2125, the GST/HST return and its input tax credits, the CCA schedule and the CRA instalments.
On this page
- Stock belongs on the books, not only in the building
- One HST account, and the credits you are owed
- Payroll entries that agree with the remittances
- How the books differ across London’s industries
- The shareholder loan account, kept current
- What the monthly fee covers
- When the books are months behind
- What gets done, and when
- Remote bookkeeping
- London bookkeeping questions
Stock belongs on the books, not only in the building
Many London businesses hold stock: steel at fabricators, ingredients at processors, parts at repair yards, wine at restaurants. Expensing purchases on arrival distorts every month. Carrying inventory as an asset and expensing it as used gives a usable margin, and the year-end count confirms rather than invents. See The year-end inventory count.
One HST account, and the credits you are owed
Ontario’s 13% HST is fully recoverable, so capture every credit: fuel, repairs, supplies, subcontractors, software. Zero-rated farms often run refunds; restaurants charge HST on nearly everything. Filing is annual at $1.5 million or less, quarterly up to $6 million, monthly above, and the ledger closes to match. See Input tax credits.
Payroll entries that agree with the remittances
Payroll is where books and government accounts drift. Wages, employee deductions, employer CPP and EI, and each remittance need entries, and the liability should clear after each remittance. Book Ontario Employer Health Tax and WSIB as payroll runs, not when billed. Employers can add payroll in London to the same engagement.
How the books differ across London’s industries
Fit the chart of accounts to the business: a London manufacturer splits materials, labour and overhead. A farm outside the city keeps cash books by enterprise. A contractor tracks progress billings, holdbacks and T5018 payments. A carrier records fuel and kilometres by jurisdiction and cost per unit. A restaurant reconciles POS, deposits and tips daily.
The shareholder loan account, kept current
In owner-run companies the business-household line is often a debit card. Personal groceries on the company card or a cash draw each move the shareholder loan. Posted promptly, it shows who owes whom; left to year-end, it is a guess, and amounts owed to the company not repaid within one year after year-end are generally taxed as income. See Shareholder loans.
What the monthly fee covers
One fixed fee, agreed in writing before the first month is touched:
- Every bank, credit card and loan account reconciled to the statement
- HST returns prepared and filed on your assigned period
- Payroll, Employer Health Tax and WSIB entries posted as they arise
- Inventory and equipment additions recorded, with a count at year-end
- A short monthly report: profit, cash and what is owed to you and by you
- A clean hand-off to the corporate return, prepared by the same firm
When the books are months behind
Busy seasons are why books fall behind, and the fix is routine: rebuild from bank statements month by month, reconcile, and file overdue HST returns oldest first, then monthly service keeps it current. See A bookkeeping catch-up.
Prepared and reviewed by a CPA at EverStone CPA, serving businesses in BC, Alberta, Ontario and Manitoba. Updated . About the firm · Send an enquiry
What gets done, and when
| Cadence | What we do |
|---|---|
| Monthly | Bank, card and loan accounts reconciled; payroll and inventory entries posted |
| Each HST period | Return prepared from the reconciled ledger and filed |
| Year-end | Inventory count recorded, equipment additions listed, books handed to the T2 |
| Ongoing | Owner draws and shareholder loan balance tracked as they happen |
| Sales tax where you operate | 13% HST, a single registration and a single return |
Source: How often to do the books. General information, not advice.
Remote bookkeeping
EverStone, a virtual CPA firm, serves London, Ontario online. There is no London office and no local staff. Feeds arrive electronically, documents by secure upload, and the ledger sits in cloud software under your own login. The CPA reconciling your month prepares your year-end.
London bookkeeping questions
What does monthly bookkeeping cost in London?+
Which software do you use?+
Do I need to track inventory monthly?+
My farm gets HST refunds. Is that normal?+
Can you take over from our current bookkeeper?+
How long do I keep receipts?+
We sell to customers in Michigan. Does that change the books?+
Do you have a London office?+
Do you work with businesses outside London itself?+
Related services and local guides
Nearby cities, the rest of what we do for London businesses, and the reference pages behind this one.
What clients say
Rated 5.0 on Google across 26 client reviews. Read all reviews
★★★★★“…He is very knowledgeable and has saved me tons in taxes by restructuring my group of companies — the best accountant I've worked with in the last 10 years, after switching from three different firms.”
Matt HildebrandtVerified Google review
★★★★★“…have been completing my bookkeeping, taxes and financials for the last 2 years and they have been amazing. Thank you!”
R. H.Verified Google review
Starting fees
Every fee is fixed in writing before any work begins.
- Monthly bookkeeping, HST filing includedfrom $325 a monthThis page
- Payroll, remittances, T4s and ROEsincluded in monthly bookkeeping
- Books, payroll and the year-end T2 together$500–$700 a month
- Corporate year-end and T2 returnfixed fee, quoted in writing
- Personal tax return (T1)from $125; self-employed or rental $275–$500
- Catch-up bookkeepingfrom $2,200 per year of records
- Controller or CFO supportcontroller from $1,650, CFO from $2,750 a month
- One-off advice call with a CPA$225 plus applicable tax
