What Is a Monthly Bookkeeping Package?
A monthly bookkeeping package is a bundled service offering that covers all the recurring financial record-keeping tasks your business needs — for a fixed monthly fee. Rather than being billed by the hour (where your cost varies unpredictably each month), a package gives you a known monthly expense and a defined scope of services.
For Canadian small businesses, monthly bookkeeping packages are the most common and cost-effective way to maintain professional financial records. You know what you're getting, you know what you're paying, and your books are closed on a predictable schedule every month.
What a Complete Monthly Bookkeeping Package Should Include
Not all packages are equal. Here's what a complete monthly bookkeeping service package for a Canadian business should cover:
Core Services (Every Package Should Include These) **Bank and credit card reconciliation** — Every account reconciled monthly against your statements. This is non-negotiable.
Transaction categorization — Every transaction assigned to the correct account in your chart of accounts. The foundation of accurate financial reports.
HST/GST management — Tracking taxable revenues and Input Tax Credits, and preparing your quarterly (or annual) HST return. Filing with CRA can be included if you grant limited authorization.
Monthly financial reports — Profit & Loss, Balance Sheet, and Cash Flow Statement delivered by a fixed date. These three reports are what you and your CPA need to make decisions.
Year-end package — At year-end, a complete CPA-ready set of financials including trial balance, supporting schedules, and T4A summaries.
Higher-Tier Package Add-Ons **Catch-up bookkeeping** — Cleaning up prior months that were missed or done incorrectly.
Accounts receivable management — Aging reports and follow-up on overdue invoices.
Payroll recording — Logging payroll entries, source deductions, and employer contributions.
CRA correspondence handling — Responding to CRA notices and managing any audit queries.
Multi-entity bookkeeping — Separate books for holding companies, related corporations, or trusts.
Monthly Bookkeeping Package Tiers: What You Get at Each Level
| Package | Best For | Monthly Cost | What's Included |
|---|---|---|---|
| **Starter** | Freelancers, new incorporations, sole props under 50 tx/month | $300–$400 | Core services, up to 50 transactions, basic reporting |
| **Standard** | Most small businesses, incorporated companies, growing teams | $500–$800 | Core services + unlimited transactions + catch-up + CRA support |
| **Enterprise / Custom** | Multi-entity, high-volume, complex structures | $1,000–$2,500+ | Everything + dedicated bookkeeper, payroll, multi-currency, strategy calls |
At [Outsource Bookkeeping](/pricing): - Starter: $350/month — up to 50 transactions, all core services - Standard: $500/month — unlimited transactions, catch-up (3 months), CRA correspondence, all core services - Enterprise: Custom quote — multi-entity, high-volume, complex structures
How to Choose the Right Bookkeeping Package
Step 1: Count your monthly transactions Your transaction volume is the primary driver of package selection. Count the number of individual line items in your last two months of bank and credit card statements — that's roughly your monthly transaction volume.
Under 50/month → Starter package 50–200/month → Standard package 200+/month → Enterprise / custom quote
Step 2: Check what's actually included Ask specifically: Is HST filing included? Is the year-end package included? Is catch-up bookkeeping included? Is there a guaranteed delivery date? What's the extra charge if I exceed the transaction limit?
Packages that don't include HST, charge for year-end, or have no delivery guarantee are incomplete regardless of their price.
Step 3: Confirm Canadian expertise If you're a Canadian business, your bookkeeper must understand CRA requirements — HST/GST by province, T4 and T4A obligations, corporate vs. personal income. Many US-based services offer "Canadian" packages without the tax knowledge to back it up.
Step 4: Verify the delivery date The most common complaint about bookkeeping services is late or inconsistent report delivery. Ask: "What specific date will I receive my monthly reports?" A professional service commits to a date. We guarantee the 10th.
Monthly Bookkeeping Packages vs. Hourly Billing
Most freelance bookkeepers charge by the hour ($40–$100/hour in Canada). Monthly packages are almost always better value:
| Factor | Hourly Billing | Monthly Package |
|---|---|---|
| **Monthly cost predictability** | Variable — changes every month | Fixed — same price every month |
| **Incentive to be efficient** | None — more hours = more revenue | Yes — flat fee means speed pays |
| **Year-end included** | Usually extra | Should be included |
| **Delivery date** | No commitment | Guaranteed |
| **Complex month surcharge** | Often billed extra | Covered |
The one case where hourly billing makes sense: very occasional, one-off work (like a single month of catch-up with no ongoing engagement). For ongoing monthly bookkeeping, packages are nearly always the better choice.
What Happens When Your Business Grows?
A good monthly bookkeeping package should scale with you. If your transaction volume grows from 40/month to 120/month over a year, your bookkeeper should proactively tell you when you've outgrown your current tier — and what the next level costs.
At [Outsource Bookkeeping](/), we review transaction volumes quarterly and will recommend a package change before you run into issues. No surprise invoices, no retroactive charges.
Getting Started with a Monthly Bookkeeping Package
The onboarding process for a monthly bookkeeping package should take no more than a week:
1. Free consultation: Review your current books, confirm your transaction volume, select the right package 2. Access setup: Grant bookkeeper-level access to QuickBooks Online or Xero 3. Historical review: We review prior months and handle any cleanup 4. First close: Your first full month is closed and reports delivered by the 10th
[View our monthly bookkeeping packages](/pricing) — Starter at $350/month, Standard at $500/month, and Enterprise custom pricing. No contracts, no setup fees, CPA-ready reports guaranteed by the 10th.
[Book a free consultation](/contact) to confirm which package is right for your business.
Frequently Asked Questions
Need professional bookkeeping?
Outsource Bookkeeping delivers CPA-ready financial reports by the 10th of every month — flat rate, no surprises.