Frequently Asked Questions
What is it like working with r2 accounting?
Once you reach out to us for a quote, we will discuss your company’s needs with you as well as gather some preliminary information. Our pricing is transaction-based, so it is all about understanding your general ledger, frequency of tax filings, number of people on payroll, etc. We will then provide you with a quote detailing your monthly subscription fee.
Our plans are based on a monthly subscription model that scales with your transaction levels and your business needs. Because this is a partnership - the monthly subscription fee goes up or down based on your level of activity and need for our services! See our pricing page for more details.
Not to worry, we’ve got your back! We can bill hourly for these things (we call this out-of-scope) – you pay for what you need, and your monthly fee is not impacted.
Absolutely! Your dedicated finance expert is your best resource for any questions you may have. We aim to reply to inquiries in a business day or less.
Yes, we will! Sending invoices to customers is part of our transactional bookkeeping and we have a fantastic bill payment process to ensure all of your vendors are paid on time.
Cash bookkeeping records only those transactions flowing through your business bank account(s). Accrual bookkeeping is based on when transactions occur, as opposed to the timing of funds moving. At r2 accounting, we do accrual accounting from day one – saving your company a painful transition later.
We work with clients of all sizes and across various industries. We choose to work with businesses that we can be great partners with instead of chasing a specific size or industry. If you are wondering whether your company and r2 accounting would make excellent partners – please reach out!
We have four requirements that enable us to provide the best possible service to our clients.
- Electronic banking access and linking in Quickbooks Online for all business accounts.
- Agreement to implement and use Dext expense reporting software.
- No personal expenses in the company, ever.
- The ability to auto-debit the company account for our monthly subscription fees on the first of every month.
We certainly do! While we can’t be tax or payroll experts in every country in the world, we have an amazing network of contacts – if we can’t do it, we will find someone who can provide you with the same quality service we do. Don’t worry. We even quarterback this relationship and provide any foreign experts with the information they need, so you have one seamless relationship.
In addition to being accountable for the ongoing financial responsibilities of the Company, the role of the CFO is to provide financial insight and strategic input as part of the Company’s management team. Part-time CFO services are perfect for small or medium-sized companies that don’t have the need, or resources, for a full-time CFO but understand the benefit of having an experienced financial professional contributing to the development of the Company.
The guidance and information you receive, and how often you receive it, is really up to you! Your part-time CFO can be present at your Company’s weekly or monthly management meetings to provide advice as ideas and conversations occur. Maybe you don’t hold regular meetings, and you want to be able to make a quick phone call when needed and get some advice on specific issues as they come up. We can handle that too!
Yes! Investors will want to understand the Company’s vision and long-term strategy to ensure their investment is in good hands. A part-time CFO can assist with making sure that the financial strategy is achievable and compliments that vision. In addition, they can provide insight into industry-specific metrics, industry benchmarks, and market analytics that investors will be concerned with and assist with pitch decks and investor presentations.
Predictability of your monthly expenses is essential. Every month, we’ll review your prior three months of transactions, as well as how your out-of-scope work and support needs have changed.
This is how we achieve predictable monthly pricing. In our experience, we have found that the number of transactions directly relates to business complexity while also being relatively simple to calculate.
Our experience is that a model that consists of only hourly billing creates a lose-lose situation; clients are hesitant to reach out and end up with surprise billings that can sometimes result in frustration. Instead, we find charging a set monthly fee and only billing by the hour for one-off projects and special circumstances work better for everyone.
We are fans of Quickbooks Online (QBO) and hope that our clients become fans if they aren’t already. Here are the top three reasons we choose QBO:
- Accessibility - our clients can access their records in QBO at any time. We don’t want your accounting records to be a black box!
- Security – your accounting records are securely stored on Intuit’s servers.
- Integrations – There are many third-party integrations that work with QBO – meaning if QBO doesn’t have the functionality to solve a problem there is likely integration with the solution!
No. Suppose we are only preparing your monthly reporting package, and your day-to-day bookkeeping is done in-house on software other than QuickBooks. In that case, you can provide us with the necessary accounting information to prepare the monthly reporting.
Yes, we can help you transition your books over to QBO.
We try to take as much of the stress out of taxes as possible. When tax time comes around each year, most of the heavy lifting has already been done since we have been working hard preparing your bookkeeping and accounting records all year long. We use these records to prepare and file your corporate and provincial income tax returns.
We do not currently offer taxes only services. To ensure the accuracy of your tax returns we would need to prepare the underlying records.
We do not take on personal income tax only clients, however if we are doing your corporate income taxes, we can also prepare your personal income tax return.