Our protection of information is explained in our privacy statement:
VIRTUAL HEIGHTS ACCOUNTING INC’s PRIVACY STATEMENT
At Virtual Heights Accounting Inc., respecting privacy is an important part of our commitment to our clients and employees, which is why we have an established privacy code. Virtual Heights Accounting Inc.’s Privacy Code is a statement of principles and guidelines regarding the minimum requirements for the protection of personal information provided by Virtual Heights Accounting Inc. to its clients and employees. The objective of our privacy code is to promote responsible and transparent personal information management practices in a manner consistent with the provisions of the Personal Information Protection and Electronic Documents Act (Canada) (PIPEDA).
We also developed Virtual Heights Accounting Inc.’s Privacy Statement. We want you to understand the purposes
for which we collect personal information. We also want to make certain we have your consent to continue
to collect, use and disclose your personal information for those purposes.
The following is a brief synopsis of our privacy practices:
Why do we need to collect your personal information?
If you are a client of Virtual Heights Accounting Inc., Virtual Heights Accounting Inc. may have collected some basic information about you. We respect your privacy, which is why we collect personal information only for the following purposes: To provide accounting and tax services in accordance with our engagement.
When do we disclose personal information?
Various circumstances under which we may need to disclose personal information about our clients include
when working with any 3rd party software or service providers to perform the accounting functions as noted in your engagement. We will use secure portals and only disclose information necessary for the completion of such tasks assigned. When working with 3rd parties we will do our best to ensure safeguards are in place and that they are treating the information in accordance with our own privacy standards.
How do we protect your personal information?
To protect your personal information, Virtual Heights Accounting Inc.:
- will not collect, use or disclose your personal information for any purpose other than those identified above, except with your further consent
- will protect your personal information with appropriate security safeguards
- will protect the confidentiality of your personal information when dealing with other organizations
- will strive to keep your personal information as accurate and up to date as is necessary for the purposes identified above
- will honour any request you may make for access to your personal information
What are your choices?
We would like to have your consent to continue to collect, use and disclose your personal information for the purposes identified above. However, you do have choices and can refuse or withdraw your consent as follows:
- You may refuse to provide your personal information to us.
- You may withdraw your consent at any time, subject to legal or contractual restrictions and reasonable notice.
However, in either case, this may limit our ability to serve you.
If you have any questions or concerns about our personal information management system and privacy statement, please contact the Virtual Heights Accounting Inc. Privacy Officer at 1-800-376-2082 or via info@vhaccounting.ca.
Please visit the Office of the Privacy Commissioner of Canada’s website at www.priv.gc.ca.
Absolutely! We understand that some online accountants and bookkeepers use pooled resources to manage client books, but that’s not how we operate. At Virtual Heights Accounting, you’ll have:
- A dedicated Bookkeeper for your account’s bookkeeping needs.
- A dedicated Accountant for year-end and tax services.
These two professionals work together as one team to ensure your financial plan is seamless across all areas.
While we provide coverage for vacations or unexpected absences, we don’t switch clients between multiple people. You’ll always have a consistent point of contact.
Most of our communication is done through email or our task management system, which allows you to comment and upload documents directly to specific requests. If needed, you can also book a virtual meeting with us.
Our goal is to collaborate with you to build your business according to your vision. We offer customizable service packages, including bookkeeping, corporate and personal tax, year-end, and other accounting services. While we specialize in supporting incorporated businesses and not-for-profits, we also onboard sole proprietors (unincorporated businesses) in limited spots. Please reach out to explore the options available.
Yes, we do! At Virtual Heights Accounting, we specialize in supporting not-for-profits and incorporated businesses, particularly those companies in the following sectors:
- Clinics (e.g., health, wellness, and medical practices)
- Professional Services (e.g., legal, consulting, and design professionals)
- Technology and IT Companies
- Marketing and Creative Agencies
We understand the unique challenges these industries face, from tax compliance to operational efficiencies, and tailor our services to address those needs.
We also onboard sole proprietors (unincorporated businesses) on a limited basis. These spots are prioritized for clients aligned with our focus areas, and we encourage sole proprietors to reach out to explore availability.
Whether you’re a small business looking to scale, a clinic optimizing operations, or a not-for-profit seeking to optimize its payable and accounting process for a happier board of directors, our team is equipped to help you achieve your goals.
Yes, we do! At Virtual Heights Accounting, we understand the unique opportunities and challenges faced by technology companies when it comes to the Scientific Research and Experimental Development (SR&ED) program.
Our SR&ED team is separate from our accounting team but you will still get dedicated support. Your Accountant can also work with you to ensure your process through your project is well documented and supported.
Our dedicated SR&ED division specializes in helping tech companies identify eligible projects, maximize their claims, and navigate the complexities of the application process.
Here’s how we support technology companies with SR&ED:
- Eligibility Assessment: We work with you to determine which projects, expenses, and activities qualify under SR&ED criteria.
- Detailed Documentation: Our team ensures your records meet CRA requirements, minimizing the risk of audits or reviews.
- Maximizing Claims: We help identify all eligible expenses, including wages, materials, subcontractors, and overhead costs, to maximize your claim.
- Integration with Your Financials: As part of your overall accounting strategy, we align your SR&ED claim with your tax planning and financial goals.
- Expert Guidance: We stay up-to-date on CRA rules and ensure your claims are accurate, timely, and defensible.
Technology companies often perform activities that qualify for SR&ED without realizing it. Whether you’re developing software, improving processes, or conducting experimental research, we can help you uncover opportunities to claim valuable tax credits.
Our pricing for SR&ED services is industry standard but we provide discounts to our year-end clients. The process is also more seamless than using an SR&ED consultant as the filing is completed in-house. As per industry standards, we bill on a contingent basis, which means that we do not get paid unless you have a successful claim.
Reach out to us to learn more about how we can assist your technology business with SR&ED services!
The CRA requires all records to be kept for seven years. Your records remain secured in our cloud-based records and are accessible to only you (and our staff) for this time. If you choose to change accountants, we can provide pdf backups of all records for this time period at your request. CRA does not require paper forms of records including what are referred to as source documents (receipts). The CRA requires books and records to be retained in Canada. We have systems in place with secure providers in Canada to ensure we are meeting this requirement.
We use Xero as our cloud based accounting and practice software. Xero uses security software that major financial institutions and banks use for things like your online banking. In fact, a lot of their security systems exceed the standards within the industry. The servers on which the information is stored are physically secured by restricted access and 24 hours a day guard surveillance. They are also protected by multiple firewalls and encrypted access. Most individuals and business owners cannot say the same for their worksites. For more information on Xero’s security check out their website https://www.xero.com/ca/accounting-software/security/.
Well, it depends on the package you have chosen and your specific needs.
Bookkeeping: For our bookkeeping plans, typically when you get an invoice or receipt you upload it to us through one of our recommended easy-to-use apps, the software program also syncs with your bank/credit cards to download bank and credit card transactions. We then complete the processing required saving you time and money and allowing us to provide a higher level of service that will help you focus on what you do best (your business!).
Year End and Tax: You receive our custom checklists via email that request the specific items we need to get started. You will be able to comment and upload items directly to the checklist. You can also create a client portal to access current and past checklists right from our website. Once you have uploaded the requested items or commented, you then mark the item as complete. The work is then deployed to our staff and we can get started on your year-end processes. We will then be in touch on any additional items as they come up.
Once your year-end is drafted, we will review it with you, over a video call with screen share, or at your option we can complete a first review over pre-recorded video. You will then have the chance to ask any questions or voice concerns and share what your current goals are. We then can use this information in formulating a tax plan/strategy that is specific for you. We also will share guidance and tips on how to use your financials to make better decisions in your business. Once, the final version is confirmed, you will sign off electronically and we will file your returns.
We then will generally reach out bi-annually to see how operations are doing in comparison to the plan in place.
Other Services: Can be provided and will likely follow a similar flow to the explanations above.
No! We do the legwork with the accounting software and the apps we recommend are designed for business owners like you. All that is required is a phone (android or a smart phone) with data availability or an ipad and a willingness to learn. We provide the training!
If we missed a question on our FAQ, please contact us, and we can answer any questions you may have. From that page, you will have the option of submitting a contact form OR booking for an introductory call.
The first appointment is a free assessment in which we will talk about you (and your business). This will give us an idea of your accounting needs and takes about a half hour. From this, we will prepare and email a quote package that includes our engagement letter (a requirement as we are a Canadian CPA firm). After this, it is your decision if you think it will be a good fit. If you are ready to sign up, you sign off on the engagement letter/quote and this starts the onboarding process.
We have mentioned Xero accounting software a lot on our website. We are Xero Gold Partners and only offer bookkeeping and payable services only on Xero. We can convert you to Xero as part of the onboarding process (and depending on which software you are coming from can even get the last 24 months of data moved into Xero). More months of data can also commonly be moved but this is usually at a premium cost.
If you are completing the bookkeeping yourself, or have a bookkeeper, then we are happy to work with you and your bookkeeper to complete our year-end or other services on whichever software you choose eg. QuickBooks Online, Freshbooks, Sage, Wave etc.