Frequently Asked Questions

ParallelCFO focuses on quality in both our financial work and support. If anything remains unclear or you have a question not covered in this FAQ, please send us a message.

How does pricing work?

ParallelCFO bookkeeping services are based on an annual subscription model with transparent pricing that scales with your expense rate. For more details on what we include, you can check out our pricing page.

What are the requirements to start with ParallelCFO?

In order to deliver the best bookkeeping services possible, we have three basic requirements:
1. Electronic transaction access
2. Expense reporting software
3. No combination of personal expenses

Is support included? Can I ask questions?

Absolutely! In fact, we pride ourselves on offering industry-leading support to all customers, regardless of their plan type. Your dedicated financial expert will always be around to answer your questions, and a 1-2 day maximum resolution period is what we aim for.

Accrual bookkeeping and cash bookkeeping? Is there a difference?

There definitely is a difference. To start, cash bookkeeping only tracks money that enters or leaves a bank account, whereas accrual bookkeeping is a more sophisticated approach that records when the money was earned or owed. Most large companies use accrual basis bookkeeping for accuracy, and thankfully, ParallelCFO does as well.

Do you include AP/AR services?

Although not apart of the standard plan, AP/AR services are available as an addition to your plan. You can learn more about them on our pricing page.

How do CFO services actually work?

Every business is different and requires a unique set of initiatives. We'll start by doing a detailed review of your business, create an action plan, set goals and determine an execution strategy. We'll also take time to revise any of those elements along the way as needed.

How big should my business be for a CFO?

Every business can benefit from a CFO on their team, regardless of size. Whether project based or quarterly/monthly check-ins, only good can come from working with a financial expert focused on your success.

How much does this actually cost?

Our CFO services start at $600 per month billed annually for monthly engagements, or $1,500 for annual engagements, and scale as you do. From what we've been told, it's the perfect price range for businesses not yet ready for a full time CFO but looking for the extra support. You can learn more about the specifics by visiting our pricing page.

What employee tax forms are covered?

With ParallelCFO monthly billing, you'll receive T4 and ROE preparation + delivery. If additional tax slips are required, including T4A's, let us know and we'll make sure you have them.

Can you help manage wage subsidy?

Totally. Our payroll experts know the CRA guidelines like the back of their hand and are able to help with tracking CEWS benefits and calculations.

How many employees do I need to use your service?

For independent use, it's recommended to have at least 5 paid employees. If you're adding payroll services to other ParallelCFO services (such as bookkeeping), there's no minimum required.

Will your services work if our employees are in different provinces?

Absolutely. Whether your team is in one building or spread across the country, we'll happily take care of their payments and tax deductions in accordance with the provincial/territorial requirements of their location.

Can you support our current payroll system?

Our goal is to ensure that you've got a system in place that suits your needs. We'll explore all options, including your current system, and make recommendations based on what our team of experts thinks is the best fit for your business moving forward. If there is a system shift required, we'll handle the migration.

How does pricing work?

ParallelCFO services are based on a subscription model with transparent pricing that scales with you. For more details on specific services, you can check out our pricing page.

What are the requirements to start with ParallelCFO?

With bookkeeping, payroll, and CFO advisory services, companies of any size will find value in working with us. Get in touch and we can discuss the potential!

Is support included? Can I ask questions?

Absolutely. We pride ourselves on offering industry-leading support to all customers, regardless of their service type. Your dedicated financial expert will always be around to answer your questions, and a 1-2 day maximum resolution period is what we aim for.

Does it make sense for us to start with just on service?

Certainly. We offer a variety of services to address the needs of businesses as they grow, but that certainly doesn't mean that you must need all three in order to get started with us. Whether you're currently dealing with bookkeeping, payroll, or CFO related pains, we'd be happy to help.

What kind of E-Commerce customers does ParallelCFO support?

ParallelCFO works with e-Commerce customers ranging all industries and sizes, including online-only, multi-channel, and direct-to-consumer.

What type of E-Commerce platforms do your customers use?

We've got customers using most major e-Commerce platforms, including Shopify, Amazon, WooCommerce, and beyond.

What systems do you recommend for online inventory?

Our team works with a variety of inventory management solutions, each offering their own benefits. We'll work with you to find an intuitive, scalable software that first your needs and we'll ensure it gets implemented correctly.

Do you handle sales tax?

We currently offer sales tax handling for Canadian customers only.

Do you handle inventory?

Yes, we definitely handle inventory. Our go-to softwares are TradeGecko and Dear Systems, but we'll work with you to ensure that you've got the right systems in place from day one.

How does ParallelCFO calculate Cost of Goods Sold?

There are three main way calculate Cost of Goods Sold (COGs) depending on your business type.

1. For product COGs, we base our calculations on the inventory information that you share with us.
2. For Merchant Fees and Shipping COGs, we track your metrics automatically and categorize your variable expenses there.
3. For other variable costs you wish to track as COGs, we'll work to create accounts and categorization rules to implement them for your business.

How does ParallelCFO handle gift cards & returns?

We've set up an automation that will pull this information directly from your store, ensuring you've got error-free figures monthly.

Can you break out Amazon/Shopify fees in the P&L?

Definitely. We can separate out merchant fees of all types, including Amazon and Shopify, in your Profit and Loss statements.

Does ParallelCFO break down revenue and costs by product/channel?

Absolutely. We can break out your revenue and costs in your Profit and Loss statements by product and/or channel.

Do you offer detailed year-end reporting?

Of course. Our team will manage your books throughout the year, provide valuable insights along the way, and ensure that you have everything needed to file successfully.

What types of professional services do you work with?

We work primarily with consulting firms, professional agencies, and professional practices, including lawyers, architects, designers, civil engineers, and beyond. If you have a professional service not listed, our team would love to hear from you.

How does pricing work?

ParallelCFO bookkeeping, payroll, and CFO advisory services are based on annual subscription models with pricing that scales as your expenses do. Contact us to get a custom quote!

Do you offer discounts to pre-revenue companies?

Yes, we offer a first year monthly discount of $200 to qualified pre-revenue companies. Contact us for more information.

How should I calculate my monthly expenses?

For our pricing purposes, expenses include the total dollars spent each month by your company, including payroll, COGS, and distributions.

Why is your pricing based on expenses?

We wanted a pricing model that was transparent and gave companies the ability to grow without fear of penalization. We've found that expenses are easy to calculate and often run parallel to business complexity, and that idea, in combination with a few other factors, became our pricing foundation.

If I pre-pay for the year, does that lock in my services?

Absolutely not. As your business grows, you may need additional services and support, and we're happy to modify your plan to ensure that you have them.

What is your cancellation policy?

All ParallelCFO plans will continue until the end of their specified billing cycle. If you need to cancel your plan for any reason, we'll see that it doesn't get rolled into a new billing period.

Are there any one-time fees to get started with ParallelCFO?

In order to ensure that your company onboarding goes as smoothly as possible, we charge a setup fee equivalent to one months worth of bookkeeping services.

Why does ParallelCFO use Quickbooks?

Our team does its bookkeeping in QuickBooks Online because it offers a number of key advantages:

1. Seamless tax prep.

Virtually every tax preparer in CAD knows how to work with QuickBooks. You’ll have the freedom to choose any tax preparer you want.

2. Industry standard.

In addition to tax preparers, most other financial professionals (e.g., attorneys, bankers, and venture capitalists) all know how to work with QuickBooks. Again, this gives you the most freedom when making financial decisions.

3. Data portability.

QuickBooks means you’re not locked in. If you ever decide to move on from ParallelCFO, your data goes with you, in a format that is immediately useful.

If I’m on Xero, can you migrate me over?

Yes, we can help you transition your books over to QBO. As part of our onboarding process, we’ll make monthly journal entries in Quickbooks from your monthly account totals in Xero (for both the balance sheet and the P&L/income statement) going back to the beginning of the year.

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