An Exciting Year Ahead

Vicki was asked to sit down with the product development team and discuss the challenges that she foresees in this area and what we would all need in order for this to be a success.

It has been a week since 5 of our team members attended QB Connect at the Metro Convention Centre. The conference is held by Intuit each year in 3 locations throughout the world. The conference brings in representatives of many of third-party apps, such as Receipt Bank, and also has many breakout sessions to discuss the future of business and with that how the accounting industry will be impacted.

Intuit also highlights its road map for the next year and beyond. Two of the items on this year’s road map are the fetching of the bank statements with the last transaction of the statement period and the ability to file GST/HST right out of your QBO file.

Bank fetching is fairly straight-forward and many of you are currently using Hubdoc as a way to automatically do this for you. This is also a feature that will be released any day now in Receipt Bank. For those not using a document management program for storing receipts and expenses, this will be a great feature to have right in your QBO file.

In terms of the ability to file sales tax right out of the QBO file, this is one that will require additional changes to what we are currently seeing in QBO today. Vicki was asked to sit down with the product development team and discuss the challenges that she foresees in this area and what we would all need in order for this to be a success. This will be an area that we are keeping an eye on and are anticipating on seeing the first version sometime this spring.

Other items that we can expect to see coming in 2019 are: progress invoicing (currently in beta), advanced payroll on-boarding, and enhancements to QB assistant.

A couple of you have had a sneak peak at progress invoicing.For the advanced payroll something that is currently lacking and will be coming out is the ability to breakout payroll to projects… think true job costing. For the construction and trade industries this is huge. This has been a limiting factor for those of you who were interested in moving out of desktop to the cloud, but it is coming!

If you have not yet tried QB assistant, it is a neat little feature that is available in QB labs. What it allows you to do is ask QBO questions (through text or voice recognition) about your company data. Instead of needing to know how to manipulate your reports, you can talk in real language. 

Listen to the following video as Jeff Cates (President of Intuit Canada) asks QB Assistant “Who owes me money”

After another great conference experience, we are looking forward to what 2019 has in store of all of you!

Six Ways Cloud Software Benefits Your Business

What is cloud accounting? How does it any different from traditional accounting software?

These are questions we answer quite often with clients. There is a lot of confusion over what exactly the benefits of moving to a cloud-based accounting system and how it can assist in growing your business.

Cloud accounting is an accounting system that is available over the internet and allows you to access your data from anywhere. With an increase to the number of individuals working remote and travelling for work, cloud accounting systems allow you to have access to your information regardless of your location.

1. Security

Security is a popular concern of users of cloud accounting, as it should be. Your accounting records are a crucial piece to your business decisions. It needs to be secure from unauthorized transactions. Cloud accounting software uses the same security as the banks.

Your data is backed up automatically. Canadian cloud-based accounting solutions store the backup data on Canadian soil. There is end-to-end encryption. Online accounting includes additional security features, such as two-factor authentication, firewalls, and redundant backup for your security.

2. Access to Information from Anywhere

An advantage of cloud accounting is that your data is available to you wherever you have internet access. You can access your financial information by way of a desktop computer, notebook, tablet or phone. Software updates are installed automatically, without interrupting your access.

3. Hardware and Space Requirement

With a cloud accounting system, your accounting data and applications are hosted on virtual servers. This results in not incurring expenses for installation and maintenance of physical equipment that would be required for a traditional accounting system. In addition, the costs of maintaining the accounting software and equipment in removed.

4. Multi-User Access

A unique feature of cloud accounting systems as opposed to traditional accounting systems, is that multiple users such as employees, management, your bookkeeper and your accountant can access and work on the same data file at the same time, from anywhere they have internet access. Collaboration can occur in real-time, providing the ability for your accounting system and related business functions to run simultaneously.

5.Automatic Backups

Backups through a cloud based system are taken automatically. Backups are in real-time, eliminating issues with corrupt files and lost data. In the event of a computer failure or other disaster your data is safe and you can continue on from where you left off

6. Audit Proofed

The last benefit we will touch on here is our clients favourite. For many of them, this is a source of anxiety relief. With cloud accounting systems you can audit proof your records. The systems we recommend for our clients allow for the ability to attach the receipts, invoices and contracts associated with expenses right to the journal entry. Instead of having to search, or worse request duplicate invoices from third parties for CRA audits, the source document is in your records.

These are just some of the highlights of having a cloud-based accounting system. Contact us for further information on how we can help you with your transition to the cloud.