Tuesday, October 2, 2018
Tuesday, September 4, 2018
Ten Reasons to use Cloud-based Accounting Software
Ten Reasons to use Cloud-based
Accounting Software
1.
Users
Invite unlimited users at no additional costs and grant the level of
access you want them to have. So now you can give your accounting professionals
access so they can update your information or you can invite other team members
as read only so they can make accurate decisions using real-time information
without requesting an update from you.
2.
Reports
No need to wait until the end of the month, budgets and financial
performance reports can be created at any time so you can monitor your numbers.
3.
Access
Business owners are constantly on the move. No need to miss an important
trip or a meeting. With online accounting software you can access your books
through an app on your mobile to update your invoicing, create an expense
report or track sales on the go.
4.
Financial snapshot
Use the dashboard to stay on top of your cash-flow with up to date
information.
5.
Banking
Connect your bank to your accounting software so your latest banking
transactions are automatically shown in your records.
6.
Apps
Cloud based accounting software integrate with over 700 business
applications such as time tracking or inventory management to give you and your
business the efficiency you require. Monitor your inventory so you never have
to turn away a potential customer.
7.
Support
Cloud based accounting software is monitored by a team of experts 24/7
providing support and solutions for you.
8.
Updates
No need to schedule time or to purchase updated software. New updates are
released on a regular basis so you are always using the latest version.
9.
Security
Worried about security? Cloud based accounting software providers have
teams of experts monitoring and securing your information 24 hours per day.
10.
Back ups
Your information is always backed up on servers off-site so your data is
always safe. If your computer crashes or is stolen, your information is safe.
Friday, October 27, 2017
Acceptable Electronic
Record Keeping for CRA
More and more businesses are moving toward a paperless
environment and it is increasingly easy to do so with a cloud storage solution
which is proving to be cheaper and safer than ever before. But are you in
compliance with the Canada Revenue Agency?
Highlights of CRA’s rules regarding record-keeping are as
follows:
·
It is ultimately the taxpayer’s responsibility
to produce the records for inspection regardless of where the records are
located.
·
The records must be in sufficient detail to
allow the CRA to properly determine and verify income.
·
Where the taxpayer is employing the services of
a cloud based accounting software, it is important to document the data entry
procedures, reports produced and to describe any features that alter standard
reports or create new ones. Note that the use of a third party to keep his
records does not relieve the taxpayer of his responsibility to produce his
records for the CRA.
·
Taxpayers who keep electronic records are still required
to retain source documents such as invoices, receipts, written contracts and
agreements, credit card statements, cheques, bank statements and tax returns.
·
In the event a taxpayer’s records are lost or
destroyed, this event must be reported to the CRA and the records recreated in
a reasonable time.
·
Failure to keep proper records can result in
fines and penalties so if in doubt contact the CRA for clarification.
The Accounting Practice
Cloud based Accounting
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