Tips for Cloud Accounting and Online Bookkeeping

by margento | November 18, 2020

Welcome to the 21st century!  A new paradigm for accounting through cloud computing. 

Digitization and automation are progressing quicker than what most people can keep up with.  Business owners are constantly bombarded by new apps and technology that seem to be getting better and better.  Is your accounting system equipped with the latest and greatest tech?  

At Argento CPA, we have a few apps up our sleeves that are helpful for you.

First and foremost, you must choose your cloud accounting software.  We recommend using Quickbooks Online or Xero.  The biggest advantage to cloud accounting software is, you (or your accountant), have access real-time financial data from anywhere and anytime. 

Your bank and credit card transactions are pulled from online banking directly into your cloud accounting software.  This saves you a lot of time, since you do not need to wait until the end of the month to start recording transactions manually off bank statements.  Your bookkeeper can work real-time, so your financial information is always up to date.

Invoicing and collecting payments are simplified using cloud accounting software.  You can generate invoices from your tablet or mobile phone and email your clients directly. 

One of the newest features in cloud accounting is auto-recording through machine learning.  Your cloud accounting software can recognize recurring transactions, and you can set up rules so that transactions are auto allocated.  As this function improves, your accountant can spend more time adding value through advisory services instead of recording transactions.   

Receipt Bank is highly recommended for your modern-day accounting tech stack.  Receipt Bank uses OCR technology to scan and extract written information on receipts or invoices.  This means your bookkeeper does not need to enter transactions line by line, they only need to verify the scanned data.  Receipt Bank complies with the Canada Revenue Agency and is sufficient documentation for proof of purchase.  It also stores your data for up to 10 years.  If you choose to cancel your subscription, you can download a PDF copy of all your submitted items.

Another favorite of ours is Plooto.  This app is your all-in-one payment platform for accounts receivable and accounts payable functions.  Plooto simplifies international payments for a flat fee, remits taxes to CRA, and allows your controller or bookkeeper to pay vendors when authorized by you to do so.  In addition, you can automate your accounts receivable and request to be paid with preauthorized debit, so you do not have to spend thousands on credit card merchant fees.  It synchronizes perfectly with Quickbooks Online and Xero, which means your accounts are easily reconciled.  

When it comes to running payroll, we recommend using Wagepoint.  This service will do everything from time tracking, direct deposit for employees, automatic payroll remittances to CRA, generate and submit ROEs, and prepare T4s at year-end. 

If you are looking for expert advice on cloud accounting and online bookkeeping, Contact Argento CPA today!

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michael@argentocpa.ca
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