If you are running a small to medium sized corporation, or if you are a successful self-employed worker, we actually recommend you do your own daily bookkeeping. That would not only save you accounting fees every year, but also you will get a good picture of how well your business is running every single day.
The bookkeeping method we recommend is Wave Accounting, the dashboard shown above. There are lots of nice features of Wave, let’s only list some of the highlighted ones:
- Wave connects to your business banking accounts directly (read-only, Wave won’t update your banking transaction), such way more than half of the manual data entry workload has been saved.
- Wave knows to learn how you do your bookkeeping. For example when you tell Wave a transaction with text = e-transfer fee and it’s $1.50, Wave will automatically categorize all the rest of e-transfer banking charges to a proper expense account.
- Wave’s cell phone app can help you capture your expenses anytime and anywhere. For example when you have just finished a business meal, or you have just filled your car’s gas tank for business purposes, grab your phone and take a picture of the receipts. Now the meal or gas expense along with pictures as evidence has been uploaded to QBO so you can now actually throw away the receipt which is hard to keep anyway.
- Wave will let you establish your own customer database so that you don’t have to purchase a separate one.
- Wave helps you track your account receivables and account payables.
- At the end of your fiscal year, simply invite your accountant to get into your Wave account. No more documents or paper submissions required.
For more information please contact our Admin Team at 905-940-1999 at your early convenience.