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 on every single day.
The bookkeeping method we recommend is QuickBooks Online, dashboard shown above. There are lots of nice features of QBO, let’s only list some of the highlighted ones:
- QBO connects to your business banking accounts directly (read-only, QBO won’t update your banking transaction), such way more than half of the manual data entry workload has been saved.
- QBO knows to learn how you do your bookkeeping. For example when you tell QBO a transaction with text = e-transfer fee and it’s $1.50, QBO will automatically categorize all the rest of e-transfer banking charges to proper expense account.
- QBO’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 purpose, grab your phone and take a picture to the receipts. Now the meal or gas expense along with picture as evidence has been uploaded to QBO so you can now actually throw away the receipt which is hard to keep anyway.
- QBO will let you establish your own customer database, so that you don’t have to purchase a separate one.
- QBO helps you track your account receivables and account payables.
- At the end of your fiscal year, simply invite your accountant to get in your QBO account. No more documents or paper submissions required.
If you are our T2 or self-employed customers and you would like to start with QBO, we’d like to provide you an up to one-hour training session for free. We can also use our QBO Accountants account to invite you use QBO so that you can enjoy a monthly fee as low as $15/mo. For more information please contact our Admin Team at 905-940-1999 at your early convenience.