Free consult & free copy of book

E-Myth – “Why most small businesses don’t work & what to do about it”

Contact Us


Most 5 star CPA Google reviews in Canada

Read Reviews

Chartered Professional Accountants E Myth

1 Fixed Monthly Fee - Planning | Accounting | Taxes | Consulting

Helping Canadian businesses beat the odds!

Edmonton Accounting Firms | what are ways we save you money?

Entrepreneurs should not have to worry about which accounting software they are going to use in their business, until they have hired staff and are running payroll says Edmonton accounting firms. Once they reach that point, business owners should consider what accounting software they should use in their business. The reason why entrepreneurs should not worry about it until then, is that there is no need for them to be utilizing that software, and they should put their brainpower towards developing their products and generating sales in their business. While they can proactively get the software, the time it might take them to become comfortable with it is time that can be spent better in the very earliest part of their business ownership.

When entrepreneurs are ready to choose which software is best for them, many accountants as well as bookkeepers recommend entrepreneurs use QuickBooks. QuickBooks and the makers of QuickBooks, Intuit are the largest accounting software provider in the world. Not that this means that the software is any better or more functional than any of the other options out there on the market like Sage four zero, but why it is more advantageous, is because that familiarity with the software can allow business owners to find advisors as well as potential staff familiar with the software. If an entrepreneur will ever want someone to help them learn and utilize software, books is the most familiar brand out there. As well, when entrepreneurs are hiring staff, chances of them being able to find a great employee who also knows QuickBooks is much higher than any other software. If business owners are planning on delegating any of their bookkeeping tasks, they should consider this in their decision.

When it comes to QuickBooks, Edmonton accounting firms says that there is two basic options. There is QuickBooks desktop as well as QuickBooks online. While both are great options, they have some different functionalities about them that entrepreneurs should be aware of when making their decision. One of the biggest differences is with QuickBooks online. As its name states, it is online software, many entrepreneurs need to use Internet in order to operate the software. While this may have a barrier previously, Internet, especially for businesses has improved greatly, but it should not be a barrier for most entrepreneurs.

One of the benefits of having an online accounting software says Edmonton accounting firms, is that if an entrepreneur would ever want to allow someone in a different location to access the software. For example, themselves. If an entrepreneur has a separate office or location, or even wants to access it from home, they can do so very easily with books online. The desktop version, not only is it more difficult, but in order for business owners to be able to access it, they either need to be connected to a central server where the file lives, oy vey have to have the forethought to back up software and that back up on the thumb drive so that they can take it with them.

The online functionality of books online can tip the scale towards entrepreneurs finding that to be not only more beneficial, but convenient as well. When making the decision which software use, business owners should take this into consideration.

Edmonton Accounting Firms | Some Great Features Of Online Quickbooks

It is not that entrepreneurs have a very difficult decision on which accounting software is the best one for them to use says Edmonton accounting firms. However, business owners should be aware of the functionality of each of the software quickbooks online and QuickBooks desktop so that they can make the decision on which version is the best one for their business. While both essentially do the same thing, but the will to keep the books accurately, with the same type of information, there are benefits to each that business owners should be aware of when making the decision on which one is the right one for them to use in their business.

While many entrepreneurs have heard that QuickBooks online is not as functional or as fast as QuickBooks desktop. Edmonton accounting firm says that this had been true since the launching of the software in two thousand and one, however in recent years, updates and added features have made it not only a great option to QuickBooks desktop, but even a preferred version. There is many things that the fact that it is an online software allows it to do that other accounting software cannot.

One of those features that QuickBooks online has that desktop versions do not is the ability to sync up with the business owners bank account directly to the software. The reason why this adds functionality says Edmonton accounting firms is instead of having to manually enter all of those transactions, by sinking up the two together, means that for every transaction happens in the business bank account, it automatically enters that into QuickBooks online software. This can make a significant difference in helping entrepreneurs enter the transactions into the software, because it is done in real time. Not only is this faster, it is impossible for entrepreneurs to get behind. By staying up-to-date entrepreneurs can ensure that any time they view their software it has the most current information in it. Not only is this faster, but is also more accurate. With manual entry, there was always the possibility of numbers and amounts get entered incorrectly, due to human error. While this automated system is not, do not have to review the transactions, but even reviewing each transaction individually this system is much faster than the system of manual entry.

The automated features of QuickBooks online can mean significant time savings and accuracy in keeping the financial statements accurate and up-to-date for entrepreneurs. Since 50% of all businesses fail within five years, and 29% of the failed entrepreneurs say the reason why their business failed was because they ran out of business, having up-to-date and accurate financial statements can significantly help entrepreneurs make informed financial decisions in their business that can help them succeed in business.