Considering making the switch from Desktop (Quickbooks or Sage) or paper to the cloud? (QuickBooks Online (QBO))
If you are currently using the Desktop version of QuickBooks, you need to be aware that QBO is not the same program and doesn’t really look anything like the Desktop product. Don’t let that scare you off though! The QBO program is designed to have the same flexibility and user-friendly settings that you are used to seeing in the Desktop version. It has a slightly different look with a few different terms and menus to choose from.
By utilizing features like bank downloads, matching and receipt retention, your financials can be prepared faster and with less errors than other methods.
Quickbooks Online is accessible from your PC, Mac, tablet or mobile device anywhere and anytime. Need to create an invoice while you are at a jobsite or access financial information for a meeting with your bank? The benefits of having real time access to live data are endless and more and more business owners are understanding how important this can be. Oh yes, the other benefit of live data in the cloud is no more backups!
If you’ve been in business for a while, there will be a lot of accounting data you need and want to retain from your current accounting software. You can convert your QuickBooks desktop file to QBO and it will bring in your historical information. There are a few best practices to consider before converting your data file so it’s a good idea to get in contact with a QBO ProAdvisor who can help you with the conversion.
Quickbooks Online is a really great program to manage the finances and accounting pieces of your company but Intuit will be the first to admit that they aren’t an expert at everything. However, they’ve designed QBO to integrate with other programs that add features to QBO. This allows you to custom build QBO to include the features that you need. There are apps available for job estimating and billing in the field, time billing, advanced inventory management, processing receipts and expense reimbursements, online sales etc…the list is growing daily.
You can invite up to two accountant or bookkeeper users to have access to your data file. Many companies have questions or need extra support throughout the year and not just when it comes time to file taxes. Having shared access allows your accountant or bookkeeper to easily work with you and provide the support you need when you need it.
There are a lot of great reasons to make the jump into the cloud but there may also be a few reasons not to. Before you make the switch, we recommend that you consult with a QBO ProAdvisor to make sure that accounting in the cloud is the right fit for your company.
If you would like more information or have any questions, feel free to contact us at 780.466.6204, or click here to send us an email.
Blog posts about Cloud Accounting
An introduction to Quickbooks Online Virtual Event
If you are currently using Quickbooks Online or thinking about switching to "QBO", this event is for you!
Join us on Zoom for a free information session regarding QBO and the Apps in our App Stack.
Date: Wednesday 24 June, 2020 Time: 3pm - 4.30pm
This event is held on Zoom; the meeting
Introduction to QBO (Quickbooks Online) Virtual Event - 14 April, 2020
Due to new legislation, we are hosting a "virtual" learning event at noon on the 14th of April 2020.
If you own a small business and are interested in moving your books to the "cloud", this event is for you!
Alternatively, if you are already using QBO but need a refresher or have questions
Support for Albertans – COVID-19
government will provide immediate financial relief to Alberta’s families and
should be focused on their health and not worry about whether they can pay
their bills so we have put a number of options in place for those struggling
Emergency isolation support
This will be
a temporary program
Support for Employers - Alberta - COVID-19
The Alberta government will provide immediate funding and supportive measures to support local businesses, employers and employees.
Support for employers
Corporate income tax changes
Corporate income tax balances and
instalment payments will be deferred from March 19 until August 31, 2020 to
increase employers’ access to cash so they can pay employees, address debts
Tax News and Changes – COVID-19
The Prime Minister and the Minister of Finance announced on
March 18th an economic relief package to begin addressing the
economic impacts of the COVID-19 pandemic. Part of the economic relief package includes
tax relief for individuals and businesses.
Filing Deadline Extensions
The deadline for filing personal income tax returns will be
Resources for Canadian Businesses – COVID-19
Small and medium-sized businesses are the backbone of the
Canadian economy. During this extraordinary time, the Government of Canada is
taking strong action to help Canadian businesses as COVID-19 is affecting them,
their employees and their families.
The Government and public health officials are urging all
stay home unless it is absolutely
To our valued clients and business partners – a KWB announcement
KWB Chartered Professional Accountants has a proactive plan for
continued operation in this new environment. You and our team are our
first priority. We want to inform you of what changes we have made, so we
can continue to complete the work you need us to do, while protecting both you
HVAC and Plumbing Business Owner Event
KWB is hosting a tailor-made event for HVAC and
Plumbing business owners.
At this event we will show you how to make the most of
your Quickbooks Online software and introduce you to some apps that we know
will save you time and money. We
understand what keeps you up at night:
7 Perks of Having a Data Manager (Bookkeeper )
A good data manager should ensure that:
You are compliant with the CRA at all times. You are focused on your business, not the data.You are capturing and recording all expenses for tax deductions.You have timely and accurate information available to make better decisions.You have efficient processes for capturing data
Ask an Accountant
Welcome to our new monthly segment, “Ask an Accountant”.
We are giving you the opportunity to ask us a question and in addition to answering you directly we may post the question and answer anonymously in a future Newsletter.
Simply email your question to: firstname.lastname@example.org with the heading “Ask an Accountant” and
If you would like to spend less time organizing your records and more time growing your business, you should automate your document retention with Receipt Bank.
Receipt Bank is a website application that extracts key information from your invoices and receipts and publishes it directly into Quickbooks Online (QBO).
Integrates with QBO
Some of the
There are many apps that can be integrated into your Quickbooks Online software in order to provide extra value and Dryrun is one of them.
Forecast cash flow and sales
Dryrun was created right here in Edmonton and is a forecasting tool that will assist you in making better decisions about your business. You
New Business Guide for setting up your business
If you are starting a new business in Canada or are operating one already, then this article is for you.
Types of business structures
The type of structure you choose has a significant effect on the way you report your income, the type of returns you file each year, and many other matters.
Switching to Quickbooks Online (QBO)
Considering making the switch from Desktop (Quickbooks or Sage) or paper to the cloud? (QuickBooks Online (QBO))
If you are currently using the Desktop version of QuickBooks, you need to be aware that QBO is not the same program and doesn’t really look anything like the Desktop product. Don’t let that scare you off
Wagepoint is an online payroll software that will meet all of your payroll needs.
T4 and T4A preparation
Statutory Holiday calculations
Record of employment (ROE) preparation
Online pay stubs
Integrates with QBO and TSheets
Wagepoint also integrates with Quickbooks Online (QBO) accounting software
Hubdoc is an automated, central hub for all your financial documents.
It syncs all your documents and their data with QuickBooks Online (QBO). It turns your receipts, bills, and invoices into accurately coded QBO online transactions with key data entered and source documents attached.
The transactions are then auto-matched to the bank feeds for one-click
Plooto is the simplest and most effective way to streamline AP and AR transactions and it works within QuickBooks Online. (QBO)
the only fee is a $1/transaction fee
No banking or other personal information needed.
Records the transaction automatically in QBO.
Easily send and receive payment (an email is all that is required).
TSheets is a website application that is used to track time and help with scheduling. If you’re tired of tracking your time sheets manually, this may be the solution for you!
Regardless of whether you are an employee, management, moving from one job site to another, or work in the same office each day, there
There are many benefits that KWB receives as a member of the Quickbooks ProAdvisor program and can pass along to you. Read about what they are, including some potential cost savings for you.
Would you like to have a KWB staff person work directly on your accounting system at a time that is convenient for you? Or to help you figure out why your accounts aren’t balancing or why your accounting software has crashed? KWB is here to help! Learn more about our remote accounting support.
Controller and CFO Services
Do you think you may need Controller or CFO services? Are you looking for information to help you make good decisions? Are you unsure of what's happening financially in your business?
You need timely, accurate and complete financial information and the people who can figure out what it all means in order to survive
Having good bookkeeping will enable you to make good decisions based on accurate financial information provided to you on a timely basis.
KWB Chartered Accountants offers bookkeeping and similar services. With timely and accurate information we can help you address your issues and make better decisions as a result.
These are definitely tough times, and
Jobber is a cloud based software solution designed for small and medium sized field service businesses that works with Quickbooks Online (QBO).
It has a number of features that are designed to help you run a better business by helping you manage finances, client requests and a busy team.
Jobber integrates scheduling, quotes, invoices and
Triplog is a great tool if you are tired of tracking your mileage every time you get in the car. Especially if you aren’t claiming mileage as an expense because you forgot to check the odometer or write down your trips in a log book.
This app easily integrates with Quickbooks Online
Triplog is an
Free Quickbooks Online Seminars
KWB is hosting free quickbooks online seminars for our clients to learn more about the benefits of QBO and the apps that it supports.
Upcoming seminars are:
Wednesday October 4th at 11:30 (lunch provided)
Thursday October 19th at 8:30 (coffee and pastries provided)
Friday November 3rd at 11:30 (lunch provided)
Tuesday November 21st at 8:30
Many companies may experience a Canada Revenue Agency (CRA) audit. Here’s what you need to know:
Types of Audits:
Not all CRA audits are the same! In some cases, they may only want to see records pertaining to one area or it could be a full audit. Here are a few details regarding the different
Quickbooks Online - Free For Clients of KWB
QuickBooks Online (QBO) is a cloud based version of the traditional QuickBooks desktop accounting software that offers some great features and accessibility not available from the desktop environment. Cloud basically means it resides on and is accessible through the internet.
We like it so much that effective July 1, 2017 we are offering it at