Monthly Archives: January 2017

Technology is wonderful … most of the time

Technology is wonderful … most of the time. Continuing on from my scanner discussion and how I use technology to go paperless, we should talk about what accounting software I use.

I have used different systems over the years, from Sage 50 to Accpacc and QuickBooks desktop software. In my own practise, I tend to see something new and innovative and will try it out so that when clients are using it I have the experience needed to help them with problems. A few years ago, I decided that I wanted an accounting system that allowed me to work on whatever computer I was on, no matter what location I was at. Normally a desktop solution cannot do this unless it’s installed on a laptop which I always had to take with me. (I still do carry a laptop with me everywhere).

I started using hosted solutions which at the time was the only thing available and allowed me access no matter where I was, but it was expensive. A few years ago, Intuit QuickBooks came out with an online version. Was it the best software out there? Not compared to a desktop version, but it was the best of online software available. I started using the software for testing so I could understand how it works and what sort of client it would be good for. Back then it was not suitable for all situations and even today … well, it is greatly improved, but it still is not suitable for some clients.

intuit-quickbooksWith QuickBooks online, as you set it up, you input your online banking information so the program can fetch your bank feeds and match it with cheques you have written, customer payments and so on. At first I thought this was totally unhelpful, but as I used the product more and more I notice just how easy it was to notice items I had not entered and to have the software do it for me. Is it perfect? Of course, not. I have noticed occasionally the bank sends the information twice at different times (sometimes months after it happens), the payroll system is still being improved along with the sales tax system. But overall, it is a good product that is continually improving with pricing that is less that a traditional desktop system.

I signed up for the accountant’s edition as, of course, I’m an accountant. As the name suggests, that version is only available to accountants and bookkeepers. It allows me to access client files with their approval so I can see what the problem is in real-time as they are trying to do something. I also can offer it to my clients at a wholesale rate which is cheaper than the advertised rate. If you wanted to pay them directly it can be done, but my discount expires within the first year. If I pay the bill and bill you the discount, it’s for as long as you are a Nevcon Accounting client.

There are lots of other online products around like SageOne, Freshbooks, Wave and more. Is QuickBooks online better then the rest? In some ways, I find it better then the others, but what I find good for me may not be ideal for you. That is why I’m here so I can go over your needs and ensure the software you pick is suitable to you and your business requirements.

Over the next little bit, I’m going to go over the different apps I use and why I think they are great. Stay tuned!

Accepting an honorarium

question50I recently took part as moderator for a couple of public events at an industry festival. I was approached to do the job through someone who knows me from my work in the industry. For doing the job, the festival organization gave me an honorarium of $200. Since the connection is work-related, how do I account for this as income?

B.W.

answer50
This would be considered part of your income, and should be accounted for on your personal income tax return. If your accountant manages both your business and personal returns, he/she can assist you accordingly.

When the going gets tough … the tough get scanning!

I’m really into technology and making it easier for clients to deal with me. One of the ways I do this is by going paperless. Now what I have noticed is that going paperless has meant I seem to have way more paper then I ever did before!

Way more paper? Well, that’s mainly to do with shredding everything I receive after I’ve scanned documents into my computer system. Over the years, for my own I paper I scan and shred right away, but for clients I give them back the documents that I needed to complete their work.

fujitsu-scansnapI’ve tried many scanners and the best one I have ever had is the Fujitsu ScanSnap. I have now been using them for over ten years and never had a problem. They are built for document scanning and I have noticed that now Shoppers Drug Mart uses them for prescriptions. One is always on my desk to scan anything I receive.

Now, you may be asking “but how does that help me when I don’t own a scanner?” Over the years I have upgraded to new models that are faster, have new features and so on, but the old one always ends up in my trunk so if I’m at a client I can scan anything I need right away and I don’t have to take anything away. Below you can see the scanner in my trunk and also set up at a clients so I can get the information I need.

On the go with my Fujitsu ScanSnap in the back of the car ...

On the go with my Fujitsu ScanSnap in the back of the car …

Arriving at a client's location with my Fujitsu ScanSnap ...

Arriving at a client’s location with my Fujitsu ScanSnap …

I'm putting my Fujitsu ScanSnap to good use in a client's office.

I’m putting my Fujitsu ScanSnap to good use in a client’s office.