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Oct 14, 2015

Cloud Accounting in Canada

A common question posed by business owners like you to accounting professionals here in Canada: What’s the best way for a small business owner to generate business income / expense statements and file tax returns efficiently? The answer? It depends: Some people are comfortable working in Excel spreadsheets and use these to start, while others endeavor to learn some sort of desktop accounting software. As your business grows or your financial reporting requirements change, you might find yourself exploring other, more advanced, options or perhaps hiring an accountant to help manage your books. If you decide to make a switch in accounting software, it can be overwhelming.

There are several available in the Canadian marketplace, but the most popular desktop software among small business owners in Canada is Sage 50 (which was formerly Simply Accounting) or Quickbooks. Some things that frustrate small business owners with these types of desktop accounting software programs include the joys of downloading and installing it, figuring out how to create the kinds of invoices and reports required, and attempting to manage inventory. There are also program updates to contend with and necessary backups to guard against technological failures. If you do need an accountant, you have to hope that your desktop accounting software is compatible with theirs. Desktop accounting software typically starts at a cost of about $500 with fees for adding more than two users the norm. At the end of every month small business owners need to spend time reconciling monthend bank statements with entries, carefully tracking receipts in case you end up being audited. Payroll functionality with desktop accounting software is variable. Does this seem a bit of a clunky process in today’s online world? It is!

If you would like a better, easier, faster way to manage your business financials, move your business forward with XERO the world’s “beautiful accounting software” and experience the freedoms that operating “in the cloud” will allow you to enjoy! When you switch your business accounting to Xero, you say farewell to downloads, installs, upgrades, and backups because you no longer need a server! If that sounds too good to be true, just wait because there’s more: You can login to Xero from any device wherever you are in the world and check how your business is operating so you can make timely, informed decisions. As an accountant, CarolAnn Brouwer spent much of her career training businesses on how to use desktop accounting software in Canada. But when she heard about “cloud accounting”, she did some “due diligence” to find out what it all meant for security, users, and accessibility, and “ I soon realized that this was going to be a game changer for Canadian smalland mediumsized business owners”, she says. Her favourite cloud accounting solution? Xero. Below are a few of the many reasons she recommends making the switch:

● No more downloads, installs, or updates. Truly you will never need to do this again – ever! Just login.

● You can access your accounting on any device from wherever you are in the world.

● No more endofthemonth bank statement reconciliation headaches because your bank feeds reconcile to the bank items in Xero daily – fast and simple.

● Users? How does unlimited sound? With no extra fees!

● Assign and manage various roles to your staff (who can even work from home).

● Setup foreign currency within seconds, plus have currency gains or losses calculated for you as accounting in the cloud with Xero has you connected to XE.com.

● Easily keep track of receipts; simply take a picture with your smartphone or other device and attach it to the invoice.

● Need to invoice an entire group? Create just one version and share.

● App Integration is important to Xero and with more than 400 available if you need more than the basics you can select a solution that’s just right for your business.

● It’s simple and easy to use – designed for the business owner.

Would you like to know more about moving from your current accounting system to Xero ? You are invited to join us on Thursday November 5, 2015 at Kelowna Chamber of Commerce where Xero Global Trainer and founder of Accounting Anywhere , CarolAnn Brouwer, will speak about Cloud Accounting in Canada. She will demonstrate the highlights and answer any questions you might have about switching to Xero. Register early as seating is limited.

-KCC