Cloud Accounting Who am I? Alissa Bryden, CPA, CA, MPAcc, Bcomm - - PDF document

2018-01-26 1

Cloud Accounting

Who am I?

• Alissa Bryden, CPA, CA, MPAcc, Bcomm
• Owner/Principal of Virtual Heights Accounting =

“Virtual accounting firm specializing in automating business and accounting processes for small and medium sized businesses using cloud solutions.”

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What are we going to learn?

• What is Cloud Accounting?
• Security
• Software Available
• Bank Reconciliation in a Cloud Solution
• Integrations – Building your Own ERP
• Receipt / Document Management
• POS
• Payroll and Time Tracking
• Project Management
• Accounts Receivable / Accounts Payable
• Conclusion

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What is Cloud Accounting?

• Cloud Accounting is accounting using remote servers.
• Data is sent into “the cloud” where it is processed and sent back to the user on whatever device

they are using.

• Cloud accounting applications follow a “software as a service” business model

 Monthly fees  Up-to-date software (no more updates!)

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Is it Secure?

• Most applications have:
• Enterprise grade hosting servers;
• 24hr physical security and restricted access;
• Multiple layers of firewalls and encryption (bank level or higher); and
• Automated backup on different servers in different geographic areas.

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What Can You Do? 1) Do your research. Ask the software provider about security; and 2) Password management.

Cloud Accounting Software

There are many! Here are just a few great ones:

• Xero
• QuickBooks Online (QBO)
• Wave
• Others

There are variations. The above have direct access through website logins or apps while some others use hosted desktops.

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Xero Bank Reconciliation

https://www.youtube.com/watch?v=Oi9nNCSuqNA

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Build your own ERP – Integrations

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• Receipt / Document Management
• Point of Sale Systems
• Payroll and Time Tracking
• Project Management
• Accounts Payable / Accounts Receivable
• Other: Inventory, Advanced CRM, Clinic Software….

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Receipt / Document Management

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Some of the more popular ones:

• Hubdoc
• Receipt Bank
• Expensify

Each has different advantages and disadvantages:

• Receipt Bank uses OCR (Optimal Character Recognition) technology.
• Hubdoc can connect to your e-accounts (like Telus and your Bank Statement) to pull your statements

monthly as released (one time connection).

• Expensify has multiple logins and is excellent for employees submitting expenses for reimbursement
• r to support company credit cards.

Example: Hubdoc – Step 1: Scan

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Example: Hubdoc – Step 2: Code

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Example: Hubdoc – Step 3: Match in Xero

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Point of Sale Systems

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Some of the more popular ones:

• Shopify
• VEND
• Square
• Others: Industry Specific

*Over 21 POS Integrations with Xero at last check.

Payroll and Time Tracking

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Payroll:

• Payment Evolution
• Wagepoint
• SimplePay

Benefits (Vary by Software): Direct Deposit, Automated Remittances to CRA, Automated E-Slips for Employees, Easy ROE’s and T4 Prep.

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Payroll and Time Tracking

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Time Tracking

• T-Sheets
• Harvest
• Workflow Max

Benefits (Vary by Software): Allow employees to enter time on the go, integrate time sheets with your payroll, allow for geographic tracking etc.

Project Management

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These tend to be industry specific – sometimes include (vary by product):

• Inventory management;
• Time Tracking;
• Budgets;
• Client portals; and
• Costing.

Great for construction and manufacturing but also great for professional services and consultants.

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Accounts Receivable / Payable

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Software’s which automate your accounts payable and / or receivable process such as:

• Approval process;
• Automated payment solutions (credit card, e-payment etc.)
• Automated email reminders

Conclusion

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Cloud accounting offers a lot of opportunity.

• Use automation to reduce data entry;
• Streamline processes to reduce redundancies; and
• Allow smaller entities the opportunities of an ERP as they grow.

What does this mean for CPA’s?

• A role change to becoming an Information Systems Manager.
• Opportunity to provide better, quicker insight to management with real time reporting and advice.

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Thank you for listening! Questions?

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