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Accounting Services

Accounting and Bookkeeping are integral part of running any business. Whether you hire an accountant or are comfortable doing it yourself, keeping your books in order will help keep track of required records.

Hiring an accountant during your business start-up phase may be advantageous as he or she can help answer your questions about bookkeeping and accounting.

All business organizations are required to submit annual financial statements to Canada Revenue Agency.  Accounting services involve preparing, reporting, analyzing, and summarizing financial data collected by bookkeepers. The accounting reports give a snapshot of the financial position as well as the performance of your business. Whilst we can draw up annual accounts to ensure directors meet their statutory obligations, we can also interpret the figures to help improve overall business performance.

Our team are certified ProAdvisor in providing cloud accounting through QuickBooks  or XERO or SAGE.

Offers and Discounts

For getting, heavy discounts, seasonal offers, new registrations offers for Subscriptions to various cloud accounting, payroll management or receivables and payables management software’s, please contact our team.

What is cloud accounting?

Traditionally, accounting was executed using software hosted locally on a desktop computer’s hard drive (e.g., QuickBooks Desktop). Cloud accounting, on the other hand, is accounting that is executed using software that is hosted remotely on the cloud – i.e., online.

What are the benefits of cloud accounting?

The cloud accounting software landscape encompasses many solutions designed to serve a number of accounting/bookkeeping functions. Some of the benefits of cloud accounting applications include the following:

  • The ability to automate many manual accounting and bookkeeping processes. These automation capabilities enable accountants/bookkeepers and their clients to save time and increase efficiency, allowing them to spend more time on business growth.
  • The ability for data to be accessed regardless of location or device. This facilitates remote services and “anytime” communication, which will help to build stronger relationships between an accountant/bookkeeper and their clients.
  • The ability for data to be updated in real-time. Being able to access financial data and information quickly (i.e., in real time) will empower businesses to make informed decisions sooner rather than later.
  • The ability to easily scale to meet growing business needs. Let’s say your business currently makes 0-100 transactions per month, but experiences rapid growth that causes this number to jump to 10,000+ transactions per month. Your cloud accounting software should be able to easily support this growth.
  • The ability to facilitate a paperless environment. This will eliminate the need to physically store and manage paper documents, which is not only beneficial from a cost and office space perspective, but also for the environment.
  • The ability to provide automatic updates. This will help to further improve the functionality of the application and better enforce security.
  • The ability to reduce costs. Cloud-based software does not incur the costs associated with traditional software (including maintenance, upgrades, system administration, etc.).
  • The ability to integrate with other cloud solutions. These integration capabilities will improve the efficiency and increase the power of your cloud accounting technology stack.

What kind of software do I need for cloud accounting?

Quickbooks Online and Xero fall into the category of cloud accounting software.

Is The Cloud Secure

Given the sensitivity of the data associated with cloud accounting applications (e.g., banking and financial data), security is a top concern in the cloud accounting space.

When compared to traditional desktop accounting software, which could be compromised if a company computer is stolen, lost, or damaged, cloud accounting software has many security advantages. Each cloud accounting solution should have its own security policy outlining how it protects sensitive data. Most solutions use state-of-the-art measures such as multi-factor authentication and encryption, ensuring sensitive data will remain secure.

WOULD YOU LIKE TO TALK ABOUT ACCOUNTING?

Call us at 365-357-3651 or email us at admin@prismaccounting.ca