2018-01-26 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.” 1
2018-01-26 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 Presented by Virtual Heights Accounting 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!) Presented by Virtual Heights Accounting 2
2018-01-26 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. What Can You Do? 1) Do your research. Ask the software provider about security; and 2) Password management. Presented by Virtual Heights Accounting 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. Presented by Virtual Heights Accounting 3
2018-01-26 Xero Bank Reconciliation https://www.youtube.com/watch?v=Oi9nNCSuqNA Presented by Virtual Heights Accounting Build your own ERP – Integrations • Receipt / Document Management • Point of Sale Systems • Payroll and Time Tracking • Project Management • Accounts Payable / Accounts Receivable • Other: Inventory, Advanced CRM, Clinic Software…. Presented by Virtual Heights Accounting 4
2018-01-26 Receipt / Document Management 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 or to support company credit cards. Presented by Virtual Heights Accounting Example: Hubdoc – Step 1: Scan Presented by Virtual Heights Accounting 5
2018-01-26 Example: Hubdoc – Step 2: Code Presented by Virtual Heights Accounting Example: Hubdoc – Step 3: Match in Xero Presented by Virtual Heights Accounting 6
2018-01-26 Point of Sale Systems Some of the more popular ones: • Shopify • VEND • Square • Others: Industry Specific *Over 21 POS Integrations with Xero at last check. Presented by Virtual Heights Accounting Payroll and Time Tracking 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. Presented by Virtual Heights Accounting 7
2018-01-26 Payroll and Time Tracking 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. Presented by Virtual Heights Accounting Project Management 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. Presented by Virtual Heights Accounting 8
2018-01-26 Accounts Receivable / Payable 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 Presented by Virtual Heights Accounting Conclusion 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. Presented by Virtual Heights Accounting 9
2018-01-26 Thank you for listening! Questions? Presented by Virtual Heights Accounting 10
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