Intellibiz Acounting

It is not uncommon for us to run into businesses who are running on very old, outdated accounting software.  While it is possible for you to go many years without updating your accounting software (depending on your needs), there comes a point in time when the software becomes so outdated and antiquated that it is no longer functional nor is it efficient.

Software companies like Intuit (QuickBooks) and Sage (Sage50 formerly Simply Accounting) are constantly striving to improve their software to make the job of the accountant/bookkeeper/data entry clerk easier.  Their success as a software company relies on their ability to keep their software fully functional and efficient.

There are many factors to consider when you are looking at upgrading your accounting software.  QuickBooks and Sage50 are only two of the numerous options out there.  To add more choice, many of the software is now available in a web based (cloud) version.

It is best to take time, review the features that are important for your business and do your research.  When in doubt, hire a trusted accounting professional to assess your books and needs and recommend the best fit for you and your company.

Once you have chosen which software to upgrade to, have a professional perform the file conversion for you as well as provide training for the software and the new features it offers.  A professional will ensure that the conversion is done accurately and in a timely manner so as to minimize interruption in your accounting department.  They will also offer insight as to the best time of your fiscal year to perform the conversion and will help to ensure that the software is running at the most optimal level.

At Intellibiz Accounting Solutions we specialize in accounting software set up and training.  Call me today at 905-775-9233 or email at Carolyn@intellibizaccounting.ca  to see how we can help your company grow!

A struggle that a lot of small businesses have is deciding whether or not to pay for automating their payroll through an accounting software like Sage 50, Quickbooks, a payroll service provider or to do their payroll the manual way using the free CRA online payroll calculator.

I believe the key factors to consider are:

1. How many people do you have on payroll?
2. How comfortable are you with payroll?
3. Are you an organized person?

The easiest part of doing your payroll manually is calculating the paycheques via the CRA online tool. The hard part is keeping track of such items as maxing out CPP and EI, keeping track of accrued vacation and keeping adequate records of insurable earnings and hours in the event you have to prepare an ROE.

In my personal opinion, if you have more than one or two employees, encounter such issues as Union Dues, WSIB remittances or seasonal layoffs, your money is well spent having your payroll automated. The first time you have to issue an ROE you will be happy you did.

Most importantly, make sure the payroll system, whether automated or manual, is set up properly. Hire a skilled bookkeeper to show you the ropes and reduce the stress that payroll can cause.

If you need to set up payroll for your company let us show you how we can help. We also provide full payroll services if you want a professional to handle your payroll. Call me at 905-775-9233 or send an email to Carolyn@intellibizaccounting.ca today!

As I sit here at my desk on Labour Day I just can’t believe how fast the summer has gone. The kids are enjoying their last day of summer, new backpacks and shoes are on the kitchen table for the first day of school tomorrow, and my desk (and mind) is filled with “To Do’s” for my business.

From a business perspective, my summer was quite busy. There has been a lot going on with our Intellibiz clients – good and bad. One thing keeps popping up as a key factor for every business owner – keeping informed of your finances.

The biggest mistake I have seen over the past 15+ years made by business owners is that they do not keep on top of their finances. Perhaps it is because they know the Intellibiz team is looking after the books, remittances, payroll etc. Although it is great to have such comfort with your bookkeeping/accounting staff, you are, as the business owner, at the end of the day responsible for your business and finances. Your bookkeeper/accountant cannot make key business decisions for you. Their job is to provide accurate and timely information about your finances so that you can use those numbers in your day to day decisions.

As accountants we are happy to sit and discuss the numbers with you, to offer an opinion if asked, or to investigate certain expenses/revenues if required.   At Intellibiz we consider ourselves a very important part of your team and will act as such. But don’t forget to keep informed yourself as the final decision maker of your company.

If you need to get back into a business routine of checking your books let us show you how we can help. Call me at 905-775-9233 or email at Carolyn@intellibizaccounting.ca today!

Spring is FINALLY here and if you are anything like me you have a tonne of spring cleaning to do. As you work in your garden, put away the winter clothes and dust out those cupboards take a moment to reflect on your business and decide what needs to be “cleaned” there.

In the accounting and business world we tend to focus on the first quarter of every calendar year. Getting the T4s done, HST remitted and the year-end finalized to pass along to the tax accountants in order to get the tax returns done in time. Then, we take a big breath and forget about it until next year.

Why not take a look at your bookkeeping processes, your file set up, and your software configuration now? Maybe you would like to reorganize your Chart of Accounts to change how your financial reports are presented. Perhaps you would like to change your accounting processes in order to make things run smoother. Maybe there are some delinquent accounts on your Accounts Receivable listing that need attention. Or perhaps you have vowed this year to keep your records up-to-date and accurate in order to avoid the rush next January.

At Intellibiz we can help you with the “spring cleaning” of your books. We can help you improve your accounting systems or get the books caught up for you so that you can focus on improving your bottom line.

Call me at 905.775.9233 or email at Carolyn@intellibizaccounting.ca today!

As of January 1, 2014 the EHT exemption increased from $400,000 to $450,000. This will save eligible employers up to $975 every year_1.

The WSIB sets an annual maximum for insurable earnings. For 2013, the annual maximum was $83,200 for 2014, the annual maximum is $84,100_2.

These are just two examples of the continuously changing landscapes in the accounting world. Many business owners are too caught up in running their own business and looking ager their own clients to keep on top of all the government remittances.

It is our job as Accountants and Bookkeepers to keep track of these things for you. Not only will we make sure your books are up to date, we will ensure that all your remittances are submitted accurately and on time. We have encountered many situations where this lack of due diligence has cost business owners thousands of dollars. I personally once saw a company over pay WSIB by $35,000 and guess what – the WSIB didn’t send a cheque back, they just credited the account. Imagine what that can do to your cash flow.

We strongly believe at Intellibiz that you should focus on what you do best, which is running your business, while we do what we do best, which is maintaining your books.

Call me today at 905.775.9233 to discuss your accounting needs.

Have you seen the notice in your correspondence from The Government of Canada that they will be phasing out payments by cheque by April 2016? You will be required to sign up for direct deposit to have your refund deposited directly to your bank account, for both personal and business.

I know a lot of people that are not very comfortable with direct deposit but unfortunately for them we are beginning to see the end of the cheque writing era. With rising postage rates, bank fees and cheque fees we are continuing to see businesses adapt to the method of direct deposit.

At Intellibiz we have been using Telpay for over the past year and have converted a lot clients to do the same. Telpay is Canada’s leading electronic payment service. With Telpay you can pay employees, suppliers and CRA all via direct deposit. You are even able to transfer to international bank accounts. Telpay integrates seamlessly with your accounting software and signing officers can approve payments via email. Telpay saves time, money on stamps, bank fees, wire transfers costs, courier costs and other cheque related costs.

If you would like to learn more about Telpay and get your company set up, contact Intellibiz today.