3 Bookkeeping Apps to Make Life Easier

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Last week I attended the 4th Annual IPBC conference. IPBC is the acronym for the Institute of Professional Bookkeepers of Canada. As a Certified Professional Bookkeeper (CPB) it’s imperative that I stay up to date on the ever changing information, rules and guidelines as they impact accounting, software and the law. From this conference there are 3 bookkeeping apps to make life easier that I want to share with you.

1) Hubdoc

Once you’ve registered with Hubdoc and entered your online bill and bank information it automatically pulls your bills and statements into one secure hub, called “fetching”. Every time the data is fetched or uploaded Hubdoc can create the entries in QuickBooks Online, Bill.com and Xero, with the source documents attached. Hubdoc transactions are automatically matched to the bank feed in QuickBooks Online and Xero. You can also take a photo of your receipt, invoice or bill with the mobile app. Hubdoc scans, extracts and stores your documents. You can determine whether you want to dispose of the original paperwork. You can try it for free for 14 days, without supplying any credit card information. The apps are available for Cloud, Google and Apple.

2) Receipt Bank

Receipt Bank has developed its software and service to make the gathering, storage and processing of bills, receipts and invoices as easy and as cost effective as possible. The app can extract; the type of document it is i.e. receipt, invoice etc., date, supplier name, invoice number, currency, total amount and sales tax. It will also show the payment method with the last 4 digits of the credit card used. There is numerous accounting software programs that integrate with Receipt Bank, allowing you to send your receipt data with no data entry required. Some examples of software it integrates with are; QuickBooks, Freshbooks, Sage One and Sage 50. They also offer a 14 day free trial period, without supplying any credit card information.

3) SlickPie

This is a Canadian Based cloud accounting package. With 24/7 access you can collaborate with your bookkeeper wherever they may be. It automatically codes your bank transactions for Canadian and USA financial institutions. You can attach business files and documents to general or financial data in SlickPie. SlickPie can be used with smartphones, tablets, laptops and desktop devices. They also offer a free trial period.

Over the next few weeks I will share with you a combination of software solutions along with changes in the industry and facts you need to be aware of.

Part of the Mission Statement for IPBC “IPBC provides the environment, knowledge, and resources its members need to develop excellence in bookkeeping, through education, networking, advocacy, information and research.”

The IPBC Vision Statement – By providing relevant services and products that continuously improve, are affordable and in the forefront of the bookkeeping industry, IPBC is recognized as the leading organization and role model by members, stakeholders and Canadian business in developing excellence in the bookkeeping industry.

The Institute of Professional Bookkeepers of Canada (IPBC) is a national non-profit organization dedicated to achieving public awareness for the CPB-Certified Professional Bookkeepers™ of Canada and assist men and women to adhere to a professional and ethical standard in the bookkeeping profession.

Your business dominates a big portion of your life, and your lifestyle. Choose your professional partners wisely. Look for those that you trust, respect and have the knowledge and expertise you need to move forward, profitably.

I look forward to the opportunity to work with you and as always, I welcome your feedback. Just connect with me by clicking the contact tab at the bottom of the screen if you are reading this post on the website or you can leave your information in the form of a comment right here on the site.

Until next time,


Buying a Franchise? – 4 Key Financial Considerations

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I currently have two customers that are at different stages in buying a Franchise. They have asked me for my opinion on the purchasing and financing of the businesses. One customer is buying a Franchise that has been in operation for almost two years, so they’re purchasing from the Franchisee. The second customer is buying the Franchise from the Franchisor. This involves determining the location, rental agreement, leasehold improvements, purchasing equipment, computers, software, hiring etc., before the doors are even opened. Despite the differences there are numerous issues in common that they need to consider. Buying a Franchise? Then read on to see these 4 key financial considerations. Continue reading

Career Focus – Contacting Service Canada, One Way or Another

bookkeeping services Newmarket

I recently had to contact Service Canada about a Career Focus grant one of my customers wanted to apply for. Since there was no telephone number on the online application to call regarding questions and clarification on some questions I had, I searched online for a number for Career Focus. No number was listed, but the website said I could get assistance at my local Service Canada storefront location. Now considering the government wants to eliminate cheques to us by only using direct deposit, email us for tax follow-up and allow us to search for our personal and business history with them online, the concept of traveling for information seems pretty old school to me. But I packed up my documentation and questions and drove to my closest Service Canada location. Continue reading

CRA Taxes – Know Your Rights

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We’ve filed a large number of personal tax returns in the last few months, and customers for the most part have received their Notices of Assessments. But something else could be coming in one of those brown envelopes in the next few weeks – a request from the CRA for documentation or additional information. So whether the demand relates to personal or business taxes – know your rights.

Usually at this time of year Canada Revenue Agency (CRA) is looking for receipts to substantiate deductions and credits. The most common are: Continue reading

Tenant & Landlord Rent Receipts – What you Need to Know

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I covered this topic briefly a few years ago but all through this past tax season numerous questions and situations continued to arise as to what is acceptable and what to do if audited by the Canada Revenue Agency (CRA) when it comes to tenant and landlord rent receipts. Here is some information on what you need to know and what you will need to supply if requested.

Since the credit varies by province I will address what the CRA across Canada requires and then for the province of Ontario only. Continue reading

Lying to Revenue Canada about Foreign Property or Investments?

Revenue Canada and Foreign InvestmentWhether you’re preparing your personal tax return for 2014, or having a tax professional do it for you, there’s a possibility you might be lying to Canada Revenue Agency (CRA). It’s so easy to skip, or say ‘No’ to the question on the information page – Did taxpayer own foreign property at any time in 2014 with a total cost of more than CAN $100,000? Foreign property is not limited to real property such a condo in Florida that you use for personal and rental purposes.

Specified Foreign Property (SFP) includes: Continue reading

3 Questions to Ask a Prospective or Current Bookkeeping Provider

bookkeeping expert NewmarketThis is the time of year when many small and medium size business owners decide they need to get a better handle on their bookkeeping. Perhaps you want to get your 2014 bookkeeping up to date and you don’t want to do it yourself, or you want to start 2015 with a professional taking care of your bookkeeping needs so you can focus on your business. As you move forward into the New Year, here are 3 questions to ask a prospective or current bookkeeping provider:

1.  Do you offer fixed price invoicing?

Fixed pricing is an agreement between you and your provider which details what and when you the customer, will supply your provider with information. It also details what the service provider will do with that information. Whether it’s: Continue reading

3 Problematic Responses to Probing Bookkeeping Questions

bookkeeper NewmarketIn the last few weeks I’ve had an unusually large number of inquiries about hiring us for our accounting, bookkeeping and tax services. And as much as business owners need to ask numerous questions (which I strongly encourage), I also have a responsibility to ask numerous, sometimes probing questions. This ensures that I can help them make informed decisions and give them a sense of direction if something is not correct. Here are 3 recent questions that I asked and the problematic responses. P = Problematic. Continue reading

Tax Audit from Hell? – Part 2

bookkeeper NewmarketA couple of weeks ago I thought this would be part two of a three part series, even though it was originally planned for two. But thankfully it appears we’re on the final leg of this very long and stressful journey. Let me take you back as to why this has been the tax audit from Hell.

In my previous blog, I finished with the auditor’s request for a 2011 personal breakdown of expenses and income. And, the income wasn’t just related to T4s and Child Tax Benefits. It related to every deposit made to all of their bank and investments accounts along with that of their children for all of 2011. The auditor wanted closing balances of all their accounts at 2010 and opening balances for 2012 which included but wasn’t limited to: Continue reading

Are you Prepared for an Audit from Hell? – Part ONE

bookkeeper NewmarketIn early May 2014 I received a call from a long-time client of mine. They just received a call from Canada Revenue Agency (CRA) saying they were being audited for the year 2011. My client is sharp. He didn’t panic or get angry, but simply asked “how do I know who you really are based on a telephone call?” And, “I want your request in a letter before I do anything further”. My client also contacted their CA as they weren’t sure who was to do what, and what was to happen next. Little did we know this would become the Audit from Hell for both my clients and me. Continue reading